More Evidence That Corporate R&D Investment (and Effective Boards) Can Increase Firm Value

• Author: Feida (Frank) Zhang,Jamie Y. Tong
• Published date: 01 June 2014
• DOI: http://doi.org/10.1111/jacf.12071
• Date: 01 June 2014

In This Issue: Regulation and Capital Markets

Pick Your Poison—Fragmentation or Market Power? An Analysis of RegNMS,

High Frequency Trading, and Securities Market Structure

8Craig Pirrong, University of Houston

Systematic Policy and Forward Guidance at the Fed 15 Charles I. Plosser, Federal Reserve Bank of Philadelphia

Another Look at Bookbuilding, Auctions, and the Future of the IPO Process 19 Zhaohui Chen, University of Virginia. Alan D. Morrison,

University of Oxford, William J. Wilhelm, Jr., University of

Virginia and Lingnan College, Sun-Yat-Sen University

Economic Growth and Inequality: Why It Matters and What’s Coming Next 30 Chris Pinney, High Meadows Institute

Is There a Better Way to Examine Income Inequality? 40 Ron Schmidt, University of Rochester

A South African Success Story:

Excellence in the Corporate Use of Capital and Its Social Benets

50 Brian Kantor, Investec Wealth & Investment and

David Holland, David Holland Consulting

Attracting Long-Term Investors Through Integrated Thinking and

Reporting: A Clinical Study of a Biopharmaceutical Company

57 Andrew Knauer and George Serafeim,

Harvard Business School

Mechanisms of Board Turnover: Evidence From Backdating 65 Frederick L. Bereskin, University of Delaware, and

Clifford W. Smith, Jr., University of Rochester

Do Bond Covenants Affect Borrowing Costs? 79 Martin Fridson, Lehmann, Livian, Fridson Advisors LLC;

Xiaoyi Xu, FridsonVision LLC; Ruili Liu, FridsonVision LLC;

Yinqiao Yin, Bond Street Group

The Decision to Repurchase Debt 85 Timothy Kruse, Xavier University; Tom Nohel and

Steven K.Todd, Loyola University Chicago

More Evidence That Corporate R&D Investment (and Effective Boards)

Can Increase Firm Value

94 Jamie Y. Tong, University of Western Australia and

Feida (Frank) Zhang, Murdoch University

2013 Nobel Prize Revisited: Do Shiller’s Models Really Have Predictive Power? 101 Brian Kantor and Christopher Holdsworth, Investec

Securities and University of Cape Town

VOLUME 26 | NUMBER 2 | SPRING 2014

APPLIED CORPORATE FINANCE

Journal of