Increased debt and industry product markets: an empirical analysis

Article Abstract:

A study on changes in production shows that industry product markets are likely to be influenced by capital structure. The four sectors investigated were fiberglass, tractor trailer, polyethylene and gypsum. The study revealed that changes in executive compensation are related to changes in shareholder wealth after leveraged recapitalizations. The study further suggested that industry structure, total factor productivity and input use is important in analyzing cash flow changes following recapitalizations.

Research, Corporate reorganizations, Leveraged buyouts

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Market efficiency around the clock: some supporting evidence using foreign-based derivatives

Article Abstract:

Stock prices in a domestic market are the result of a rational analysis of financial information and their incorporation into the price determination mechanism. This conclusion is derived from an analysis of Nikkei index-based derivative securities in the US and a comparison between the former and those that are traded overnight in Japan. Such perceived linkage belies the validity of theories that expound on the irrationality of stock market behavior.

International aspects, Stock-exchange, Stock exchanges, Derivatives (Financial instruments), Efficient market theory

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Making markets for structured mortgage derivatives

Article Abstract:

Research is presented describing the role of underwriters in determining the use of securitization or structuring for the mortgage derivative management.

Administration of Housing Programs, Mortgage Financing & Insurance, Economic aspects, Investment banks, Mortgages, Mortgage-backed securities, Mortgage backed securities

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