Discussion of 'Models of Capital Investments with Private Information and Incentives: A Selective Review.' (response to Rick Antle and John Fellingham in this issue, p. 887)

Article Abstract:

Models of capital investments such as the single period and multiperiod models have shortcomings in explaining capital expenditures. The single period model, for example, fails to show the relationship of the owner and the manager and how they become dependent on each other. The multiperiod model, on the other hand, fails to focus on some relevant aspects such as management entrenchment and the need for a business firm to influence a manager to invest in a profitable project.

Capital Management-Internal Funds NEC, Research, Capital markets, Capital investments, Capital budgets

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Information disclosure to employees and rational expectations: a game-theoretical perspective

Article Abstract:

The voluntary disclosure methods of a company manager who is confidentially informed of data which have significance both for financial market valuation and for wage bargaining by a union were studied. Labor requirements may be substantially affected by the disclosure of the information and may therefore cause the company stock prices to decline. Findings indicated the existence of both a full-disclosure and a nondisclosure equilibrium.

Models, Disclosure (Securities law), Collective bargaining, Game theory, Rational expectations (Economics)

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The seasoned equity issues of UK firms: market reaction and issuance method choice

Article Abstract:

Latest financial regulations in the United Kingdom and their effects on seasoned-equity issues of firm's trading London Stock Exchange are examined.

United Kingdom, Legal issues & crime, Government regulation (cont), Government expenditures, Government regulation, Legal/Government Regulation, Evaluation, Laws, regulations and rules, Economic policy, Corporations, Corporate finance, Securities trading, Equity (Finance)

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