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...

The impact of Joint Venture announcements on the market value of UK listed companies is examined. Based on a sample of 158 announcements of either joint venture formation or joint venture activities, significant positive market-adjusted abnormal returns of 0.5% on the announcement date are...

The European Commission has long been concerned over the extensive disclosures required by the Securities and Exchange Commission (SEC) in form 20-F. As the IASC moves towards completing its core standards programme to the satisfaction of IOSCO, the debate has centred around the likelihood of...

The announcement of product and market diversification projects lead to significant abnormal returns of 1.1%. However, the gains are higher for new products than for new markets, and for companies with high price-earnings ratios and low (or zero) dividend yields.

Burkitt and Baimbridge (Applied Economics,27, 1995) investigated publication performance in The Economic Journal and Universities Funding Council (UFC) research rankings for UK economics departments following the 1992 Research Assessment Exercise (RAE). We decided to adopt their approach and...

The relative importance of intra-industry or inter-industry knowledge spillovers for the growth of cities remains an open question. Using a unique data set on the growth of 109 British cities during 1951--1991, we find evidence suggesting that the most important knowledge spillovers occur...

Purpose – The purpose of this paper is to provide insights into recent financial analysis practice in the Chinese context. The paper aims to examine the approaches pursued and information used by Chinese financial analysts in investment appraisal of ordinary shares. The research seeks to...

Investor relation (IR) is a function that should make a difference to listed companies' communication process to the markets. It is also the strategic corporate activity that promotes the investment case of a listed company and puts its listed stock 'on the radar screen' of the analysts and the...

This paper examines the stock market reaction to research and development (R&D) announcements made by listed UK companies. R&D projects on average are found to be associated with significant positive abnormal returns. However, the level of these abnormal returns varies significantly with the...