The paper presents evidence that earnings levels as well as changes in earnings are important in explaining stock returns in an emerging stock market. The study employs data on all listed firms in the Cyprus Stock Exchange over the ten-year period 1985-1994. Operating cash flows have no...

The market reaction to capital expenditure announcements is studied in the backdrop of Jensen's (1986) free cash flow hypothesis. Initial results confirm McConnell and Muscarella's (1985) original findings suggesting that announcement-period returns follow in sign announced changes in capital...

This study uses a sample of plant closings as the testing stage to examine the financial consequences of variant environmental performance records and stakeholder pressure levels. It compares 117 manufacturing facilities closing down between 1998 and 2000 to 351 facilities surviving through this...

The aim of this study is to explain the performance consequences of the adoption of a Chief Operating Officer (COO) position by drawing from agency theory. Although, prior research has documented a performance penalty associated with the use of this position, we currently have an incomplete...