The recent sub-prime debacle has brought ‘innovative' structured credit products such as collateralized debt obligations under severe criticism. The complexity of some structured finance securities and difficulties in understanding their risks has been a common theme. This paper argues that...

We study the impact of financial constraints on cross-market arbitrage. We find that financially constrained firms are more likely to conduct debt-financed share repurchases. Such repurchases tend to reduce investments and increase financial distress risks, especially when financially...

We describe a unifying theoretical framework for stakeholder analysis, establishing a rigorous mathematical formulation that can be used to frame both qualitative and quantitative research. Stakeholders are modeled as interactive practices; legitimacy arises through a projection mechanism. Five...

Modern Finance has dominated the area of financial economics for at least four decades. Based on a set of strong but highly unrealistic assumptions its advocates have produced a range of very influential theories and models. Nonetheless, in the last two decades a new academic school of thought...

This study extends UK research on rights issues by examining the link between the post-issue long-term underperformance, pre-SEO security overvaluation and post-SEO investors' under-reaction hypotheses. In contrast to prior UK studies that concentrated on different time-periods, and with results...