Financial Management articles from September 2000

Financial Management archives from September 2000

Long-Term Performance of Seasoned Equity Offerings: Benchmark Errors and Biases in Expectations.
September 22, 2000... Narasimhan Jegadeesh [*] I investigate the long-term performance of firms that issue seasoned equity relative to a variety of benchmarks. I find that these firms significantly underperform all of my benchmarks over the five years following...

Chasing Hot Funds: The Effects of Relative Performance on Portfolio Choice.
September 22, 2000... Susan G. Watts [*] We study the way in which SEC restrictions on fund manager compensation affect portfolio choice when investors buy into funds whose recent performance has been good. We find that fund managers choose riskier portfolios...

Board Independence and Compensation Policies in Large Bank Holding Companies.
September 22, 2000... James F. Nielsen [*] We use a sample of large bank holding companies to empirically examine the association between financial performance and organizational structure. We regress firm accounting performance on measures of board...

Arbitrage and Valuation in the Market for Standard and Poor's Depositary Receipts.
September 22, 2000... Yisong S. Tian [*] This paper examines pricing in the market for depositary receipts, securities designed to track the performance of a stock index that trade like shares of stock. Arbitrage costs are low because these assets have low...

Introduction of Nobel Laureates.
September 22, 2000... Edward J. Kane [*] We are here to celebrate the work of Nobel Laureates in our field. Most of you probably know that the word "laureate" comes from the crowns of "laurel" which Romans used to honor their heroes. While it is said that no...

Honoring Founding Fathers of Modern Finance Economics.(Brief Article)
September 22, 2000... Paul Samuelson [*] In science it isn't always a case of asking, "What have you done for us lately?" It becomes a matter of "The King is dead. Long live the new King or Queen." Fair enough. Max Planck got it right when he wrote:...

Finance Theory and Future Trends: The Shift to Integration.
September 22, 2000... Robert Merton [*] Risk is the central element that influences financial behavior. Measuring that influence, and analyzing ways of controlling, and allocating risk, requires sophisticated mathematical and computational tools. Indeed,...