Articles

Nonparametric prediction of stock returns based on yearly data. The long term view.

Author(s):

Jens Nielsen

 et al.
Industry:
Banking

Is it possible to predict equity returns and premiums with the use of empirical models? This is one of the most frequently pondered and studied questions in finance. In this research we examine the predictability of returns, taking the actuarial long term view and basing predictions on yearly data.

Updated: 12/02/2013
Comments:
Views: 949

Learning From Your Investors: Shareholder support in M&A transactions

Author(s):

Maria Carapeto

 et al.
Industry:
Any Industry

With companies increasingly looking at targets abroad, the need to acquire specialised knowledge about the target, the target country's environment and the potential merits that may result from a given M&A deal is becoming ever more important. This research looks at the assistance long-term institutional shareholders could offer corporates in achieving their aims.

Updated: 08/02/2013
Comments:
Views: 756

The Cass MARC M&A Maturity Index 2012

Author(s):

Scott Moeller

 et al.
Topic:
Finance
Industry:
Any Industry

In collaboration with its research partners, Credit Suisse and Ernst & Young, the M&A Research Centre (MARC) at Cass Business School provides its second annual report (July 2012) on the maturity for M&A purposes of countries worldwide. The Cass MARC Maturity Index illustrates each country's ability to attract and sustain M&A activity, as well as identifying areas where improvement is needed. The index rates 148 countries according to their regulatory and political, economic and financial, technological and socio-economic environments, as well as their level of assets and infrastructure. It looks at the attractiveness of each country for domestic and inward deals and does not address external acquisitions for companies based in that country.

Updated: 06/02/2013
Comments:
Views: 716

The Economic Impact of M&A: Implications for UK firms

Author(s):

Scott Moeller

 et al.
Industry:
Any Industry

M&A deals are complex and challenging transactions that arguably represent the most significant investment a company can undertake, and give researchers an opportunity to analyse the value implications of these executive decisions. Whether mergers and acquisitions ultimately create or destroy corporate value and the identification of the factors that determine M&A success or failure are issues of crucial importance for both the management and shareholders of companies, and also for policy makers. The results presented in this paper provide some important conclusions regarding the impact of mergers and acquisitions in the UK, which should be taken into consideration by policymakers reviewing this area of the corporate environment.

Updated: 06/02/2013
Comments:
Views: 776

How They Spend It: A study of corporate cash levels and spending behaviour

Author(s):

Scott Moeller

 et al.
Industry:
Any Industry

This research examines Corporate Cash Holdings, Corporates' Spending Patterns and Optimal Spending Strategies, using all non-financial and non-utility companies listed on the London Stock Exchange at any point in time between 1996 and 2010 as a study sample.

Updated: 31/01/2013
Comments:
Views: 760

The First 1,000 Days in the Life of an IPO

Author(s):

Scott Moeller

 et al.
Industry:
Any Industry

Firms which list their shares on the pubic market should do so with the intent of using their new status for further growth. Whether they do so, and how their activities affect performance, are the bases of this study. In collaboration with its research partners, Credit Suisse and Ernst & Young, the M&A Research Centre (MARC) at Cass Business School performed a study of UK IPOs between 1995 and 2008. The study followed 1,559 companies for the 1,000 days after their first day of trading. The sample includes IPOs which listed their shares on either the UK Main exchange (Main) or on the Alternative Investment Market (AIM).

Updated: 29/01/2013
Comments:
Views: 849

How to manage a euro exit

Author(s):

Rob Thomas

Topic:
Finance
Industry:
Any Industry

In recent years the world's financial markets have been mesmerised by the existential crisis that has engulfed the euro. This has made it very difficult for fund managers to get on with the job of managing client money. It is crucial for all those investors that put their faith in the fund management industry that European politicians find a sustainable solution to their problems. One of these solutions may involve the exit of one or more nations from the euro. This paper sets out a practical mechanism for one or more countries to leave the euro. One which would hopefully minimise the economic costs for all concerned.

Updated: 24/01/2013
Comments:
Views: 1,094

Cannot Make Do Without You: Outsourcing by Knowledge-Intensive New Firms in Supplier Networks

Author(s):

Ajay Bhalla

 et al.
Topic:
Strategy
Industry:
Any Industry

Outsourcing is a strategy which involves sourcing activities that firms may not have completed in-house in the past, or the substitution of internal activities by transfer, in part or whole, to a third party supplier. This research focuses on two exploratory research questions - how do new firms use outsourcing to access valuable resources and capabilities residing in supplier networks, and secondly, what capabilities do new firms need to successfully outsource in supplier networks?

Updated: 22/01/2013
Comments:
Views: 899

Factors that influence the success of women in careers.

We investigate the careers of women, in terms of the influence from individual and organisational factors on objective (management level, salary) and subjective (satisfaction) success. Using a survey and interviews of executives in South Korea, we find influences from both sets of factors, but in particular from male-dominated organisational cultures.

Updated: 21/01/2013
Comments:
Views: 823