Standard techniques advocated for choosing between mutually exclusive projects of unequal lives make an implicit assumption of continued project replication. While intuitively appealing, those techniques ignore the fact that project replication is one outcome of a repeated choice situation, and...

In September 2001 when Pasminco Ltd was placed in voluntary administration, it was the world's biggest zinc producer with over ten percent of global output. This paper examines the hedging strategies that Pasminco had in place in the years leading up to the firm being declared insolvent and...

Using data prior to the Jobs amp; Growth Tax Relief Reconciliation Act of 2003 Grullon and Michaely (2002) find that firms in the US are financing repurchases with funds that would otherwise have been used to increase dividends. This finding supports the hypothesis that firms are substituting...

In Australia, equal access share buybacks can be structured so that a portion of the buyback price is designated as a fully franked dividend. The tax benefits derived from this structure imply that off-market buybacks are sometimes offered to shareholders at a discount to the current market...

Private financing of large-scale infrastructure projects through Public Private Partnerships (PPPs) has grown in recent decades. Together with changes in conventional construction procedures, there have been changes in the project financing model. The use of PPPs raises questions as to the role...