BA 237 - Advanced Topics in Business Finance
Mr. Hakansson
Course Outline -- Spring 1999
Prerequisite: BA 234
Overview
This seminar is designed to provide perspective on the central issues in corporate finance (or how the world of corporate finance works). Particular attention is given to investor's (the market's) reactions to corporate actions and announcements.
Recent empirical studies and commentaries of leading practitioners and observers with respect to recent developments serve as focal points. Relevant contemporary events will be addressed on a real-time basis. International comparisons constitute a central theme.
(Empirical studies, being based on generally large samples, have the advantage of documenting the average market reaction as well as its distribution, thus providing objective evidence of how corporate actions and announcements are perceived. The focus is on what we can learn from a manager's perspective, not on the econometrics employed in the study.)
Objective
The goal of the seminar is to provide
Format
The class will be held "seminar-style". Students will lead the discussion most of the time. One or two guest speakers.
Grading
There will be a paper/project report accounting for 60% of the course grade. 20% is based on student presentations, with class participation making up the remaining 20%.
The Paper/Project Report
The project is an opportunity for you to delve into an area in some depth, raise questions, and attempt to provide some answers. The topic of the paper is essentially unconstrained except that it should address some issue related to the course (corporate finance). Examples of possible topics:
An analysis of a corporate acquisition
Has shareholder activism paid off?
An empirical analysis of a company event
Issues in corporate governance in Country X
An analysis of a corporate spinoff
Texts
Chew, Donald H. Studies in International Corporate Finance and Governance Systems, Oxford University Press, 1997.
Class Reader
References
Baskin, Jonathan Barron and Paul J. Miranti, Jr. A History of Corporate Finance, Cambridge University Press, 1997.
Chew, Donald H., Editor. The New Corporate Finance, McGraw-Hill, Inc., 1993.
Post, Alexandra. Anatomy of a Merger, Prentice-Hall, 1994.
Reading Material
Students are expected to keep abreast of current developments in the financial markets and to be prepared to discuss them in terms of the concepts of the course. This is facilitated by regular reading of The Wall Street Journal; Financial Times, The Economist, The New York Times, Business Week, Barron's, Fortune, Far Eastern Economic Review, and Forbes often address relevant topics as well. The resources of the library and the Internet should not be overlooked.
Office Hours
Room F692, Tuesday 4:15-5:15 pm, Friday 2:30-3:30 pm
Note: The papers marked with an asterisk [*] are in the Reader.
Handout #2
* Smith, Clifford. "Raising Capital: Theory and Evidence," in Chew, Donald H., Editor. The New Corporate Finance, McGraw-Hill, Inc., 1993, pp. 178-190.
Dann, Larry Y. and Wayne H. Mikkelson. "Convertible Debt Issuance, Capital Structure Change and Financing-Related Information," Journal of Financial Economics, 1984.
Howe, John S. and James D. Shilling. "Capital Structure Theory and REIT Security Offerings," The Journal of Finance, September 1988.
* Akhigbe, Aigbe, Jeff Madura, and Stephen P. Zera. "Corporate Performance Following Stock Offerings," Review of Quantitative Finance and Accounting, 1996.
* Christensen, Donald G., Hugo J. Faria, Chuck C. Y. Kwok, and Marc Bremer. "Does the Japanese Stock Market React Differently to Public Security Offering Announcements than the U.S. Stock Market?" Japan and the World Economy, 1996.
Kang, Jun-Koo and Rene M. Stulz. "How Different Is Japanese Corporate Finance? An Investigation of the Information Content of New Security Issues," The Review of Financial Studies, Spring 1996.
Hertzel, Michael and Lynn Rees. "Earnings and Risk Changes Around Private Placements of Equity," Journal of Accounting, Auditing, & Finance, Winter 1998.
Loughran, Tim and Jay R. Ritter. "The Operating Performance of Firms Conducting Seasoned Equity Offerings," The Journal of Finance, December 1997.
* Rajan, Raghuram G. and Luigi Zingales. "What Do We Know about Capital Structure? Some Evidence from International Data," The Journal of Finance, December 1995.
La Porta, Rafael, Florencio Lopez-de-Silanes, and Andrei Shleifer. "Corporate Ownership Around the World," Working Paper 6625, National Bureau of Economic Research, June 1998.
Lang, Larry, Eli Ofek, Rene M. Stulz. "Leverage, Investment, and Firm Growth," Journal of Financial Economics, 1996.
Taggart, Robert A. "Have U.S. Corporations Grown Financially Weak?" Working Paper No. 1523, National Bureau of Economic Research, December 1984.
Hingorani, Archana, Anil K. Makhija, Kuldeep Shastri. "The Impact of Calls of Preferred Stock on Common Shareholders' Wealth," Journal of Banking and Finance, 1994.
Byrd, Anthony K. and William T. Moore. "On the Information Content of Calls of Convertible Securities," Journal of Business, 1996.
Kahan, Marcel and Bruce Tuckman. "Do Bondholders Lose from Junk Bond Covenant Changes?" Journal of Business, 1993.
Emerick, Dennis and William White. "The Case for Private Placements: How Sophisticated Investors Add Value to Corporate Debt Issuers," Journal of Applied Corporate Finance, Fall 1992.
* Karmin, Craig and Gregory Zuckerman. "Private Sales Of Bonds Are Soaring," The Wall Street Journal, October 13, 1997.
* Sapsford, Jathon. "Japanese Growth Model Hits a Wall in Asia," The Wall Street Journal, October 16, 1997.
* McGee, Suzanne. "Corporate Bonds Set to Blossom in a New Europe," The Wall Street Journal, July 22, 1998.
Iskandar, Samer and Edward Luce. "Big Issue for Europe," Financial Times, February 4, 1998.
* Hite, Gailen and Arthur Warga. "The Effect of Bond-Rating Changes on Bond Price Performance," Financial Analysts Journal, May-June 1997.
Altman, Edward I. and Vellore M. Kishore. "Almost Everything You Wanted to Know about Recoveries on Defaulted Bonds," Financial Analysts Journal, November/December 1996.
* McConnell, John J. and Chris J. Muscarella. "Corporate Capital Expenditure Decisions and the Market Value of the Firm," Journal of Financial Economics, 1985.
* Chan, Su Han, John D. Martin, and John W. Kensinger. "Corporate Research and Development Expenditures and Share Value," Journal of Financial Economics, 1990.
* Cookson, Clive. "Financial Community Develops a Taste for Industrial Research, Financial Times, January 20, 1998.
* Chan, Su Han, John W. Kensinger, Arthur J. Keown, and John D. Martin. "Do Strategic Alliances Create Value?," Journal of Financial Economics, November 1997.
Chan, Su Han, George W. Gau, and Ko Wang. "Stock Market Reaction to Capital Investment Decisions: Evidence from Business Relocations," Journal of Financial and Quantitative Analysis, March 1995.
* Smith, Clifford. "Raising Capital: Theory and Evidence," in in Chew, Donald H., Editor. The New Corporate Finance, McGraw-Hill, Inc., 1993, pp. 190-194.
* Ibbotson, Roger G., Jody L. Sindelar, and Jay R. Ritter. "The Market's Problems with the Pricing of Initial Public Offerings," Journal of Applied Corporate Finance, Spring 1994.
* Loughran, Tim, Jay R. Ritter, and Kristian Rydqvist. "Initial Public Offerings: International Insights," Pacific-Basin Finance Journal, 1994.
Kunz, Roger M. and Reena Aggarwal. "Why Initial Public Offerings are Underpriced: Evidence from Switzerland," Journal of Banking and Finance, 1994.
Brennan, M. J. and J. Franks. "Underpricing, Ownership and Control in Initial Public Offerings of Equity Securities in the UK," Journal of Financial Economics, September 1997.
Carter, Richard B., Frederick H. Dark, and Ajai K. Singh. "Underwriter Reputation, Initial Returns, and the Long-Run Performance of IPO Stocks," The Journal of Finance, February 1998.
Jain, Bharat A. and Omesh Kini. "The Post-Issue Operating Performance of IPO Firms," The Journal of Finance, December 1994.
* Lowenstein, Roger. "Street's Incredible Unshrinking Spread," The Wall Street Journal, April 10, 1997.
* Lucchetti, Aaron. "The IPO Pie: Investors Get Thinner Slices," The Wall Street Journal, July 27, 1998.
* Siconolfi, Michael and Patrick McGeehan. "Wall Street Brokers Press Small Investors to Hold IPO Shares," The Wall Street Journal, June 26, 1998.
* Siconolfi, Michael and Patrick McGeehan. "Wall Street Boosts Penalty On IPO 'Flips'," The Wall Street Journal, July 31, 1998.
Benveniste, Lawrence M. and William J. Wilhelm. "Initial Public Offerings: Going By the Book," Journal of Applied Corporate Finance, Spring 1997.
Hauser, Shmuel and Azriel Levy. "Return and Risk in Initial Public Offerings of Both Shares and Warrants," Review of Quantitative Finance and Accounting, 1996.
Bøhren, Øyvind, B. Espen Eckbo, and Dag Michalsen. "Why Underwrite Rights Offerings? Some New Evidence," Journal of Financial Economics, November 1997.
Levingston, Steven E. "Tiny Firms Offer Stock 'Direct' to Public," The Wall Street Journal, May 20, 1996.
* Greenberg, Herb. "Looking for Lessons From Childrens Place's Wayward IPO," San Francisco Chronicle, October 15, 1997.
Datta, Sudip, Mai Iskandar-Datta, and Ajay Patel. "The Pricing of Initial Public Offers of Corporate Straight Debt," The Journal of Finance, March 1997.
Dewenter, Kathryn L. and Paul H. Malatesta. "Public Offerings of State-Owned and Privately-Owned Enterprises: An International Comparison," The Journal of Finance, September 1997.
Schilit, W. Keith. "Initial Public Offerings: Identifying 'Turnons' and 'Turnoffs'," The Journal of Investing, Winter 1998.
Beatty, Randolph P., Howard Bunsis, John R. M. Hand. "The Indirect Economic Penalties in SEC Investigations of Underwriters," Journal of Financial Economics, November 1998.
* Barry, Christopher B., Chris J. Muscarella, John W. Peavy III, and Michael R. Vetsuypens. "The Role of Venture Capital in the Creation of Public Companies: Evidence from the Going-Public Process," Journal of Financial Economics, October 1990.
* Lerner, Joshua. "Venture Capitalists and the Decision to Go Public," Journal of Financial Economics, June 1994.
Gompers, Paul A. "Grandstanding in the Venture Capital Industry," Journal of Financial Economics, 1996.
* Peltz, Michael. "High Tech's Premier Venture Capitalist," Institutional Investor, June 1996.
Brav, Alon and Paul A. Gompers. "Myth or Reality? The Long-Run Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure Capital-Backed Companies," The Journal of Finance, December 1997.
Lin, Timothy H. and Richard L. Smith. "Insider Reputation and Selling Decisions: The Unwinding of Venture Capital Investments During Equity IPOs," Journal of Corporate Finance, 1998.
Black, Bernard S. and Ronald J. Gilson. "Venture Capital and the Structure of Capital Markets: Banks Versus Stock Markets," Journal of Financial Economics, 1998.
* Miles, James A. and James D. Rosenfeld. "The Effect of Voluntary Spin-off Announcements on Shareholder Wealth," The Journal of Finance, December 1983.
* Cusatis, Patrick, James A. Miles and J. Randall Woolridge. "Some New Evidence That Spinoffs Create Value," Journal of Applied Corporate Finance, Summer 1994.
Cusatis, Patrick J., James A. Miles, and J. Randall Woolridge. "Restructuring Through Spinoffs," Journal of Financial Economics, 1993.
Afshar, K. A., R. J. Taffler and P. S. Sudarsanam. "The Effect of Corporate Divestments on Shareholder Wealth: The UK Experience," Journal of Banking and Finance, 1992.
* Daley, Lane, Vikas Mehrotra, and Ranjini Sivakumar. "Corporate Focus and Value Creation: Evidence from Spinoffs," Journal of Financial Economics, August 1997.
* Allen, Jeffrey W., Scott L. Lummer, John J. McConnell, and Debra K. Reed. "Can Takeover Losses Explain Spin-Off Gains?" Journal of Financial and Quantitative Analysis, December 1995.
* McDowell, Edwin. "Greater Than the Sum of Its Parts," The New York Times, November 29, 1996.
Parrino, Robert. "Spinoffs and Wealth Transfers: The Marriott Case," Journal of Financial Economics, 1997.
Bary, Andrew. "Why Catch a Knife?" Barron's, October 6, 1997.
* Hayes, John R. "Pepsi's Panacea," Forbes, October 20, 1997.
Pelline, Jeff. "Regulation Still Haunting AirTouch," San Francisco Chronicle, March 24, 1995.
Hakansson, Nils. "Changes in the Financial Market: Welfare and Price Effects and the Basic Theorems of Value Conservation," Journal of Finance, September 1982.
* Asquith, Paul. "Merger Bids, Uncertainty, and Stockholder Returns," Journal of Financial Economics, April 1983.
Cornett, Marcia Millon and Sankar De. "Common Stock Returns in Corporate Takeover Bids: Evidence from Interstate Bank Mergers," Journal of Banking and Finance, April 1991.
Houston, Joel F. and Michael D. Ryngaert. "The Value Added By Bank Acquisitions: Lessons from Wells Fargo's Acquisition of First Interstate," Journal of Applied Corporate Finance, Summer 1996.
Loughran, Tim and Anand M. Vijh. "Do Long-Term Shareholders Benefit From Corporate Acquisitions?," The Journal of Finance, December 1997.
* Kang, Jun-Koo. "The International Market for Corporate Control: Mergers and Acquisitions of U.S. Firms by Japanese Firms," Journal of Financial Economics, December 1993.
Denis, David J. and Diane Denis. "Managerial Incentives and Corporate Diversification Strategies," Journal of Applied Corporate Finance, Summer 1997.
* Sinton, Peter. "A Tale of a Well-Done Merger," San Francisco Chronicle, February 19, 1996.
Strom, Stephanie. "Double Trouble at Linda Wachner's Twin Companies," The New York Times, August 4, 1996.
* Lipin, Steven and E. S. Browning. "Headin' South: Some Takeover Stocks Tumble on Bids," The Wall Street Journal, September 18, 1997.
Wysocki, Bernard, Jr. "Improved Distribution, Not Better Production, Is Key Goal in Mergers," The Wall Street Journal, August 29, 1995.
* Graham, George. "Bank Mergers Fail to Deliver Investor Value," Financial Times, August 10, 1998. * Holson, Laura M. "The Story of a Failed Merger Proves to Be a Page Turner," The New York Times, September 21, 1998.
Weidenbaum, Murray and Stephen Vogt. "Takeovers and Stockholders: Winners and Losers," Formal Publication Number 83, Center for the Study of American Business, December 1987.Roll, Richard. "The Hubris Hypothesis of Corporate Takeovers," Journal of Business, 1986.
Meulbroek, Lisa K. and Carolyn Hart. "The Effect of Illegal Insider Trading on Takeover Premia," European Finance Review, 1997.
Safieddine, Assem and Sheridan Titman. "Debt and Corporate Performance: Evidence from Unsuccessful Takeovers," Working Paper 6068, National Bureau of Economic Research, June 1997.
* Chew II.11
* Warga, Arthur and Ivo Welch. "Bondholder Losses in Leveraged Buyouts," The Review of Financial Studies, Winter 1993.
Asquith, Paul and Thierry A. Wizman. "Event Risk, Covenants, and Bondholder Returns in Leveraged Buyouts," Journal of Financial Economics, September 1990.
* Holthausen, Robert W. and David F. Larcker. "Performance, Leverage, and Ownership Structure in Reverse LBOs," Journal of Applied Corporate Finance, Spring 1997.
Degeorge, Francois and Richard Zeckhauser. "The Reverse LBO Decision and Firm Performance: Theory and Evidence," The Journal of Finance, September 1993.
Perry, Susan E. and Thomas H. Williams. "Earnings Management Preceding Management Buyout Offers," Journal of Accounting & Economics, September 1994.
Denis, David J. "The Benefits of High Leverage: Lessons from Kroger's Leveraged Recap and Safeway's LBO," Journal of Applied Corporate Finance, Winter 1995.
Stein, Benjamin. "Where Are the Shareholders' Yachts?" Barron's, August 18, 1986.
Schifrin, Matthew. "LBO Madness," Forbes, March 9, 1998.
* Comment, Robert and Gregg A. Jarrell. "Corporate Focus and Stock Returns," Journal of Financial Economics, 1995.
Mitchell, Mark L. and J. Harold Mulherin. "The Impact of Industry Shocks on Takeover and Restructuring Activity," Journal of Financial Economics, 1996.
Slovin, Myron B., Marie E. Suska, and Steven R. Ferraro. "A Comparison of the Information Conveyed by Equity Carve-Outs, Spin-offs, and Asset Sell-offs," Journal of Financial Economics, 1995.
John, Kose and Eli Ofek. "Asset Sales and Increase in Focus," Journal of Financial Economics, 1995.
* Chew IV.25
* Hotchkiss, Edith S. and Robert M. Mooradian. "Vulture Investors and the Market for Control of Distressed Firms," Journal of Financial Economics, 1997.
Brown, David T., Christopher M. James, and Robert M. Mooradian. "Asset Sales by Financially Distressed Firms," Journal of Corporate Finance, 1994.
James, Christopher. "When Do Banks Take Equity in Debt Restructurings?" The Review of Financial Studies, Winter 1995.
Andrade, Gregor and Steven N. Kaplan. "How Costly is Financial (Not Economic) Distress? Evidence from Highly Leveraged Transactions That Became Distressed," Working Paper 6145, National Bureau of Economic Research, August 1997.
Bailey, Jeff. "Waste Management to Scrap 1,200 Jobs in Effort to Rein In Costs, Bureaucracy," The Wall Street Journal, November 12, 1997.
Siwolop, Sana. "Bondholders Forgotten In the Fight Over RJR," The New York Times, February 25, 1996.
Eckel, Catherine, Doug Eckel, and Vijay Singal. "Privatization and Efficiency: Industry Effects of the Sale of British Airways," Journal of Financial Economics, 1997.
Lynch, Peter. "The Upsizing of America," The Wall Street Journal, September 20, 1996.
* Desai, Hemang and Prem C. Jain. "Long-Run Common Stock Returns Following Stock Splits and Reverse Splits," Journal of Business, 1997.
Ikenberry, David L., Graeme Rankine, and Earl K. Stice. "What Do Stock Splits Really Signal?" Journal of Financial and Quantitative Analysis, September 1996.
Pilotte, Eugene and Timothy Manuel. "The Market's Response to Recurring Events: The Case of Stock Splits," Journal of Financial Economics, 1996.
Muscarella, Chris J. and Michael R. Vetsuypens. "Stock Splits: Signaling or Liquidity? The Case of ADR 'Solo-Splits'," Journal of Financial Economics, 1996.
* Woolridge, J. Randall. "Dividend Changes and Security Prices," Journal of Finance, December 1983.
Kato, Kiyoshi and Uri Loewenstein. "The Ex-Dividend-Day Behavior of Stock Prices: The Case of Japan," The Review of Financial Studies, Fall 1995.
* Michaely, Roni, Richard H. Thaler, and Kent L. Womack. "Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift?" The Journal of Finance, June 1995.
Yoon, Pyung Sig and Laura T. Starks. "Signaling, Investment Opportunities, and Dividend Announcements," The Review of Financial Studies, Winter 1995.
DeAngelo, Harry and Linda DeAngelo. "Dividend Policy and Financial Distress: An Empirical Investigation of Troubled NYSE Firms," The Journal of Finance, December 1990.
Barclay, Michael J., Clifford W. Smith, and Ross L. Watts. "The Determinants of Corporate Leverage and Dividend Policies," Journal of Applied Corporate Finance, Winter 1995.
Christie, William G. "Are Dividend Omissions Truly the Cruelest Cut of All?" Journal of Financial and Quantitative Analysis, September 1994.
Amihud, Yakov and Maurizio Murgia. "Dividends, Taxes, and Signaling: Evidence from Germany," The Journal of Finance, March 1997.
Benzartzi, Shlomo, Roni Michaely, and Richard Thaler. "Do Changes in Dividends Signal the Future or the Past?" The Journal of Finance, July 1997.
Sant, Rajiv and Arnold R. Cowan. "Do Dividends Signal Earnings? The Case of Omitted Dividends," Journal of Banking and Finance, 1994.
DeAngelo, Harry, Linda DeAngelo, and Douglas J. Skinner. "Reversal of Fortune: Dividend Signaling and the Disappearance of Sustained Earnings Growth," Journal of Financial Economics, 1996.
* Ikenberry, David, Josef Lakonishok, and Theo Vermaelen. "Market Underreaction to Open Market Share Repurchases," Journal of Financial Economics, 1995.
* Eisenstadter, Ingrid. "Bullish on Buybacks? Take a Second Look," Financial Times, May 10, 1998.
Weidenbaum, Murray and Mark Jensen. "Introduction to the Modern Corporation and Private Property," Working Paper 134, Center for the Study of American Business, Washington University, St. Louis, September 1990.
Byrd, John, Robert Parrino, and Gunnar Pritsch. "Stockholder-Manager Conflicts and Firm Value," Financial Analysts Journal, May-June 1998.
Holderness, Clifford G., Randall S. Kroszner, and Dennis P. Sheehan. "Were the Good Old Days That Good? Changes in Managerial Stock Ownership Since the Great Depression," Working Paper 6550, National Bureau of Economic Research, May 1998.
* Chew III.20
* "Corporate Governance Principles--A Japanese View," Corporate Governance Forum of Japan, October 30, 1997.
Kanda, Hideki. "Note on Corporate Governance in Japan," Working Paper, The University of Tokyo, October 1997.
Lichtenberg, Frank R. and George M. Pushner. "Ownership Structure and Corporate Performance in Japan," Japan and the World Economy, 1994.
* Chew IV.23
* Chew IV.24
Pomerleano, Michael. "The East Asia Crisis and Corporate Finances-The Untold Micro Story," Working Paper, The World Bank, August 6, 1998.
Webb, Sara. "Calpers Sees New Targets Overseas," The Wall Street Journal, October 20, 1997.
* Lowenstein, Roger. "Corporate Governance's Sorry History," The Wall Street Journal, April 18, 1997.
Baker, Gerard. "The Flip Side of Success," Financial Times, August 13, 1996.
Abelson, Alan. "Manchurian Capitalist," Barron's, April 22, 1997.
Stein, Benjamin J. "Turner Flips a Chip," Barron's, October 9, 1995.
* Latham, Mark. "The Corporate Monitoring Firm," Working Paper, August 1997.
* Yermack, David. "Higher Market Valuation of Companies with a Small Board of Directors," Journal of Financial Economics, 1996.
* Bryant, Adam. "The Search for the Perfect Corporate Board," The New York Times, August 3, 1997.
Rosenstein, Stuart and Jeffrey G. Wyatt. "Inside Directors, Board Effectiveness, and Shareholder Wealth," Journal of Financial Economics, 1997.
Kaplan, Steven N. and Bernadette A. Minton. "Appointments of Outsiders to Japanese Boards: Determinants and Implications for Managers," Journal of Financial Economics, 1994.
Borokhovich, Kenneth A., Robert Parrino, and Teresa Trapani. "Outside Directors and CEO Selection," Journal of Financial and Quantitative Analysis, September 1996.
Brickley, James A., Jeffrey L. Coles, and Rory L. Terry. "Outside Directors and the Adoption of Poison Pills," Journal of Financial Economics, 1994.
Claessens, Stijn. "Corporate Governance and Equity Prices: Evidence from the Czech and Slovak Republics," The Journal of Finance, September 1997.
Loderer, Claudio and Andreas Jacobs. "The Nestlé Crash," Journal of Financial Economics, 1995.
Bryne, John A.. "The Ceo and the Board," Business Week, September 15, 1997.
Mayers, David, Anil Shivdasani, and Clifford W. Smith, Jr. "Board Composition and Corporate Control: Evidence from the Insurance Industry," Journal of Business, 1997.
Byrne, John. "The Best and Worst Boards," Business Week, December 8, 1997.
* Browning, E. S. "Wharton Study Connects Strengths and Flaws of Directors to Companies' Financial Returns," The Wall Street Journal, April 25, 1997.
* Byrne, John A. "At Least Chainsaw Al Knew How to Hire A Board," Business Week, June 29, 1998.
* Norris, Floyd. "Jack Kemp: A Director with No Shares," The New York Times, August 18, 1996.
Brennan, Michael J. "Executive Compensation in the U.K.," Journal of Applied Corporate Finance, Spring 1996.
Mehran, Hamid. "Executive Compensation Structure, Ownership, and Firm Performance," Journal of Financial Economics, 1995.
Kang, Jun-Koo and Anil Shivdasani. "Does the Japanese Governance System Enhance Shareholder Wealth? Evidence from the Stock-Price Effects of Top Management Turnover," The Review of Financial Studies, Winter 1996.
Weisbach, Michael S. "CEO Turnover and the Firm's Investment Decisions," Journal of Financial Economics, 1995.
Hotchkiss, Edith Shwalb. "Postbankruptcy Performance and Management Turnover," The Journal of Finance, March 1995.
Denis, David J. and Diane K. Denis. "Performance Changes Following Top Management Dismissals," The Journal of Finance, September 1995.
Kang, Jun-Koo and Anil Shivdasani. "Firm Performance, Corporate Governance, and Top Executive Turnover in Japan," Journal of Financial Economics, 1995.
* Yermack, David. "Good Timing: CEO Stock Option Awards and Company News Announcements," The Journal of Finance, June 1997.
* Bryant, Adam. "Executive Cash Machine," The New York Times, November 8, 1998.
* Johnston, David Cay. "If the Price Isn't Right, Just Change It," The New York Times, July 15, 1998.
* Scism, Leslie and Joann S. Lublin. "Companies' Recent Repricing of Stock Options, A Possible Boon for Managers, Bothers Investors," The Wall Street Journal, October 30, 1998.
* Henriques, Diana B. "At Computer Associates, Stock Option Plan Comes Home to Roost," The New York Times, July 23, 1998.
* Byrne, John A. "How Executive Greed Cost Shareholders $675 Million," Business Week, August 10, 1998.
* Nelson, Emily. "Ex-Cendant Chairman Walter Forbes Sold $30 Million of Stock During Scam," The Wall Street Journal, September 28, 1998.
* Johnston, David Cay. "American-Style Pay Moves Abroad," The New York Times, September 3, 1998.
* Jackson, Tony. "Managers v. Shareholders (Again)," Financial Times, September 24, 1998.
* Tagliabue, John. "Compliments of U.S. Investors," The New York Times, April 25, 1998.
Chew II. 16
Karpoff, Jonathan M., Paul H. Malatesta, and Ralph A. Walkling. "Corporate Governance and Shareholder Initiatives: Empirical Evidence," Journal of Financial Economics, 1996.
Strickland, Deon, Kenneth W. Wiles, and Marc Zenner. "A Requiem for the USA: Is Small Shareholder Monitoring Effective?" Journal of Financial Economics, 1996.
Crutchley, Claire E., Carl D. Hudson, and Marlin R. H. Jensen. "Shareholder Wealth Effects of CalPERS' Activism," Financial Services Review, 1998.
* Chew, Donald H. "Why Buffett is Different from the Rest," Journal of Applied Corporate Finance, Spring 1995.
Berkshire Hathaway Inc. Annual Report, 1997.
Hagstrom, Robert G., Jr. The Warren Buffett Way, John Wiley & Sons, 1994.
Lowenstein, Roger. Buffett, Main Street Books-Doubleday, 1995.
Barboza, David. "Following the Buffett Formula," The New York Times, April 29, 1997.
Buffett, Mary and David Clark. Buffettology, Rawson Associates, 1997.
Lowe, Janet. Warren Buffett Speaks, John Wiley & Sons, Inc., 1997.
Cunningham, Lawrence A. The Essays of Warren Buffett: Lessons for Corporate America, Cardozo Law Review, 1997.
Buffett, Warren. Berkshire Hathaway Inc.-An Owner's Manual, 1996.
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