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1 – 10 of 255
Book part
Publication date: 30 March 2001

Myron B. Slovin, Marie E. Sushka and Edward R. Waller

We assess valuation effects on creditors holding the private debt of client firms that file for Chapter 11 bankruptcy, and disaggregate the results by type of private…

Abstract

We assess valuation effects on creditors holding the private debt of client firms that file for Chapter 11 bankruptcy, and disaggregate the results by type of private creditor, form of bankruptcy resolution, and subsequent control bid activity. Among private creditors holding unsecured claims, losses are consistently more severe for trade creditors than for bank creditors. These losses are mitigated for cases in which petitioning firms subsequently reorganize and become targets of control bids during the Chapter 11 process. Banks holding secured claims sustain zero excess returns regardless of the type of bankruptcy resolution or subsequent control activity. Our results support the view that bank loans are effectively senior debt and that banks have a key role in continuation/liquidation decisions. Moreover, we find that control bids for firms in Chapter 11 are common and generate significant gains to equityholders of firms in Chapter 11 and to bidders, so that corporate control activity is an important element in the bankruptcy process.

Details

Advances in Financial Economics
Type: Book
ISBN: 978-0-76230-713-5

Article
Publication date: 11 April 2008

Melissa A. Williams, Timothy B. Michael and Edward R. Waller

The purpose of this paper is to review and summarize research into managerial incentives, merger activity, performance, and the use and structure of compensation to…

3509

Abstract

Purpose

The purpose of this paper is to review and summarize research into managerial incentives, merger activity, performance, and the use and structure of compensation to mitigate agency problems in the firm.

Design/methodology/approach

The authors discuss studies of size elasticity and compensation, pay for performance, changes in managerial compensation due to merger activities, incentives and risk taking, and the relationship between managerial risk aversion and acquisitions.

Findings

The paper identifies several prominent themes in the literature. First, size and performance both appear to be positively related to managerial compensation. There appears to be a strong relation between pay and performance, but results depend upon whether the pay measure includes all forms of compensation. With mergers, any merger gains seem to accrue to the acquired firm. It appears that acquiring managers can increase their pay by merging with other firms, and this is likely to happen in cases where shareholder returns are negative. Regarding managerial risk taking and compensation, it is likely that the sensitivity of a manager's equity‐based compensation (options, in particular) to changes in the total risk of the firm is an indicator of how willing managers will be to seek out more risk on behalf of shareholders.

Originality/value

This paper synthesizes a large body of research into an organized discussion of the issues relating to merger activity, managerial incentives, compensation, and pay for performance issues.

Details

Managerial Finance, vol. 34 no. 5
Type: Research Article
ISSN: 0307-4358

Keywords

Book part
Publication date: 30 March 2001

Abstract

Details

Advances in Financial Economics
Type: Book
ISBN: 978-0-76230-713-5

Article
Publication date: 1 July 1926

THIS number will appear at the beginning of the Leeds Conference. Although there is no evidence that the attendance will surpass the record attendance registered at the…

Abstract

THIS number will appear at the beginning of the Leeds Conference. Although there is no evidence that the attendance will surpass the record attendance registered at the Birmingham Conference, there is every reason to believe that the attendance at Leeds will be very large. The year is one of importance in the history of the city, for it has marked the 300th anniversary of its charter. We hope that some of the festival spirit will survive into the week of the Conference. As a contributor has suggested on another page, we hope that all librarians who attend will do so with the determination to make the Conference one of the friendliest possible character. It has occasionally been pointed out that as the Association grows older it is liable to become more stilted and formal; that institutions and people become standardized and less dynamic. This, if it were true, would be a great pity.

Details

New Library World, vol. 29 no. 2
Type: Research Article
ISSN: 0307-4803

Article
Publication date: 1 July 1925

We issue a double Souvenir number of The Library World in connection with the Library Association Conference at Birmingham, in which we have pleasure in including a…

Abstract

We issue a double Souvenir number of The Library World in connection with the Library Association Conference at Birmingham, in which we have pleasure in including a special article, “Libraries in Birmingham,” by Mr. Walter Powell, Chief Librarian of Birmingham Public Libraries. He has endeavoured to combine in it the subject of Special Library collections, and libraries other than the Municipal Libraries in the City. Another article entitled “Some Memories of Birmingham” is by Mr. Richard W. Mould, Chief Librarian and Curator of Southwark Public Libraries and Cuming Museum. We understand that a very full programme has been arranged for the Conference, and we have already published such details as are now available in our July number.

Details

New Library World, vol. 28 no. 2
Type: Research Article
ISSN: 0307-4803

Book part
Publication date: 8 April 2015

Malcolm Rutherford

This paper is an initial attempt to discuss the American institutionalist movement as it changed and developed after 1945. Institutionalism in the inter-war period was a…

Abstract

This paper is an initial attempt to discuss the American institutionalist movement as it changed and developed after 1945. Institutionalism in the inter-war period was a relatively coherent movement held together by a set of general methodological, theoretical, and ideological commitments (Rutherford, 2011). Although institutionalism always had its critics, it came under increased attack in the 1940s, and faced challenges from Keynesian economics, a revived neoclassicism, econometrics, and from new methodological approaches derived from various versions of positivism. The institutionalist response to these criticisms, and particularly the criticism that institutionalism “lacked theory,” is to be found in a variety of attempts to redefine institutionalism in new theoretical or methodological terms. Perhaps the most important of these is to be found in Clarence Ayres’ The Theory of Economic Progress (1944), although there were many others. These developments were accompanied by a significant amount of debate, disagreement, and uncertainty over future directions. Some of this is reflected in the early history of The Association for Evolutionary Economics.

Article
Publication date: 1 January 1954

Aarhus Kommunes Biblioteker (Teknisk Bibliotek), Ingerslevs Plads 7, Aarhus, Denmark. Representative: V. NEDERGAARD PEDERSEN (Librarian).

Abstract

Aarhus Kommunes Biblioteker (Teknisk Bibliotek), Ingerslevs Plads 7, Aarhus, Denmark. Representative: V. NEDERGAARD PEDERSEN (Librarian).

Details

Aslib Proceedings, vol. 6 no. 1
Type: Research Article
ISSN: 0001-253X

Article
Publication date: 1 June 1938

The following definitions and standards for food products have been adopted as a guide for the officials of this Department in enforcing the Food and Drugs Act. These are…

Abstract

The following definitions and standards for food products have been adopted as a guide for the officials of this Department in enforcing the Food and Drugs Act. These are standards of identity and are not to be confused with standards of quality or grade; they are so framed as to exclude substances not mentioned in the definition and in each instance imply that the product is clean and sound. These definitions and standards include those published in S. R. A., F. D. 2, revision 4, and those adopted October 28, 1936.

Details

British Food Journal, vol. 40 no. 6
Type: Research Article
ISSN: 0007-070X

Article
Publication date: 1 September 2000

Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes 8‐17; Property…

26781

Abstract

Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes 8‐17; Property Management Volumes 8‐17; Structural Survey Volumes 8‐17.

Details

Facilities, vol. 18 no. 9
Type: Research Article
ISSN: 0263-2772

Article
Publication date: 1 March 2001

K.G.B. Bakewell

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes…

16992

Abstract

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Details

Structural Survey, vol. 19 no. 3
Type: Research Article
ISSN: 0263-080X

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