There have been a number of changes in United Kingdom corporate governance regulation since the financial scandals of the late 1980s and early 1990s. These developments, commencing with the publication of the Cadbury Report in 1992, address "the frequency, clarity and form in which information...

Although the impact of growth opportunities on company value has been recognized since Miller and Modigliani (1961), relatively little empirical work has been undertaken to value growth opportunities. In this study the validity of the KBM model (Kester (1984) and Brealey and Myers (1981)) is...