This paper’s objective is to study the relationship between bank credit risk and financial performance and the contribution of risky lending to lower bank profitability and liquidity. The sample data comes from the Mergent Online database, which stores ownership, executive, and financial...

The U.S. and Germany rank #1 and #3, respectively, in the world, in terms of the total amount of international trade. U.S. and German firms compete with one another for a larger market share in other countries and in each other’s local markets. And yet, there are no published studies that...

We investigate the impact of broad-based stock option grants on future firm productivity using a sample of U.S. firms from 1990-2006. We focus on stock option grants predominantly to rank-and-file employees (broad-based stock options) because significant amount of stock options are granted to...

The recent evidence has shown that IPO uncertainty continues in aftermarket until a normal market is established. Evidence also indicates that aftermarket risk measured by stock’s beta is related to the degree of underpricing in the US market. This may imply that additional underpricing...

This study examines the four-year stock performance of firms that undertake a spin-off. The theoretical motivations for spin-offs have been widely documented in the literature; however, an empirical examination of the aftermarket performance of spin-offs across a protracted bear market remains an...

This study examines empirically the role of financial information in explaining long return windows in three major capital markets, UK, USA and France. We hypothesize that the relationship between financial information and security returns improves the longer the return window, and that this...

The study adjusts Pulic’s (2000) intellectual capital approach, “Value Added Intellectual Coefficient (VAICTM), to measure firms’ value creation and market performance. The research here adds two new intellectual capital components, Research and Development (R&D) expenditure...

A firm's diversification decision is likely to be a response of two interacting effects, one is the agent problem and the other is the economies of scale. Whether diversification causes a discount or a premium depends on the interaction of the two effects. This paper re-evaluates the effect of...

Considerable empirical evidence suggests that firm’s time equity issues to market movements and that this behavior impacts capital structures. Based on a survey of investigations of this phenomenon, this study observes capital structures in different financial markets and identifies...