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If Ms [Helen Roman-Barber] decides to retain Lawson, it won’t be because of the company’s lousy stock price performance during the past 12 months. For one thing, Lawson’s 1988 profit of $1.45 a share was below analysts’ estimates, which were as high as $1.80 as late as last November.
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LEONARD ZEHR
Full text: [The Globe and Mail] Jun 3, 1989
The significance of target firms’ tax attributes in motivating acquisitions was examined. The weight of certain tax attributes in explaining stock-price response to acquisition announcements is determined through cross-sectional analysis of target and acquiring firms’ returns in tax-free and taxable acquisitions. The overall importance of tax attributes in the acquisition decision is determined by analyzing the actions of prospective acquirers and the stock-price response of the bidding and target firms to Internal Revenue Service rulings on the tax status of the acquisition. The announcement-period returns of companies grouped by tax status and by type of offer are calculated using an event-study methodology. The most prominent tax attribute in tax-free acquisitions is the total amount of net operating loss carryforwards and tax credits ready to expire; while in taxable acquisitions, it is the step-up in the acquired assets’ basis. Although tax considerations motivate acquisitions, it is the obtaining of tax-free status that increases the proposed acquisition’s likelihood of completion.
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Hayn, Carla
Full text: [Journal of Financial Economics] Jun 1989
The variance of returns on common stocks around the time exchange-traded options are listed on these stocks is examined. A sample is collected of the Chicago Board Options Exchange and the American Stock Exchange option listings. The results indicate that the listing of options on common stocks is associated with a decline in the variance of returns on these stocks. This decline is not completely explained by contemporaneous changes in market volatility. Assuming that trading volume and return volatility are positively related, the decline would be even larger after the increase in trading volume that also occurs around the time of options listing was controlled. The hypothesis is examined that the variance changes are related to changes in “trading noise” in the stock, but little direct support is found for this explanation. It is possible that the variance changes are a result of changes in the variability of the cash flows of the underlying firm.
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Skinner, Douglas J.
Full text: [Journal of Financial Economics] Jun 1989
A study was done about the international transmission mechanism of stock market movements. A 9-market vector autoregression (VAR) system was estimated. Simulated responses of the estimated VAR system were used to: 1. locate all the main channels of interactions among national stock markets, and 2. trace out the dynamic responses of one market to innovations in another. A considerable amount of multilateral interaction was detected among national stock markets. Innovations in the US rapidly are transmitted to other markets in a clearly recognizable manner, but no single foreign market can sufficiently explain US market movements. The dynamic response pattern was found to be consistent generally with the notion of informationally efficient international stock markets.
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Eun, Cheol S.
Shim, Sangdal
Full text: [Journal of Financial and Quantitative Analysis] Jun 1989
Many empirical studies of the weekend effect rest on a foundation of simple econometric models with strong statistical assumptions. The foundations rarely are evaluated systematically. Because of the importance of stock return anomalies to finance research, an analysis was done of the robustness of the day of the week and weekend effects to alternative estimation and testing procedures. The study focused on 3 issues: 1. the problem of interpreting classical test statistics with very large samples, 2. the impact of inferences of relaxing the Gaussian error distribution assumption, and 3. the time-varying volatility of stock returns. The newly derived Generalized Autoregressive Conditional Heteroskedasticity model is useful because it can parsimoniously incorporate autocorrelated returns, time-varying return volatility, and the fat-tailed error distribution.
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Full text: [Journal of Financial and Quantitative Analysis] Jun 1989
In the 3-moment capital asset pricing model constructed by Kraus and Litzenberger (1976), systematic skewness contributes to the risk premium of an asset. Earlier tests of the Kraus-Litzenberger (K-L) model relied either on cross-sectional regressions or on the assumptions of multivariate normality. Cross-sectional regressions have measurement error problems and yield estimators that are less efficient than estimators in a multivariate approach. By developing a set of moment conditions based on the theoretical implications of the K-L model, the model can be tested using Hansen’s (1982) generalized method of moments (GMM) method. The GMM method does not impose strong distributional assumptions on asset returns. The results of the tests suggest that systematic skewness is priced and that further research about the skewness model would be worthwhile.
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Lim, Kian-Guan
Full text: [Journal of Financial and Quantitative Analysis] Jun 1989
Two Canadian companies have recently adopted poison pill plans similar to those adopted by some US firms. Most of those US plans have been adopted without shareholder approval. Canadian directors have been told that poison pill plans discourage hostile takeovers or force bidders to negotiate with the target’s board of directors. Management and directors of Canadian publicly held companies that are vulnerable to hostile takeovers are considering poison pill plans or equivalent steps to ensure fairness to shareholders. There are legal and regulatory considerations, such as the “proper purpose” doctrine, which has been accorded deference by courts and academics for years. The oppression remedy, which is not included in US corporate statutes but is included in those of Canada and other jurisdictions, poses another difficulty for poison pill plans. This statutory remedy provides that a court can offer relief where the directors have exercised their powers in a manner that is oppressive or unfairly prejudicial to any security holder.
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Coleman, Gordon
Full text: [International Financial Law Review] Jun 1989
While trading has been very light in US markets, multimillion-share trading days have become common in some Asian markets. As Asian exchanges continue to grow, they are looking to transaction systems for online trading. The Korean Stock Exchange, which has announced a long-term plan to expand its computerized systems, already has initiated an automated trading system. This exchange offers an online information system that includes: 1. computerized order routing, 2. stock price display, 3. market information, and 4. securities information. Stratus, a leading vendor, was chosen for the Republic of Korea’s online information and trading system. Although the exchange technology used in Asia is behind that of the US, it is developing rapidly. Systems in use in the US were developed with a previous generation of computer technology, and US exchanges are committed to them to preserve their investments. As a result, these exchanges may be looking to the East for global investing systems.
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Strazewski, Len
Full text: [Intermarket] Jun 1989
Meanwhile, another Commerce Department report Wednesday also pointed to an early spring pickup in the economy as new orders for non-durable manufactured goods advanced a surprisingly hefty 2.4 percent in April, while the total gain for all kinds of manufactured goods rose 2.7 percent. Weakness in various measures of output and sales have signaled that economic growth is slowing and raised some concerns about a possible recession. The slowdown has also, however, raised hopes that the Federal Reserve might ease the tight grip it has kept on monetary policy for more than a year. Ranked by the size of their contribution, the factors that contributed to the increase were manufacturers’ new orders for consumer goods and materials, building permits, the average work week, stock prices, weekly initial claims for state unemployment insurance, vendor performance, contracts and orders for plant and equipment and the change in manufacturers’ unfilled orders.
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ROBERT D. HERSHEY Jr.
Full text: [Houston Chronicle (pre-1997 Fulltext)] Jun 1, 1989
Statistics from 1981 through Jul 1, 1989.
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Anonymous
Full text: [Economic Indicators] Jun 1989
The April report showed that eight of the 11 indicators in the index rose, led by increased manufacturers’ orders for consumer goods, increased building permits and a longer average workweek. Other pluses were higher stock prices, lower initial claims for jobless benefits, slower vendor deliveries meaning growing demand, more orders for plants and equipment and an increase in manufacturers’ unfilled orders. “We believe there will be a slowdown that is gradually occurring in the economy, but it’s not going to ultimately end in a recession,” said economist John Hagens of the WEFA Group in Bala Cynwyd, Pa. “It was a bit too premature to call for a recession later this year based on the data in February and March.”
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Full text: [Chicago Sun - Times] Jun 1, 1989
Some of the hotest scams used to swindle retirees out of their annuities are discussed. Most swindlers use stocks, securities, and coins to lure a prospective victum.
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Paulson, Morton C
Full text: [Changing Times] Jun 1989
Stock options conjure up visions of high rollers and craps tables. But despite their reputation as risky investments, options fitcomfortably into conservative portfolios, too. The best-known strategy for moderate-risk investors is the sale of covered call options.
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MANUEL SCHIFFRES
Full text: [Changing Times (1986-1991)] Jun 1989
The Tokyo Stock Exchange (TSE) has made an effort to achieve more market growth and play a greater role in the globalizing equity markets in order to better serve investors and issuers worldwide. Several factors are at work behind globalizing equity trading. These include: 1. a growing interdependence of national economies, 2. the deregulation of capital markets and exchange control, 3. the institutionalization of savings and wealth, 4. the volatility of exchange rates and stock prices, and 5. developments of electronic and communications technology. The TSE has reacted to these changing environments by trying to internationalize itself, strengthening its market through: 1. the encouragement of foreign listing, 2. an enlargement of the membership base, 3. a reduction in transaction costs, 4. the introduction of new products, 5. the computerization of operations, and 6. the enhancement of market integrity. Major economies and markets must cooperate and coordinate in order to maintain worldwide financial stability.
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Nagaoka, Minoru
Full text: [Business Japan] Jun 1989
Food retailing is now the buzz area in the market, partly because earnings growth should be secure during any UK consumer recession through to 1992. Also, Tesco managed by a single act some weeks ago to transform images of the sector and to set in motion a whole series of bids, mergers, and takeovers. On April 12, 1989, Tesco Chairman and Chief Executive Ian MacLaurin unveiled his group’s full-year figures, shocking the market. Sales registered a gain of 15%, and pretax profits jumped by more than 1/5. In the 1970s, MacLaurin emerged as the group’s dominant force, the person capable of changing the corporate culture while maintaining continuity. MacLaurin chased Sainsbury up the market; he chose to push rapidly into out-of-town superstores, pioneered, but then neglected, by Asda; and he aimed to build the type of brand loyalty enjoyed by premier retailers like Marks & Spencer. Close examination of Tesco’s published data reveals the risks MacLaurin and his team have taken. MacLaurin’s successful gamble is putting intolerable pressure on conventional structures of the sector that were already in unstable equilibrium.
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Dunn, Chris
Full text: [Business] Jun 1989
Tokyo stock investors kissed domestic-demand issues goodbye, traders said, eliminating one “theme” that has fueled the past year’s rally and sending a broad section of the market lower. Earlier in the session in Tokyo, blue-chip technology issues such as electrical, auto, and precision machinery stocks had managed moderate gains, but these stocks gave back their increases as concern spread about the ruling party’s continuing trouble in picking a successor to Prime Minister Takeshita. Volume on the first section was on the rebound, however. The estimated final tally swelled to 1.60 billion shares from 1.16 billion shares Wednesday. Wednesday was the first time in 17 sessions that market volume exceeded one billion shares. Losers outnumbered gainers 632-320, and 151 issues were unchanged.
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Full text: [Wall Street Journal] Jun 2, 1989
Potlatch Corp. official says there is “no internal activity and no announcement pending” to explain the recent rise in the forest-product concern’s stock price.
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Full text: [Wall Street Journal] Jun 2, 1989
[Richard Eakle] also says that the recent run-up in stock prices lacked two key bullish elements. To confirm that the bull market was indeed expanding in the May rally, NYSE volume should have run 275 million to 300 million shares a day and the number of daily advancing NYSE issues should have outnumbered decliners by at least 3 to 1. Instead, May volume averaged 170 million shares and the advance-decline ratio stayed around 1.5 to 1. His top picks (see chart) are mostly smaller firms, which, he says, offer the best values. But overall, Eakle reiterates, “it’s a bum time to be buoyant.” TEXT OF GRAPHIC Eakle’s best and worst bets Here are the 15 stocks that technical strategist Richard Eakle predicts will get whacked the most in the market decline he’s forecasting, and 10 others that he says should rise despite the market drop. The worst bets – Sharply diminishing cash reserves in institutional hands. Mutual fund cash positions, for example, stand at 8.7%, the lowest level since August 1987. Institutional equity portfolios – as measured by Indata, a Stamford, Conn., outfit that tracks 1,230 portfolios with $150 billion of assets – show cash reserves of 5.9%, the lowest since September 1987. Such low cash levels reflect an aging bull cycle, Eakle says.
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Dan Dorfman
Full text: [USA TODAY (pre-1997 Fulltext)] Jun 2, 1989
NEW YORK, June 1 — In the biggest block trade in the history of the New York Stock Exchange, investor Carl Icahn today sold his $2.1 billion worth of shares in Texaco Inc., the giant oil company he had once threatened to take over. The sale sparked market speculation that Icahn might use the money to increase his 11 percent stake in USX Corp. or his reported 4 percent stake in Williams Cos., but Icahn declined to comment about his plans. The price of USX jumped $2.62 1/2 to $37.50 a share; Williams rose $2 to $38 a share. USX trading was halted shortly before the market closed because of an order imbalance. (excerpt)
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Mufson, Steven
Full text: [The Washington Post] Jun 02, 1989
The company said [Bruce Bronfman] and [Steven Reichmann] each purchased 1.25 million special warrants at 20 cents each. Each special warrant entitles the holder to acquire at no additional cost 1.25 million common shares and 1.25 million warrants.
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Full text: [The Vancouver Sun] Jun 2, 1989