The article discusses the coefficient variation (CV) in investment returns. The mean-coefficient of variation (MCV) efficiency criterion is presented as an alternative to the mean-standard deviation (MSD) definition of efficiency. The differences in MCV and MSD definitions of efficiency are...

The phenomenal growth in corporate merger activity of the 1960s revived interest in the motives and effects relating to corporate mergers. In recent years, many theories for explaining mergers have been discussed and tested in the literature of finance, law, and economics. Various authors have...

The paper assists the user of DCF methods by clearly setting forth the relationship of free-cash-flow (FCF) and economic value added (EVA™) concepts to each other and to the more traditional applications of DCF thinking. We follow others in demonstrating the equivalence between EVA and NPV,...

We hypothesize that features of European capital markets used to distinguish market reliance and investor protection have predictably influenced emerging national differences in bank capitalization, growth, and choice of income-producing activities. We characterize countries' capital regimes as...

The coefficient of variation (CV) in investment returns is often presented in introductory finance texts as a measure of project risk [7, 9, 13, 15]. Curiously, the resulting mean-coefficient of variation (MCV) efficiency criterion is usually casually proposed as an alternative to the more...

This paper models the firm's operating leverage in the context of the standard theory of production. The development of the model borrows heavily from a body of literature which might best be described as the "theory of the firm under uncertainty," yet provides important clarification and...

This article examines whether merger per se may be related to changes in the capital structure of the participating firms. The findings are consistent with the existence of merger-related incentives to increase financial leverage for a significant subset of merging firms. No evidence has been...

This article addresses the issue of the impact of bank acquisitions on the capital positions of acquired banks. The hypothesis tested is that acquisition-related capital changes reflect divergent capital-related acquisition motives which induce significant infusion of capital into some acquired...

This paper Identifies situations in which the widely recommended procedures for evaluating mutually exclusive projects with unequal lives may result in incorrect project rankings. These situations arise from the failure of conventional techniques to place alternatives on an appropriate...

This study investigates the relationship between changes in risk and capital in a large sample of banks. A positive association between changes in risk and capital is found. The fact that this finding holds in banks with capital ratios in excess of regulatory minimum levels supports the...