Journal of Applied Corporate Finance

1989 - 2024

Current editor(s): Donald H. Chew Jr.

From Morgan Stanley
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Volume 8, issue 4, 1996

ON FINANCIAL ARCHITECTURE: LEVERAGE, MATURITY, AND PRIORITY pp. 4-17

Michael J. Barclay and Clifford W. Smith

LBOs‐THE EVOLUTION OF FINANCIAL STRUCTURES AND STRATEGIES pp. 18-29

Jay R. Allen

USING CAPITAL STRUCTURE TO COMMUNICATE WITH INVESTORS: THE CASE OF CUC INTERNATIONAL pp. 30-44

Paul M. Healy and Krishna G. Palepu

THE MARKET PRICING OF CASH FLOW FORECASTS: DISCOUNTED CASH FLOW VS. THE METHOD OF “COMPARABLES” pp. 45-60

Steven Kaplan and Richard S. Ruback

LESSONS ON CAPITAL STRUCTURE FROM CHAPTER 11 REORGANIZATIONS pp. 61-70

Michael J. Alderson and Brian L. Betker

FINANCING GROWTH AFTER THE IPO pp. 73-83

Jean Helwege and Nellie Liang

LEVERAGED RECAPS AND THE CAUSES OF FINANCIAL DISTRESS pp. 84-96

David J. Denis and Diane K. Denis

PREPACKS AS A MECHANISM FOR RESOLVING FINANCIAL DISTRESS: THE EVIDENCE pp. 99-106

John J. McConnell, Ronald C. Lease and Elizabeth Tashjian

THE STERN STEWART PERFORMANCE 1000 pp. 107-111

Irwin Ross

Volume 8, issue 3, 1995

FINANCIAL RISK MANAGEMENT FOR DEVELOPING COUNTRIES: A POLICY OVERVIEW pp. 4-18

Donald Lessard

MAKING ACCOUNTING MORE INTERNATIONAL: WHY, HOW, AND HOW FAR WILL IT GO? pp. 19-29

Ray Ball

GLOBALIZATION OF CAPITAL MARKETS AND THE COST OF CAPITAL: THE CASE OF NESTLÉ pp. 30-38

René Stulz

WHEN THEORY FAILS: GLOBALIZATION AS A RESPONSE TO THE (HOSTILE) MARKET FOR FOREIGN EXCHANGE pp. 39-48

Dennis E. Logue

USES AND ABUSES OF CURRENCY OPTIONS pp. 49-57

Ian H. Giddy and Gunter Dufey

A LOOK AT INDIRECT FOREIGN CURRENCY EXPOSURE pp. 75-81

John Pringle

ISSUES IN FOREIGN EXCHANGE HEDGE ACCOUNTING pp. 82-94

Michael H. Moffett and Douglas J. Skinner

HOME BIAS IN EQUITY PORTFOLIOS AND THE COST OF CAPITAL FOR MULTINATIONAL FIRMS pp. 95-102

Ian Cooper and Evi Kaplanis

WHAT NEW CURRENCY RISK PRODUCTS ARE COMPANIES USING, AND WHY? pp. 103-114

Kurt Jesswein, Chuck C. Y. Kwok and William R. Folks

FOREIGN EXCHANGE BUDGET RATES: HOW THEY CAN AFFECT THE FIRM pp. 115-120

Arnold Miyamato and Stephen Godfrey

Volume 8, issue 2, 1995

SPECIFIC AND GENERAL KNOWLEDGE, AND ORGANIZATIONAL STRUCTURE pp. 4-18

Michael Jensen and William H. Heckling

THE ECONOMICS OF ORGANIZATIONAL ARCHITECTURE pp. 19-31

James Brickley, Clifford Smith and Jerold Zimmerman

THE EVA® FINANCIAL MANAGEMENT SYSTEM pp. 32-46

Joel M. Stern, G. Bennett Stewart and Donald H. Chew

PUTTING PERFORMANCE MEASURES TO WORK pp. 47-54

G.Robert Mueblbauser

A CASE OF MISTAKEN IDENTITY: THE USE OF EXPENSE/REVENUE RATIOS TO MEASURE RATIOS TO MEASURE BANK EFFICIENCY pp. 55-59

Jon Osborne

TRANSFER PRICING AND THE CONTROL OF INTERNAL CORPORATE TRANSACTIONS pp. 60-67

James Brickley, Clifford Smith and Jerold Zimmerman

VALUE CREATION IN THE INTERNAL CORPORATE MARKET: DESIGNING EFFECTIVE INTRA‐COMPANY CHARGES pp. 68-76

Marc Hodak

TOTAL COMPENSATION STRATEGY pp. 77-86

Stephen F. O'Byrne

MANAGERIAL INCENTIVES, MONITORING, AND RISK BEARING IN INITIAL PUBLIC OFFERING FIRMS pp. 87-96

Randolph P. Beatty and Edward J. Zajac

AN EXPANDED ROLE FOR PRIVATE PENSIONS IN U.S. CORPORATE GOVERNANCE pp. 97-110

Arnold W. Sametz

THE MODERN CORPORATION AND PRIVATE PENSIONS: STRONG MANAGERS, WEAK OWNERS pp. 111-119

Mark Roe

Volume 8, issue 1, 1995

SHAREHOLDERS AS AGENTS AND PRINCIPALS: THE CASE FOR SOUTH AFRICA'S CORPORATE GOVERNANCE SYSTEM pp. 1-32

Graham Barr, Jos Gerson and Brian Kantor

THE THEORY OF STOCK MARKET EFFICIENCY: ACCOMPLISHMENTS AND LIMITATIONS pp. 4-18

Ray Ball

CONCENTRATED OWNERSHIP AND DISCOUNTS ON CLOSED‐END FUNDS pp. 32-43

Michael J. Barclay, Clifford G. Holderness and Jeffrey Pontiff

A PERSPECTIVE ON ACCOUNTING AND STOCK PRICES pp. 43-53

Michael J. Brennan

IN DEFENSE OF BETA pp. 53-59

S. P. Kothari and Jay Shanken

INVESTOR BASE, COST OF CAPITAL, AND NEW LISTINGS ON THE NYSE pp. 59-64

Gregory B. Kadlec and John J. McConnell

DO STOCK PRICES REFLECT FUNDAMENTAL VALUES? pp. 64-70

J. Randall Woolridge

EQUITY MARKET TRANSPARENCY ON THE LONDON STOCK EXCHANGE pp. 70-78

Julian Franks and Stephen Schaefer

SUCCESSION STRATEGIES: TOOLS FOR CREATING MULTIGENERATIONAL WEALTH pp. 78-86

Leonard P. Diorio, Ross A. Fasano and John A. McAdams

THE COLLAPSE OF METALLGESELLSCHAFT: UNHEDGEABLE RISKS, POOR HEDGING STRATEGY, OR JUST BAD LUCK? pp. 86-105

Franklin R. Edwards and Michael S. Canter

MATURITY STRUCTURE OF A HEDGE MATTERS: LESSONS FROM THE METALLGESELLSCHAFT DEBACLE pp. 106-121

Antonio S. Mello and John E. Parsons

HEDGING IN THE THEORY OF CORPORATE FINANCE: A REPLY TO OUR CRITICS pp. 121-128

Christopher L. Culp and Merton Miller

WHY BUFFETT IS DIFFERENT FROM THE REST pp. 128-128

Donald H. Chew

Volume 7, issue 4, 1995

THE DETERMINANTS OF CORPORATE LEVERAGE AND DIVIDEND POLICIES pp. 4-19

Michael J. Barclay, Clifford W. Smith and Ross Watts

FINANCIAL POLICY AS A CATALYST FOR ORGANIZATIONAL CHANGE: SEALED AIR'S LEVERAGED SPECIAL DIVIDEND pp. 20-35

Karen Hopper Wruck

THE BENEFITS OF HIGH LEVERAGE: LESSONS FROM KROGER'S LEVERAGED RECAP AND SAFEWAY'S LBO pp. 38-52

David J. Denis

THREE PIECES TO THE CAPITAL STRUCTURE PUZZLE: THE CASES OF ALCO STANDARD, COMDISCO, AND REVCO pp. 53-61

Steven C. Patrick

METALLGESELLSCHAFT AND THE ECONOMICS OF SYNTHETIC STORAGE pp. 62-76

Christopher L. Culp and Merton Miller

USING A PERCS‐FOR‐COMMON EXCHANGE OFFER TO REDUCE THE COSTS OF A DIVIDEND CUT pp. 77-89

Douglas R. Emery and John D. Finnerty

SECURITIES INNOVATIONS: A HISTORICAL AND FUNCTIONAL PERSPECTIVE pp. 90-104

Peter Tufano

THE 1994 STERN STEWART PERFORMANCE 1000 pp. 105-110

Laura Walbert

Volume 7, issue 3, 1994

RISK AND REGULATION IN DERIVATIVES MARKETS pp. 8-22

Ludger Hentschel and Clifford W. Smith

A FRAMEWORK FOR RISK MANAGEMENT pp. 22-33

Kenneth Froot, David Scharfstein and Jeremy C. Stein

BANC ONE CORPORATION: ASSET AND LIABILITY MANAGEMENT pp. 33-52

Ben Esty, Peter Tufano and Jonathan Headley

COMMENTARIES ON BANC ONE'S HEDGING STRATEGY pp. 52-59

Robert Albertson

A PRACTICAL FRAMEWORK FOR CORPORATE EXPOSURE MANAGEMENT pp. 66-73

Joseph Bauman, Steve Saratore and William Liddle

STRUCTURED DEBT AND CORPORATE RISK MANAGEMENT pp. 73-85

Christopher L. Gulp, Dean Furbush and Barbara T. Kavanagh

Anatomy of the Structured Note Market pp. 85-99

Leland E. Crabbe and Joseph D. Argilagos

THE RISKS OF MORTGAGE BACKED SECURITIES AND THEIR DERIVATIVES pp. 99-112

Charles Austin Stone and Anne Zissu

Volume 7, issue 2, 1994

THE NATURE OF MAN* pp. 4-19

Michael Jensen and William H. Meckling

ETHICS, INCENTIVES, AND ORGANIZATIONAL DESIGN pp. 20-30

James Brickley, Clifford W. Smith and Jerold Zimmerman

INCENTIVES, RATIONALITY, AND SOCIETY pp. 31-39

Michael J. Brennan

SELF‐INTEREST, ALTRUISM, INCENTIVES, AND AGENCY THEORY pp. 40-45

Michael Jensen

STERN STEWART EVATM ROUND TABLE pp. 46-70

Carm Adimando, Robert Butler and Susan Malley

EVA™: FAST AND FANTASY pp. 71-84

G. Bennett Stewart

TO EVATM OR NOT TO EVA: IS THAT THE QUESTION? pp. 85-87

Timothy J. Sheehan

THE CASE FOR EXPENSING STOCK OPTIONS AGAINST EARNINGS pp. 88-90

Merton Miller and Graef S. Crystal

HOW (AND WHY) COMPANIES SHOULD VALUE THEIR EMPLOYEE STOCK OPTIONS pp. 91-99

Craig McCann

SOME NEW EVIDENCE THAT SPINOFFS CREATE VALUE pp. 100-107

Patrick Cusatis, Lehman Brothers, James A. Miles and J. Randall Woolridge

REFERENDA AND INITIATIVES: THE CURE FOR DEMOCRACY'S SPENDING PROBLEM pp. 108-116

Reuven Brenner

Volume 7, issue 1, 1994

THE GROWING MIDDLE MARKET DEMAND FOR SOPHISTICATED FINANCIAL PRODUCTS pp. 4-15

Marcus W. Acheson

Patient Power: The Free‐Enterprise Approach to the U.S. Health Care Problem pp. 39-48

John C. Goodman and Gelard L. Musgrave

HARVESTING THE ENTREPRENEURIAL VENTURE: A TIME FOR CREATING VALUE pp. 48-58

J. William Petty, William D. Bygrave and Joel M. Shulman

ORGANIZING THE FIRM: CHOOSING THE RIGHT BUSINESS ENTITY pp. 59-65

Christian Rexer and Timothy J. Sheehan

THE MARKET'S PROBLEMS WITH THE PRICING OF INITIAL PUBLIC OFFERINGS pp. 66-74

Roger G. Ibbotson, Jody L. Sindelar and Jay Ritter

EXTENDING TRADE CREDIT AND FINANCING RECEIVABLES pp. 75-84

Shehzad L. Mian and Clifford W. Smith

THE STATE OF THE HIGH YIELD BOND MARKET: OVERSHOOTING OR RETURN TO NORMALCY? pp. 85-85

Martin S. Fridson

HOW EVA™ CAN HELP TURN MID‐SIZED FIRMS INTO LARGE COMPANIES pp. 98-102

Marc Hodak

SAVINGS, CAPITAL GAINS, AND RISK‐TAKING: TOWARD AN ENTREPRENEURIAL THEORY OF GROWTH pp. 103-112

David P. Goldman