We examine the impact of institutional shareholders on the investment activity and financing constraints of established private companies. Our sample of institutional owners is derived from company share registers and is comprehensive regarding type of institution and size of equity stake....

We compare the importance of opportunities for market timing with incentives to manage EPS, in decisions to repurchase. We distinguish between repurchases which are done to distribute cash (payout-related) and those which are conducted to provide shares for re-issue to staff (pay-related). Firms...

We follow the financing choices over time of established companies with initial high profitability and low leverage, company by company. The behaviour of most suggests preference for low leverage or indifference to leverage so long as it is not excessive (debt/assets above 50%). Companies lever...

Eckbo and Masulis (1992) and Slovin, Sushka and Lai (2000) have proposed that underwriters of seasoned equity offers certify issuer value. The study tests predictions resulting from these papers and finds little evidence from UK rights issues and open offers that underwriting banks certify. The...

The mutualisation of two English third division football clubs in 2001 and the creation of a large number of supporters' trusts make it timely to consider whether there is a case for mutualisation of football clubs. This paper assesses whether mutuality would be of economic benefit for clubs,...

This paper investigates whether personal tax could help explain the size of the historic equity premium in the UK measured before personal tax. If there has been a higher tax burden on equity, some of the premium could be viewed as compensation for tax. We estimate that personal tax reduces the...

This paper determines the market value of dividends in the UK during periods before and after 1997. Previous studies, which use the ex-dividend day method, tend to provide noisy and potentially biased measures of dividend value. We estimate the value of dividends from the prices of shares that...

This paper presents a method of performance measurement and attribution analysis which is based on values rather than returns. The difference in final values between a managed fund and its benchmark provides an exact measure of the contribution of the fund manager to the wealth of investors. It...

A value-based method of performance measurement was presented in our 2004 paper in this Journal. Here we extend our earlier paper in several ways. First, we compare the value method with the internal rate of return. Both incorporate money weighting, but values are easier to use and understand....