We investigate whether investors use balance sheet information to value their option to abandon the continuing business in exchange for the assets' exit value. As opposed to papers that examine the potential for balance sheet disclosures to provide incremental information about the expected...

The case of Evergreen Solar (ESLR) suggests counterparty risk exposure be added to the litany of misgivings on the economic efficiency, absolute performance, and governance conflicts of ASRs. Evergreen Solar in July 2008 issues a convertible, enters into an offsetting, broker-backed long...

Previous studies of corporate stock repurchase programs found low efficiency (high execution cost), questionable performance (inconsistent profitability), idiosyncratic transaction reporting (monthly cost reports may not match actual monthly transactions), archaic shareholder accounting...

This article provides an insightful overview of the challenges encountered by the insurance industry when applying the requirements of IFRS 17 to reinsurance contracts. Through the metaphor "Fitting a Square Peg in a Round Hole," the author effectively captures the complexities and difficulties...

Usage of a random effects panel logit model have shown in this paper that the high propensity to pay dividends by the state-controlled companies quoted on the Warsaw Stock Exchange over the last years was not a result of the tunneling effect but was the maturity effect. The state-controlled...

Optimizing the means of wealth distriubution to shareholders is a fundamental issue for financial managers. Contemporary theory of finance tries to solve the problem of measuring the impact of shareholders' benefits (both cash and non-cash) on the value of the company. From the classical point...

Dividend decisions continue to fascinate scholars and researchers all around the world. Determinants of dividend payout have been widely investigated but results are not always consistent. This paper investigated how well current after tax earnings and prior dividends influence dividend...

Literature suggests that dividend has no impact on shareholders value in the absence of taxes and market imperfections. Hence, companies invest excess funds in positive net present value projects instead of paying out as dividends. Literature also suggests that market valuation of stocks depends...