The revelation that scores of firms engaged in the illegal manipulation of stock options' grant dates (i.e. "backdating") captured much public attention. The evidence indicates that the consequences stemming from management misconduct and misrepresentation are of first-order importance in this...

This paper reviews the arguments concerning the role of hostile tender offers in today's corporate world. Some observers suggest that "corporate raiders" do not pay shareholders a fair price for their holdings and that they disrupt firms' day-to-day operations. Others point to the significant...

In the presence of inflation, the standard Constant-Growth valuation model found throughout the finance literature is not valid in cases where a company either (1) makes no net new investments or (2) invests only in zero Net Present Value projects. If expected inflation is positive, the...