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Essays on financial malfeasance.

Reback, Charles Steven.

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Essays on financial malfeasance.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays on financial malfeasance./
Author:	Reback, Charles Steven.
Description:	88 p.
Notes:	Source: Dissertation Abstracts International, Volume: 66-12, Section: A, page: 4465.
Contained By:	Dissertation Abstracts International66-12A.
Subject:	Economics, General. -
Online resource:	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.
LDR:02102nmm 2200289 4500 001 1820455
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008 130610s2005 eng d
020 $a 9780542442773
035 $a (UnM)AAI3198466
035 $a AAI3198466
040 $a UnM $c UnM
100 1 $a Reback, Charles Steven. $3 1909679
245 1 0 $a Essays on financial malfeasance.
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.
590 $a School code: 0050.
650 4 $a Economics, General. $3 1017424
650 4 $a Economics, Finance. $3 626650
650 4 $a Economics, History. $3 1017418
690 $a 0501
690 $a 0508
690 $a 0509
710 2 0 $a Clemson University. $3 997173
773 0 $t Dissertation Abstracts International $g 66-12A.
790 1 0 $a Sauer, Raymond D., $e advisor
790 $a 0050
791 $a Ph.D.
792 $a 2005
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3198466