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Всего публикаций в данном разделе: 470

Опубликовано на портале: 16-06-2006
Magda Bianco, Giovanna Nicodano European Economic Review. 2006.  Vol. 50. No. 4. P. 937-961. 
This paper suggests that debt should be raised by subsidiaries in order to exploit the limited liability of the holding company. However, when this behavior increases the cost of funds, the holding might prefer to raise debt to a point where it would also default when subsidiaries are insolvent. After accounting for standard controls, we find that holding companies in Italian pyramids have higher leverage than subsidiaries and that the cash-flow share of the entrepreneur in the subsidiary does not play a significant role. These findings are consistent with the implications of our model of group capital structure.

Опубликовано на портале: 16-06-2006
Susana Álvarez, Víctor M. González Journal of Business Finance & Accounting. 2005.  Vol. 32. No. 1/2. P. 325-350. 
Academic research into firms that have gone public has focused on the study of two anomalies: initial underpricing and long-run underperformance. We analyse Spanish Initial Public Offerings to provide additional evidence on the long-run performance of IPOs and its relationship with initial underpricing. Results reveal the existence of negative long-run abnormal stock returns, in line with the international literature. Long-run performance presents a positive relationship with underpricing and the volume of funds obtained in seasoned offerings, in consonance with the predictions of,and.

Опубликовано на портале: 16-06-2006
Congsheng Wu Journal of Business & Economic Studies. 2005.  Vol. 11. No. 1. P. 19-33. 
This study examines the relation between the offer price adjustment, initial return, and subsequent short-run performance for a sample of initial public offerings (IPO's) made by US industrial companies from 1986 to 1996. The IPO's are divided into three categories (cold, cool, and hot issues) based on the offer price relative to the suggested price range revealed in the preliminary prospectus. It is found that the offer price adjustment not only predicts the first-day return, but also predicts subsequent short-run performance in the same direction up to three months after issuance. Moreover, different types of IPO's demonstrate distinct cross-sectional behavior in multivariate regressions of initial returns. Our results suggest that cold IPO's are quite unique and deserve more attention in future studies.

Опубликовано на портале: 16-06-2006
François Derrien Journal of Business Finance & Accounting. 2005.  Vol. 32. No. 1/2. P. 325-350. 
This paper explores the impact of investor sentiment on IPO pricing. Using a model in which the aftermarket price of IPO shares depends on the information about the intrinsic value of the company and investor sentiment, I show that IPOs can be overpriced and still exhibit positive initial return. A sample of recent French offerings with a fraction of the shares reserved for individual investors supports the predictions of the model. Individual investors' demand is positively related to market conditions. Moreover, large individual investors' demand leads to high IPO prices, large initial returns, and poor long-run performance.

Опубликовано на портале: 16-06-2006
Anthony Yanxiang Gu American Business Review. 2003.  Vol. 21. No. 2. P. 101-109. 
Examines the impact of state ownership, firm size and initial public offering performance in China. High initial and short-term returns; Indication that firm size, has a significant positive impact on the Suggestion that investors believe that large companies are less risky and have stronger demand for their stocks.

Опубликовано на портале: 16-06-2006
Павел Г. Гулькин
Санкт-Петербург: Альпари СПб., 2002, 238 с.
В настоящем пособии приводится детальное описание процесса подготовки компаний к выходу на публичный биржевой рынок, адаптированное и приспособленное к конкретным российским условиям. Методологической базой послужили материалы и публикации крупнейших зарубежных консультационных компаний, имеющих подразделения, специализирующиеся на предпродажной подготовке компаний перед выходом на биржу - KPMG и PricewaterhouseCoopers.
ресурс содержит гиперссылку на сайт, на котором можно найти дополнительную информацию ресурс содержит графическое изображение (иллюстрацию)

Опубликовано на портале: 15-06-2006
Галина Игоревна Хотинская
Москва: Дело, 2002, 192 с.
Настоящее издание представляет собой краткий курс лекций по финансовому менеджменту, структурированный в соответствии с рабочей программой курса. Содержание курса адаптировано к действующему на момент издания законодательству в области учета и отчетности, затратообразования и налогообложения. При изложении материала (например, в главах "Управление затратами и результатами", "Основы налогового менеджмента") автор делает акцент на специфику сферы услуг.
Книга предназначена для студентов и преподавателей экономических специальностей (060700 `Национальная экономика`, 061100 `Менеджмент`, 061200 `Менеджмент в социально-культурной сфере`, 061500 `Маркетинг`), а также тем, кто интересуется вопросами финансового менеджмента.
ресурс содержит графическое изображение (иллюстрацию)

Опубликовано на портале: 14-06-2006
K. Ho Applied Economics Letters. 2003.  Vol. 10. No. 1. P. 15-20. 
Traditional studies of long-run stock price abnormal performance after corporate events compare the mean returns of an event firm portfolio and a benchmark firm portfolio or index. However, it is well known that long-run abnormal returns are non-normal leading to problems with statistical inference on abnormal performance. Instead in this paper, the entire return distributions of event firms and the benchmark index using non-parametric tests of stochastic dominance are compared. Tests are applied for first and second order stochastic dominance to Ritter's (1991) IPO data. It is found, contrary to results that compare only mean returns, that IPO firms do not underperform a benchmark index. The results are robust to extreme values of buy-and-hold return of IPO firms and underline the fact that long-run abnormal performance measurement is sensitive to the methodology used.

Опубликовано на портале: 14-06-2006
Bruce Burton, Christine Helliar, David Power Corporate Governance: An International Review. 2004.  Vol. 12. No. 3. P. 353-360. 
Corporate governance as a coherent notion and independent topic of academic and practitioner interest has developed rapidly in the last ten years. In particular, most countries have seen the publication of vast numbers of regulatory reports outlining best practice in handling the issues that arise from the increased prominence of the governance concept. Although a vast literature exists on the implications of an Initial Public Offering (IPO) for financial performance and ownership structure, few investigations have communicated directly with issuing firms and analysed the practical difficulties encountered on a day-to-day basis when a company decides to float. In particular, very few studies have sought to examine what corporate governance changes, if any, are made in the process. This note reports the findings of a questionnaire survey and a series of interviews with practitioners about the changes that are made before and after a sample of IPOs in the UK.

Опубликовано на портале: 14-06-2006
Sheridan Titman Journal of Financial and Quantitative Analysis. 1985.  Vol. 20. No. 1. P. 19-28. 
This paper demonstrates that the various market imperfections that have been suggested to explain observed portfolio choices and capital structures can be circumvented if securities (e.g., options) can be traded that simulate forward contracts on stock. It is shown that if the risk-adjusted returns to bondholders exceed the returns to stockholders (to reflect personal tax differences) tax-exempt investors will prefer a combination of these synthetic forward purchases and corporate bonds to purchasing stock directly. They will not, as has been suggested, include stock in their portfolios for diversification purposes when they can alternatively purchase securities that simulate forward contracts. It is also shown that firms that can sell synthetic forward positions on their own stock can essentially guarantee that sufficient funds will be available to meet their bond obligations. This gives firms the opportunity to increase their debt levels without increasing the possibility of bankruptcy and the corresponding administrative and agency costs.
ресурс содержит гиперссылку на сайт, на котором можно найти дополнительную информацию

Опубликовано на портале: 14-06-2006
Chun-Yao Tseng, Yeong-Jia James Goo R & D Management. 2005.  Vol. 35. No. 2. P. 187-201. 
Competitive success now is based less on the strategic allocation of physical and financial resources, and more on the strategic management of intellectual capital. Although intellectual capital is intangible and cannot be accurately measured, companies must develop methods of increasing corporate value by proactively focusing on intellectual capital management. This study examines the relationship between intellectual capital and corporate value in an emerging economy. This study employs an intellectual capital perspective, resource-based view and a financial perspective, and investigates how to apply the concept of intellectual capital to value creation. After reviewing the relevant literature, this study identifies human capital, organizational capital, innovation capital and relationship capital as four constructs of intellectual capital. Corporate value is measured using three selection methods: (1) Market/Book value, (2) Tobin'Qand (3) Value Added Intellectual Coefficient (VAIC™). Through a questionnaire survey and secondary data collection, this study applies the Structure Equation Model to analyze the relationships among four constructs of intellectual capital, as well as the relationship between intellectual capital and corporate value. From the empirical findings, for Taiwanese manufacturers, a positive relationship exists between intellectual capital and corporate value. This study visualizes and mobilizes intellectual capital to articulate eight value creation paths.
ресурс содержит гиперссылку на сайт, на котором можно найти дополнительную информацию

Опубликовано на портале: 14-06-2006
Norma Juma, G. Tyge Payne International Journal of Innovation Management. 2004.  Vol. 8. No. 3. P. 297-318. 
Intellectual capital (IC) has been proposed as an essential factor for organizational survival and maintenance of competitive strength. However, there has been very limited consensus on what encompasses IC and how it can best be conceptualized and measured. Further, very little empirical work has specifically examined the relationship between IC and financial performance. Given these shortcomings, this paper focuses first on the impact IC has on performance and secondly on the role strategic alliances may have on this relationship. While we argue that IC will impact performance, we anticipate this relationship will be moderated by strategic alliances and other inter-firm collaborations. Findings reveal interesting relationships that suggest further effort should be placed on the conceptualization and measurement of IC, specifically regarding its relationship to firm performance.
ресурс содержит гиперссылку на сайт, на котором можно найти дополнительную информацию

Опубликовано на портале: 14-06-2006
Mihir A. Desai, C. Fritz Foley, James R. Hines Journal of Finance. 2004.  Vol. 59. No. 6. P. 2451-2487. 
This paper analyzes the capital structures of foreign affiliates and internal capital markets of multinational corporations. Ten percent higher local tax rates are associated with 2.8% higher debt/asset ratios, with internal borrowing being particularly sensitive to taxes. Multinational affiliates are financed with less external debt in countries with underdeveloped capital markets or weak creditor rights, reflecting significantly higher local borrowing costs. Instrumental variable analysis indicates that greater borrowing from parent companies substitutes for three-quarters of reduced external borrowing induced by capital market conditions. Multinational firms appear to employ internal capital markets opportunistically to overcome imperfections in external capital markets.
ресурс содержит гиперссылку на сайт, на котором можно найти дополнительную информацию

Опубликовано на портале: 14-06-2006
Leonard L. Lundstrum Review of Quantitative Finance & Accounting. 2003.  Vol. 21. No. 2. P. 141-156. 
Examines how information problems between the firm and the investor affect the value of an internal capital market. Relation of the firm's access to an internal capital market to firm value; Asymmetric information and excess firm value.
ресурс содержит гиперссылку на сайт, на котором можно найти дополнительную информацию

Опубликовано на портале: 14-06-2006
Julia Porter Liebeskind Organization Science. 2000.  Vol. 11. No. 1. P. 58-77. 
Diversification not only internalizes transactions of goods and services, but it also internalizes transactions of capital. Hence, the value of diversification will depend, inter alia, on whether internal capital markets are relatively efficient or inefficient. This essay reviews and discusses the possible benefits and costs of internal capital markets by conducting a careful comparative institutional analysis. The essay concludes that internal capital markets can add value to lines of business only under a limited number of circumstances. Some recent developments in the organization of internal capital markets in diversified firms can be understood as attempts to increase their efficiency.
ресурс содержит гиперссылку на сайт, на котором можно найти дополнительную информацию

Опубликовано на портале: 14-06-2006
Marc Deloof Journal of Business Finance & Accounting. 1998.  Vol. 25. No. 7/8. P. 945-968. 
Presents information on the interpretation regarding the Belgian firms belonging to a corporate group, where investment is incompletely financed on an internal capital market of the group. How many firms are indirectly controlled; Important role the holding companies and corporate groups play in the financing of Belgian firms; Reference to the tracing of origins of these networks.
ресурс содержит гиперссылку на сайт, на котором можно найти дополнительную информацию

Опубликовано на портале: 14-06-2006
Hyun-Han Shin, Rene M. Stulz Quarterly Journal of Economics. 1998.  Vol. 113. No. 2. P. 531-552. 
Using segment information from Compustat, we find that the investment by a segment of a diversified firm depends on the cash flow of the firm's other segments, but significantly less than it depends on its own cash flow. The investment by segments of highly diversified firms is less sensitive to their cash flow than the investment of comparable single-segment firms. The sensitivity of a segment's investment to the cash flow of other segments does not depend on whether its investment opportunities are better than those of the firm's other segments.
ресурс содержит гиперссылку на сайт, на котором можно найти дополнительную информацию

Опубликовано на портале: 14-06-2006
Helen Short, Kevin Keasey, Darren Duxbury International Journal of the Economics of Business. 2002.  Vol. 9. No. 3. P. 375-399. 
This paper examines empirically the effects of management ownership and ownership by large external shareholders on the capital structure of the firm from an agency theory perspective. The paper extends the US literature on the topic by examining the effect of interactions between management ownership and ownership by large external shareholders on the capital structure of UK firms. For a sample of UK firms, the paper provides empirical evidence that suggests the debt ratio is positively related to management ownership and negatively related to ownership by large external shareholders. Furthermore, the presence of a large external shareholder acts to negate the positive relationship between debt ratios and management ownership; in the presence of a large external shareholder, no significant relationship between debt ratios and management ownership exists. These findings are consistent with the hypothesis that the presence of large external shareholders affects the agency costs of debt and equity.
ресурс содержит гиперссылку на сайт, на котором можно найти дополнительную информацию

Опубликовано на портале: 14-06-2006
Shenghui Tong, Ning Yixi Journal of Investing. 2004.  Vol. 13. No. 4. P. 53-66. 
The article studies the affect of capital structure on institutional investor choices. Institutional investors play a critical role in supervising the management of the companies. Most of the S&P 500 firms tend to have large institutional holdings. The finding of the study suggests that the capital structure influences stock picking choices of institutional investors. There is a negative relation between dividend yield and institutional ownership. There is limited evidence that institutional investors prefer firms with low debt ratios, high ratios of capital expenditures to assets, and high ratios of cash flow to sales.
ресурс содержит гиперссылку на сайт, на котором можно найти дополнительную информацию

Опубликовано на портале: 14-06-2006
Karl V. Lins Journal of Financial and Quantitative Analysis. 2003.  Vol. 38. No. 1. P. 159-184. 
This paper investigates whether management stock ownership and large non-management blockholder share ownership are related to firm value across a sample of 1433 firms from 18 emerging markets. When a management group's controlling exceed its cash flaw rights, I find that firm values are lower. I also find that large non-management control limits blockholdings are positively related to firm value. Both of these effects are significantly more pronounced in countries with low shareholder protection. One interpretation of these results is that external shareholder protection mechanisms play a role in restraining managerial agency costs and that large non-management blockholders can act as a partial substitute for missing institutional governance mechanisms.
ресурс содержит гиперссылку на сайт, на котором можно найти дополнительную информацию