Managerial Finance
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Các bài báo tiêu biểu
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 — ......
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......
Ethical Issues in Marketing Financial Services
Tập 5 Số 3 - Trang 257-270
“A man becomes a professional, a cynic once observed, by doubling his prices, calling them fees and referring to his customers as clients. He might have added that the real professional gent doesn't advertise his services either” (OPINION from Accountancy Age, 13 August 1976.)
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......
THE FINANCING OF MERGERS AND ACQUISITIONS — A REVIEW OF RECENT DEVELOPMENTS
Tập 16 Số 4 - Trang 3-28
Over recent years an increasing amount of funds has been committed to mergers and acquisitions in the UK. Expenditure rose nearly tenfold from £2.3bn in 1983 to £22.1bn in 1988. This surge in spending has continued despite fears over economic trends, both domestic and international, and shocks in financial markets, notably the global col lapse in share values of October 1987. This monograph is ess......
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......
Sự tiếp xúc với tỷ giá hối đoái: Kích thước và hoạt động nước ngoài có quan trọng không? Dịch bởi AI
Tập 33 Số 9 - Trang 741-765
– Mục đích của bài báo này là xem xét ảnh hưởng của kích thước doanh nghiệp và hoạt động nước ngoài đến sự tiếp xúc với tỷ giá hối đoái của các công ty phi tài chính của Vương quốc Anh từ tháng 1 năm 1981 đến tháng 12 năm 2001. – Tác động của những thay đổi bất ngờ trong tỷ giá hối đoái đến lợi nhuận cổ phiếu của các doanh nghiệp được xem xét. Ngoài ra, những biến động trong các chỉ số tỷ giá hối......
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......
Capital expenditures and corporate earnings: Evidence from the Taiwan Stock Exchange
Tập 32 Số 11 - Trang 853-861
– The purpose of this paper is to examine the relationship between capital expenditures and corporate earnings for 357 manufacturing firms listed on the Taiwan Stock Exchange over the sample period 1992‐2002., – The sample period of 11 years is divided into capital investment period and performance period. The sample firms are first grouped into eight portfolios ranked by capital investment ratio ......