The global financial crisis of 2008-2009 precipitated one of the longest IPO “droughts” in history; from September 2008 until May 2009 only eight new issues came to market in the United States. While the phenomenon of hot- and cold-IPO market cycles has been widely documented, there has been...

Purpose – Capital structure decisions rely on a complex array of theoretical foundations and practical considerations. At the managerial level, it is impractical to base decisions purely on theory. While one can develop a perception of an optimal capital structure, the decision is often...

The simple mechanics of capital budgeting decision techniques are complicated by presence of mutual exclusion, project contingencies, differing risk levels, and unequal lives. This paper examines another such complexity virtually ignored by financial management textbooks but present in virtually...

We assess the effect of four short-sale constraints on stock returns in isolation and in combination, in generally falling versus generally rising markets, and considering relative effects for large/mid-cap versus small/micro-cap firms. There is substantial evidence that our more fully specified...

Since the beginning of summer 2008, the subprime mortgage market has become a contributing drag on the financial sector, with the S&P index dropping to its lowest level in more than a decade, and the Dow Jones Industrial Average falling below 10,000 for the first time since October 2004. The...

We analyze three short-term return metrics (Close-to-Open, Open-to-Close, and Close-to-Close) of stocks recommended by Jim Cramer on his CNBC show Mad Money. We differentiate among five different recommendations and across five different segments of the show. The objective is to determine if the...

This paper presents a synthesized model explaining the returns of short-sale constrained stocks. We combine short-sale constraints that were previously treated individually or in pairs into a more fully specified model. The model is also specified in generally falling versus generally rising...