Financial Management articles from June 2000

Financial Management archives from June 2000

Raising Capital Using Monthly Income Preferred Stock: Market Reaction and Implications for Capital Structure Theory.
June 22, 2000... James Rosenfeld [*] We examine the impact of selling Monthly Income Preferred Stock (MIPS) on the common share prices of the issuing firms. We find that issuing MIPS to retire preferred stock raises the value of the firm, and that...

Investment Bank Reputation and the Underwriting of Nonconvertible Debt.
June 22, 2000... Robert E. Miller [*] We examine the impact of investment banker prestige on underwriter spreads, offering yields, and other expenses for 2,449 nonconvertible industrial debt issues offered during the period 1990 to 1997. We find that...

Marketing of Stocks by Brokerage Firms: The Role of Financial Analysts.
June 22, 2000... Kee H. Chung [*] This paper examines the role of financial analysts as a marketing aid to brokerage firms. This study suggests that investors prefer to hold stocks of high-quality companies and that financial analysts help the marketing...

Dividends and Taxes: A Re-Examination.
June 22, 2000... Roni Michaely [*] This study re-examines the impact of the differential taxation of dividends and capital gains on assets' prices. Our analysis shows that the time horizon used to define and measure the dividend period is a key issue when...

Anomalous Evidence on Operating Performance Following Seasoned Equity Offerings: The Case of REITs.
June 22, 2000... Shelly W. Howton [*] We examine the operating performance of 200 equity real estate investment trusts (REITs) following seasoned equity offerings (SE0) made between 1990 and 1996. Our sample shows flat to increasing levels of operating...