Originally published as Managerial Finance, Volume 32, Issue 3
ISBN: 1 84544 913 4
Guest Edited by: Professor Alireza Toukani-Rad
This journal takes a real-life look at the timely issues of corporate finance and governance. It looks at evidence from dividend announcements, stock price performance, issues of value and ownership, and credit risk management to provide a snapshot of how the subject is tackled by managers around the world.
Contents:
Anomalous evidence in dividend announcement effect
This paper seeks to examine the long-run financial and return performance of UK companies which are grouped according to whether or not they have changed their dividends and earnings. Prior research has been conducted using US data and they are limited to extreme dividend changes such as dividend initiations and omissions. They have also arrived at contradicting results; some report a drift in performance, while others document evidence of mean reversion in performance. The current paper hopes to resolve this conflict using data for a large sample of UK firms which disclosed more general changes in dividends and earnings.
Credit risk management: a survey of practices
Purpose – Proposes to investigate the current practices of credit risk management by the largest US-based financial institutions. Owing to the increasing variety in the types of counterparties and the ever-expanding variety in the forms of obligations, credit risk management has jumped to the forefront of risk management activities carried out by firms in the financial services industry. This study is designed to shed light on the current practices of these firms.
Stock price performance of seasoned equity offerings: completed vs withdrawn
This paper aims to investigate whether completed vs withdrawn equity offerings result in different stock price performance prior to announcement and between announcement and withdrawal or completion.
Institutional ownership and corporate value
Prior studies examining the relation between the shareholdings by institutional investors and firm value have produced mixed results. These studies have assumed that a linear relation exists between corporate value and institutional shareholdings. The purpose of this study is to further investigate the nature of this relationship and by partitioning institutional investors into institutions that have appointed a representative to the board of directors of the firms in which they have a block investment and institutions with a similar holding but without a representative on the board of directors.
A time-varying beta approach to measuring New Zealand's country risk
The purpose of this paper is to estimate New Zealand's country level risk using a time-varying country beta market model. Country beta is allowed to vary as a function of several macro-economic variables, including the net government overseas borrowing, 90-day bill rate, ten-year bill rate, wool price, trade-weighted index, manufacturers’ price index, retail trade, current account balance, and money supply.
About Managerial Finance
Managerial Finance aims to provide an international forum for the publication of high quality research in: finance, financial management, international finance, economics, banking, financial markets, financial institutions, financial strategy, accounting and management information.
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