“Estimating Capital Costs: Practical Implementation of Theory’s
Insights” (with R. Conroy), in Capital Structure and Financing
Decisions: Theory and Practice (K. Baker and J. Martin, eds.), John
Wiley & Sons, 2011.
“How Good Are Private Equity Returns?” (with R. Conroy), Journal of
Applied Corporate Finance, (Volume 19, No. 3, Summer 2007).
"Stock Splits and Information: The Role of Share
Prices" (with R. Conroy), Financial Management (Autumn
1999).
"Takeover, Management Replacement, and Post-Merger
Operating Performance: Some Evidence from Acquisitions in the
1980's" (with J. Parrino), Journal of Applied Corporate
Finance (Winter 1999).
"Fundamental Information and Share Prices in Japan:
Evidence from Earnings Surprises and Management Predictions"
(with Bob Conroy and Young Park), International Journal of
Forecasting (14,1998), competitive research award from I/B/E/S
International.
"'Best Practices'
in Estimating the Cost of Capital:
Survey and Synthesis" (with R. Bruner, K. Eades and R. Higgins), briefed in Harvard
Business Review, September-October 1996, Financial Practice and
Education (Spring/Summer 1998).
"Market Reactions to Messages from Brokerage Ratings
Systems" (with Michael Ho), Financial Analysts Journal
(January/February 1998).
"Securities Houses and Earnings Forecasts in Japan:
What Makes for an Accurate Prediction?" (with B. Conroy and Y. Fukuda), Financial Analysts
Journal (July/August 1997).
"A Comparison of Analysts=
Forecasts in Japan and the U.S." (with B. Conroy and Y. Park), Security Analysts
Journal (in Japanese) (March 1996).
"Mergers and Acquisitions"
The Dictionary of Business Ethics (ed. R.E. Freeman and P.
Werhane), Blackwell Publishers (1996).
"Analysts'
earnings forecasts in Japan: accuracy
and sell-side optimism" (with Bob Conroy), Pacific Basin Finance Journal
(70, 1995).
"Value versus Growth Stocks:
Book-to-market, Growth and Beta"
(with Felicia Marston), Financial Analysts Journal
(September/October 1994), abstracted in CFA Digest (Spring 1995).
Analysts=
Earnings Forecast Accuracy in Japan and the United States
(with Bob Conroy and Young Park), Research Foundation of the Institute
of Chartered Financial Analysts (1994)Cresearch monograph.
"Published Analysts'
Forecasts in Japan: How Accurate Are They?"
(with Bob Conroy and Young Park), Pacific-Basin Finance Journal
(1, 1993), competitive research award from Pacific-Basin Capital Markets
Research Center.
"Foreign Takeovers"
(with David Ravenscraft), New Palgrave Dictionary of Money and
Finance (1993).
"Estimating Shareholder Risk Premia Using Analysts' Growth Forecasts: A
Reply" (with Felicia Marston), Financial Management
(Summer 1993).
"Shareholder Wealth Effects of UK Takeovers:
Implications for Merger Policy" (with Julian Franks), in M. Bishop and John Kay (eds) European
Mergers and Merger Policy, Oxford: Oxford University Press (1993).
An updated version of an earlier paper.
"Risk, Return and Equilibrium:
A Revisit Using Expected Returns"
(with Felicia Marston), Financial Review, (February 1993).
"Risk and Return in Equity Markets:
Evidence Using Financial Analysts=
Forecasts"
(with Felicia Marston and Peter Crawford), in J. Guerard and M. Gultekin
(eds) Handbook of Security Analysts Forecasting and Asset Allocation,
JAI Press, Greenwich, Conn. (1993).
"Financial Analysts'
Forecasts of Corporate Earnings Growth:
Top Down Versus Bottom Up" (with Mustafa Gultekin and Richard Boebel), in J. Guerard
and M. Gultekin (eds) Handbook of Security Analysts Forecasting and
Asset Allocation, JAI Press, Greenwich, Conn. (1993).
"Estimating Shareholder Risk Premia Using Analysts' Growth
Forecasts"
(with Felicia Marston), Financial Management (Summer 1992).
"The Role of Acquisitions in Foreign Direct Investment:
Evidence from the U.S. Stock Market" (with David Ravenscraft), Journal of Finance (July
1991).
"Postmerger Shareprice Performance of Acquiring
Firms" (with Julian Franks and Sheridan Titman), Journal of
Financial Economics (March 1991).
"Merger and Acquisition Valuation"
Financial Management (Summer 1991).
Understanding
Securitized Investments and Their Use in Portfolio Performance
(editor with Ken Eades and Diana Harrington).
Association for Investment Management and Research (1991).
"The Effects of Stock Splits on Bid Ask Spreads" (with Bob Conroy and Bruce Benet), Journal of Finance
(September 1990).
"Leveraged Restructuring as a Takeover Defense:
The Case of American Standard" (with Bob Bruner and Don Benson), Journal of Merger
and Acquisition Analysis (Fall 1990).
"Shareholder Wealth Effects of Corporate Takeovers:
The UK Experience 1955-1985" (with Julian Franks), Journal of Financial Economics
(August 1989).
"Divisional Cost-of-Capital Estimation for
Multi-Industry Firms"
(with Tom O'Brien and Doug Wakeman), Financial Management (Summer
1989).
"Shareholder Wealth Effects of UK Takeovers:
Implications for Public Policy" (with Julian Franks), in J. Fairburn and J. Kay (eds.) Merger
and Merger Policy Oxford: Oxford
University Press (1989).
"Substitutability of Leases and Debt in Corporate Capital
Structures,"
(with Felicia Marston), Journal of Accounting, Auditing and Finance
(Spring 1988).
"The Benefits of Geographical and Product Expansion in the
Financial Service Industry"
(with Robert Eisenbeis and Jeffrey Born), Journal of Financial
Services Research (January 1988).
"Means of Payment in Takeover:
Results for the United Kingdom and the United States" (with Julian Franks and Colin Mayer), in A. Auerbach Corporate
Takeovers: Causes and
Consequences, National Bureau of Economic Research, University of
Chicago Press (1988).
"Stockholders vs. Stakeholders"
UNC Business (Spring 1988).
"Consensus Forecasts of Corporate Earnings:
Analysts'
Forecasts and Time Series Methods"
(with Bob Conroy), Management Science (May 1987).
"The Role of The Mergers and Monopolies Commission in
Merger Policy: Costs and
Alternatives" (with Julian Franks), Oxford Review of Economic Policy
(Winter 1986).
"The Cost of Equity: Market
Estimates Using Financial Analysts'
Growth Forecasts" Proceedings of National Regulatory Information Conference,
sponsored by National Association of Regulatory Utility Commissioners
and the National Regulatory Research Institute (September 1986).
"Using Analysts'
Growth Forecasts to Estimate Shareholder Required Rates of Return,"
Financial Management (Spring 1986).
"Risk Adjusted Discount Rates:
Transition from the Average Risk Case,"
(with John Pringle), Journal of Financial Research (Fall 1985).
"Benefits of Bank Diversification:
The Evidence from Shareholder Returns,"
(with R. Eisenbeis and J. Lakonishok), Journal of Finance (July
1984).
"The Role of Market Structure in Merger
Behavior" (with John Stewart and W.T. Carleton), Journal of
Industrial Economics (March 1984).
"Corporate Behavior in Adjusting to Capital Structure and
Dividend Targets: An
Econometric Study" (with Abol Jalilvand), Journal of Finance (March
1984).
"An Empirical Analysis of the Role of the Medium of
Exchange in Mergers"
(with W. T. Carleton, David Guilkey, and John Stewart), Journal of
Finance (June 1983).
"A Note on the Implications of Miller's Argument for
Capital Budgeting"
(with John Pringle), Journal of Financial Research (Spring 1983).
Discussion
of "The
Cities Service Takeover: A
Case Study" Journal of Finance (May 1983).
Book
Review of Saving, Investment and Capital Markets in an Inflationary
Economy edited by M. Sarnat and G. Szego Financial Review
(February 1983).
"The Treatment of Financing Mix in Analyzing Investment
Opportunities"
(with Don Chambers and John Pringle), Financial Management
(Summer 1982).
"Characteristics of Acquired Firms:
Fixed and Random Coefficient Probit Analyses" (with John Stewart, David Guilkey and W. T. Carleton), Southern
Economic Journal (July 1982).
"Managerial Objective Functions:
Implications for a Firm's
Financial Decisions" (with Eli Talmor), Southern Economic Journal
(January 1982).
"The Financial Characteristics of Acquired
Firms" (with John Stewart and W.T. Carleton), in M. Keenan and
L. White (ed.), Mergers and Acquisitions:
Current Problems in Perspective.
Lexington, Mass.: D.C.
Heath and Company (1982).
An
Empirical Study of Merger Motives
(with John Stewart and W.T. Carleton), U. S. Federal Trade
Commission (Bureau of Competition) and Small Business Administration
(Office of Economic Research and Office of Advocacy) (1980).
This monograph has been used by the FTC in connection with
testimony for congress.
"Mergers: The
Asset Test" (with Donald Margotta), Tappi (March 1982).
This is a journal for managers in the paper industry.
"The Refunding of Discounted Debt:
An Adjusted Present Value Analysis"
Financial Management (Autumn 1980).
"The Effects of Mergers on Acquiring Firms" Journal of Financial Research (Fall 1980).
"Corporate Investment Rules in a Capital Asset Pricing
Model" American Economist (Spring 1976).
Back to top
WORKING
PAPERS
"Equity Rights Offerings in Japan"
(with R. Conroy), Darden School Working
Paper DSWP-98-10.
"Business Linkages and Post-merger Operating
Performance"
(with J. Parrino), January 2001.
