國立高雄大學圖資館 |

Research in financeVol. 19

Record Type:	Electronic resources : Monograph/item
Title/Author:	Research in finance
other author:	Chen, Andrew H.
Published:	Bingley, U.K. :Emerald,2002.
Description:	1 online resource (x, 321 p.).
Subject:	Finance
Online resource:	http://www.emeraldinsight.com/0196-3821/19
ISBN:	9781849501781 (electronic bk.)

Research in financeVol. 19
Research in financeVol. 19[electronic resource]. - Bingley, U.K. :Emerald,2002. - 1 online resource (x, 321 p.). - Research in finance,0196-3821.

Introduction / Andrew H. Chen -- Ownership structure, agency costs and dividend policy / Mukesh Bajaj, Anand M. Vijh, Randolph W. Westerfield -- Managerial entrenchment and the effectiveness ofinternal governance mechanisms / Mark M. McNabb, John D. Martin -- An empirical analysis of the association between CEO compensation and firm performance : a relative excess value ratio approach / Joohun Kang, Khondkar E. Karim, Robert W. Rutledge -- The relationship between systematic risk and underpricing of the IPO market / Mohamad A. Almisher, Stephen G. Buell, Richard J. Kish -- Hidden cost reductions in bank mergers : accounting formore productive banks / Simon H. Kwan, James A. Wilcox --The likelihood and extent of banks' involvement with interest rate derivatives as end users / Jeffery W. Gunther, Thomas F. Siems -- The determinants of derivative use by U.S. and foreign banks / Yih-Wen Shyu, Alan K. Reichert -- The impact of regulatory changes on banks' risks and returns in Taiwan / Hsien-yu Yin, Soushan Wu, Ding-yuan Chen -- The market value anddynamic interest rate risk of swaps / Andrew H. Chen, Mohammed M. Chaudhury -- The analysis of duration and immunization strategy under the HJM term structure framework / Chuang-Chang Chang, Ra-Jian Ho -- The lead-lag relation between spot and option markets and implied volatility in option prices / Phelim P. Boyle, Soku Byoun, Hun Y. Park -- Syndication among venture capitalists : when and with whom / Amit Bubna.

Since its first appearance in 1979, Research in Finance has been publishing papers that coverimportant and interesting issues in finance and economics. The topics found in the series span a wide range; previous volumes have included papers on corporate financial management policy, asset pricing and investment management, corporate control and governance, bank regulations and management, and the analysis of financial derivatives and their applications in risk management and in venture capital investment. These papers, among others, have made significant contributions to the literature. In this volume, Bajaj, Vijh and Westerfieldpresent evidence showing that ownership structure affectsa firm's agency costs of cash flow, which, in turn, influences the market's reaction to changes in the firm's dividend policy.McNabb and Martin examine the relationship between managerial entrenchment and the effectiveness ofinternal governance mechanisms and the firm performances. In their paper, Kang, Karim and Rutledge apply a relative excess value ratio approach to empirically examine the association between the CEO compensationsand the firms' performances. And Almisher, Buell and Kish, using accounting beta as a proxy for ex ante systematic risk of a firm, find a strong positive relationship between the firm's systematic risk and the subsequent degree of underpricing of its IPO. Also in this volume, Kwan and Wilcox show the disparity between accounting and actual cost reductions in bank mergers, and point out the importance of avoiding the accounting bias in reporting the cost reduction in bank mergers.Gunther and Siems empirically find that a desire to hedge balance sheet positions and having a strong capital position are the key motivations for banks' involvement in derivatives activities. Shyu and Reichert examine the key financial and regulatory factors that determine thederivatives activities of both U.S. and foreign banks. In their paper, Yin, Wu and Chen explore thejoint effects of the changes in capital regulation and deposit insurance system on banks' returns and risks in Taiwan. Based upon the one-factor equilibrium term structure model of Cox-Ingersoll-Ross, Chen and Chaudhury examine the market values and dynamic interest rate risks of existing swap positions.Chang and Ho derive formula of duration for different bonds under the Heath-Jarrow-Morton model of term structure and compare the relative performances of dynamic and static immunization strategies. In their paper, Boyle, Byoun and Park use intraday transactions data to show that the S&P 500 index option market leads thecash index, and that the lead-lag relation has resulted in a significantbias of the implied volatility that confirms their theoretical conjecture. Finally, Bubna uses a moral hazard model to address issues in the formation of syndicates in venture capital industry and topresent some useful policy implications. May the contributions within this volumebe of significant interest and usefulness to its readers. And may Research in Finance continue to publish papers of the highest caliber, to the benefit of academics and practitioners alike.

ISBN: 9781849501781 (electronic bk.)Subjects--Topical Terms:

236498
Finance

LC Class. No.: HG152 / .R47 2002

Dewey Class. No.: 332.04

Universal Decimal Class. No.: 336

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520 $a Since its first appearance in 1979, Research in Finance has been publishing papers that coverimportant and interesting issues in finance and economics. The topics found in the series span a wide range; previous volumes have included papers on corporate financial management policy, asset pricing and investment management, corporate control and governance, bank regulations and management, and the analysis of financial derivatives and their applications in risk management and in venture capital investment. These papers, among others, have made significant contributions to the literature. In this volume, Bajaj, Vijh and Westerfieldpresent evidence showing that ownership structure affectsa firm's agency costs of cash flow, which, in turn, influences the market's reaction to changes in the firm's dividend policy.McNabb and Martin examine the relationship between managerial entrenchment and the effectiveness ofinternal governance mechanisms and the firm performances. In their paper, Kang, Karim and Rutledge apply a relative excess value ratio approach to empirically examine the association between the CEO compensationsand the firms' performances. And Almisher, Buell and Kish, using accounting beta as a proxy for ex ante systematic risk of a firm, find a strong positive relationship between the firm's systematic risk and the subsequent degree of underpricing of its IPO. Also in this volume, Kwan and Wilcox show the disparity between accounting and actual cost reductions in bank mergers, and point out the importance of avoiding the accounting bias in reporting the cost reduction in bank mergers.Gunther and Siems empirically find that a desire to hedge balance sheet positions and having a strong capital position are the key motivations for banks' involvement in derivatives activities. Shyu and Reichert examine the key financial and regulatory factors that determine thederivatives activities of both U.S. and foreign banks. In their paper, Yin, Wu and Chen explore thejoint effects of the changes in capital regulation and deposit insurance system on banks' returns and risks in Taiwan. Based upon the one-factor equilibrium term structure model of Cox-Ingersoll-Ross, Chen and Chaudhury examine the market values and dynamic interest rate risks of existing swap positions.Chang and Ho derive formula of duration for different bonds under the Heath-Jarrow-Morton model of term structure and compare the relative performances of dynamic and static immunization strategies. In their paper, Boyle, Byoun and Park use intraday transactions data to show that the S&P 500 index option market leads thecash index, and that the lead-lag relation has resulted in a significantbias of the implied volatility that confirms their theoretical conjecture. Finally, Bubna uses a moral hazard model to address issues in the formation of syndicates in venture capital industry and topresent some useful policy implications. May the contributions within this volumebe of significant interest and usefulness to its readers. And may Research in Finance continue to publish papers of the highest caliber, to the benefit of academics and practitioners alike.
650 0 $a Finance $3 236498
650 0 $a Banks and banking. $3 188025
700 1 $a Chen, Andrew H. $3 532995
856 4 0 $u http://www.emeraldinsight.com/0196-3821/19