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- UAF School of Management
- The University of Alaska Fairbanks School of Management has a new dean, M. Wayne Marr. Marr comes to UAF from Austin, Texas, where, as senior manager for Computer Sciences Corp, he specialized in performance measurement, transitions and strategic modeling. Prior to his position with CSC, Marr served as a member...
- Research articles 2004-11-01
- The Mechanisms of Market Inefficiency: An Introduction to the New Finance
- During the 1970s and early 1980s, the Efficient Capital Market Hypothesis ECMH became one of the most widely-accepted and influential ideas in finance economics. More recently, however, the idea of market efficiency has fallen into disrepute as a result of market events and growing empirical evidence of inefficiencies. This Article...
- White papers 2003-09-01
- Expectations of Equity Risk Premia, Volatility and Asymmetry from a Corporate Finance Perspective
- We present new evidence on the distribution of the ex ante risk premium based on a multi-year survey of Chief Financial Officers CFOs of U.S. corporations. Currently, we have responses from surveys conducted from the second quarter of 2000 through the third quarter of 2001. The results in this paper...
- White papers 2001-11-30
- Contracts and Exits in Venture Capital Finance
- Contracts and exits from a sample of 179 investment rounds in 132 entrepreneurial firms by 17 European venture capital VC funds are analyzed. The data indicate the financial contracts are quite heterogeneous in terms of both the cash flow and control rights. The use of different securities by European VC...
- White papers 2002-04-22
- Law and Finance in Transition Economies
- This paper offers the first comprehensive analysis of legal change in the protection of shareholder and creditor rights in transition economies and its impact on the propensity of firms to raise external finance. Following La Porta et al. (1998), the paper constructs an expanded set of legal indices to capture...
- White papers 2000-03-01
- Incentives versus Transaction Costs: A Theory of Procurement Contracts
- Inspired by facts from the private sector construction industry, we develop a model that explains many stylized facts of procurement contracts. The buyer in our model incurs a cost of providing a comprehensive design, and is faced with a trade-off between providing incentives and reducing ex post transaction costs due...
- White papers 2001-04-01
- The Privatization of Business and Commercial Dispute Resolution: A Misguided Policy Decision
- This article points out that this "privatization process" is occurring at a number of levels and through a variety of mechanisms: First, and most obvious, businesses are voluntarily exiting the public court system and making increased use of private ADR to resolve their disputes. Yet, the evidence is mixed as...
- White papers 2003-01-01
- Abuse of Authority and Hierarchical Communication
- If managers and their subordinates have the same basic qualifications, then organizations can benefit from replacing unproductive superiors with more productive subordinates. In response to this threat, superiors may deliberately recruit unproductive subordinates, or abuse their personnel authority in other ways, in order to protect themselves. Article shows that the...
- White papers 2001-08-01
- Does Takeover Increase Stockholder Value
- A question which always arises is that does takeover increase stockholder value? - Yes. This, modify the calendar-time portfolio regressions CTPRs approach to measure the abnormal returns of a takeover portfolio composed exclusively of successful bidders and targets from 1963 to 1995. This technique balances the positive announcement-period stock price...
- White papers 2000-02-29
- Product Development and Market Expansion: A Valuation Approach Based on Real Options
- In this paper we investigate the valuation and optimal timing for launching two complementary/substitute and correlated products or projects, one of which is a pilot product. The model we introduce is designed to analyze the values of the pilot and the main product and the optimal investment policy as a...
- White papers 2003-01-01
- Generalized Asset Value Credit Risk Models and Risk Minimality of the Classical Approach
- We place the asset value credit portfolio model in the larger context of generalized correlation models where the normal distribution assumption of asset returns is replaced by an abstract elliptical distribution. Based on closed-form solutions for homogenous portfolios, we show in particular that the classical asset value model is not...
- White papers 2003-05-01
- Estimation of Default Probabilities – Part 5
- The article describes a new approach to asses firms' and private customers' default proabilities that integrates country risk and macro- and microeconomic dependencies between counterparties. The estimation of default probabilities is presented as a first step in the evaluation of credit portfolio risks and the modeling of dependencies between clients....
- White papers 2003-01-01
- Research Roundtable Discussion: The Market Risk Premium
- While it is sometimes difficult to teach ideas that we would all agree to be correct, it is infinitely more difficult--and more rewarding--to teach material where the "correct answer" is still very debatable. For these subjects, one challenge as an educator is to know the "state of play" in the...
- White papers 2003-01-01
- Value-at-Risk Based Risk Management: Optimal Policies and Asset Prices
- This article analyzes optimal, dynamic portfolio and wealth/consumption policies of utility maximizing investors who must also manage market-risk exposure using Value-at-Risk VaR. We find that VaR risk managers often optimally choose a larger exposure to risky assets than non risk managers, and consequently incur larger losses, when losses...
- White papers 2003-01-01
- The Theory of Corporate Finance: A Historical Overview
- Our purpose is to provide a review of the development of the modern theory of corporate finance. Through the early 1950s the finance literature consisted in large part of ad hoc theories. Dewing (1919; 1953) the major corporate finance textbook for a generation, contains...
- White papers 2003-01-01
- Citation Patterns in the Finance Literature
- Out of a total of 12,637 individuals who published at least one article in the leading finance journals over the past 25 years, the top 1% (10%) account for more than one third three quarters of the number of citations to articles published in these journals. In contrast, nearly one...
- White papers 2003-01-01
- Security versus Bank Finance: the Importance of a Proper Enforcement of Legal Rules
- We argue that in an unreliable enforcement regime, transactions tend to become intermediated through institutions or concentrated among agents bound by some form of private enforcement. Provision of funding shifts from risk capital to debt, and from markets to institutions with long term relations. When minority investors' rights are poorly...
- White papers 2000-02-02
- The Theory and Practice of Corporate Finance: The Data
- In February and March of 1999, we surveyed 392 CFOs about the cost of capital, capital budgeting, and capital structure. The survey consisted of 14 main questions, most with subparts - over 100 questions in total. Although the survey was anonymous, we also collected information on 12 characteristics of the...
- White papers 2003-01-01
- Case Studies in Finance: Managing for Corporate Value Creation
- This book presents 46 case studies in finance, targeted toward upper-level undergraduates and introductory and intermediate-level MBA students. The purpose of these cases is to afford the basis for classroom discussion of tools and concepts. The range of topics includes value creation, market efficiency, economic profit, financial analysis and forecasting,...
- White papers 2002-07-01
- Market Efficiency, Long-Term Returns, and Behavioral Finance
- Market efficiency survives the challenge from the literature on long-term return anomalies. Consistent with the market efficiency hypothesis that the anomalies are chance results, apparent over-reaction to information is about as common as under-reaction. And post-event continuation of pre-event abnormal returns is about as frequent as post-event reversal. Consistent with...
- White papers 2003-01-01
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