Managerial Finance: Volume 46 Issue 1

Multiple banking relationships, agency costs and firm value: evidence from India

Nemiraja Jadiyappa, Bhanu Sireesha, L. Emily Hickman, Pavana Jyothi

Prior literature demonstrates that the effectiveness of bank monitoring decreases when multiple banks are involved, due to a free rider problem, leading to lower firm value. The…

A study on volatility and return spillover of exchange-traded funds and their benchmark indices in India

Buvanesh Chandrasekaran, Rajesh H. Acharya

The purpose of this paper is to empirically examine the volatility and return spillover between exchange-traded funds (ETFs) and their respective benchmark indices in India. The…

Characteristics of New Zealand dividend omissions and resumptions

Nicholas Kraiger, Warwick Anderson

For firms listed on the New Zealand Stock Exchange, which is a relatively thinly traded market, the purpose of this paper is to examine the nature of stock returns associated with…

Pricing three cases of performance fees using options methodology

Tom Messmore, Travis L. Jones

Prior research has demonstrated that investment management performance fees have the characteristic of a call option. It is important to examine whether these performance fees are…

Evidence on aggregate volatility risk premium for the French stock market

Amal Zaghouani Chakroun, Dorra Mezzez Hmaied

The purpose of this paper is to examine alternative six- and seven-factor equity pricing models directed at capturing a new factor, aggregate volatility, in addition to market…

Long-run equity performance of firms that restate financial statements

Gisung Moon, Hongbok Lee, Doug Waggle

The authors investigate how the stock market reacts to financial restatements using the restatements data from the United States Government Accountability Office (GAO-06-678). In…

Applying Merton’s valuation adjustment for incomplete information … and do you need to?

Thomas O’Brien

The purpose of this paper is to offer a “how to” guide for applying Merton’s (1987) valuation adjustment for incomplete information, which depends on market capitalization…

The change in investor reaction to 10-K filings after Regulation Full Disclosure and the Sarbanes–Oxley Act

Rakesh Bharati, Susan Crain, Shrikant Jategaonkar

The purpose of this paper is to examine whether the investor reaction to 10-K filings has changed since the implementation of Regulation Full Disclosure (FD) and the…

A three-stage model of the volatility-volume relation in the Junk bond market during the 2007-2008 financial crisis

Ehab Yamani

The purpose of this paper is to examine the joint dynamics of volatility–volume relation in the high-yield (junk) corporate bond market during the 2007–2008 financial crisis.

Pre-IPO cash flow volatility and aftermarket valuation

Justin S. Cox

The purpose of this paper is to examine how pre-IPO cash flow and earnings volatility influence both post-IPO pricing and valuation. This paper provides an empirical extension of…