摘要:

ABSTRACTThis paper challenges the long held hypothesis that insider trading is a victimless crime. Using utility maximization analysis, the author examines both the good news and bad news cases. Injury is demonstrated. Separability of the insider's trade from the insider's information monopoly is also examined utilizing the generally accepted market structure analysis. Separability is rejected.

ISSN:0732-8516    

DOI:10.1111/j.1540-6288.1988.tb00780.x

出版商:Blackwell Publishing Ltd    

年代:1988

数据来源: WILEY

摘要:

ABSTRACTThe excess return argument is widely accepted as the most compelling plea in favor of the double leverage method of assessing the cost of capital for certain utilities. The argument is shown to be mistaken. Moreover, only under unlikely conditions does the double leverage method assess the cost of capital correctly. The stand alone method, according to generally accepted financial theory, is a superior procedure.

ISSN:0732-8516    

DOI:10.1111/j.1540-6288.1988.tb00781.x

出版商:Blackwell Publishing Ltd    

年代:1988

数据来源: WILEY

摘要:

ABSTRACTThis study provides evidence on the wealth effects of reincorporation and the association of these wealth effects with motives to change the state of incorporation. There are no wealth effects observed on the announcement of the change for shareholders of corporations that change as part of a set of measures to defend against a pending or possible hostile takeover. However, for corporations that reincorporate without stated antitakeover intentions, a positive reaction is observed at the announcement of the change. These results indicate that the defensive posture assumed by reincorporating may offset other positive effects of the change in corporate charters.

ISSN:0732-8516    

DOI:10.1111/j.1540-6288.1988.tb00782.x

出版商:Blackwell Publishing Ltd    

年代:1988

数据来源: WILEY

摘要:

ABSTRACTFinancial planning and control systems in China are discussed. The effectiveness of the pre‐1979 system is evaluated and compared to the system instituted in 1979 under China's modernization drive. The implications of these changes for China and for the United States are discusse

ISSN:0732-8516    

DOI:10.1111/j.1540-6288.1988.tb00783.x

出版商:Blackwell Publishing Ltd    

年代:1988

数据来源: WILEY

摘要:

ABSTRACTThe author reviews problems associated with joint ventures in China and discusses new regulations designed (1) to give more decision‐making rights to joint ventures, (2) to help reduce project expenses, and (3) to provide more loans for joint ventures' short‐term revoling funds. The author also suggests changes in labor management, raw materials management, financial management, and export orientation to ensure the success of joint ventures in Ch

ISSN:0732-8516    

DOI:10.1111/j.1540-6288.1988.tb00784.x

出版商:Blackwell Publishing Ltd    

年代:1988

数据来源: WILEY

摘要:

ABSTRACTThe purpose of this study is to examine the aggregate capital structure based on several factors that affect the demand for and supply of corporate debt. The main hypotheses are that under inflation the larger the amount of depreciation and the larger the yield differences between corporate and municipal bonds and between corporate bonds and equities, the larger the amount of corporate debt. The empirical tests performed in this study support these hypotheses.

ISSN:0732-8516    

DOI:10.1111/j.1540-6288.1988.tb00785.x

出版商:Blackwell Publishing Ltd    

年代:1988

数据来源: WILEY

摘要:

ABSTRACTPrevious studies have investigated only unconditional heteroscedasticity in the market model. This paper tests for both conditional and unconditional heteroscedasticities as well as normality. Using the monthly stock rate of return data secured from the Center for Research in Security Prices (CRSP) tape for 1976 through 1983, this paper shows that conditional heteroscedasticity is more widespread than unconditional heteroscedasticity, suggesting the necessity of model refinements that take conditional heteroscedasticity into account. This paper provides an alternative estimation of betas of individual securities and portfolios based on the autoregressive conditional heteroscedastic (ARCH) model introduced by Engle. The efficiency of the market model coefficients is markedly improved across all firms in the sample through the ARCH technique.

ISSN:0732-8516    

DOI:10.1111/j.1540-6288.1988.tb00786.x

出版商:Blackwell Publishing Ltd    

年代:1988

数据来源: WILEY

摘要:

ABSTRACTThis paper presents evidence that the net current asset value rule developed by Ben Graham in 1930 is still profitable in the 1970s and early 1980s. The abnormal gain is not due to future mergers because both the merged and nonmerged subsamples have positive and statistically significant returns in the post‐event perio

ISSN:0732-8516    

DOI:10.1111/j.1540-6288.1988.tb00787.x

出版商:Blackwell Publishing Ltd    

年代:1988

数据来源: WILEY

摘要:

ABSTRACTThis paper derives a simple analytical expression for the value maximizing economic ordering quantity (EOQ). The traditional EOQ formula can be derived from this expression through a second‐order Taylor series expansion. This connection explains McDaniel's recent simulation results showing that the EOQ is an accurate estimator of the optimal ordering quantit

ISSN:0732-8516    

DOI:10.1111/j.1540-6288.1988.tb00788.x

出版商:Blackwell Publishing Ltd    

年代:1988

数据来源: WILEY

摘要:

ABSTRACTThis paper provides an after‐tax cash flow analysis of insubstance defeasance versus open market debt repurchase under the current tax law. Depending upon interest rates, term to maturity, and the riskiness of the corporate bond issue that managers with to remove from the balance sheet, defeasance may be the cheapest restructuring alternative available. Managers must consider all these factors before reaching a decision that is consistent with the maximization of shareholder wealt

ISSN:0732-8516    

DOI:10.1111/j.1540-6288.1988.tb00789.x

出版商:Blackwell Publishing Ltd    

年代:1988

数据来源: WILEY