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Article
Publication date: 1 July 2000

Kathleen A. Farrell, Gordon V. Karels, Kenneth W. Montfort and Christine A. McClatchey

An interesting issue little explored in the celebrity endorsement literature is whether or not the activities of a celebrity endorser affect company performance. We examine the…

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Abstract

An interesting issue little explored in the celebrity endorsement literature is whether or not the activities of a celebrity endorser affect company performance. We examine the impact of Tiger Woods’s tournament performance on the endorsing firm’s value subsequent to the contract signing. We do not find a relationship between Tiger’ss tournament placement and the excess returns of Fortune Brands (parent of Titleist). This is likely due to Titleist being a very small contributor to the total market value of Fortune Brands. We also fail to find a significant relationship for American Express suggesting the market does not view a golfer endorsing financial services as credible. We do, however, find a positive and significant impact of Tiger’s performance on Nike’s excess returns suggesting that the market values the additional publicity that Nike receives when Tiger is in contention to win.

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Managerial Finance, vol. 26 no. 7
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 October 1998

Lynette Knowles Mathur, Ike Mathur and Kimberly C. Gleason

The stock price reactions to announcements of advertising services and providing services on the Internet are examined in this paper. The overall results suggest that…

4837

Abstract

The stock price reactions to announcements of advertising services and providing services on the Internet are examined in this paper. The overall results suggest that Internet‐related activities are generally desirable. However, the results suggest that announcements of services advertising on the Internet are not perceived as an important component of a service firm’s promotional strategy. On the other hand, announcements of providing services on the Internet produce an average significant stock price reaction of 0.85 percent. This result suggests that providing services on the Internet should be an important component of a service firm’s marketing strategy. When the sample is segmented by firms’ prior financial performances, the observed stock price reactions are significantly positive for firms with superior prior financial performances. These results suggest that service firms with above average financial performances would benefit from a presence on the Internet.

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Journal of Services Marketing, vol. 12 no. 5
Type: Research Article
ISSN: 0887-6045

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Article
Publication date: 1 April 1989

Soumendra De, Ike Mathur and Nanda Rangan

The empirical evidence on mergers and takeovers indicates that positive gains due to mergers and takeovers ac‐crue almost entirely to the target firms. While average abnormal…

90

Abstract

The empirical evidence on mergers and takeovers indicates that positive gains due to mergers and takeovers ac‐crue almost entirely to the target firms. While average abnormal returns to target firms are invariably positive, returns to bidding firms are negative in case of mergers and not significantly different from zero in case of takeovers (see Jensen and Ruback [1983] and De and Mathur in this issue for a review of the empirical evidence). That acquiring firms should offer the shareholders of the target firms such handsome rewards and accept marginal returns for themselves is one of the unresolved problems in the context of mergers and takeovers.

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Managerial Finance, vol. 15 no. 4
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 March 1984

Ike Mathur and David Loy

Introduction In a world of increased uncertainty about the future value of exchange rates and increased visibility of foreign exchange gains and losses, it is not surprising that…

840

Abstract

Introduction In a world of increased uncertainty about the future value of exchange rates and increased visibility of foreign exchange gains and losses, it is not surprising that both commercial and financial firms have become more concerned about minimizing foreign exchange risks. Once a company becomes involved in international trade, be it the formation of a foreign subsidiary or simply the import or export of goods, it subsequently becomes subject to foreign exchange risk exposure. Foreign exchange risk exposure can be broken down into three categories for further development; these are real economic exposure, translation exposure, and transaction exposure.

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International Marketing Review, vol. 1 no. 3
Type: Research Article
ISSN: 0265-1335

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Publication date: 1 October 2014

Ike Mathur and Isaac Marcelin

Pledging collateral to secure loans is a prominent feature in financing contracts around the world. Existing theories disagree on why borrowers pledge collateral. It is even more…

Abstract

Pledging collateral to secure loans is a prominent feature in financing contracts around the world. Existing theories disagree on why borrowers pledge collateral. It is even more challenging to understand why in some countries collateral coverage exceeds, for example, 300% of the value of a loan. This study looks at the association between collateral coverage and country-level governance and various institutional proxies. It investigates the economic implications of steep collateral coverage and sketches policy options to lower ex-ante asymmetric information and ex-post agency problems. Within this framework, should a lender collect the debt forcibly on default and liquidated assets fetch prices below outstanding loan values, the lender’s loss is covered through credit insurance, which would significantly reduce the need for steep collateral coverage. This proposal may increase level of private credit, investment and growth; particularly, in a number of developing countries where collateral spread is the main inhibitor of finance.

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Risk Management Post Financial Crisis: A Period of Monetary Easing
Type: Book
ISBN: 978-1-78441-027-8

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Article
Publication date: 1 February 1985

Ike Mathur

A multinational firm in its normal, day to day conduct of business becomes vulnerable to potential gains and losses due to changes in the values of its assets and liabilities that…

843

Abstract

A multinational firm in its normal, day to day conduct of business becomes vulnerable to potential gains and losses due to changes in the values of its assets and liabilities that are denominated in foreign currencies. Exporting, importing, and investing abroad expose the firm to foreign exchange risks. Under the 1944 Bretton Woods Agreement, Central Bank interventions in foreign currency markets were frequent, with relatively minor changes in exchange rates. Managers then could afford to ignore foreign exchange exposure. However, with the demise of the Agreement in 1973, exchange rates for major currencies have fluctuated freely, sometimes wildly. These currency fluctuations constantly change the values of foreign currency assets and liabilities, thereby creating foreign exchange risks. Managing these foreign exchange risks now constitutes one of the most difficult and persistent problems for financial managers of multinational firms.

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Managerial Finance, vol. 11 no. 2
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 February 1985

Lynette L. Knowles and Ike Mathur

Applied transfer pricing information has repeatedly been proven difficult to gather. Many enterprises work under secrecy regarding transfer pricing systems, believing that caution…

887

Abstract

Applied transfer pricing information has repeatedly been proven difficult to gather. Many enterprises work under secrecy regarding transfer pricing systems, believing that caution used in revealing information stymies possible problems related to transfer pricing that can involve internal and/or external factors. Even though there is some controversy concerning the appropriateness of the amount of data used in the research, interested parties can still benefit through studies of the transfer pricing literature.

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Managerial Finance, vol. 11 no. 2
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 February 1985

Lynette L. Knowles and Ike Mathur

Two companion articles have considered transfer pricing objectives and factors influencing the designing of these systems. This article, the last in the series, treats the topic…

350

Abstract

Two companion articles have considered transfer pricing objectives and factors influencing the designing of these systems. This article, the last in the series, treats the topic of designing transfer pricing systems. Since many multinational firms have subsidiaries in the U.S., it is worthwhile to consider the U.S. Internal Revenue Service regulations regarding transfer pricing. Transfer pricing systems can be designed under a variety of alternative market scenarios. These topics are discussed in the first two sections of the article. The designing of profit‐oriented and cost‐oriented transfer pricing systems are considered in the next two sections. A mention of methods for selecting transfer pricing systems concludes the article.

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Managerial Finance, vol. 11 no. 2
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 February 1985

Ike Mathur

Just a few years ago, active management of foreign exchange risks was confined to a relatively small number of multinational firms. With saturation of domestic markets, though…

536

Abstract

Just a few years ago, active management of foreign exchange risks was confined to a relatively small number of multinational firms. With saturation of domestic markets, though, many firms have turned their attention to product markets abroad. Some have gone abroad in search of lower production costs. Second, since 1973, foreign exchange rates have fluctuated widely, oftentimes wildly. Finally, recent financial accounting reporting requirements have made corporate gains and losses due to foreign exchange transactions much more visible. All of these factors have served to magnify the importance of managing foreign exchange risks.

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Managerial Finance, vol. 11 no. 2
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 April 1989

Ike Mathur, Indudeep Chhachhi and Sridhar Sundaram

The number of mergers in the U.S.A. increased from 2,339 in 1983 to 3,701 in 1987—an increase of 58.23 per cent. Over the same time period the value of mergers increased from…

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Abstract

The number of mergers in the U.S.A. increased from 2,339 in 1983 to 3,701 in 1987—an increase of 58.23 per cent. Over the same time period the value of mergers increased from $51.89 billion to $167.48 billion—an increase of 323 per cent. Merger activities of this magnitude can be expected to attract a great deal of attention, and they have.

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Managerial Finance, vol. 15 no. 4
Type: Research Article
ISSN: 0307-4358

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