Finance journal quality is a critical issue for faculty annual evaluations, for the tenure and promotion process, and for the administration of faculty workload plans. Unlike other studies that use objective measures(such as citation frequencies) to rate journals, this study focuses on the...

I test whether hedging increases firm value by examining whether the premium for hedging a 'big' risk is larger than for a 'small' risk. I use a sample of firms in the oil and gas exploration and production (E\amp;P) business for the analysis and exploit the variation in exposure to hydrocarbon...

This paper investigates a negative externality of new business creation. When being perceived as a good manager is a necessary condition to establish a firm in the future, we show that a priori talented managers may indulge in undertaking risky projects now. Indeed, such a choice renders more...

We study a firm that justifies its novel use of equity derivatives as a cash-flow hedging strategy. Our purpose is to understand the challenge of translating risk management theory into managerial action. Cephalon Inc., a biotech firm, bought a large block of call options on its own stock. If...

The literature on corporate risk management has traditionally assumed that derivative securities are fairly priced, and thus disregarded the possibility that non-financial firms might use derivatives to generate positive returns by exploiting market conditions. This premise has led researchers...

The basic financial purpose of an enterprise is maximization of its value. Inventory management should also contribute to realization of this fundamental aim. The enterprise value maximization strategy is executed with a focus on risk and uncertainty. This article presents the consequences for...

We analyse how public announcement of shareholders going beyond or above legal thresholds of ownership affects firm value. We use the event study methodology to measure the valuation effect of purchases and sales of shares by large shareholders over the period 1991 to March 2007 for firms listed...

We examine the issues relating to the most appropriate form of firm ownership structure that will maximize the firm's value to society whilst maintaining a more sustainable market value. We argue that the maximization of firm value to society may be more readily achieved through a closed...

The asset allocation of defined benefit pension plans is a setting where both risk shifting and risk management incentives are likely be present. Empirically, firms with poorly funded pension plans and weak credit ratings allocate a greater share of pension fund assets to safer securities such...

Complex ownership structures are a common phenomenon across Asian business groups. There has been a large amount of international work focusing on the various aspects of ownership structures and strategies adopted by international business groups. In the Indian literature, we found little work,...