At its inception, Financial Management (FM) had the difficult mission of serving the needs of all members of the Financial Management Association (FMA), both academic and practitioner. That mission has now changed. FM's revised mission is to focus solely on the publication of original scholarly...

In recent years, boards of directors have been called upon to take a more active role in affecting policy for corporate derivative investments. This study provides new evidence on the motives for corporate hedging with interest rate derivatives by examining the relation between the quality of...

This research studies the association between multinational firm complexity and analyst following. We first present a model of a firm?s operational complexity in terms of its lines of business and geographic operating regions, considered separately, jointly, and interactively, including a...

This study explores insider trading as a function of differences between managers' and the market's assessment of company earning components - specifically operating cash flows and accruals. It extends prior research by more comprehensively studying earnings components. It also builds a...

We study the stock market's reaction to the unexpected death of a top executive or board chair for insight into grey director incentives. Whereas there is little debate as to the motives of inside and strict outside directors, the allegiance of grey directors is less certain. We find that grey...

Hydro One Inc. is widely regarded as having had one of the most successful implementations of enterprise risk management (ERM). The purpose of this article is to record the history of this successful implementation so that it will benefit other companies and organizations who are at the...

This article presents a modification of Merton's (1976) ruin option pricing model to estimate the implied probability of default from stock and option market prices. To test the model, we analyze all global financial firms with traded options in the U.S. over the period December 1996 through...

We examine the relationship between the gender and ethnic minority diversity of the board of directors and the financial performance of the firm. The research is unique because we analyze the diversity of important board committees to gain greater insight into the way diversity affects board...

We examine the relationship between the gender and ethnic minority diversity of the board of directors and the financial performance of the firm, i.e. the economic case for a diverse board of directors. The research is unique because we analyze both the diversity of the board and the diversity...

We investigate analyst forecasts in a unique setting, the natural gas storage market, and study the contributions of analysts in facilitating price discovery in futures markets. Using a high frequency database of analyst storage forecasts, we show that the market appears to strongly condition...