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In this paper, we find support for initial public offerings (IPOs) motivated by subsequent acquisition activity. Over a third of newly public firms enter the market for corporate control as acquirers within three years of the IPO. We find that IPOs facilitate acquisitions in a number of ways. Newly public firms benefit from the cash raised in the IPO, from subsequent access to public financing, and from ability to pay with publicly traded stock for acquisitions. IPO firms also benefit by obtaining market feedback and by taking advantage of high post-IPO stock values in making stock-based acquisitions at favorable terms. 相似文献
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Unless priced and administered appropriately, a governmental safety net enhances risk-shifting opportunities for banks. This paper quantifies regulatory efforts to use capital requirements to control risk-shifting by U.S. banks during 1985 to 1994 and investigates how much risk-based capital requirements and other deposit-insurance reforms improved this control. We find that capital discipline did not prevent large banks from shifting risk onto the safety net. Banks with low capital and debt-to-deposits ratios overcame outside discipline better than other banks. Mandates introduced by 1991 legislation have improved but did not establish full regulatory control over bank risk-shifting incentives. 相似文献
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Codes of Ethics as Signals for Ethical Behavior 总被引:1,自引:1,他引:0
This study investigated effects of codes of ethics on perceptions of ethical behavior. Respondents from companies with codes of ethics (n = 465) rated role set members (top management, supervisors, peers, subordinates, self) as more ethical and felt more encouraged and supported for ethical behavior than respondents from companies without codes (n = 301). Key aspects of the organizational climate, such as supportiveness for ethical behavior, freedom to act ethically, and satisfaction with the outcome of ethical problems were impacted by the presence of an ethics code. The mere presence of a code of ethics appears to have a positive impact on perceptions of ethical behavior in organizations, even when respondents cannot recall specific content of the code. 相似文献
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Naresh K. Malhotra Armen Tashchian Essam Mahmoud 《Journal of the Academy of Marketing Science》1987,15(2):69-82
This paper focuses on the integrative and pervasive use of microcomputers in marketing research and managerial decision making.
The marketing research process is conceptualized as consisting of six phases. At each phase, microcomputer applications and
illustrative software are identified as implications for the practice of marketing research discussed. Next the paper illustrates
the use of microcomputers in selected application areas such as market segmentation, sales forecasting, new product development,
pricing and decision support and expert systems. Guidelines for the selection of microcomputer software in specific situations
are provided. The paper concludes with some observations on the future applications of microcomputers in marketing research
and decision making. 相似文献
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Armen Hovakimian 《Journal of Corporate Finance》2011,17(1):33-44
Simulation experiments show that both partial-adjustment and debt-equity choice models can generate spuriously significant estimates that are consistent with the hypothesis that firms have target debt ratios to which they periodically adjust. Regressions relying on full-sample fixed effects models of target leverage, in particular, produce results severely biased in favor of the target-adjustment hypothesis. Various target proxies and modifications to the standard methodologies are examined to identify partial-adjustment and debt-equity choice models that have power to reject the target-adjustment hypothesis. The resulting estimates of the speed of adjustment are in the range of five-eight percent per year. 相似文献
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Armen Hovakimian Edward J. Kane Luc Laeven 《Journal of Financial Services Research》2003,23(3):177-204
Risk-shifting occurs when creditors or guarantors are exposed to loss without receiving adequate compensation. This paper seeks to measure and compare how well authorities in 56 countries controlled bank risk shifting during the 1990s. Although significant risk-shifting occurs on average, substantial variation exists in the effectiveness of risk control across countries. We find that the tendency for explicit deposit insurance to exacerbate risk shifting is tempered by incorporating loss-control features such as risk-sensitive premiums, coverage limits, and coinsurance. Introducing explicit deposit insurance has had adverse effects in environments that are low in political and economic freedom and high in corruption. 相似文献
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Scott C. Ambrose Brian N. Rutherford C. David Shepherd Armen Tashchian 《Industrial Marketing Management》2014
Although researchers have gained considerable knowledge regarding the multi-faceted manifestation of burnout over recent years, inconsistent findings of role ambiguity as an antecedent to burnout are still prevalent. Given the complex boundary-spanning nature of sales, it is likely that global measures of role ambiguity fail to fully capture the domain and impact of role ambiguity. To help address this gap, this study provides initial evidence that facets of role ambiguity impact burnout manifestation in the sales role differently. Specifically, findings provide a foundation to help mitigate the negative impact of burnout by focusing on only certain facets of role ambiguity. 相似文献
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Gayané Hovakimian 《Financial Management》2009,38(1):161-183
I classify firms into groups of high, low, and negative sensitivity. I find that investment-cash flow sensitivity is nonmonotonic with respect to financial constraints, cash flows, and growth opportunities. Firms classified as negative cash flow sensitive have the lowest cash flows, highest growth opportunities, and appear the most financially constrained. Cash flow insensitive firms have the highest cash flows, lowest growth opportunities, and appear the least financially constrained. To a large extent, the negative relationship between cash flow and investment is driven by the opposite trends followed by investment and cash flow, as firms grow through stages of their life cycle. 相似文献