Financial Management articles from March 2001

Financial Management archives from March 2001

Errata.(Correction Notice)
March 22, 2001... The Winter 2000 issue of Financial Management experienced a significant production and printing process problem. This problem resulted in several errors in the published articles. Although these errors were beyond our control, we do wish to...

Bank Relationships and Firm Profitability.
March 22, 2001... Steven Ongena [*] This paper examines how bank relationships affect firm performance. An empirical implication of recent theoretical models is that firms maintaining multiple bank relationships are less profitable than their single-bank...

The Initial Listing Decisions of Firms That Go Public.
March 22, 2001... Jeffrey H. Harris [*] We analyze the initial listing decisions of IPOs that qualify for New York Stock Exchange listing. We find that IPOs are more likely to list on the exchange where their industry peers are listed. Further, reverse LBOs...

Do Nonrefunding Provisions Constrain Corporate Behavior? Evidence from Calls.
March 22, 2001... Francis J. Kerins, Jr. [*] I examine corporate call policy for nonrefundable debt. Nonrefundable bonds purportedly cannot be called with funds from lower-interest-cost debt. However, firms tend to call nonrefundable debt following interest...

The Debt Maturity Structure of Small Firms.
March 22, 2001... Heather M. Hulburt [*] Small firms differ from large firms in taxability, ownership, flexibility, industry, economies of scale, financial market access, and level of information asymmetry. We investigate the determinants of small firms'...

Is the Response of Analysts to Information Consistent with Fundamental Valuation? The Case of Intel.
March 22, 2001... Bradford Cornell [*] This paper examines the market reaction to a press release issued by Intel on Thursday, September 21, 2000. In response to that release, Intel's stock price dropped 30%, erasing over $120 billion of shareholder wealth....