This study investigates the shareholder wealth effects of voluntary foreign delistings for the first time using a sample of U.S. firms delisted voluntarily from Japan. Using conventional event study methodology, we find no significant price changes following the delisting events, consistent with...

Share repurchases have grown rapidly in recent years, frequently exceeding total cash dividends since 1997. Some analysts have argued that incorporating repurchases into a discounted cash flow framework leads to higher equity valuations and expected return estimates and, further, that...

Although the item set exam format is used extensively in professional certification exams, it has not been widely adopted in academia. The item set exam can be viewed as an alternative to multiple choice exams or essay exams, sharing some of the strengths and weaknesses of both formats. An item...

The mathematics behind many psychometric measures is similar to the mathematics in portfolio theory. Faculty often build exams based on judgment and experience and only use psychometric tools after an exam is administered. An obvious question is, can portfolio optimization models be used to...

Wealth taxes have been adopted or considered as an adjunct to existing tax systems such as income taxes, property taxes, and consumption taxes. Discussions about a wealth tax are usually a mixture of political, social, and economic issues, with many of the published papers designed to serve an...

While financial statement analysis is a rich tool, there is no widely used holistic measure of the amount of change in corporate financial statements. Statistical decomposition analysis has been employed as an index of the amount of change, but has fallen into disuse because it does not allow...

Choosing appropriate peer groups for bank research is important to evaluate safety and soundness, merger effects, and overall performance. We use commercial bank financial statements with common size variables as the inputs to a cluster analysis model to identify clusters or groups of banks with...

An item set, often called a multiple-choice minicase, is a short case accompanied by several multiple choice items keyed to the case. Item sets are used heavily in professional certification exams in finance, including exams for the CFA, CPA, and CFP. This paper provides background for faculty...

Credit union decisions on how funds are raised and invested and what services to provide are guided by their business models and should be reflected by credit union financial statements. We use cluster analysis to group credit unions using common size financial statement variables such that the...