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Journal Article
Japan's corporate groups

Economic Perspectives , Volume 15 , Issue Jan , Pages 20-30

Journal Article
Commentary: Voluntary inflation restraint and corporate social responsibility

Business Review , Issue Jan , Pages 3-4

Journal Article
State anti-takeover statutes

New England Economic Indicators , Issue Q IV , Pages iv-xi

The differential impact on stockholder wealth of various antitakeover provisions

This paper examines the relationship between the passage of six types of corporate antitakeover provisions (supermajority, classified boards, fair-price, reduction in cumulative voting, anti-greenmail and poison pills) and stockholder wealth. Our event study from a sample of 38l firms that adopted 486 antitakeover provisions in the 1984-1988 period indicates a strongly negative effect on stockholder wealth, supporting the management entrenchment view of antitakeover provisions. Moreover, the empirical results of this paper indicate that the market reacts equally negatively to both ...
Research Paper , Paper 9512

Journal Article
How useful are forecasts of corporate profits?

If forecasters predict higher earnings for corporations, the stock market will rise. Stock prices will drop with a forecast of lower earnings. But are such forecasts on the money? Dean Croushore uses data from the Survey of Professional Forecasters to check the accuracy of forecasts of corporate profits. The results show that, despite the volatility of corporate profits, the forecasts are rational
Business Review , Issue Sep , Pages 3-12

Conference Paper
The Americanization of Japanese management


Journal Article
New firms on the block

Regional Review , Issue Spr , Pages 6-12

Working Paper
Firm-specific learning and the investment behavior of large and small firms

We examine a model of the size distribution and growth of firms whereby firms learn about idiosyncratic productivity parameters. Aggregate shocks, by adding noise to learning at the firm level, can produce differentiated response across firms with their reactions depending on the position of the firms in their individual life cycle. In particular, young firms, which are smaller on average than older firms, can 'overreact' to aggregate shocks. Such differences across firm sizes and ages, which arise here in a model with perfect financial markets, are often attributed to financial frictions ...
Working Paper , Paper 99-03

Working Paper
The structure of corporate ownership in Japan

Finance and Economics Discussion Series , Paper 174

Working Paper
Corporate governance and corporate performance

National corporate-governance traditions are distinctive, deeply rooted, and difficult to change. Recent research points to a country's legal traditions and its stage of economic development as important determinants of corporate-governance institutions. Common-law countries tend to provide more explicit investor protections than civil-law countries. Richer countries tend to enforce corporate law more strictly. Broader and deeper financial markets emerge in the presence of strong investor protections, fostering more outside financing and better corporate financial performance. ...
Working Papers , Paper 1999-018


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Rosengren, Eric S. 6 items

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