Financial Management articles from September 1996

Financial Management archives from September 1996

Factors affecting the value of the stock voting right: evidence from the Swiss equity market.(Special Issue: European Corporate Finance)
September 22, 1996... Corporations in various countries issue different classes of common stock with different voting rights. One question that comes up in valuing these different classes of stock is how much, if anything, investors should be willing to pay for voting...

Shareholder wealth effects of equity issues in emerging markets: evidence from rights offerings in Greece.(Special Issue: European Corporate Finance)
September 22, 1996... This study investigates the common stock price reaction to announcements of common stock offerings in Greece during the period 1981-1990. Equity offerings in Greece take the form of "rights issues," rather than "general cash offers" which are the...

Trade credit, product quality, and intragroup trade: some European evidence.(Special Issue: European Corporate Finance)
September 22, 1996... Most firms have an important amount of cash invested in accounts receivable. Trade credit is also a major source of financing through accounts payable. There have been several sorts of explanations proposed for trade credit. Finance-based models...

Financing decisions: lessons from the Spanish experience. (includes appendix)(Special Issue: European Corporate Finance)
September 22, 1996... This paper studies the determinants of financing decisions of Spanish firms. There are three main institutional features which distinguish the Spanish financial system from the American one. First, most Spanish banks are at the core of large...

Financial distress, asset sales, and lender monitoring.(Special Issue: European Corporate Finance)
September 22, 1996... A number of factors that motivate company management to undertake divestments affect share price. In many cases, divestments are undertaken by companies as a means of transforming their business portfolio. In others, they are designed to steer...

European bankruptcy laws: implications for corporations facing financial distress.(Special Issue: European Corporate Finance)
September 22, 1996... Corporate bankruptcy laws have been an area of nearly constant change in many countries over the past century. Even with new Acts and Codes passed every several decades, however, there are still enormous differences between the bankruptcy laws of...

A comparison of US, UK, and German insolvency codes.(Special Issue: European Corporate Finance)
September 22, 1996... This paper describes three insolvency codes, those of the United Kingdom (UK), Germany, and the United States (US), and appraises their efficiency against a number of benchmarks.(1) These codes have been chosen because they cover a broad spectrum...

Much ado about nothing: absolute priority deviations in Chapter 11.(Special Issue: European Corporate Finance)
September 22, 1996... Some financial economists give confusing treatment to the subject of violations of the absolute priority rule (APR) in bankruptcy. Specifically, they define it as a rule of strict, inflexible priority that mandates that senior creditors - a...