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Content
March 2005, Volume 17, Issue 2
- 113-116 Valuing Pharma R&D: The Catch‐22 of DCF
by Ralph Villiger & Boris Bogdan
January 2005, Volume 17, Issue 1
- 2-3 A Message from the Editor
by Dhc - 8-17 The Capital Structure Puzzle: The Evidence Revisited
by Michael J. Barclay & Clifford W. Smith - 18-25 Do Managers Have Capital Structure Targets? Evidence from Corporate Spinoffs
by Vikas Mehrotra & Wayne Mikkelson & Megan Partch - 26-35 How To Choose a Capital Structure: Navigating the Debt‐Equity Decision
by Anil Shivdasani & Marc Zenner - 55-66 Bookbuidling, Auctions, and the Future of the IPO Process
by William J. Wilhelm - 67-72 Reforming the Bookbuilding Process for IPOs
by Ravi Jagannathan & Ann E. Sherman - 73-78 Assessing Growth Estimates in IPO Valuations—A Case Study
by Roger W. Mills - 79-87 Incorporating Competition into the APV Technique for Valuing Leveraged Transactions
by Michael C. Ehrhardt - 88-93 A Framework for Corporate Treasury Performance Measurement
by Andrew Kalotay - 94-99 Morgan Stanley Panel Discussion on Seeking Growth in Emerging Markets: Spotlight on China
by Financial Decision Makers' Conference - 100-105 Trade, Jobs, and the Economic Outlook for 2005
by Charles I. Plosser - 106-111 Leverage
by Merton H. Miller
March 2004, Volume 16, Issue 2‐3
- 29-41 Best Practices in Corporate Governance: What Two Decades of Research Reveals
by Anil Shivdasani & Marc Zenner - 42-50 Economics Of Corporate Governance Reform
by Randall S. Kroszner - 51-72 Control Premiums and the Effectiveness of Corporate Governance Systems
by Alexander Dyck & Luigi Zingales - 73-80 Voluntary Disclosure Practices: The Use Of Pro Forma Reporting
by Gary Entwistle & Glenn Feltham & Chima Mbagwu - 81-90 Creating Value With Mergers And Acquisitions
by Todd Hazelkorn & Marc Zenner & Anil Shivdasani - 91-99 Corporate Governance, Eva, And Shareholder Value
by Joel Stern - 100-110 Some Design Guidelines For Equity‐Based Pay
by Nick Hudson & Karl Pichler - 111-121 Alignment Exposed: How Ceos Are Paid, And What Their Shareholders Get For It
by Marc Hodak - 122-135 Product Costing and Inventory Accounting: A New Approach to an Old Problem
by Richard D. Rosson - 136-146 Does International Financial Contagion Really Exist?
by G. Andrew Karolyi - 147-154 Foreign Exchange And Cross‐Border Valuation
by Thomas J. O'Brien - 155-166 The Discount Rate in Emerging Markets: A Guide
by Jaime Sabal
January 2004, Volume 16, Issue 1
- 8-17 Transferable Stock Options (Tsos) And The Coming Revolution In Equity‐Based Pay
by Brian J. Hall - 18-31 Creating Value In The Oil Industry
by Nick Antill & Robert Arnott - 32-37 Redefining High Performance
by Tim Breene & Patrica Anslinger - 38-50 National Defense, Oil Imports, And Bio‐Energy Technology
by Robert M. Ames & Anthony Corridore & Paul W. MacAvoy - 71-76 Future Value: The $7 Trillion Challenge
by John J. Ballow & Robert J. Thomas & Göran Roos - 77-82 Creating Value At A Conglomerate: The Case Of The Godrej Group
by Adi Godrej - 83-88 Perhaps Eva Does Beat Earnings—Revisiting Previous Evidence
by Glenn D. Feltham & Grant E. Issac & Chima Mbagwu & Ganesh Vaidyanathan - 89-107 Toward A Global Model Of Venture Capital?
by William L. Megginson - 108-111 The Controversy Over Executive Compensation
by Edward Altman & George Benston & Gerald Bierwag & Marshall Blume & Richard Brealey & Willard Carleton & Andrew Chen & Elroy Dimson & Franklin Edwards & Robert Eisenbeis & Wayne Ferson & Mark Flannery & Charles Goodhart & Nils Hakansson & Kose John & Edward Kane & George Kaufman & Richard Herring & Alan Kraus & Dennis Logue & Stewart Myers & Stephen Schaefer & Eduardo Schwartz & Kenneth Scott & Lemma Senbet & William Sharpe & Jeremy Siegel & Seymour Smidt & Marti Subrahmanyam & James Van Horne & Ingo Walter & Richard West & J. Fred Weston - 112-112 Final Thought
by Michael R. Sutcliff
September 2003, Volume 15, Issue 4
- 27-38 Global Evidence On The Equity Risk Premium
by Elroy Dimson & Paul Marsh & Mike Staunton - 39-50 Outside Upside: Findings Focus Through Finance Outsourcing
by Stewart Clements - 51-57 Creating Value In Pension Plans (Or, Gentlemen Prefer Bonds)
by Jeremy Gold & Nick Hudson - 58-71 Hedge Funds: What Do We Know?
by Franklin R. Edwards & Stav Gaon - 72-80 Control: Getting It And Keeping It In Business Process Outsourcing
by Jane C. Linder & Joseph P. Sawyer - 81-94 Implementing Economic Capital In An Industrial Company: The Case Of Michelin
by Jacques Tierny & Charles Smithson - 95-103 Measuring Hedge Effectiveness For Fas 133 Compliance
by John M. Charnes & Paul Koch & Henk Berkman - 104-110 Recognizing Macroeconomic Fluctuations In Value Based Management
by Lars Oxelheim & Clas Wihlborg - 111-119 Private Equity Investing In Emerging Markets
by Roger Leeds & Julie Sunderland - 120-120 Final Thought
by Mike Sutcliff
March 2003, Volume 15, Issue 3
- 8-20 The State Of U.S. Corporate Governance: What'S Right And What'S Wrong?
by Bengt Holmstrom & Steven N. Kaplan - 21-33 Six Challenges In Designing Equity‐Based Pay
by Brian J. Hall - 34-45 Corporate Governance, Ethics, And Organizational Architecture
by James A. Brickley & Clifford W. Smith & Jerold L. Zimmerman - 63-82 How To Fix Accounting—Measure And Report Economic Profit
by G. Bennett Stewart - 83-96 Accounting Doesn'T Need Much Fixing (Just Some Reinterpreting)
by George J. Benston - 97-101 The Art Of Strategic Divestment
by Patricia Anslinger & Justin Jenk & Ravi Chanmugan - 102-111 The Shareholder Wealth Effects Of Calpers' Focus List
by Mark Anson & Ted White & Ho Ho - 112-118 The Energy Mlp Goes Institutional: Implications For Strategy And Governance
by Conrad S. Ciccotello & Chris J. Muscarella - 120-127 Value Maximization And Stakeholder Theory: Compatible Or Not?
by James S. Wallace - 128-128 Final Thought
by Mary Tolan
December 2002, Volume 15, Issue 2
- 24-31 The Value Of Film Studios
by Martha Amram - 32-43 A Real Options Perspective On Supply Chain Management In High Technology1
by Corey Billington & Blake Johnson & Alex Triantis - 44-55 The Option Value Of An Early‐Stage Biotechnology Investment
by Richard L. Shockley & Staci Curtis & Jonathan Jafari & Kristopher Tibbs - 63-73 To Open Or Not To Open—Or What To Do With A Closed Copper Mine
by Jane McCarthy & Peter H.L. Monkhouse - 67-73 Turning Risk Into Shareholder Wealth In The Petroleum Industry
by John McCormack & Raoul LeBlanc & Craig Heiser - 74-81 Valuing Stock Options Preferred Stock: A Case Study Of Wall Street Analyst Reports
by Salman Farmanfarmaian - 82-88 Real Options, Corporate Finance, And The Foundations Of Value Maximization
by Thomas Arnold & Richard L. Shockley - 89-101 Real Options With Market Risks And Private Risks
by Antonio S. Mello & Unyong Pyo - 102-107 The Accidental Real Options Practitioner
by Gill Eapen - 108-108 Final Thought
by Mary Tolan
March 2002, Volume 15, Issue 1
- 8-23 HOW DO CFOs MAKE CAPITAL BUDGETING AND CAPITAL STRUCTURE DECISIONS?
by John Graham & Campbell Harvey - 24-30 The Capital Structure Choice: New Evidence For A Dynamic Tradeoff Model
by Armen Hovakimian & Tim Opler & Sheridan Titman - 31-45 Toward A More Complete Model Of Optimal Capital Structure
by Roger Heine & Fredric Harbus - 46-56 Contingent Capital: Integrating Corporate Financing And Risk Management Decisions
by Christopher L. Culp - 57-70 Raising Contingent Capital: The Case Of Cephalon
by George Chacko & Peter Tufano & Geoffrey Verter - 71-86 Returns On Project‐Financed Investments: Evolution And Managerial Implications
by Benjamin Esty - 87-94 High‐Tech Ipos: A Tale Of Two Continents
by Sybren Aaij & Dirk Brounen - 95-104 Finding Value Where None Exists: Pitfalls In Using Adjusted Present Value
by Laurence Booth - 105-113 Demutualization And Corporate Governance Of Stock Exchanges
by Reena Aggarwal
January 2002, Volume 14, Issue 4
- 8-26 The Revolution In Corporate Risk Management: A Decade Of Innovations In Process And Products
by Christopher L. Culp - 27-40 Integrating Risk Management And Capital Management
by Prakash Shimpi - 41-46 Just Say No To Wall Street: Putting A Stop To The Earnings Game
by Joseph Fuller & Michael C. Jensen - 47-55 Revisiting Market Efficiency: The Stock Market As A Complex Adaptive System
by Michael J. Mauboussin - 56-70 A Senior Manager'S Guide To Integrated Risk Management
by Lisa K. Meulbroek - 71-81 Enterprise Risk Management: The Case Of United Grain Growers
by Scott E. Harrington & Greg Niehaus & Kenneth J. Risko - 82-93 How Firms Manage Risk: The Optimal Mix Of Linear And Non‐Linear Derivatives
by Gerald D. Gay & Jouahn Nam & Marian Turac - 94-99 The Insurance Performance Measure: Bringing Value To The Insurance Industry
by Joseph Calandro & Scott Lane - 100-107 Where'S The Cat Going? Some Observations On Catastrophe Bonds
by Angelika Schöchlin - 108-121 The Determinants Of Selective Exchange Risk Management–Evidence From German Non‐Financial Corporations
by Martin Glaum - 122-128 Regulation Of Financial Markets: Toward A Focused Approach
by Hans R. Stoll
September 2001, Volume 14, Issue 3
- 8-21 Value Maximization, Stakeholder Theory, And The Corporate Objective Function
by Michael C. Jensen - 22-34 Golf Tournaments And Ceo Pay—Unraveling The Mysteries Of Executive Compensation
by John Martin - 35-48 Recent Developments In German Capital Markets And Corporate Governance
by Eric Nowak - 49-57 Adding Value For Shareholders In South Africa: An Analysis Of The Rembrandt Restructuring
by Brian Kantor - 79-79 A Note On The Shareowner Alignment Index (Sai)
by G. Bennett Stewart - 80-95 Structuring Loan Syndicates: A Case Study Of The Hong Kong Disneyland Project Loan
by Benjamin C. Esty - 96-102 Civc Partners Roundtable On Managing Private Equity Investments In Turbulent Economic Times
by Lori Bolin - 103-112 Goodwill Accounting: Everything Has Changed And Nothing Has Changed
by Martin Ellis - 113-126 Behavioral Corporate Finance
by Hersh Shefrin
June 2001, Volume 14, Issue 2
- 8-24 Real Options: State Of The Practice
by Alex Triantis & Adam Borison - 25-40 Real Options Primer: A Practical Synthesis Of Concepts And Valuation Approaches
by Kathleen T. Hevert - 41-51 First‐Mover (Dis) Advantage And Real Options
by Tom Cottrell & Gordon Sick - 52-61 Value Creation At Anheuser‐Busch: A Real Options Example
by Tom Arnold & Richard L. Shockley - 79-89 Acquisition Strategies As Option Games
by Hans T. J. Smit - 90-101 Valuing Real Options: Can Risk‐Adjusted Discounting Be Made To Work?
by James E. Hodder & Antonio S. Mello & Gordon Sick - 102-114 Why Issue Tracking Stock? Insights From A Comparison With Spin‐Offs And Carve‐Outs
by Thomas J. Chemmanur & Imants Paeglis - 115-128 Option‐Based Compensation: Panacea Or Pandora'S Box?
by Stuart L. Gillan
March 2001, Volume 14, Issue 1
- 42-54 Estimating The Tax Benefits Of Debt
by John Graham - 55-67 Corporate Cash Holdings
by Tim Opler & Lee Pinkowitz & René Stulz & Rohan Williamson - 67-79 Disappearing Dividends: Changing Firm Characteristics Or Lower Propensity To Pay?
by Eugene F. Fama & Kenneth R. French - 80-89 Hedging Fixed‐Rate Preferred Stock Investments
by Austin Murphy - 90-98 The Rise Of Future Flow Asset Securitizations
by Steven L. Gandy & Jerome F. Festa - 99-110 Stock Buybacks, Corporate Performance, And Eva
by Benton E. Gup & Doowoo Nam - 111-124 Strategic Directions In Investment Banking—A Retrospective Analysis
by Roy C. Smith
January 2001, Volume 13, Issue 4
- 8-28 Merton Miller'S Contributions To Modern Finance
by René M. Stulz - 21-38 Competition And Regulation In The U.K. Electricity Industry (With A Brief Look At California)
by Stephen C. Littlechild - 39-49 Transforming Enron: The Value Of Active Management
by Vince Kaminski & John Martin - 76-86 Eva In The E&P Industry: The Case Of Nuevo Energy
by John McCormack & Ian Drummond Gow - 87-92 Why Hedge? Some Evidence From Oil And Gas Producers
by David Haushalter - 93-99 Testing Hedge Effectiveness For Fas 133: The Volatility Reduction Measure
by Andrew Kalotay & Leslie Abreo - 100-109 A Comparables Approach To Measuring Cashflow‐At‐Risk For Non‐Financial Firms
by Jeremy C. Stein & Stephen E. Usher & Daniel LaGattuta & Jeff Youngen - 110-115 Valuing Pud Reserves: A Practical Application Of Real Option Techniques
by John McCormack & Gordon Sick - 116-123 Choosing The Right Financial System For Growth
by James R. Barth & Daniel E. Nolle & Hilton L. Root & Glenn Yago
September 2000, Volume 13, Issue 3
- 8-19 Capital Market Excesses And Competitive Strength: The Case Of The Hard Disk Drive Industry 1984–2000
by William D. Bygrave & Julian E. Lange & J. R. Roedel & Gary Wu - 20-34 The Ceo: A Visible Hand In Wealth Creation?
by C. K. Prahalad & Yves Doz - 35-43 Free Cash Flow And Public Governance: The Case Of Alaska
by Dwight R. Lee & James A. Verbrugge - 44-59 Strategic Performance Measurement Systems: Translating Strategy Into Results
by Stephen Gates - 60-70 Decentralization, Incentives, And Value Creation: The Case Of Jlg Industries
by Heidi E. Treml & Kenneth Lehn - 71-79 The Viable Eva Center (Or, How To Slice A Company So It Doesn'T Bleed)
by Marc Hodak - 80-91 Yankee Bonds And Cross‐Border Private Placements: An Update
by Greg Johnson - 92-104 The Growth Of Institutional Stock Ownership: A Promise Unfulfilled
by Franklin R. Edwards & R. Glenn Hubbard - 105-115 The Rise In Managerial Stock Ownership
by Clifford G. Holderness & Randall S. Kroszner & Dennis P. Sheenan - 116-127 Joining The New Economy
by David Glassman
June 2000, Volume 13, Issue 2
- 8-14 The History Of Finance: An Eyewitness Account
by Merton H. Miller - 15-28 Strategy And Shareholder Value Creation: The Real Options Frontier
by Martha Amram & Nalin Kulatilaka - 29-44 The Promise Of Real Options
by Aswath Damodaran - 64-73 Real Options And Corporate Risk Management
by Alexander J. Triantis - 74-83 Tracking Stocks And The Acquisition Of Real Options
by Michael E. Raynor - 84-98 An Introduction To Game Theory And Business Strategy
by James Brickley & Clifford Smith & Jerold Zimmerman - 99-107 Option Exercise Games: The Intersection Of Real Options And Game Theory
by Steven R. Grenadier - 108-111 Banking On Real Options
by Steven C. Patrick - 112-117 Why Society Needs “Irrational Exuberance”—And What This Means For Valuations And Monetary Policy
by Reuven Brenner - 118-128 Eva And The “New Economy”
by Gregory V. Milano
March 2000, Volume 13, Issue 1
- 8-21 Convertible Bonds: Matching Financial And Real Options
by David Mayers - 22-30 Convertible Securities: A Tollbox Of Flexible Financial Instruments For Corporate Issuers
by Trevor Ganshaw & Derek Dillon - 31-51 What Do We Know About Stock Repurchases?
by Gustavo Grullon & David L. Ikenberry - 52-63 Are Banks Still Special? New Evidence on Their Role in the Corporate Capital‐Raising Process
by Christopher James & David C. Smith - 64-74 Revisiting The High Yield Bond Market: Mature But Never Dull
by Edward I. Altman - 75-87 Are Project Finance Loans Different From Other Syndicated Credits?
by Stefanie Kleimeier & William L. Megginson - 108-113 Capital Formation And The Internet
by Reena Aggarwal & Sandeep Dahiya - 114-121 An Institutional Innovation To Reduce The Agency Costs Of Public Corporate Bonds
by Yakov Amihud & Kenneth Garbade & Marcel Kahan - 122-127 Open Market Repurchases: The Value From Buying Shares At A Discount
by Gary E. Porter & Rodney L. Roenfeldt & Neil W. Sicherman - 128-136 Innovations In Partitioning A Share Of Stock
by Jack Clark Francis & Rakesh Bali
January 2000, Volume 12, Issue 4
- 8-25 The Liquidity Route To A Lower Cost Of Capital
by Yakov Amihud & Haim Mendelson - 26-37 Investor Relations, Liquidity, And Stock Prices
by Michael J. Brennan & Claudia Tamarowski - 60-69 Evidence That Greater Disclosure Lowers The Cost Of Equity Capital
by Christine A. Botosan - 70-80 Buying And Selling Companies In The New Millennium
by Stewart Boswell - 81-93 Harvesting Value From Entrepreneurial Success
by John W. Kensinger & John D. Martin & J. William Petty - 94-101 The Private Company Discount
by John Koeplin & Atulya Sarin & Alan C. Shapiro - 102-111 Tax Progressivity And Corporate Incentives To Hedge
by John R. Graham & Clifford W. Smith - 112-119 Risk Management For Middle Market Companies
by James Moore & Jay Culver & Bonnie Masterman - 120-127 Do Bank Relationships Matter In Public Debt Offerings?
by Sudip Datta & Mai Iskandar‐Datta & Ajay Patel
September 1999, Volume 12, Issue 3
- 8-25 Golbalization, Corporate Finance, And The Cost Of Capital
by René M. Stulz - 26-42 Petrozuata: A Case Study Of The Effective Use Of Project Finance
by Benjamin C. Estry - 43-54 Strategic Hedging
by Antonio S. Mello & John E. Parsons - 55-62 The Challenge Of Managing Credit Spreads: New Tools On The Horizon
by Andrew Kalotay & Lesil Abreo & Michael Darigan - 63-72 Measuring The Cost Of Capital In An International Capm Framework
by Ronald M. Schramn & Henry N. Wang - 73-79 The Global CAPM and a Firm's Cost of Capital in Different Currencies
by Thomas J. O'Brien - 80-90 A Method For Estimating Global Corporate Capital Costs: The Case Of Bestfoods
by Justin Pettit & Mack Ferguson & Robert Gluck - 91-102 When Shareholders Choose Not To Maximize Value: The Union Bank Of Switzerland'S 1994 Proxy Fight
by Claudio Loderer & Plus Zgraggen - 103-110 Banking Reform In Asia: A Progress Report
by Andrew F. Freris - 111-124 The Asian Crisis: Lessons For Crisis Management And Prevention
by Richard Brealey
June 1999, Volume 12, Issue 2
- 4-4 Internet Investment Banking And Corporate Debt Issuance
by Kevin C. Grant - 8-17 Specific Knowledge And Divisional Performance Measurement
by Michael C. Jensen & William H. Meckling - 18-31 The Eva Revolution
by Al Ehrbar & G. Bennett Stewart - 32-47 To Purchase Or To Pool: Does It Matter?
by Eric Lindenberg & Michael P. Ross - 69-79 Evidence On Eva
by Gary C. Biddle & Robert M. Bowen & James S. Wallace - 80-91 Some New Evidence On Eva Companies
by Robert T. Kleiman - 92-96 Eva And Its Critics
by Stephen F. O'Byrne - 97-106 The Design Of Multi‐Year Stock Option Plans
by Brian J. Hall - 107-117 Twelve Ways To Strengthen Your Incentive Plan
by David Glassman - 118-128 A Guide To Valuing Employee Stock Options With A Reload Feature
by Thomas Hemmer & Steve Matsunaga & Terry Shevlin - 129-136 Why The Efficient Market Offers Hope To Active Management
by Peter L. Bernstein
March 1999, Volume 12, Issue 1
- 8-20 The Capital Structure Puzzle: Another Look At The Evidence
by Michael J. Barclay & Clifford W. Smith - 21-27 Internet Investment Banking: The Impact Of Information Technology On Relationship Banking
by William J. Wilhelm - 28-39 Financing Innovations And Capital Structure Choices
by Aswath Damodaran - 40-47 Ratchet Bonds: Maximum Refunding Efficiency At Minimum Transaction Cost
by Andrew Kalotay & Leslie Abreo - 48-54 The State Of The Home Equity Securities Market (And How To Improve It): Report From A Recent Conference
by Michael D. Youngblood - 55-69 A Survey Of U.S. Corporate Financing Innovations: 1970–1997
by Kenneth A. Carow & Gayle R. Erwin & John J. McConnell - 70-77 Recent Developments In The High Yield Market
by Henk Bouhuys & Stephan Jaeger - 78-85 SECONDARY MARKET STABILIZATION OF IPOs
by William J. Wilhelm - 86-91 THE MARKET'S PRICING OF DEBT IPOs
by Sudip Datta & Mai Iskandar‐Datta & Ajay Patel - 92-99 How Changes In Bond Call Features Affect Coupon Rates
by Bryan Stanhouse & Duane Stock - 100-112 Estimating The Equity Risk Premium And Equity Costs: New Ways Of Looking At Old Data
by Laurence Booth - 113-120 Corporate Capital Costs: A Practitioner'S Guide
by Justin Pettit - 121-126 Dollarization For Argentina
by Steve H. Hanke
January 1999, Volume 11, Issue 4
- 4-4 A Letter To The Editor
by Roger Kuebel - 8-20 The Active Board Of Directors And Its Effect On The Performance Of The Large Publicly Traded Corporation
by Paul W. MacAvoy & Ira M. Millstein - 21-35 R&D And Capital Markets
by Baruch Lev - 36-48 Does Venture Capital Require An Active Stock Market?
by Bernard S. Black & Ronald J. Gilson - 49-56 Floating Currencies, Capital Controls, Or Currency Boards: What'S The Best Remedy For The Currency Crises?
by Vijay Singal - 57-65 The Case For An Indonesian Currency Board
by Christopher L. Culp & Steve H. Hanke & Merton H. Miller - 66-74 Capital Markets And Democracy
by Reuven Brenner