Managerial Finance: Volume 23 Issue 3

Industrial Structure, Conduct and Performance: Evidence from Corporate Combinations

Philip L. Baird

In the literature of industrial organization, debate continues on the relationship between industrial structure on the one hand and competitive behavior and performance on the…

Employee Stock Ownership Plans and Corporate Control

Roger W. Clark, George C. Philippatos, Ronald E. Shrieves

The conventional wisdom regarding the rationale for employee stock ownership plans (ESOPS) holds that such plans provide incentives for improved worker productivity. This view…

Employee Stock Ownership Plans, Common Stock Wealth Effects and Stock Price Variability

Majed R. Muhtaseb

The objective of this paper is to document the impact of several types of ESOP announcements on shareholder wealth. The market welcomes the news of initiation ESOPs, nonleveraged…

Targeted Share Repurchases, Free Cash Flows, and Shareholder Wealth: Additional Evidence

Dosoung Choi

This paper presents evidence that the valuation consequences of targeted share repurchase announcements are positively related to the size of the firms' pre‐repur‐chase free cash…

Prediction of Business Failure: A Funds Flow Approach

Emel Kahya

The purpose of this paper is to assess the usefulness of financial ratios derived from working capital‐based funds flow information to predict the failure of US industrial firms…

International Mergers and Acquisitions: A Review of Some Current Issues

Peter E. Koveos

Corporate history has featured a number of approaches to restructuring, both internal and external to the firm. External restructuring has taken place through a variety of…