Timing, investment opportunities, managerial discretion, and the security issue decision

Article Abstract:

The empirical relevance of the security issue decision among firms is examined in the pecking-order model, the agency model and the timing model. Results indicate that firms often deviate from the pecking order due to certain agency considerations such as asset growth and stock returns. There is strong support for the agency model, while there is no support found for the timing model.

Open-End Investment Funds, Investment Funds & Trusts, HOLDING AND OTHER INVESTMENT OFFICES, Debt equity conversion

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Firm size and the gains from acquisitions

Article Abstract:

The benefits attained by the shareholders of firms that announce acquisitions of private firms, public firms, or subsidiaries of other firms are examined. The study reveals that the announcement abnormal returns of small firms outstrip the abnormal returns of large firms by 2.24 percentage points.

Acquisitions & mergers, Management dynamics, Personnel administration, Venture Analysis, Mergers, acquisitions and divestments, Company acquisition/merger, Compensation and benefits, Stockholders, Influence, Company business management, Earnings per share

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Culture, openness, and finance

Article Abstract:

While examining why investor protection differs across countries, one cannot ignore the differences in culture, religion and language. The influence of religion on creditors rights is reflected by a country's natural openness to international trade.

Investor Relations, Finance & Stockholder Relations, Stockholder Relations, Analysis, International aspects, Demographic aspects, International trade, Investment management

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