Journal of applied corporate finance volume 28 umer 4 fall 2016 119 suer to lock in interest savings prior to the regular call date, in a way that is analogous to advance refunding. Journal of applied corporate finance finance theory and the new investor relations by john byrd, fort lewis college, waldemar goulet, wright state university, marilyn johnson, university of michigan, and mark johnson, university of idaho journal of applied corporate finance increasing share price, lowering the cost of capital. Journal of applied corporate finance volume 28 number 2 spring 2016 47 esg for all. A practitioners guide here is no doubt that the capital asset pricing model capm is one of the models most widely. The difficulties of the past year have convinced many observers that current risk management practices are deeply flawed, and that such flaws have contributed greatly to the current financial crisis. The field experienced a new burst of energy following the enron and worldcom financial reporting scandals in the early 2000s. A firewall to future crises the author would like to thank the mercatus center at george mason university for generous financial support, alex tabarrok for many useful discussions, and benjamin. Ramirez, george mason university bank of america journal of applied corporate finance this paper is a condensed and amended version of financing the american.
After undergoing a leveraged buyout in 1986, the company suffered a slump in sales and profit margins that left it unable to meet its debt obligations. Journal and the new york times and that we expect to play a major role in this discussion. The firms investments are generically termed assets. It was established in 1988 and is published by wileyblackwell. Mats andersson, patrick bolton and frederic samama. The journal of applied corporate finance covers a range of topics, including risk management, corporate strategy, corporate governance and capital structure. In contrast, prices and quantities are examples of general knowledge that is easily aggregated and inexpensive to transmit among agents. Richard ruback is also a harvard professoralthough in ricks case its the harvard business schoolwhere he is the wil lard prescott smith professor of corporate finance. The journal of applied corporate finance is a quarterly academic journal covering research in corporate finance, including risk management, corporate strategy, corporate governance, and capital structure.
Computed over 19201996 by goetzmann and jorion 1999. Journal of applied corporate finance the role of financial relationships in the history of american corporate finance by charles w. In my experience, preparing to receive the attentions and scrutiny of activist shareholders has become a way of life for the boards and csuites of even the largest companies. Ford motor co, a business corporation is organized and carried on primarily for the profit of the stockholdersthe discretion of. Journal of applied corporate finance volume 26 number 1 winter 2014 29 three versions of perfect pay for performance or the rebirth of partnership concepts in executive pay 1. In many cases such exposures can be managed using financial derivatives, but in many other cases they cannot. Journal of applied corporate finance volume 18 number 1 a morgan stanley publication winter 2006 57 roundtable i suspect we will spend most of our time on that. But in those cases where the median tier 1 tsr was much higher than the median. Journal of applied corporate finance winter 1989 volume 1. Journal of applied corporate finance volume 28, issue 2. Journal of applied corporate finance ing its access to top graduates. And because intermediaries generally bear significant risk related to their market transactions, and so become major. Journal of applied corporate finance published since 1988 and reaching a broad audience of senior corporate policy makers, this highly regarded quarterly brings together academic thinkers and.
Journal of applied corporate finance fall 1989 volume 2. Download journal of applied corporate finance document. Habib, london business school 25 bank of america journal of applied corporate finance t we would like to thank joseph blum, carlo bongianni, don lessard, gill. Journal of applied corporate finance volume 27 number 2 spring 2015 59 8. Journal of applied corporate finance volume 21 number 4 a morgan stanley publication fall 2009 105 exhibit 1 msci world, 19882007 this exhibit shows the annual returns of the msci world index between 1988 and 2007.
Returns are in dollars and account for capital gains and dividends. Winner of the 1998 journal of financial economics jensen prize for first place for the best paper in the areas of corporate finance and organizations. The journal of corporate finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Mark gressle 20, how competitive pay undermines pay for performance and how companies can avoid that, journal of ap.
The second part of the process, which is often equally important, is com. Journal of applied corporate finance volume 20 number 3 a morgan stanley publication summer 2008 77 5 how do exchanges compete for corporate listings, and what is the effect on listing standards of competition and. Good morning, im bob merton, and i want to welcome you all to this discussion. The class included, in fact, a mixture of emerging, frontier, and lessdeveloped. What is the market value of a dollar of corporate cash. Journal of finance, journal of business ethics, journal of. As presented in both of these issues, then, sustainable financial management means making significant investments of corporate thought and energy and, in many cases, investor capital with expected. Journal of applied corporate finance rg journal impact. The remaining 21% had speculative debt with ratings of bb or lower. Behavioral corporate finance by hersh shefrin ssrn.
Improving the environment lowers the companys legal exposure to damage claims and might also lower its wage bill to the extent a cleaner local environment makes it easier to attract skilled workers. For example, simeon djankov, rafael laporta, florencio lopezdesilanes, and andrei shleifer, the law and economics of selfdealing, journal of financial econom. And here we are, nearly two decades later, and corporate governance research has matured significantly. Journal of applied corporate finance volume 20 number 4 a morgan stanley publication fall 2008 39 risk management failures. Consequently, the reader can see for him or herself the similarities and the differences in the way investment, financing, and dividend principles are applied to four very different firms.
Corporate leverage and specialized investments by customers and suppliers. Journal of applied corporate finance wiley online library. We are deeply indebted to don chew, the managing editor of this journal, for helpful comments and suggestions. We do not have the resources to work with any paper that while at some. Journal of corporate finance open access articles elsevier. Journal of applied corporate finance volume 27 number 2 spring 2015 105 not only what the company is doing to meet the challenges of nonrenewable resources, but how and why it is in their inter ests to use fewer resources to make their products. Journal of applied corporate finance value advisors. The journal covers a range of topics, including risk management, corporate strategy, corporate governance and capital structure. United nations global compact lead and principles for responsible investment. Based on data from lesmond 2005 and lesmond, ogden and trzcinka 1999. Reese chair of banking and monetary economics at the ohio state university, and is a research associate of the nber.
The impact factor measures the average number of citations received in a particular year by papers published in the journal. Journal of applied corporate finance volume 23 number 2 a morgan stanley publication spring 2011 77 the threefactor model. The average time between submission and final decision is 19 days and the average time between acceptance and publication is 22 days. In corporate finance, we use firm to refer to any business, large or small, manufacturing or service, private or public. Everything which is done for the business is called corporate finance.
The journal of corporate finance is a leading corporate finance journal that publishes both theoretical and empirical papers. A tool for communicating the business value of sustainability. Journal of applied corporate finance using project finance to fund infrastructure investments by richard a. The influence of the worlds largest 100 economic entities strategy dynamics global limited 2009. Materiality, journal of applied corporate finance, vol. Portfolio selection considers relative risks, concen. Jaf is devoted to the publication of original manuscripts falling into one of the following broad categories. Fgv models can incorporate a wide range of operating metrics such as customer franchise value, brand value, product pipeline, employee training and employee retention. Journal of applied corporate finance volume 20 number 1 a morgan stanley publication winter 2008 47 changes in korean corporate governance. The second part of the process, which is often equally important, is combining the stocks into portfolios. Journal of applied corporate inance volume 30 number 1 winter 2018 17 fiduciary duties of corporate directors in uncertain times the authors express their appreciation to the following colleagues who collaborated with them on prior articles that have contributed to this one. Davies, the efficiency of public versus private firms.
Twenty percent of the companies had credit ratings of aa or aaa, 32% had an a rating, and 27% were rated bbb. Journal of applied corporate finance volume 22 number 4 a morgan stanley publication fall 2010 111 5. A 1995 study provides support for this dichotomy, finding that companies for chapter 11 tend to be more leveraged and have worse operating performance. The impact of sovereign wealth funds on corporate value and performance 76 nuno fernandes, imd business school how much do private equity funds benefit from debtrelated tax shields. Journal of applied corporate finance volume 22 number 3 a morgan stanley publication summer 2010 73 speed bankruptcy. All trademarks and s on this website are property of their respective owners. Where to download applied corporate finance third edition applied corporate finance third edition corporate finance online part 1 spotlight on the journal of applied corporate finance s special issue on sustainable financi to celebrate the launch of their special issue on sustainable financial management kks cohosted a webinar with the journal. However, because the makewhole call price is higher than the fair value of the bond kalotay, 2010, there is no free lunch in this case. Was the collapse of ltcm a risk management failure. Journal of applied corporate finance volume 23 number 3 a morgan stanley publication summer 2011 31 2. First, these companies are analyzed on every aspect of corporate finance introduced here, rather than just selectively in some chapters. Journal of applied corporate finance volume 19 number 1 a morgan stanley publication winter 2007 9 4. Journal of applied corporate finance volume 28 number 4 fall 2016 125 6. The global effects of covid19 in applied finance and banking.
The journal also features its popular roundtable discussions among corporate executives and academics, on topics such as integrity in financial reporting. Send all address changes to journal of applied corporate finance, blackwell publishing inc. Journal of applied corporate finance is available online through synergy, blackwells online journal service which allows you to. Documents for fundamentals of corporate finance 12th. The impact of esg screening on return, risk, and diversification tim verheyden, vrije universiteit brussel, faculty of economic and social sciences. The journal of applied finance jaf promotes scientific debate on the theory, practice, and education of finance. Contributions can be of a theoretical, empirical, or clinical nature. Journal of applied corporate finance volume 24 number 2 a morgan stanley publication spring 2012 9 1. A study by jarrow and ohara 5 attributed this premium to the pricing of the score and to its ability to complete markets as well as to avoid constraints on short selling. Journal of applied corporate finance volume 28 number 2 spring 2016 29 governance and climate change. A success story in mobilizing investor support for corporate responses to climate change pages 2933. The journal of corporate finance receives a large number of submissions many of which are high quality. It also features roundtable discussions among corporate executives and academics on topics such as integrity in financial reporting.
Journal of applied corporate finance volume 21 number 4 a morgan stanley publication fall 2009 61 markets and include interest rate risk, foreign exchange risk and commodity price risk as well as possible pension fund shortfalls. Jensen, foundations of organizational strategy, harvard university press, 1998. Journal of applied corporate finance volume 24 number 1 a morgan stanley publication winter 2012 15 not only their reputations with their investors, but also mainly for incentive reasonssome of their own capital. B job of anticipating the likely consequences of lowprobability outcomes and developing effective responses to them. Journal of applied corporate finance volume 23 number 1 a morgan stanley publication winter 2011 63 corporate portfolio management. Journal of applied corporate finance the creditworthiness of the sample also showed broad variation. For financial institutions, one commonly used risk measure is valueatrisk, or var. He teaches corporate finance as well as a very popular course on the.
Journal of applied corporate finance volume 19 number 1 a morgan stanley publication winter 2007 17 4. Journal of applied corporate finance volume 25 number 4 fall 20 75 5. Corporate finance list of high impact articles ppts. Kodak as treasurer, vp finance, and act ing cfo, and then two years at compaq computer as cfo and senior vp of stra. In support of this claim, the south china morning post reported in 2001 that clsa lost much of its corporate.
We search the wall street journal index and the dow jones newswire service via factiva for firms that engage in debt tender offers during our sample period. Journal of applied corporate finance volume 28 number 3 summer 2016 69 3. Topical areas of interest include, but are not limited to. A success story in mobilizing investor support for corporate responses to climate change we are grateful to don chew for his comments and detailed suggestions on the paper. Articles theoretical, empirical, practical, survey. Obyrne, three versions of perfect pay for performance or the rebirth of partnership concepts in executive pay, journal of applied corporate fi nance, vol 26, no.