摘要:

AbstractThis study examines the stock market reaction to announcements that should contribute to the positive reputation of firms' human resource management practices. Announcements consist of the annual release of the list of 'best' employers byWorking Mothermagazine. We hypothesize that these announcements positively contribute to the firms' labor market reputation, thereby improving a firm's ability to attract, retain and motivate good employees. We find a small but statistically significant increase in firms' stock prices following the release of the list. The effect is larger, the first time a firm appears on the list relative to subsequent appearances.

ISSN:0143-6570    

DOI:10.1002/mde.4090150602

出版商:John Wiley&Sons, Ltd.    

年代:1994

数据来源: WILEY

摘要:

AbstractThis paper presents a model of entrepreneurial wealth maximization for the pricing of initial public offerings (IPOs). It is an extension of one previously presented in the literature. The model shows that personal tax rates on ordinary income and capital gains may, in part, determine IPO pricing: an increase in the capital gains tax rate should lower the degree of underpricing. An empirical analysis of the effect of the Tax Reform Act of 1986, which raised the capital gains tax rate, shows that the average degree of underpricing did decrease as predicted, and that this occurs after controlling for other possible influences.

ISSN:0143-6570    

DOI:10.1002/mde.4090150603

出版商:John Wiley&Sons, Ltd.    

年代:1994

数据来源: WILEY

摘要:

AbstractCapital investment and capital financing decisions interact. To resolve current controversies in investment‐leverage‐growth relationships requires an integrated industrial organization/financial economics empirical model of profit margins, capital investment intensity, leverage and risk. Using cumulative future losses in discontinued operations to measure the asset specificity of the firm's investments, empiricai results support a complementary (positive) relationship between debt and investment, the debt financing of verifiable contemporaneous growth, equity financing of future growth and the debt financing of specific assets. This evidence rejects the transactions cost theory of capital structure inFortune 500fi

ISSN:0143-6570    

DOI:10.1002/mde.4090150604

出版商:John Wiley&Sons, Ltd.    

年代:1994

数据来源: WILEY

摘要:

AbstractIt is found that one unit root, common trend, is shared by the monthly price indices of the top four ratings of corporate bonds. Addition of an index of low‐grade bonds to the vector time series results in two common trends. Consistent results are provided by dynamic factor analyses. The returns for the system of cointegrated indices can be represpnted by an error‐correction model using past returns and cointegrating vectors. This model can provide more accurate forecasts than a common VAR that omits the cointegrating vectors. The common‐trends analysis provides specific linear combinations, or cointegrating portfolios, of the index price levels that are stationary. The cointegrating portfolios associated with the two common trends have returns that are related to T‐bill returns and unanticipated in

ISSN:0143-6570    

DOI:10.1002/mde.4090150605

出版商:John Wiley&Sons, Ltd.    

年代:1994

数据来源: WILEY

摘要:

AbstractGovernment regulations are an increasingly important component of the environment in which firms operate. Regulations may subject firms to large costs and possibly regulatory‐induced risks, both of which may have effects on stockholders' wealth. In this paper we investigate the valuation effects of Food and Drug Administration (FDA) product approvals, rejections and disciplinary decisions on the firms that operate in the food and drug industries. We find that FDA decisions have very large wealth effects. The large price changes associated with approval and rejection decisions suggest that a significant amount of uncertainty about FDA decisions is present almost up to the announcement day. These results are somewhat surprising given the lengthy period of time involved in developing and reviewing drugs and the continuous flow of information received by the market about their potential. We also find some evidence of information leaks preceding FDA announcements. With respect to disciplinary decisions, the evidence from the data suggests that stockholders experience large losses associated with FDA actions. Since these losses represent lost stream of future illegal income, it appears that ignoring FDA rules may be quite profitable for firms that are not caugh

ISSN:0143-6570    

DOI:10.1002/mde.4090150606

出版商:John Wiley&Sons, Ltd.    

年代:1994

数据来源: WILEY

ISSN:0143-6570    

DOI:10.1002/mde.4090150607

出版商:John Wiley&Sons, Ltd.    

年代:1994

数据来源: WILEY

ISSN:0143-6570    

DOI:10.1002/mde.4090150601

出版商:John Wiley&Sons, Ltd.    

年代:1994

数据来源: WILEY