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Research in Finance (Hardcover)
Loot Price: R3,746
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Research in Finance (Hardcover)
Series: Research in Finance
Expected to ship within 12 - 17 working days
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Since its first appearance in 1979, Research in Finance has been
publishing papers that cover important and interesting issues in
finance and economics. The topics found in the series span a wide
range; previous volumes have included papers on corporate financial
management policy, asset pricing and investment management,
corporate control and governance, bank regulations and management,
and the analysis of financial derivatives and their applications in
risk management and in venture capital investment. These papers,
among others, have made significant contributions to the
literature.
In this volume, Bajaj, Vijh and Westerfield present evidence
showing that ownership structure affects a firm's agency costs of
cash flow, which, in turn, influences the market's reaction to
changes in the firm's dividend policy. McNabb and Martin examine
the relationship between managerial entrenchment and the
effectiveness of internal governance mechanisms and the firm
performances. In their paper, Kang, Karim and Rutledge apply a
relative excess value ratio approach to empirically examine the
association between the CEO compensations and the firms'
performances. And Almisher, Buell and Kish, using accounting beta
as a proxy for ex ante systematic risk of a firm, find a strong
positive relationship between the firm's systematic risk and the
subsequent degree of underpricing of its IPO.
Also in this volume, Kwan and Wilcox show the disparity between
accounting and actual cost reductions in bank mergers, and point
out the importance of avoiding the accounting bias in reporting the
cost reduction in bank mergers. Gunther and Siems empirically find
that a desire to hedge balance sheet positions andhaving a strong
capital position are the key motivations for banks' involvement in
derivatives activities. Shyu and Reichert examine the key financial
and regulatory factors that determine the derivatives activities of
both U.S. and foreign banks. In their paper, Yin, Wu and Chen
explore the joint effects of the changes in capital regulation and
deposit insurance system on banks' returns and risks in Taiwan.
Based upon the one-factor equilibrium term structure model of
Cox-Ingersoll-Ross, Chen and Chaudhury examine the market values
and dynamic interest rate risks of existing swap positions. Chang
and Ho derive formula of duration for different bonds under the
Heath-Jarrow-Morton model of term structure and compare the
relative performances of dynamic and static immunization
strategies. In their paper, Boyle, Byoun and Park use intraday
transactions data to show that the S&P 500 index option market
leads the cash index, and that the lead-lag relation has resulted
in a significant bias of the implied volatility that confirms their
theoretical conjecture. Finally, Bubna uses a moral hazard model to
address issues in the formation of syndicates in venture capital
industry and to present some useful policy implications.
May the contributions within this volume be of significant interest
and usefulness to its readers. And may Research in Finance continue
to publish papers of the highest caliber, to the benefit of
academics and practitioners alike.
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