Finance - Research Publications

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    Investor sentiment, executive compensation, and corporate investment
    Grundy, BD ; Li, H (ELSEVIER SCIENCE BV, 2010-10)
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    Employee well-being, firm leverage, and bankruptcy risk
    Verwijmeren, P ; Derwall, J (ELSEVIER, 2010-05)
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    Index composition changes and the cost of incumbency
    Gygax, AF ; Otchere, I (ELSEVIER, 2010-10)
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    The Role of Executive Stock Options in On‐Market Share Buybacks*
    LAMBA, AS ; MIRANDA, VM (Wiley, 2010-09)
    ABSTRACT The increasing use of on‐market buyback programs in Australia may not be fully explained by the typical motivations of information signaling and free cash flows offered by previous researchers. For some firms at least, management may believe the shares are overvalued. It is in this context that we examine whether managers of firms with high levels of executive stock options have an incentive to initiate buyback programs. It has been argued that managers may be motivated to undertake on‐market buyback programs in order to neutralize the dilution of earnings per share caused by their stock options, rather than for signaling purposes. Our findings are consistent with this argument because we find that the higher the proportion of executive stock options outstanding the more likely it is for firms to undertake larger on‐market buyback programs. Overall our results indicate that the existence of executive stock options influences managers' decision to implement on‐market buyback programs but that it is not the only factor that managers take into consideration.
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    Pricing errors and estimates of risk premia in factor models
    Sawyer, KR ; Gygax, AF ; Hazledine, M (SPRINGER HEIDELBERG, 2010-07)
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    Narratives in managers' corporate finance decisions
    Coleman, L ; Maheswaran, K ; Pinder, S (WILEY, 2010-09)
    Abstract This article uses the extended case method to explore senior executives’ corporate finance decisions. We quantified firm’s finance practices using a mail survey, and then – to resolve puzzles in managers’ decision processes – conducted face‐to‐face interviews with chief finance officers of large listed firms. The interviews identified six themes as consistent influences on finance decisions: pressures imposed by clienteles; constraints on resources; risk management; heuristics; real options; and sustainability. We conclude that managers are logical and rational in their decisions, but employ a wider range of criteria than assumed in conventional finance theories.