Within the context of initial public offerings (IPOs) the value of firms at the point of flotation appears to be positively and significantly related to the amount of equity retained by the original owners. But certain theoretical arguments and some limited empirical evidence suggest that the...

In this article, we empirically investigate the motivations for share repurchase decisions by a sample of 267 large UK listed companies covering the 4-year period 2001 to 2004. Though the UK constitutes the second largest market for share repurchases after the US, relatively little is known of...

Irrespective of the chosen measure of technological sophistication for a sample of independent high technology firms, the most technologically sophisticated appeared much more likely to report that a continual financial constraint had impeded firm growth, compared with the less technologically...

This article examines the determinants of concentration of creditors. The empirical evidence drawn from this article supports the proposition of Bolton and Scharfstein (1996) that for negotiation reasons, high-quality borrowers tend to borrow from multiple sources and is contrary to the...

This paper uses the well known pre-holiday stock market anomaly to clarify the uses and limitations of the academic approach to testing for such anomalies with respect to the differing requirements of academics and investors. The approach is not designed to produce information suitable for...

This study considers the risk and return of stocks following price innovations of all sizes on UK data. The results indicate that over a long period of time it has been possible to estimate, to some extent, the expected returns and the variance of returns on a given day from the return on the...

There is existing evidence of equity returns having a mixture distribution with multiple component structures. Following the increasing interest in intraday trading, this article examines determinants of intraday equity return distributions and finds that greater information flow and stock...

Given the recent political landscape of the UK with the Labour Party forming a government for the first time since 1979, it is hardly surprising that the performance of the stock market under Tory and Labour governments is a topic of media and general interest. The primary purpose of this paper...