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Article
Publication date: 1 July 1994

Alexandros P. Prezas

The question whether the use of an asset will be terminated before its physical life expires is of interest to financial managers. In other words, purchasing an asset does not…

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Abstract

The question whether the use of an asset will be terminated before its physical life expires is of interest to financial managers. In other words, purchasing an asset does not necessitate its use until the end of its physical life. An asset might be terminated because it is inefficient to continue operating, or because it can be replaced. Thus, in a single cycle problem, the objective is to determine how long an asset should be employed before termination. In a replacement problem, the focus is on determining how long the asset should be held before being replaced with a similar one.

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Managerial Finance, vol. 20 no. 7
Type: Research Article
ISSN: 0307-4358

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Publication date: 15 August 2007

Alexandros P. Prezas, Murat Tarimcilar and Gopala K. Vasudevan

Our study examines CEO compensation for firms that announce layoffs during the 1993–2001 period. We find that overall there is a large increase in CEO equity-based compensation in…

Abstract

Our study examines CEO compensation for firms that announce layoffs during the 1993–2001 period. We find that overall there is a large increase in CEO equity-based compensation in the year prior to and the year of the downsizing. Our sample of downsizing firms has small improvements in operating performance following the announcement. However, these performance improvements manifest themselves in the low but not the high equity-based compensation firms. We find that the announcement period returns are higher for downsizing firms that are larger, hire a new CEO in the year prior to the downsizing, have higher leverage, and better operating performance.

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Issues in Corporate Governance and Finance
Type: Book
ISBN: 978-1-84950-461-4

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Book part
Publication date: 15 August 2007

Abstract

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Issues in Corporate Governance and Finance
Type: Book
ISBN: 978-1-84950-461-4

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