The purpose of this paper is to establish how far the process of financial integration has gone in the European Union. There is growing evidence that the appearance of the Euro has accelerated the integration of a number of financial markets among those countries who have adopted the Euro. We...

We expect a firm's competitive advantage to manifest itself in a return on invested capital that is higher than the opportunity cost of capital. Deviations of returns from the cost of capital are a signal for competitive entry or for exit, while the speed of convergence indicates the strength of...

This paper describes the accounting goodwill in UK turnovers between 1976 and 1992. The paper documents the dramatic growth of goodwill in the mid-eighties. Overwhelmingly this was the result of the economy-wide rise in the valuation ratio. There is also evidence of companies writing down net...

This paper describes the accounting goodwill in UK turnovers between 1976 and 1992. The paper documents the dramatic growth of goodwill in the mid-eighties. Overwhelmingly this was the result of the economy-wide rise in the valuation ratio. There is also evidence of companies writing down net...

This study reports the operating performance of UK takeovers over the period 1976 to 1990. We show that hostile takeovers have led to improved profits and cash flows. We do not find evidence, as reported in previous studies, that large takeovers in general lead to improved cash flow performance....

Is there a bubble in internet stock prices, has the new economy changed the rules of stock valuation? In this article, the authors argue that the old rules still apply. The only way to test the reasonableness of new economy stock prices is to model the company's ability to generate cash in the...