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Corporate Financial Decisions and Market Value

Studies on Dividend Policy, Price Volatility, and Ownership Structure

  • Book
  • © 1998

Overview

Authors:
  1. Giovanni Marseguerra

    1. Istituto di Econometria e Matematica, Università Cattolica del Sacro Cuore, Milano, Italy

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Part of the book series: Contributions to Management Science (MANAGEMENT SC.)

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Table of contents (12 chapters)

  1. Front Matter

    Pages i-viii
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  2. Introduction

    1. Introduction

      • Giovanni Marseguerra
      Pages 1-4

  3. Markets and Information

    1. Front Matter

      Pages 5-5
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    2. The Information Content of Dividends

      • Giovanni Marseguerra
      Pages 7-18

    3. An Application of the Kalman Filter

      • Giovanni Marseguerra
      Pages 19-28

    4. The Effect of Publicly Available Information

      • Giovanni Marseguerra
      Pages 29-37

  4. Managers and Stock Price

    1. Front Matter

      Pages 39-39
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    2. Dividend Policy and Stock Price Volatility

      • Giovanni Marseguerra
      Pages 41-65

    3. Volatility of Prices and Volatility of Dividends

      • Giovanni Marseguerra
      Pages 67-75

    4. A General Framework for the Variance Bounds Inequality

      • Giovanni Marseguerra
      Pages 77-99

  5. Ownership Structure and Investments

    1. Front Matter

      Pages 101-101
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    2. Value, Ownership, and Equity Linkages

      • Giovanni Marseguerra
      Pages 103-113

    3. Corporate Grouping and Resource Allocation

      • Giovanni Marseguerra
      Pages 115-132

    4. Ownership and Investments: A Numerical Example

      • Giovanni Marseguerra
      Pages 133-140

    5. Ownership Concentration and Corporate Control

      • Giovanni Marseguerra
      Pages 141-154

    6. Large Investor Activism and Corporate Monitoring

      • Giovanni Marseguerra
      Pages 155-169

  6. Back Matter

    Pages 171-181
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Keywords

About this book

How do managers of a firm choose between alternative finan­ cial policies? Can the choice of a particular financial policy affect the value of the firm? Since the early 1960s, the debate on these questions has been lively and interesting as economists have inves­ tigated the effect on the value of the firm of relaxing the various assumptions in the celebrated Modigliani-Miller theory. Further­ more, even if we stick to the MM-assumptions (that is, we assume perfect and complete capital markets, no taxes and symmetric information), and we therefore know that only optimally chosen investments determine firm's value, another interesting question arises: How does the structure of ownership affect investment de­ cisions (and, in turn, values)? This research monograph attempts to analyze some of the issues involved in this debate. It belongs to the area of mathematical economics and is intended to appeal to mathematical economists as well as economists and mathemati­ cians. It is meant to deal with economically relevant problems in a mathematically adequate way. To decide whether or not it succeeds in this task, it is up to the reader. I am greatly indebted to Dr. Margaret Bray for her supervi­ sion of my PhD thesis in Economics at the London School of Eco­ nomics from which this book resulted. She helped me as friend and adviser through many struggles in the last three years and invested a great amount of work in this thesis.

Authors and Affiliations

  • Istituto di Econometria e Matematica, Università Cattolica del Sacro Cuore, Milano, Italy

    Giovanni Marseguerra

Bibliographic Information

  • Book Title: Corporate Financial Decisions and Market Value

  • Book Subtitle: Studies on Dividend Policy, Price Volatility, and Ownership Structure

  • Authors: Giovanni Marseguerra

  • Series Title: Contributions to Management Science

  • DOI: https://doi.org/10.1007/978-3-642-47010-3

  • Publisher: Physica Heidelberg

  • eBook Packages: Springer Book Archive

  • Copyright Information: Physica-Verlag Heidelberg 1998

  • Softcover ISBN: 978-3-7908-1047-9Published: 05 November 1997

  • eBook ISBN: 978-3-642-47010-3Published: 06 December 2012

  • Series ISSN: 1431-1941

  • Series E-ISSN: 2197-716X

  • Edition Number: 1

  • Number of Pages: VIII, 181

  • Topics: Finance, general, Economic Theory/Quantitative Economics/Mathematical Methods

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