Leveraged Employee Stock Ownership Plan (quot;ESOPquot;) transactions originated in the 1950s, yet there are still unresolved valuation issues that arise from a complex set of operating expenses, financing structures and contingent claims that are unique to leveraged ESOPs. Although complex,...

This paper outlines a framework for evaluating the effect of traded options on aggregate damages in class action litigation brought under The Securities and Exchange Commission's rule 10b-5. Although buyers of call options and sellers of put options are sometimes included in the class, it is far...

A firm's market power is embodied in its cash flows. Economic profits, the excess return on investment over the cost of capital, can be measured using the discounted cash flow approach for firm valuation developed by Miller and Modigliani. The information required to provide a dynamic estimate...