New Directions in Finance

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ISBN: 9780415111102 | 0415111102
Cover: Hardcover
Copyright: 3/7/1995

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The stock market crash of 1987 had a tumultuous effect on the world of finance. The reverberations of this collapse are still being felt and a number of issues and problems caused by the crash are still unresolved.New Directions in Financediscusses these issues and looks to future developments in international finance. The book contains sections which look at capital structure; the cost of capital and agency issues; mergers and takeovers, and options, futures and forward trading, including a contribution by Nobel laureate Merton Miller.New Directions in Financepresents a state-of-the-art guide to international finance.

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List of figures
List of tables
List of contributors
Preface
New directions in finance	p. 3
The 1987 crash five years later: what have we learned?	p. 13
Valuation and cost of capital analysis: a market-value balance sheet approach	p. 22
Agency problems and possible gains from equity for debt exchanges	p. 34
Institutional investors as monitors of management: the case of "shark repellents"	p. 41
Motivations for mergers: the effects of sample selection criteria	p. 63
Market response to stock split announcements: the effect of ownership structure	p. 81
Agency costs, charter amendments and the market for corporate control	p. 90
The effect of the information environment on dividend payout policy	p. 109
Investors' expectations and the performance of initial public offerings	p. 127
"Underpricing" of IPOs on the OTC versus the NYSE	p. 146
The effects of program trading on market volatility: new evidence	p. 159
Lead-lag relationships in a multi-market context: the Nikkei stock index futures markets	p. 181
The advantage of high-yielding equities for taxable corporate investors	p. 194
Risk measures of options in continuous and discrete models	p. 203
Testing for efficiency in the forward exchange market	p. 227
The flexibility value of strategic investments under competition	p. 240
Hedging with flexible Asian options	p. 254
A real-time simulation on cross-currency arbitrage	p. 266
Is time slowing down? Evidence from the foreign exchange market	p. 276
Index	p. 282
Table of Contents provided by Blackwell. All Rights Reserved.

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New Directions in Finance

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New Directions in Finance

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