An Empirical Examination of Investment Banking Reputation Measures

This paper empirically examines the explanatory power of investment banking reputation measures. One of these measures, a nineteen-tier indicator of underwriter reputation, is determined by the relative position of the underwriter's name within the tombstone announcements of security offerings. An alternative measure assigns four ranks according to the investment banking bracket of the underwriter. This “bracket” measure is considerably easier to create than the “tombstone” measure. We employ both measures in identical initial public offering empirical models and assess their relative performance. In all of the models tested, the tombstone measure appears to be superior. Moreover, we find that, unlike the bracket measure, the tombstone reputation indicator significantly explains the initial returns to initial public offerings even when a measure of ex post uncertainty is included in the model.     

TAKEOVER DEFENCES BY AUSTRALIAN COMPANIES

This paper examines the takeover defences used by Australian companies during contested takeover bids for the period 1970 to 1979 inclusive.     

Effects of diversification of career orientations on management systems in Japan

Until a few years ago, when compared to employees in countries of the Western World, Japanese employees entering an organization tended to have similar values and to stay in that organization rather than switching from one organization to another. That fact, however, has been changing. This article discusses the effects of this diversification of career orientations in young Japanese people. The main focus is on the effects of diversification on employment choice, the individual's decision-making as to which kind of employer to work for, and on the differing perceptions of management systems. © 1993 by John Wiley & Sons, Inc.     

Beyond Fordism? strategic choice and labour relations in Ford UK

New industrial competition has led major automobile manufacturers to re-analyse their approaches to business strategy and industrial relations. This article examines attempts at Ford Motor Co. to adopt its traditional approach to work organisation to its changing business environment.     

Leveraged Acquisitions and the Market for Corporate Control

What is the function of the market for corporate control? Mike Wright and two colleagues outline the advantages of an active market in corporate control and review the consequences of leveraged buyouts.     

Asset bubbles,labour market frictions and R&D‐based growth

Employing an overlapping generations model of R&D‐based growth with labour market frictions, this paper examines how employment changes induced by labour market frictions influence asset bubbles and long‐run economic growth. Asset bubbles can (cannot) exist when the employment rate is high (low), which leads to higher (lower) economic growth through labour market efficiency. We also explore the steady state and transitional dynamics of bubbles, economic growth and employment. Furthermore, we show that policy or parameter changes with a negative influence on the labour market can lead to a bubble burst.