We investigate whether the post-IPO market performance of IPO stocks is related to the percentage of shares issued to the public, namely, the public float. We demonstrate that a non-linear relation exists between the public float and post-IPO returns. Specifically, as public float increases,...

This paper studies the performance of Drexel Burnham Lambert, First Boston, Goldman Sachs, Morgan Stanley, Salomon Brothers, Shearson Lehman Brothers, and a set of "other" investment bankers in providing merger advice. By determining CARs of target firms, it investigates premiums paid by...

This paper evaluates the performance of both specific firms within the American for-profit hospital industry and the industry as a whole. First, traditional financialanalysis is used to evaluate individual publicly traded for-profit chains. Then, industry performance from 1973 to 1982 is...

The analysis in this paper is composed of two segments. First, the financial performance of a sample of multinational corporations (MNCs) is compared with that derived for a control group of domestic corporations (DMCs) using market-based performance measures. Then, the paper presents a...

The failure-probabilities of a sample of multinational corporations (MNCs) are derived and compared with those of a control group of domestic corporations (DMCs). The results suggest that the mean insolvency-probability of DMCs is significantly higher than that of the MNCs. It is also observed...

Purpose – The traditional discounted cash flows (DCF) valuation procedure used by financial analysts assumes that firms maintain a policy of fixed debt. However, empirical evidence suggests that many firms rebalance their debt. This paper seeks to explore the implication of this discrepancy...