Financial Management articles from September 2003

Financial Management archives from September 2003

What is the price of hubris? Using takeover battles to infer overpayments and synergies.
September 22, 2003... We present a framework for determining the information that can be extracted from stock prices around takeover contests. In only two types of cases is it theoretically possible to use stock price movements to infer bidder overpayment and...

Government support of investment projects in the private sector: A microeconomic approach.
September 22, 2003... We examine government decisions on subsidizing investments in the private sector and discriminating among firms in its support programs. By taxing corporate profits, the government may affect corporate investment decisions, causing firms to...

Ex ante cost of equity estimates of S&P 500 firms: the choice between global and domestic CAPM.
September 22, 2003... We estimate ex ante expected returns for a sample of S&P 500 firms over the period 1983-1998. The ex ante estimates show a better overall fit with the domestic version of the single-factor CAPM than with the global version, but the difference...

An investigation of the gains from specialized equity claims.
September 22, 2003... We investigate whether operating performance improves when a firm creates traded equity claims on a subsidiary without relinquishing control. We find that the change in a parent firm's operating performance following an equity carve-out is...

Price pressure on the NYSE and Nasdaq: evidence from S&P 500 index changes.
September 22, 2003... Using additions of NYSE- and Nasdaq-listed firms to the S&P 500, between 1989 and 2000, we explore the price effects of noninformation related demand shocks. After controlling for various firm characteristics, index fund growth, and arbitrage...

Upcoming finance meetings.
September 22, 2003... Academy of Financial Services Dates: October 8-9, 2003 Place: Denver, CO Contact: Dr. Stuart Michelson, Program Chair Email: smichels@stetson.edu Web: http://www.academyfinancial.org/ American Finance Association Dates: January 3-5, 2004...