Financial Management articles from March 2000

Financial Management archives from March 2000

Corporate Governance and Firm Diversification.
March 22, 2000... Michael L. Lemmon [*] We empirically investigate whether corporate governance structure is different between focused and diversified firms, and whether any differences in corporate governance are associated with the value loss from...

What Does Nasdaq's High-Yield Bond Market Reveal About Bondholder-Stockholder Conflicts?
March 22, 2000... Michael G. Ferri [*] We use data from Nasdaq's FIPS system for reporting transactions in selected high-yield corporate bonds to investigate the relationship between the returns on a firm's stock and the returns on its publicly traded,...

Abnormal Returns and Expected Managerial Performance of Target Firms.
March 22, 2000... Chi-Wen Jevons Lee [*] We argue that the association between abnormal returns and expected managerial performance of target firms reveals alternative motives behind acquisitions. We test for the disciplinary motive by regressing abnormal...

Corporate Takeovers, Strategic Objectives, and Acquiring-Firm Shareholder Wealth.
March 22, 2000... M. Mark Walker [*] I investigate the strategic objectives and stock price performance of acquiring firms. The results support both the asymmetric information hypothesis (acquiring-firm shareholders earn higher returns following cash...

The Long-Run Return to Investors in Share Issue Privatization.
March 22, 2000... Adam L. Schwartz [*] We examine the long-run returns earned by domestic, international, and US investors who purchase shares at the first open-market price in 158 share issue privatizations (SIPs) from 33 countries during the period...

The Information Effects of Analyst Activity at the Announcement of New Equity Issues.
March 22, 2000... Stephen P. Ferris [*] Myers and Majluf (1984) argue that informational asymmetry between managers and investors can explain the negative stock returns around the announcement of new equity. Using analyst following and consensus as proxies...

Investment Banker Reputation and the Performance of Seasoned Equity Issuers.
March 22, 2000... Gopala K. Vasudevan [*] We study the relation between investment banker reputation and announcement-period returns and between banker reputation and three-year post-issue holding-period returns for firms that conducted seasoned equity...