Quarterly Journal of Business and Economics articles from June 1996

Quarterly Journal of Business and Economics archives from June 1996

A reexamination of homogeneous stock grouping in the context of the APT: an application of discriminant analysis.
June 22, 1996... INTRODUCTION Classifying stocks into homogenous groups has important implications for portfolio management tasks such as portfolio construction, performance measurement, and portfolio revision (Farrell, 1974 and 1975). The stock groups...

Valuing convertible bonds under the assumption of stochastic interest rates: an empirical investigation.
June 22, 1996... INTRODUCTION Numerous models for pricing default-free fixed income securities have appeared, but the contingent claims approach to pricing corporate debt has not received a great deal of attention. This paper empirically tests the contingent...

An empirical analysis of the impact of asset writedown disclosures on stockholder wealth.
June 22, 1996... INTRODUCTION There has been a significant increase in the frequency and magnitude of asset writedowns(1) in the 1980s and the early 1990s. Grover (1992) reports that S&P 500 companies recorded $42 billion in writedown charges in 1991. In 1994...

An empirical analysis of the choice of payment method in corporate acquisitions during 1980 to 1990.
June 22, 1996... INTRODUCTION Recent evidence suggests that the payment method used to acquire a target firm is relevant for stockholder wealth. Stockholders of both acquiring and target firms generally earn higher excess returns when cash (from debt or...

Institutional ownership and share price responses to announcements of new common stock issues of bank holding companies.
June 22, 1996... INTRODUCTION This paper investigates the impact that institutional ownership of equity has on share price responses to new issues of common stock by bank holding companies (BHCs). Szewczyk, Tsetsekos, and Varma (1992) find for a sample of...