Financial Management articles from June 2003

Financial Management archives from June 2003

Does long-term performance of mergers match market expectations? Evidence from the US banking industry.
June 22, 2003... There is a paradox in bank mergers. On average, bank mergers do not create value, yet they continue to occur. Using cross-sectional analysis to examine 54 bank mergers announced between 1991 and 1995, I test several facets of focus and...

Efficient labor and capital markets: evidence from CEO appointments.
June 22, 2003... An examination of268 CEO appointments in US firms indicates that, on average, appointment of a better-quality CEO (a CEO who receives a pay premium ex-ante,) is accompanied by an immediate positive revaluation of stock prices, and is followed...

Further evidence on compensation committee composition as a determinant of CEO compensation.
June 22, 2003... I use more than 1,500 firm-year observations for 271 US firms between 1991-1997 to examine the relation between insider membership in compensation committees and CEO pay. I find a steady decline in the number of committees with insider...

Motives for multiple open-market repurchase programs.
June 22, 2003... We examine differences in motives, firm characteristics, market performance, and subsequent operating performance of firms that repurchase shares frequently versus firms that repurchase only occasionally or infrequently Frequent repurchasers...

Analyst underreaction in the United Kingdom.
June 22, 2003... We revisit the debate on the interpretation given to prior-year earnings changes in predicting analysts' future forecast errors. We advance a new specification of this relation that distinguishes between earnings reversion and momentum. For a...

The financial and operating performance of China's newly privatized firms.
June 22, 2003... This study examines the pre- and post-privatization financial and operating performance of 208 firms privatized in China during the period 1990-97. The full sample results show significant improvements in real output, real assets, and sales...

2003 FMA Annual Meeting.(Financial Management Association)(Brief Article)
June 22, 2003... 2003 FMA ANNUAL MEETING * DENVER, COLORADO October 8-11, 2003--Adam's Mark Hotel--Denver, Colorado The Thirty-Third Annual FMA Annual Meeting will be held October 8-11, 2003 at the Adam's Mark Hotel in Denver, Colorado. FMA's Annual...

2004 FMA European Conference.(Financial Management Association)(Brief Article)
June 22, 2003... June 2-5, 2004--Intercontinental Hotel--Zurich, Switzerland The Eighth Annual FMA European Conference will be held June 2 -- June 5, 2004 at the InterContinental Hotel in Zurich, Switzerland. The FMA European Conference brings together...