This paper sustains the existence of a biunivocal link between a company’s financing decision and the corporate governance. On the one hand, the financing decision has an impact on corporate performance, which has been confirmed. According to the agency theory, the financing decision will...

This study analyzes the accuracy of forecasted target prices within analysts’ reports. We compute a measure for target price forecast accuracy that evaluates the ability of analysts to exactly forecast the ex-ante (unknown) 12-month stock price. Furthermore, we determine factors that explain...

This paper examines the effects of the intended use of proceeds on bank underwriters' certification roles in Japan following deregulation in 1999. We find that bank underwriters have a positive effect on announcement returns. However, when the issuer discloses that the intended use of proceeds...