An entertaining summary of the broad reshaping of U.S. corporate finance in the last decade and a half. The late 1980s saw a huge wave of corporate leveraging. The U.S. financial landscape was dominated by a series of high-stakes leveraged buyouts as firms replaced their equity with new fixed debt obligations. Cash-financed acquisitions and defensive share repurchases also decapitalized corporations. This trend culminated in the sensational debt-financed bidding for RJR-Nabisco, the largest leveraged buyout of all time, before dramatically reversing itself in the early 1990s with a rapid return to equity.This entertaining summary of the broad reshaping of U.S. corporate finance in the last decade and a half looks at three major issues: why corporations leveraged up in the first place, why and how the leverage wave came to an end, and what policy lessons are to be drawn.Using the Minsky-Kindleberger model as a framework, the authors interpret the rise and fall of leveraging as a financial market mania. In the course of chronicling the return to equity in the 1990s, they address a number of important corporate finance questions: How important was the return to equity in relieving corporations' debt burdens? How did the return to equity affect the ability of young high-tech firms to finance themselves without selling out to foreign firms?
In March 2003, the Financial Accounting Standards Board (FASB) began reconsidering the accounting standard for equity-based compensation. The Board released an exposure draft for a revised standard on Mar. 31, 2004. That revised standard would require firms to recognize the fair value of employee stock options (ESO) as an expense, as was first proposed by FASB more than 10 years ago. This paper assesses whether, under the current accounting standard, firms that grant ESO without recognizing an expense overstate their income. Presents the relevant issues, describes the current standard for ESO, compares the intrinsic value & fair value methods of measure., & weighs the potential economic effects of revising the standard. Ill.
The definitive resource for survey questionnaire testing and evaluation Over the past two decades, methods for the development, evaluation, and testing of survey questionnaires have undergone radical change. Research has now begun to identify the strengths and weaknesses of various testing and evaluation methods, as well as to estimate the methods’ reliability and validity. Expanding and adding to the research presented at the International Conference on Questionnaire Development, Evaluation and Testing Methods, this title presents the most up-to-date knowledge in this burgeoning field. The only book dedicated to the evaluation and testing of survey questionnaires, this practical reference work brings together the expertise of over fifty leading, international researchers from a broad range of fields. The volume is divided into seven sections: Cognitive interviews Mode of administration Supplements to conventional pretests Special populations Experiments Multi-method applications Statistical modeling Comprehensive and carefully edited, this groundbreaking text offers researchers a solid foundation in the latest developments in testing and evaluating survey questionnaires, as well as a thorough introduction to emerging techniques and technologies.
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