Journal of Applied Corporate Finance

1989 - 2024

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

From Morgan Stanley
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Volume 6, issue 4, 1994

THE MODERN INDUSTRIAL REVOLUTION, EXIT, AND THE FAILURE OF INTERNAL CONTROL SYSTEMS pp. 4-23

Michael Jensen

TO WHOM DOES THE COMPANY BELONG?: A NEW MANAGEMENT MISSION FOR THE INFORMATION AGE pp. 25-31

Joichi Aoi

IS AMERICAN CORPORATE GOVERNANCE FATALLY FLAWED? pp. 32-39

Merton Miller

CORPORATE GOVERNANCE OR CORPORATE VALUE ADDED?: RETHINKING THE PRIMACY OF SHAREHOLDER VALUE pp. 40-50

C. K. Prahalad

MANAGING FOR SHAREHOLDERS IN A SHRINKING INDUSTRY: THE CASE OF GRUMMAN pp. 51-54

Renso Caporali

THE CORPORATE RESTRUCTURING OF THE 1980S—AND ITS IMPORT FOR THE 1990s* pp. 55-69

Gordon Donaldson

IS THE DAZZLE OF OUR MARKETS BLINDING OR ENLIGHTENING? pp. 70-74

Peter L. Bernstein

LONG‐TERM REWARDS FROM SHAREHOLDER ACTIVISM: A STUDY OF THE “CalPERS EFFECT” pp. 75-80

Stephen L. Nesbitt

CREATING PAY‐FOR‐PERFORMANCE IN FINANCIALLY TROUBLED COMPANIES pp. 81-92

Stuart C. Gilson and Michael R. Vetsuypens

IS STYLE MANAGEMENT OUT OF STYLE? pp. 93-97

Daniel J. Cardell and James D. Miller

THE CORPORATE PENSION FUND AS A STRATEGIC BUSINESS UNIT pp. 98-102

Theodore K. Thornton

WHY THE CORPORATE PENSION FUND IS NOT JUST ANOTHER SBU pp. 103-108

William Reichenstein

THE STERN STEWART PERFORMANCE 1000: USING EVA™ TO BUILD MARKET VALUE pp. 109-112

Laura Walbert

Volume 6, issue 3, 1993

CORPORATE INSURANCE STRATEGY: THE CASE OF BRITISH PETROLEUM pp. 4-15

Neil A. Doherty and Clifford W. Smith

THEORY OF RISK CAPITAL IN FINANCIAL FIRMS pp. 16-32

Robert Merton and André Perold

THE TRAJECTORY OF CORPORATE FINANCIAL RISK MANAGEMENT pp. 33-41

Walter Dolde

THE NATURE AND CAUSES OF FOREIGN CURRENCY EXPOSURE pp. 61-72

John J. Pringle and Robert Connolly

AN OVERVIEW OF CURRENT TAX IMPEDIMENTS TO RISK MANAGEMENT pp. 73-80

Andrea S. Kramer and J. Clark Heston

MYTHS AND REALITIES OF THE GLOBAL CAPITAL MARKET: LESSONS FOR FINANCIAL MANAGERS pp. 81-90

Laurent Jacque and Gabriel Hawawini

GAINS FROM SYNTHETIC FINANCINGS WITH INTEREST RATE SWAPS: FACT OR FANCY? pp. 91-94

Vipul K. Bansal, James L. Bicksler, Andrew H. Chen and John F. Marshall

ESTIMATING THE VALUE OF CALL OPTIONS ON CORPORATE BONDS pp. 95-99

Richard J. Kish and Miles Livingston

How to Succeed in Derivatives Without Really Buying pp. 100-103

Andrew J. Kalotay and George O. Williams

RISK ADJUSTED PERFORMANCE MEASUREMENT IN THE TRADING ROOM pp. 104-108

Charles Bralver and Andrew Kuritzkes

ENVIRONMENTAL PROTECTION AND FORWARD CONTRACTS: SULFUR DIOXIDE EMISSION ALLOWANCES pp. 109-110

John Byrd and Tom Zwirlein

Volume 6, issue 2, 1993

CREATING RELATIONSHIPS BETWEEN CORPORATIONS AND INSTITUTIONAL INVESTORS: AN INTRODUCTION pp. 32-34

John Pound

A PERSPECTIVE ON THE NEW SHAREHOLDER ACTIVISM pp. 35-38

Lawrence Perlman

BUILDING RELATIONSHIPS WITH MAJOR SHAREHOLDERS: A CASE STUDY OF LOCKHEED pp. 39-47

Walter Skowronski and John Pound

FINANCE THEORY AND THE NEW INVESTOR RELATIONS pp. 48-53

John Byrd, Waldemar Goulet, Marilyn Johnson and Mark Johnson

HOW SOPHISTICATED IS THE MARKET IN INTERPRETING EARNINGS NEWS? pp. 54-63

Victor L. Bernard, Jacob K. Thomas and Jeffery S. Abarbanell

FUNDAMENTALS LARGELY EXPLAIN STOCK PRICE VOLATILITY pp. 81-87

S. P. Kothari and Jay Shanken

I'VE GOT THE HORSE RIGHT HERE: SPORTS BETTING AND MARKET EFFICIENCY pp. 88-90

Martin S. Fridson

ECONOMICALLY TARGETED INVESTMENTS: A NEW THREAT TO PRIVATE PENSION FUNDS pp. 91-95

M. Wayne Marr, John R. Nofsinger and John L. Trimble

Volume 6, issue 1, 1993

STILL SEARCHING FOR OPTIMAL CAPITAL STRUCTURE pp. 4-14

Stewart C. Myers

THE STAYING POWER OF LEVERAGED BUYOUTS pp. 15-24

Steven Kaplan

STRATEGIC RESTRUCTURING IN LARGE MANAGEMENT BUYOUTS pp. 25-37

John Easterwood and Anju Seth

LEVERAGED RECAPS AND THE CURBING OF CORPORATE OVERINVESTMENT pp. 60-71

David J. Denis and Diane K. Denis

THE EVOLUTION OF BUYOUT PRICING AND FINANCIAL STRUCTURE (OR, WHAT WENT WRONG) IN THE 1980s pp. 72-88

Steven Kaplan and Jeremy Stein

UNDERWRITER EFFECTS AND THE RISKINESS OF ORIGINAL‐ISSUE HIGH‐YIELD BONDS pp. 89-94

Harlan D. Platt

A COMPARISON OF THE U.K. AND U.S. BANKRUPTCY CODES pp. 95-103

Julian R. Franks and Walter N. Torous

HIGHLY LEVERAGED TRANSACTIONS AND FRAUDULENT CONVEYANCE LAW pp. 104-115

Timothy A. Luehrman and Lance L. Hirt

Volume 5, issue 4, 1993

Zen and the Art of Securities Regulation pp. 4-8

Joseph A. Grundfest

Dear Mr. President pp. 9-18

Edward H. Fleischman

REDUNDANT REGULATION OF FOREIGN SECURITY TRADING AND U.S. COMPETITIVENESS pp. 19-27

William Baumol and Burton G. Malkiel

Listing of Foreign Securities on U.S. Exchanges pp. 28-36

Franklin R. Edwards

REGULATING THE EQUITY COMPONENT OF CAPITAL STRUCTURE: THE SEC'S RESPONSE TO THE ONE‐SHARE, ONE‐VOTE CONTROVERSY pp. 37-43

Ronald J. Gilson

AN APPROPRIATE FEDERAL ROLE IN THE MARKET FOR CORPORATE CONTROL pp. 44-48

Michael Ryngaert

NEXT STEPS IN CORPORATE GOVERNANCE REFORM: 13(D) RULES AND CONTROL PERSON LIABILITY pp. 49-55

Bernard Black

MUTUAL FUNDS IN THE BOARDROOM pp. 56-61

Mark Roe

THE NEW DISCLOSURES OF EXECUTIVE PAY pp. 62-75

Merton Miller, Charles Cox, Ronald Gilson, Gregg Jarrell and Hans Stoll

An Overview of the Executive Compensation Debate pp. 76-82

Gregg A. Jarrell

ACCOUNTING FOR EXECUTIVE COMPENSATION pp. 83-88

Ross Watts

ORGANIZATION OF THE STOCK MARKET: COMPETITION OR FRAGMENTATION? pp. 89-93

Hans Stoll

MARKET TRANSPARENCY: PROS, CONS, AND PROPERTY RIGHTS pp. 94-97

J. Harold Mulherin

Volume 5, issue 3, 1992

RAIDERS, TARGETS, AND POLITICS: THE HISTORY AND FUTURE OF AMERICAN CORPORATE CONTROL pp. 6-18

John Pound

INSTITUTIONAL INVESTORS AND CORPORATE GOVERNANCE: THE CASE FOR INSTITUTIONAL VOICE pp. 19-32

Bernard Black

THE SEER MECHANISM: A PROPOSAL FOR SHAREHOLDER VOTING ON REINVESTMENT OF CORPORATE CASH FLOW pp. 33-46

Bartley J. Madden

RETHINKING TAKEOVER REGULATION pp. 47-57

Roberta Romano

THE CASE FOR INDEPENDENT OUTSIDE DIRECTORS pp. 78-82

John Byrd and Kent Hickman

THE CASE FOR PRIVATE PLACEMENTS: HOW SOPHISTICATED INVESTORS ADD VALUE TO CORPORATE DEBT ISSUERS pp. 83-91

Dennis Emerick and William White

PROJECT VALUATION UNDER UNCERTAINTY: WHEN DOES DCF FAIL? pp. 92-100

Nalin Kulatilaka and Alan Marcus

Volume 5, issue 2, 1992

CAPITAL CHOICES: CHANGING THE WAY AMERICA INVESTS IN INDUSTRY pp. 4-16

Michael E. Porter

ARE FINANCIAL MARKETS THE PROBLEM OR THE SOLUTION? A REPLY TO MICHAEL PORTER pp. 17-22

Peter L. Bernstein

ECONOMICS AND ETHICS: THE CASE OF SALOMON BROTHERS pp. 23-28

Clifford W. Smith

WHAT MAKES YOU THINK U.S. CAPITAL IS SO EXPENSIVE? pp. 29-41

W. Carl Kester and Timothy A. Luebrman

SHAREHOLDER TRADING PRACTICES AND CORPORATE INVESTMENT HORIZONS pp. 42-58

Kenneth Froot, Andre F. Perold and Jeremy C. Stein

THE MARKET REWARDS PROMISING R&D—AND PUNISHES THE REST pp. 59-66

Su H. Chan, John W. Kensinger and John D. Martin

CAPABILITIES AND CAPITAL INVESTMENT: NEW PERSPECTIVES ON CAPITAL BUDGETING pp. 67-82

Y. Baldwin Carliss and Kim B. Clark

GOVERNANCE, CONTRACTING, AND INVESTMENT HORIZONS: A LOOK AT JAPAN AND GERMANY pp. 83-98

W. Carl Kester

DOES EXECUTIVE COMPENSATION AFFECT INVESTMENT? pp. 99-109

Robert Gibbons and Kevin J. Murphy

THE NEW CONTINENTAL BANK APPROACH TO INCENTIVE COMPENSATION: A RESPONSE TO THE ROUNDTABLE pp. 131-134

Joseph V. Thompson

WHAT PAY FOR PERFORMANCE LOOKS LIKE: THE CASE OF MICHAEL EISNER pp. 135-136

Stephen F. O'Byrne

Volume 5, issue 1, 1992

UNCOMMON EQUITY pp. 36-43

Andrew H. Chen and John W. Kensinger

DUTCH AUCTION SHARE REPURCHASES: THEORY AND EVIDENCE pp. 44-49

Donald B. Hausch, Dennis E. Logue and James K. Seward

INNOVATION IN GLOBAL FINANCING: THE CASE OF EUROEQUITY OFFERINGS pp. 50-54

Wayne Marr, John L. Trimble and RaJ Varma

EQUITY INVESTMENT IN LATIN AMERICA pp. 55-60

Alberto Luzárraga

CAUSES AND CONSEQUENCES OF THE 1980s COMMERCIAL CONSTRUCTION BOOM pp. 61-70

Patric Hendershott and Edward Kane

THE FUTURE OF ASSET SECURITIZATION: THE BENEFITS AND COSTS OF BREAKING UP THE BANK pp. 71-82

George J. Benston

TAXING ILLUSORY GAINS: TAX REFORM pp. 88-93

Donald G. Simonson and Nelson P. Woodard