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Synergies, shareholder value and exchange ratios in “value-creating” mergers: Why shareholders should doubt management's pre-merger promises

Kürsten, Wolfgang - In: Managerial Finance 34 (2008), pp. 252-261

Purpose - The purpose of this research paper is to clarify why shareholders should be prudent when managers promise value gains from a synergetic merger. Design/methodology/approach -The paper proposes a simple two-state model of stochastic firm cash flows which allows for a discussion of wealth...

Persistent link: https://www.econbiz.de/10010814836

Determinants of bank efficiency: evidence from a semi-parametric methodology

Delis, Manthos D.; Papanikolaou, Nikolaos I. - In: Managerial Finance 35 (2009), pp. 260-275

Purpose - This paper aims to analyze bank efficiency into a number of bank-specific, industry-specific and macroeconomic determinants. Design/methodology/approach -The authors follow a semi-parametric two-stage methodology, where productive efficiency is derived via a non-parametric technique in...

Persistent link: https://www.econbiz.de/10010814871

The use of fuzzy logic and expert systems for rating and pricing firms: A new perspective on valuation

Malagoli, Stefano; Magni, Carlo Alberto; Mastroleo, Giovanni - In: Managerial Finance 33 (2007), pp. 836-852

/methodology/approach -Fuzzy logic and expert systems are used in order to provide a score for the firm(s) under consideration, representing the … firm value-creating power. Findings -The fuzzy expert system introduced is capable of dealing with both quantitative and … of a fuzzy expert system for ranking firms within a sector and pricing firms is a first attempt at an alternative way of …

Persistent link: https://www.econbiz.de/10010814887

Portfolio optimisation under changing risk via time-varying beta

Bramante, Riccardo; Gabbi, Giampaolo - In: Managerial Finance 32 (2006), pp. 337-346

Purpose – The paper is aimed at modelling time varying betas via a state space representation in order to decompose the …

Persistent link: https://www.econbiz.de/10010741370

Pricing multicallable range accruals with the Libor Market Model

Chalamandaris, George - In: Managerial Finance 33 (2007), pp. 292-308

about the Libor Market Model (LMM) tackle the problems of modelling the forward curve with more than two factors and …

Persistent link: https://www.econbiz.de/10010751910

Value relevance of price, earnings and book values in the Athens Stock Exchange

Papadaki, Afroditi; Siougle, Georgia - In: Managerial Finance 33 (2007), pp. 309-320

Purpose -This paper seeks to deal with the problem of the anomalous negative price-earnings relation for firms listed in the Athens Stock Exchange (ASE). Design/methodology/approach -The simple earnings capitalization model is employed to investigate the association between price and earnings...

Persistent link: https://www.econbiz.de/10010751915

Artificial Neural Network and the Financial Markets: A Survey

Chatterjee, Amitava; Ayadi, O.Felix; Boone, Bryan E. - In: Managerial Finance 26 (2000) 12, pp. 32-45

This study describes the structure and function of a new financial modeling technique, namely, the Artificial Neutral Network (ANN) in predicting financial markets’ behavior. With the advancement of the computer technology to date, ANN allows us to imitate human reasoning and thought processes...

Persistent link: https://www.econbiz.de/10014939540

Empirical validation of a general model of growth opportunities

AlNajjar, Fouad K.; Riahi‐Belkaoui, Ahmed - In: Managerial Finance 27 (2001) 3, pp. 72-90

Summarizes previous research on factors affecting the market value of a firm’s equity and puts forward a mathematical model based on the idea that its investment opportunity set is positively related to reputation, multinationality, size and profitability; and negatively related to leverage...

Persistent link: https://www.econbiz.de/10014939542

The association between the investment opportunity set and corporate financing and dividend decisions: some Australian evidence

Jones, Stewart; Sharma, Rohit - In: Managerial Finance 27 (2001) 3, pp. 48-64

Summarizes previous research on the investment opportunity set (IOS) using price‐based and investment‐based proxies and variance measures; and develops hypotheses on the relationship between IOS, debt/equity ratios and dividend policies. Tests them on 1990‐1998 data from listed Australian...

Persistent link: https://www.econbiz.de/10014939546

The role of cash flow information in predicting corporate failure: the state of the literature

Sharma, Divesh S. - In: Managerial Finance 27 (2001) 4, pp. 3-28

Provides a comprehensive, critical review of failure prediction with cash flow information since Beaver (1966); and tabulates the methods and cash flow variables used, and the results produced. Describes the literature as “inconsistent and inconclusive” and discusses possible reasons why,...

Persistent link: https://www.econbiz.de/10014939548