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Financial Management articles from September 2007
Publication covering account management.
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Financial Management archives from September 2007
Value, survival, and the evolution of firm organizational structure.(Report)
September 22, 2007... We examine corporate product diversification as a dynamic process. Consistent with prior research, we find that the average diversification discount is about 8% when using the standard value-multiple approach. However, we find that a...
The importance of cash-flow news for financially distressed firms.(Report)
September 22, 2007... Previous studies have shown that stock prices are moved primarily by news about discount rates (expected returns). I argue that when a firm experiences financial distress, news about cash flows becomes more dominant in driving its stock...
Asset opaqueness and split bond ratings.
September 22, 2007... We examine the relation between asset opaqueness and split ratings. We find that firms with asset opaqueness problems are more likely to receive split bond ratings from Moody's and S&P rating agencies. Our results suggest that there is a causal...
Lockup and voluntary earnings forecast disclosure in IPOs.(initial public offerings)(Report)
September 22, 2007... We examine the relation between lockup length and voluntary earnings forecast disclosures for IPOs in Singapore. Unlike firms in the United States, companies in Singapore are allowed to provide earnings forecasts in their IPO prospectuses. We...
Firm performance: do non-executive directors have minds of their own? Evidence from UK panel data.(Report)
September 22, 2007... I investigate the relation between firm performance and both ownership structure and board composition. Use of the GMM methodology permits simultaneous control of both endogeneity of the independent variables and fixed effects. The data...
What's in the news? Information content of S&P 500 additions.(Standard & Poors)(Report)
September 22, 2007... I investigate the information content of S&P 500 index changes by examining the price and volume reaction of the industry and size matched firms. Using a sample of S&P 500 additions between 1976-2001, I find a significantly positive price...