Eleven papers in this volume present some current interesting and important research in finance. Based upon the CAPM, Chen and Kane show that double taxation and differential tax rates on a personal and capital-gains income, affect corporate stock values and financial policies in nonneutral...

This volume consists of original research articles examining timely issues in financial services, asset pricing, and hedging. The articles in the first part of the volume deal with methods for assessing the safety and soundness of banks, rationales for and economic consequences of bank mergers,...

Introduction / Andrew H. Chen -- Ownership structure, agency costs and dividend policy / Mukesh Bajaj, Anand M. Vijh, Randolph W. Westerfield -- Managerial entrenchment and the effectiveness of internal governance mechanisms / Mark M. McNabb, John D. Martin -- An empirical analysis of the...

Introduction / Andrew H. Chen -- Financial safety nets : why do they keep expanding? / Edward J. Kane -- A positive analysis of bank failure resolution policies / Kamphol Panyagometh, Gordon S. Roberts -- Bank failure resolution policies and subordinated debt / Kamphol Panyagometh, Gordon S....

Competition in IPO underwriting : time series evidence / Mukesh Bajaj, Andrew H. Chen, Sumon C. Mazumdar -- Can delegating bank regulation to market forces really work? / C.W. Sealey -- Internal model-based capital standard and the cost of deposit insurance / Jin-Ping Lee -- Lead lenders and...

Time diversification and stochastic dominance / Charles W. Hodges, Haim Levy, James A. Yoder -- Minority equity investments and inter-firm collaborations / Su Han Chan, John W. Kensinger, Arthur J. Keown, John D. Martin -- Size and book-to-market effects in the returns on information technology...