Top 25 M&A financial advisors of 1996
The 25 largest investment banks that served as advisors in bank mergers and acquisitions in 1996 are ranked based on the value of deals. The top five on the list are Goldman, Sachs & Co ($24.07 billion), Morgan Stanley & Co ($16.38 billion), CS First Boston Corp ($15.47 billion), Montgomery Securities ($13.94 billion) and Stephens Inc ($9.88 billion). All five participated in First Interstate Bancorp's acquisition of Wells Fargo and Co, with Goldman Sachs and Morgan Stanley advising the seller and the other three investment houses advising the seller. The lower half of the top 10 is made up of Merrill Lynch ($5.73 billion), Keefe Bruyette & Woods ($2.21 billion), Alex. Brown & Sons ($2.7 billion), UBS Securities LLC ($1.93 billion) and Friedman Billings Ramsey & Co ($1.82 billion).
Publication Name: Banking Strategies
The effect of accounting-based covenants on equity valuation
The economic model using debt covenants that are based on accounting shows that value of equity returns is dependent on the capability of the firm to violate the covenant and the economic value of the firm. The model also establishes that a firm is likely to produce a `covenant' effect on earnings if it is more probable to violate the covenant. The covenant effect is more evident in thrift institutions as their stock price reactions to unpredicted earnings increases when they approach violation.
Publication Name: The Journal of Accounting and Economics
Taxpayer as dealer, trader, or investor
The author discusses the tax consequences in being classified as a securities dealer, trader, and investor under securities and tax laws.
Publication Name: Journal of Financial Service Professionals
- Abstracts: Organisation and expertise: an exploration of knowledge bases and the management of accounting and consulting firms
- Abstracts: Disclosing new worlds: a role for social and environmental accounting and auditing. Ethics and accounting: changes in the research agenda
- Abstracts: Hook-SupeRx Inc. The impact of current-valued data on the predictive judgments of investors. Pharmacia
- Abstracts: Effect of air pollution abatement on financial performance of Texas cotton gins. DCH Technology, Inc. (DCH)
- Abstracts: The effects of obesity, gender and spcialty on perceptions of physicians' social influence. On-screen characters: their design and influence on consumer trust