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Financial Management articles from June 2007
Publication covering account management.
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Financial Management archives from June 2007
Growth options, beta, and the cost of capital.
June 22, 2007... We show how to decompose a firm's beta into its beta of assets-in-place and its beta of growth opportunities. Our empirical results demonstrate that the beta of growth opportunities is greater than the beta of assets-in-place for virtually all...
Takeover activity as a response to time-varying changes in investment opportunity sets: evidence from takeover sequences.
June 22, 2007... We study takeover sequences that contain at least five acquisitions made over a period greater than 12 months, with no two acquisitions separated by more than 24 months. Acquisitions made within such sequences represent more than a quarter of...
IPO underpricing, firm quality, and analyst forecasts.(initial public offering)
June 22, 2007... We find that IPO underpricing is positively related to post-IPO growth in sales and EBITDA, but is not significantly related to growth in earnings. Our evidence suggests that accrual reversals or earnings management may cause this...
Stock price response to calls of convertible bonds: still a puzzle?
June 22, 2007... The liquidity hypothesis predicts' negative abnormal returns around the conversion-forcing call announcements of convertible bonds, followed by a price recovery. We find the former but not the latte. The liquidity hypothesis also implies that...
What's in your 403(b)? Academic retirement plans and the costs of underdiversification.(Report)
June 22, 2007... Sponsors of defined contribution retirement plans typically limit the investment choices' of plan participants to a small number of investment managers and a limited number of investment vehicles. Such restrictions may limit excessive...
Intra-industry effects of corporate capital investment announcements.
June 22, 2007... We examine how announcements of corporate capital investments by one firm affect the stock prices of its competitors. We find that on average, rivals experience a significantly negative valuation effect. The results suggest that for the sample...