Organizational Capital Budgeting Model (OCBM) is a general theory of capital budgeting that incorporates traditional capital budgeting theories and the consideration about firm's information/ organization structure. The traditional financial capital budgeting model is a special case of OCBM....

This dissertation provides extensive empirical evidence--a large sample study over a long period--about the link between strategy and shareholder value. In contrast to the typical measure of shareholder value--stock price times the number of shares outstanding--this dissertation uses beta excess...

Currency risk in the pricing of international equity returns is analyzed from an empirical viewpoint. The significance of other factors, such as the domestic market index, world index, and industry index is also analyzed.

This is a study of financial and strategic factors relating to the failure and bankruptcy of 73 firms that went bankrupt from 1980 to 1986. The characteristics of the bankrupt firms were compared with those of a matching sample of nonbankrupt firms. On average the bankrupt firms were weaker than...

This dissertation consists of three essays. The first essay finds that small firms in poor quality legal environments (poor quality contract enforcement and property rights environments) are more financially constrained relative to small firms in better quality legal environments. Consequently,...

Depending on the contractual arrangement, fluctuations in materials prices expose different parties involved in a construction contract to various degrees of risk. In general, owners and/or contractors face the risk of losses when the prices of materials move upwards. Suppliers, on the other...

Since the early 1990s there has been a substantial increase both in mergers and acquisitions (M&A) as well as in divestitures of high-tech companies. This dissertation examines the takeover and divestiture activity in high-tech markets in an effort to extend our current knowledge regarding...

This dissertation analyzes the impact of takeover defenses and cancellations in three essays: (1) The Impact of the Strength of Targets' Takeover Defense Mechanisms on Acquiring Firms; (2) The Impact of the Announcement of Shareholder-Friendly Poison Pill Provisions on Shareholder Wealth; and...

Researchers of Initial Public Offerings, IPOs, have, traditionally, filtered out low-priced stocks with cut-off prices depending on individual study. This study examines underpricing, short- and long-run performance of one special class of such low-priced stocks. I examine IPOs filed for and...