Managerial Finance


Accounting and Finance

Table Of Contents: Volume 28 Issue 3

A review of the literature on the market valuation of multinational firms

Shahrokh M. Saudagaran

Summarizes three theories on the value of multinational companies: internalization, imperfect capital markets and managerial objectives (agency costs); and reviews a…

Investment opportunities and leverage: some Australian evidence on the role of board monitoring and director equity ownership

Marion Hutchinson, Ferdinand A. Gul

Refers to previous research on investment opportunity sets, financing policies, board monitoring and directors’ shareholdings and the proportion of non‐executive directors…

A re‐examination of reconciling items between Canadian and United States GAAP

S.P. Bandyopadhyay, A.S. Hilton, G.D. Richardson

Explains that Canada is currently deciding whether to harmonize with US or international accounting standards and whether to allow Canadian SEC registrants to file their…

Foreign exchange risk and firm value: an analysis of US pharmaceutical firms

Kam C. Chan, Gim S. Seow, Kinsun Tam

Reviews previous research on the impact of changes in exchange rates on firm value and develops hypotheses on the effect of exchange rate exposure on US pharmaceutical…

The value impact of internationalization: theory and evidence, the French case

Isabelle Martinez

Outlines the three theories which link multinationality to share value (internalization, imperfect capital markets and managerial objectives), reviews the relevant…

Multinationality as a determinant of earnings persistence

Ahmed Riahi‐Belkaoui, Fouad K. Alnajjar

Summarizes previous research on the links between multinationality and earnings persistence and presents a study which applies the autoregressive, integrated…

The effects of multinationality on earnings response coefficients

Ahmed Riahi‐Belkaoui

Refers to previous research on the firm characteristics which affect the relationship between unexpected returns and unexpected earnings to suggest that multinationality…



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  • Professor Don Johnson