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Essays on financial malfeasance.

Reback, Charles Steven.

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Essays on financial malfeasance.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays on financial malfeasance./
作者:	Reback, Charles Steven.
面頁冊數:	88 p.
附註:	Source: Dissertation Abstracts International, Volume: 66-12, Section: A, page: 4465.
Contained By:	Dissertation Abstracts International66-12A.
標題:	Economics, General. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3198466
ISBN:	9780542442773

Essays on financial malfeasance.
Reback, Charles Steven.

Essays on financial malfeasance. - 88 p.

Source: Dissertation Abstracts International, Volume: 66-12, Section: A, page: 4465.

Thesis (Ph.D.)--Clemson University, 2005.

The evidence from a stock market event study shows that the United States Steel Company was viewed from its inception as a monopolistic competitor. Upon announcement of the formation of the company, the stock prices of competing firms reacted positively, consistent with the theory of the dominant firm. Throughout the 1990s many firms purchased naming rights for major league sports venues. I hypothesize that these purchases are an example of agency cost by managers and not profit maximization, and offer evidence supporting this assertion. An event study of the announcement effect indicates negative abnormal returns and thus conveys negative information regarding the firm's future profits. Also, long-term abnormal performance is indicative of sub-optimal behavior. Finally, the firms which purchase such naming rights exhibit a higher than normal rate of bankruptcy. These results are consistent with the proposition that naming rights deals were a mute signal of the appropriation of shareholder wealth by corporate managers. Firms whose managers have a greater proportion of their wealth in unvested stock options or restricted stock exhibit less earnings management than do firms whose managers' wealth is vested and exercisable.

ISBN: 9780542442773Subjects--Topical Terms:

1017424
Economics, General.

Essays on financial malfeasance.
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300 $a 88 p.
500 $a Source: Dissertation Abstracts International, Volume: 66-12, Section: A, page: 4465.
500 $a Adviser: Raymond D. Sauer.
502 $a Thesis (Ph.D.)--Clemson University, 2005.
520 $a The evidence from a stock market event study shows that the United States Steel Company was viewed from its inception as a monopolistic competitor. Upon announcement of the formation of the company, the stock prices of competing firms reacted positively, consistent with the theory of the dominant firm. Throughout the 1990s many firms purchased naming rights for major league sports venues. I hypothesize that these purchases are an example of agency cost by managers and not profit maximization, and offer evidence supporting this assertion. An event study of the announcement effect indicates negative abnormal returns and thus conveys negative information regarding the firm's future profits. Also, long-term abnormal performance is indicative of sub-optimal behavior. Finally, the firms which purchase such naming rights exhibit a higher than normal rate of bankruptcy. These results are consistent with the proposition that naming rights deals were a mute signal of the appropriation of shareholder wealth by corporate managers. Firms whose managers have a greater proportion of their wealth in unvested stock options or restricted stock exhibit less earnings management than do firms whose managers' wealth is vested and exercisable.
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650 4 $a Economics, Finance. $3 626650
650 4 $a Economics, History. $3 1017418
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