Managerial Finance
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Các bài báo tiêu biểu
On the Forecasting Content of the Implied Forward Rate
Tập 16 Số 6 - Trang 40-46
Today's maturity pattern of interest rates contains an implicit market forecast
of future short‐term rates. However, it is well known that these implied rates
generally fail to explain actual movements in short‐term rates. From two
empirical propositions about movements of yield curves it follows that half of
the time short‐term rates will move in the opposite direction from that
forecasted implic...
Insider signaling and seasoned equity offerings
Tập 36 Số 8 - Trang 703-721
– The purpose of this paper is to examine the impact of insider ownership
decreases on stock returns for firms undergoing seasoned equity offerings
(SEOs)., – Insider data were gathered for firms undergoing SEOs and this
information used to compute the insider ownership percentage decreases caused by
the SEOs. These insider percentage decreases and standard compounded abnormal
return methodology w...
LẬP KẾ HOẠCH VỐN CHO DOANH NGHIỆP QUỐC TẾ: MỘT KHUÔN KHỔ PHÂN TÍCH Dịch bởi AI
Tập 16 Số 2 - Trang 1-6
Bài báo này tập trung vào ba chủ đề có liên quan. Đầu tiên, các quy tắc quyết
định tiêu chuẩn cho quyết định lập ngân sách vốn quốc tế được phác thảo. Thứ
hai, những điểm mạnh và hạn chế của lý thuyết tài chính trong việc định hướng kế
hoạch lập ngân sách vốn trong các tập đoàn đa quốc gia (MNC) được thảo luận. Thứ
ba, các quan điểm chiến lược được giới thiệu để bổ sung cho phân tích tài chính
tro...
#lập ngân sách vốn #doanh nghiệp quốc tế #lý thuyết tài chính #tập đoàn đa quốc gia #phân tích tài chính
Auditing the Board: A New Approach to the Measurement of Company Performance
Tập 5 Số 2 - Trang 127-147
The role of the internal auditor is evolving rapidly. More and more his ambit is
encompassing the whole range of a company's operations. His activities no longer
primarily consist of checking for compliance with laid down procedures but are
becoming more management orientated and focused on the appraisal of efficiency
and effectiveness of operational systems in general. These developments are
ackn...
Re‐indexing the Heath, Jarrow and Morton term structure model and empirical evidence of forward function following a martingale
Tập 24 Số 9/10 - Trang 72-93
Outlines Heath, Jarrow and Morton’s (1992) method (MJM) for modelling interest
rates and refers to other research showing that although it is generally
non‐Markov, this can be modified if the volatility structure depends on relative
maturity term rather than calendar maturity date. Develops a re‐indexed MJM
model, applies it to 1975‐1991 data on non‐callable US treasury bills, notes and
bonds; and...
A Comparative Study of the Forecasting Accuracy of Holt‐Winters and Economic Indicator Models of Earnings Per Share For Financial Decision Making
Tập 13 Số 2 - Trang 10-15
Earnings forecasts provide useful numerical information concerning the
expectations of a firm's future prospects and indicate management's ability to
anticipate a firm's changing internal structure and external environment. The
reasons for studying the accuracy of earnings forecasts is due to the Securities
and Exchange Commission's position on financial forecasts and the issuance of a
Statement o...
Superstardom and Institutional Investor’s All‐British Research Team
Tập 28 Số 1 - Trang 1-13
Outlines previous research on the security analyst “superstar” phenomenon,
including the stochastic model of Yule and Simon. Applies this to data on the
1986‐1997 selections for the Institutional Investor’s All‐British Research First
Team (ABRT) and finds that it does not explain the distribution, i.e. that
selection does appear to be based on skill rather than luck. Considers
consistency with oth...
A Guide to Unquoted Share Valuations
Tập 1 Số 2 - Trang 89-96
There are numerous factors which must be considered in the valuation of shares
in an unquoted company. The placing of a particular value on those shares is a
matter of subjective judgment based on a careful study of the relevant details.
The expert valuer is one who has a sound knowledge of the principles and skill
in applying them to practice. This article outlines those principles and gives
brie...
Determinants of Electric Utility Betas
Tập 12 Số 4 - Trang 1-3
Determinants of Electric Utility Betas. One important aspect of utility
regulation is the estimation of cost of equity capital of the firm. Several
techniques have been used to estimate the cost of equity, including the
discounted cash flow model and the capital asset pricing model (CAPM). CAPM has
its foundations in modern portfolio theory and its application has generated a
lot of controversy — ...