venture capital special issue || back matter

Back MatterSource: Financial Management, Vol. 23, No. 3, Venture Capital Special Issue (Autumn, 1994),pp. 82-102Published by: Wiley on behalf of the Financial Management Association InternationalStable URL: http://www.jstor.org/stable/3665625 .

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Index to Announcements

and Advertising FMA ANNOUNCEMENTS

83 1995 FMA Annual Meeting Program 83 Call for Participation in the 1995 FMA Annual Meeting 83 Future FMA Meetings 84 FMA Membership Application 85 Call for Nominations for 1995 FMA Officers and Directors

85 FMA Library Subscription Application 86 FMA Student Programs and 1994 Superior Chapter Award Winners

87 1994 FMA Doctoral Student Seminar Participants

88 FMA Professional Grants and Awards

102 FMA Membership Services

POSITIONS AVAILABLE AND APPOINTMENTS SOUGHT

89 Advertisements for Positions Available and Appointments Sought

89 Indiana University-Purdue University Fort Wayne

89 Rensselaer, School of Management

90 Imperial College, University of London

91 Miami University

ANNOUNCEMENTS

92 Meetings

93 Calls for Papers

94 Manuscript Submissions

95 General

ADVERTISEMENTS

96 European Financial Management Association 1995 Annual Meeting

96 William E. Simon Graduate School of Business Administration

97 FMA Survey and Synthesis Series

98 Greenwood Publishing Group

99 Blackwell Publishers

100 Seventh Annual PACAP Finance Conference

100 1994 PACAP Databases

101 Kolb Publishing Company 102 CPCU Journal

103 Statement of Ownership, Management and Circulation

82



ANNOUNCEMENTS

FM NONEET

FMA's Silver Anniversary Meeting The Financial Management Association (FMA) will celebrate its twenty-fifth anniversary at the

Silver Anniversary Meeting on October 18-21, 1995 at New York City's Marriott Marquis Hotel. Association members, founders, and invited guests will come together to share their ideas and expertise during what is sure to be the Association's most exciting conference ever. The 1995 program will feature an impressive array of panel sessions, tutorials, and roundtables featuring the industry's most distinguished practitioners and academicians. Additionally, New York City offers conference attendees a not-to-be-missed experience in the world's most cosmopolitan city. Attendees may:

*Watch the frenzied activity of the floor of the Exchange or gaze hungrily at the contents of the vault at the New York Fed

* Enjoy a panoramic view of the tri-state area from the top of the World Trade Center or Empire State Building

* Relive America's past at Ellis Island, the Statue of Liberty or any one of a multitude of historic museums

* Lose themselves in the tranquillity and splendor of the exhibits at the Metropolitan or Guggenheim museums

* Choose from every imaginable genre of entertainment along "The Great White Way" -whether it be Victor Hugo's immensely moving "Les Miserables," the untraditional love stories of "Phantom of the Opera" or "Beauty and the Beast" or one of the timeless classics "Damn Yankees" or "Guys and Dolls," to name but a few of Broadway's offerings

* Shop-til-you-drop-Fifth Avenue, Trump Plaza, Seventh Avenue-if you want to buy it, New York has it!

* Eat, then eat some more-from the timeless elegance of Windows on the World and the Russian Tea Room to classic New York deli at the Stage or Chandlers to the latest rage of Planet Hollywood, Harley Davidson's and the Hard Rock Cafe, New York offers something for every appetite

The FMA cordially invites you to join us in celebrating twenty-five years of service to the profession.

The 1995 meeting- a gala celebration of 25 years of innovation, discovery, and education- will be an unforgettable experience.

START PLANNING NOW TO JOIN US!

Those interested in participating in the 1995 program should contact:

William Curt Hunter c/o Financial Management Association

University of South Florida College of Business Administration

Tampa, FL 33620-5500

The deadline is January 17, 1995! The Call-For-Papers will be mailed in early September 1994. Registration packets for the New York meeting will be mailed in early August 1995.

FUTURE FMA MEETINGS 1995 New York, NY Marriott Marquis 1996 New Orleans, LA Sheraton Hotel 1997 Honolulu, HI Hilton Hawaiian Village 1998 Chicago, IL Chicago Hyatt 1999 Orlando, FL Marriott's World Center

83



P e-

A

Financial Management Association International MEMBERSHIP APPLICATION

MEMBERSHIP DUES (Circle one) Professional Member $ 65 Sustaining Member $ 90 Ph.D./DBA Student Member $ 30

POSTAGE OUTSIDE OF THE U.S. (Circle one) Surface: Canada and Mexico $ 15

All other countries $ 20 Airmail: Canada and Mexico $ 25

All other countries $ 80

TOTAL ENCLOSED $

PLEASE MAKE CHECK PAYABLE TO:

FINANCIAL MANAGEMENT ASSOCIATION COLLEGE OF BUSINESS ADMINISTRATION

UNIVERSITY OF SOUTH FLORIDA TAMPA, FL 33620-5500

CHECKS MUST BE IN U.S. DOLLARS DRAWN ON A U.S. BANK

Membership dues include $10.00 for a subscription to Financial Management. Members also receive subscriptions to Financial Practice and Education and to the Financial Management Collection. Renewal fees for annual membership are $50 for professional members, $75 for sustaining members, and $30 for Ph.D/DBA student members. The higher membership fee paid by sustaining members provides additional support for FMA publications, activities, and services.

(Please type or print) Name:

First Middle Initial Last FOR OFFICE USE ONLY

Title: ACT _ _ _

Mailing Address: MEM

City: State: Zip: Country: Affiliation (if not part of address): Primary Telephone: ( ) Secondary Telephone: ( ) Facsimile Number: ( ) E-Mail Number:

PROFESSIONAL INTERESTS Please provide the following additional information to enable us to identify your professional interests.

I. O ACADEMIC or 1 PRACTITIONER III. RESEARCH/PROFESSIONAL INTEREST (Choose 3)

II. PRIMARY AREA OF EMPLOYMENT, 101 Agency Theory 120 Investments TEACHING, OR RESEARCH (Check only one) 102 APT/CAPM 121 Investment Banking

ACADEMIC PRACTITIONER 103 Bankruptcy 122 Leasing 001 Accounting 020 Accounting 104 Bonds 123 Macrofinance 002 Economics 021 Brokerage 105 Capital Budgeting 124 Management of

003 Finance (Corporate) 022 Commercial Banking 106 Capital Structure Financial Institutions

004 Finance (Investments) 023 Communication Service/ 107 Commercial Banking 125 Market Efficiency 005 Finance (Institutions) Publishing 108 Computer/Info Systems 126 Mergers/Acquisitions 006 Finance (Insurance) 024 Consulting 109 Consumer Finance 127 Mutual Funds/ 007 Finance (Real Estate) 025 Energy 110 Corporate Finance Institutional Investors 008 Finance (General) 026 Financial Institution 111 Cost of Capital 128 Portfolio Management 009 Management (Non-Bank) 112 Dividend Policy 129 Real Estate 010 Marketing 027 Food Service 113 Financial Analysis 130 Regulated Industries 011 College/Univ. Admin. 028 Government 114 Financial Education 131 Risk

029 Health Care 115 Financial Planning/ 132 Security Regulation/ 030 Manufacturing Corporate Exchange 031 Non-Profit 116 Financial Planning/ 133 Small Business 032 Public Utilities Personal 134 Statistical Techniques 033 Real Estate 117 Futures/Options 135 Systems Analysis/Design 034 Retailing/Wholesaling/Service 118 Insurance 136 Valuation

035 Transportation/Distribution 119 International 137 Working Capital Management

Please mail this form with payment to: Financial Management Association, College of Business Administration, University of South Florida, Tampa, FL 33620-5500, TEL 813-974-2084, FAX 813-974-3318.



FMA ANNOUNCEMENTS

CALL FOR NOMINATIONS FOR FMA OFFICERS AND DIRECTORS

The following offices will be filled in the 1996 Election:

President (1997-1998) Northeast Regional Director (1996-1998)

Vice President-Program (1998) Pacific Regional Director (1996-1998)

Vice President-Membership Services (1997-1998) Canada Regional Director (1996-1998)

Vice President-Awards (1997-1998) Practitioner Director (3) (1996-1998)

Vice President-Financial Education (1996-1998)

If you know of individuals who are deserving of consideration for nomination, please complete this form and support each nomination with a brief statement describing the nominee's qualifications.

Nominee

Affiliation

Office

Reason(s) for supporting nomination

Please send all nominations to: Financial Management Association, University of South Florida, College of Business Administration, Tampa, FL 33620-5500

FMA LIBRARY SUBSCRIPTION APPLICATION (Use this form or your regular purchase order or order through your agency)

Please make checks in U.S. dollars drawn on a U.S. bank payable to the FINANCIAL MANAGEMENT ASSOCIATION

SUBSCRIPTION RATES: $100 PER YEAR

Ei PLEASE SEND BILL

SURFACE POSTAGE RATES AIRMAIL POSTAGE RATES

Canada and Mexico $7.00 Canada and Mexico $12.00 All Other Foreign Countries $9.00 All Other Foreign Countries $37.00

NOTE: Back issues are available. If you would like information regarding availability and cost, indicate the

Fill in name and mailing address as you would like it to name and address to whom correspondence should be appear: addressed.

Name:

Title:

Address:

Business Telephone:

International Standard Serial Number: US ISSN 0046-3892

85



FMA ANNOUNCEMENTS

FMA STUDENT PROGRAMS The Financial Management Association's Student Program now includes over 200 active Student Chapters and National Honor Societies throughout the world. The FMA Student Program has two components: FMA Student Chapters and the FMA National Honor Society. Local FMA Student Chapters are student finance organizations that participate in a variety of professional, educational, and social activities. The National Honor Society extends this concept by recognizing individuals who have attained a high level of scholarship and academic achievement. Honor Society members have the distinction of belonging to the only honorary specifically for students of finance.

The FMA Student Chapters' Award Program was designed to recognize excellence in professional development, membership development, and community service activities among chapters. The following chapters received the 1993-1994 FMA Superior Chapter designation:

Arizona State University University ofHawaii-Manoa J. Ronald Hoffmeister, Faculty Advisor Lena Chua, Faculty Advisor

DePaul University University of Missouri Herb Horwich, Faculty Advisor Raymond Brooks, Faculty Advisor

Kansas State University University of North Texas Ali Fatemi, Faculty Advisor Steve Cole, Faculty Advisor

Mississippi State University University of Oklahoma Wayne Kelly, Faculty Advisor Jae Ha Lee, Faculty Advisor

Northwest Missouri State University University of South Dakota Alfred Kelly, Faculty Co-Advisor Kumoli Ramakrishnan, Faculty Advisor Michael Wilson, Faculty Co-Advisor University of Texas-Arlington Oklahoma State University Dave Diltz, Faculty Advisor Rory Terry, Faculty Advisor University of Utah SUNY-New Paltz Cal Boardman, Faculty Advisor Hadi Salavitabar, Faculty Advisor

Additionally, the following chapters received 1993-1994 Honorable Mention-FMA Superior Chapter Award

Florida State University James Madison University Pam Peterson, Faculty Advisor Nelson Woodard, Faculty Co-Advisor

Joe Albert, Faculty Co-Advisor

How to Establish an FMA Student Program at Your School:

The chartering process is simple! The FMA office will provide you with the forms and applications you need. Once you have obtained the appropriate signatures, return the documents to the FMA office for approval. There is no chartering fee. Individual student memberships are $30 annually, which includes $10 for a one-year subscription to Financial Management ($35 for National Honor Society). If you prefer not to receive the subscription to Financial Management, the student membership fee will be $20 ($25 for National Honor Society).

For more information, contact

Karen Wright Director of Student Programs

Financial Management Association University of South Florida

College of Business Administration Tampa, FL 33620-5500

TEL (813) 974-2084 FAX (813) 974-3318

86



1994 EF M YIDOCTORAL. STUDENTii 'I SEM IINAR PA:1RTIC:~IP[ANTS~

SEMINAR COORDINATOR

Dr. Robert Jarrow Cornell University

PANELISTS

Dr. Kerry Back Washington University

Dr. Wayne Ferson University of Washington

Dr. Kose John New York University

Dr. Ronald Masulis Vanderbilt University

Dr. Maureen O'Hara Cornell University

Dr. Rene Stulz Ohio State University

PARTICIPANTS

Dong-Hyun Ahn New York University

James D. Beck University ofColorado-Boulder

Richard H. Borgman University ofNotre Dame

John Broussard Louisiana State University

Walid Bu-Saba Boston College

H. Henry Cao UCLA

Sheng-Syan Chen University at Buffalo, SUNY

Mark Chockalingam Arizona State University

C. Mitchell Conover Florida State University

Tie Su

University of Missouri-Columbia Miranda Lam Detzler

Michigan State University Diane Scott Docking

University of Kansas Stuart L. Gillan

University of Texas-Austin

John M. Griffith University of Alabama-Tuscaloosa

Jeffery H. Harris Ohio State University

Brian Hatch Indiana University

Randy Heron Purdue University

Paul J.A. Irvine University of Rochester

Peter Klein University of Toronto

Kevin Kneafsey University ofArizona

Inmoo Lee University ofIllinois-Urbana/Champaign

Michael Lemmon University of Utah

Zhu Liu University of British Columbia

Feng Liu Concordia University

Alexandra MacKay York University

Robert T. Maurer University of Texas-Dallas

Susan Monaco Duke University

Saikat Nandi Washington University in St. Louis

Joseph Paperman Cornell University

Richard Spurgin University of Massachusetts

Andrew C. Temte University ofIowa

William John Trainor, Jr., Virginia Polytechnic Institute and State University

Sunil Wahal University of North Carolina-Chapel Hill

Roy A. Wiggins III Georgia State University

Jia Ye

University of Southern California Jasmine Tingching Yur-Austin,

University of California-lrvine

87



V?U UPROFESS IONAL GRANTSY? AND 1?~l JAWARDS .1

Financial Management Association International 1994 Competitive Paper Awards Diana Harrington, Babson College, Vice President-Awards

. Business Finance Sponsored by Richard D. Irwin, Inc. Expectations and the Gains from Cash Tender Offers

Arnold R. Cowan, Iowa State University Scott C. Linn, University of Oklahoma

. Financial Institutions Sponsored by South-Western Publishing Company A Theory of Conflicts of Interest, Intermediation and the Pricing of Underwritten Securities

Manju Puri, New York University

. Fixed Income Research Sponsored by the Fixed Income Analysts Society Jump-Diffusion Processes and the Bond Markets

Sanjiv Ranjan Das, New York University

?. Futures and Options on Futures Sponsored by the Chicago Board of Trade Intraday Volatility in Interest Rate and Foreign Exchange Spot and Futures Markets

Susan J. Crain, University of Oklahoma Jae Ha Lee, University of Oklahoma

. International Finance Sponsored by the Financial Analysts Research Foundation Asset Pricing in International Markets in the Context of Agent Heterogeniety and Market Incompleteness

Latha Ramchand, University of Houston

. Investments Sponsored by the American Association of Individual Investors

Changing in Trading Patterns Following Stock Splits and Their Impact on Market Microstructure: Theory and Evidence

A.S. Desai, University of Florida M. Nimalendran, University of Florida S. Venkataraman, University of Florida

? 1994 Innovations in Teaching Finance Sponsored by HarperCollins Publishers No award given this year

. 1993 Innovations in Teaching Finance Sponsored by HarperCollins Publishers Instructional Training for Doctoral Students

Nola Jean Barnberry, University of Washington Thomas Miller, University of Missouri Lisa Skow, University of Washington

1993 AAII Doctoral Dissertation Grants in Investments Awards Sponsored by the American Association of Individual Investors

. Accepted Dissertation Proposal Grant ($6,000) Do Brokerage Recommendations Have Predictive Ability? and Can Security Analysts' Recommendations Be Predicted?

Kent L. Womack, Cornell University

. Completed Dissertation Grant ($3,000) Market Manipulation and a Model of the United States Treasury Securities

Arkadev Chatterjea, University of Colorado

88



POS~1ITIO[N] AVA'ILABLE? :1 AND APPO J e]INTMENTS SO I~.UGTe

ADVERTISEMENTS FOR POSITIONS AVAILABLE AND APPOINTMENTS SOUGHT

Announcement of positions available and candidates for positions are regularly published in Financial Management. Positions Available Listing. Organizations, academic and non-academic, wishing to list a position opening should indicate the position title, description of duties, salary range, starting date, application deadline, and name and mailing address of person or department to be contacted. The following advertising formats are available:

Classified $50 per 50 words Half page (7 1/2 x 4 1/2) $350 Full page (7 1/2 x 9 1/2) $500

Positions Desired Listing. Persons wishing to list their interest in a new position should describe in about 25 words their field(s), highest academic degree, relevant experience, type of position and salary (optional) desired, and location preference. Applicant listings will be coded, and respondents should refer specifically to the code when writing the Managing Editor. A publication fee of $90for non-members and $25 for FMA members, payable to the Financial Management Association, should accompany the positions desired listing. For more information, contact the Managing Editor at Financial Management Association, University of South Florida, College of Business Administration, Tampa, FL 33620-5500, TEL (813) 974-2084, FAX (813) 974-3318.

INDIANA UNIVERSITY-PURDUE UNIVERSITY FORT WAYNE, FINANCE FACULTY POSITION: The Department of Economics and Finance at Indiana University-Purdue University Fort Wayne seeks applicants for a tenure-track position in Finance at the assistant/associate level for Fall 1995. Candidates should possess an earned doctorate. ABDs near completion considered. Responsibilities include teaching graduate and undergraduate courses. Evidence of teaching effectiveness and high-quality research in finance is required. Salary is competitive. Contact: Professor Ali Rassuli, Department of Economics and Finance, Indiana University-Purdue University Fort Wayne, Fort Wayne, IN 46805. Include vita, evidence of teaching and research, letter of intent and three letters of recommendation. AA/EOE

Rensselaer SCHOOL OF MANAGEMENT

Rensselaer's School of Management is focused on the intersection of management and technology. Its mission is to develop business leaders who are adept at convert- ing technology into competitive advantage. As part of its campaign to grow its undergraduate, MBA, PhD and Executive Education programs around this focus, it is seeking candidates for a chaired professor in entrepreneurship, preferably with a disciplinary grounding in finance. Candidates should have a strong record of research, a commitment to teaching, and a demonstrated interest in the practical problems of building and sustaining successful technology-based businesses. Experi- ence in or with industry, and ability to teach executives effectively, are critical.

Please contact Dean Joseph Morone, School of Management, Rensselaer Polytechnic Institute, Troy, NY 12180-3590.

Rensselaer is an Equal Opportunity/Affirmative Action Employer. Women and minorities are especially encouraged to apply.

89



POSITIONS AVAILABLE / APPOINTMENTS SOUGHT

IMPERI~AL OLG

-nvesitfLno

THE

MANAGEMENT SCHOOL

I MPERIA L

Chair in Finance

The Management School

Imperial College is a constituent member of London University and is the foremost engineering university in Europe at a parallel with MIT. It has three Nobel Prizewinners on its current faculty and over 50 Fellows of the Royal Society.

The Management School operates at the interface of technology, innovation and entrepreneurship. It has a full-time MBA programme of 200 students and 80 full-time doctoral students - the largest in the UK. It received the highest award for its teaching excellence in the recent Government audit of UK Business Schools.

Applications are invited for a London University Chair in Finance, tenable at Imperial College of Science, Technology and Medicine.

The successful candidate will possess an international reputation within the field and will lead the highly active section of Finance and Accounting within The Management School. S/he will demonstrate an outstanding record of teaching at the MBA level and will be prominent in research, particularly within the international refereed finance journals.

The Management School has established The Centre for Quantitative Finance which is fully funded by City and Financial institutions. Over 30 of the full-time doctoral candidates focus upon aspects of finance and are supported by full-cost bursaries from commercial sponsors.

The salary is highly competitive within Europe but is miserable compared to that of the United States! In compensation, consulting opportunities are immense.

Applications should include a curriculum vitae, recent publications or research papers and the names and addresses of three referees and should be addressed to Professor David Norburn, Director, The Management School, 53 Prince's Gate, Exhibition Road, London SW7 2PG. Tel: No: 071 594 9101. Fax No: 071 823 7685.

90



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AW --

sl 41

POSITIONS AVAILABLE / APPOINTMENTS SOUGHT

MIAMI UNIVERSITY

Chairperson, Finance Department

Description of Position: Overall administrative responsibilities include curriculum planning, preparation of course schedules and budgets, re- cruiting and evaluation of faculty, encouragement of faculty research and publication activity, membership on the Executive Committee of the School of Business Administration, and liaison with the University and business communities. Qualifications: An earned doctorate in finance, an established record as an effective educator of undergraduate students, a record of scholarly publications, administrative and/or business experience, and evidence of leadership skills. Contract Period: Nine-month appointment, plus Summer administrative appointment. Starting in August, 1995. Compensation: Competitive salary plus increment for service as Chair. Rank to full professor. Ex- cellent state retirement plan plus University paid Blue Cross-Blue Shield, major medical, group life, and a dental plan. Application Procedure: Nominations or letters of application should include three letters of reference and a curriculum vitae. Contact: Dr. David Leonard, Miami University, Chair of the Finance Search Committee, Department of Finance, 120 Upham Hall, Oxford, Ohio, 45056, (513)-529-1560. The School: The Richard T. Farmer School of Business Administration has approximately 3,440 full-time undergraduates, 59 full-time MBA students, and 145 full-time and part-time faculty. Both the bachelor and master programs are fully accredited by the American Assembly of Collegiate Schools of Business. Emphasis is on teaching excellence and research productivity. The Department: In addition to Finance, courses are offered in Insurance, Real Estate, and Business Law. The department has 17 full-time faculty and serves more than 500 undergraduate finance majors and 20 majors in the MBA program.

The University is a state-assisted university located in southwestern Ohio, and is noted for its excellence in undergraduate education. Established in 1809, Miami has developed into a selective public university with a long tradition to teaching excellence and the undergraduate liberal education with an increasingly strong record of scholarly achievement. Miami has an enrollment of more than 20,000 students on four campuses. The University awards baccalaureate degrees in about 70 fields, masters degrees in 60, and doctoral degrees in 10 disciplines. Our central campus is in Oxford, a small city with a population of 10,000 located thirty-five miles north of Cincinnati and forty-six miles south-west of Dayton. The enrollment on the Oxford campus is limited to 16,000. Miami has regional campuses in two nearby cities, Hamilton and Middletown, and an European Center in Luxembourg.

Miami University does not discriminate on the basis of sex, race, color, religion, national origin, handicap, or age in its educational programs, activities, admissions, or employment policies as required by Title IX of Education Amendments of 1972, Title VI and VII of the Civil Rights Act of 1964, Sections 503 and 504 of the rehabilitation Act of 1973, Executive Order 11246 and all its amendments, and Executive Order 83-64 (sexual preference in employment). Any violation of this policy should be referred to the Department of Affirmative Action and , Human Resource Development, Hanna House, or contact, (513)-529-7157.

91



ANNOUNCEMENTS

American Finance Association Dates: January 6-8, 1995 Place: Washington, DC Contact: Martin J. Gruber

American Real Estate Society Dates: March 29-April 1, 1995

Place: Hilton Head, SC Contact: Will McIntosh, (407) 820-1300

Association for Investment Management and Research

Dates: May 21-24, 1995 Place: Vancouver, BC Contact: AIMR Office, (804) 977-6600

Eastern Finance Association Dates: April 27-29, 1995 Place: Hyatt Regency, Hilton Head, SC Contact: Robert S. Harris, TEL (804) 924-4823,

FAX (804) 924-4859

European Finance Association Dates: August 23-28, 1995 Place: University of Milan, Milano, Italy Contact: Giovanni Zambruno, University of Milan,

Instituto Metodi Quantitativi, 6 Via Sigieri, 20135 Milano, Italy Submission Deadline: March 1, 1995

European Financial Management Association Dates: June 28-30, 1995

Place: London, England Contact: Mario Levis, (44) 71-477-8635

International Holistic Business/Management Network

Dates: January 11-14, 1995

Place: Sydney, Australia Contact: Dr. Hazel T. Suchard, TEL (61+2) 739-2044, FAX

(61+2) 739-2342

Management Education in Countries in Transition

Dates: June 26-30, 1995 Place: Moscow, Russia

Contact: Manas Chatterji, TEL (607) 777-2475, FAX (607) 777-4422

Midsouth Academy of Economics and Finance

Dates: February 15-18, 1995 Place: Biloxi, MS Contact: Dr. E.T. Merkel, Troy State University,

Sorrell College of Business, Troy, AL 36082

Midwest Business Administration Association Dates: March 29-31, 1995 Place: Palmer House Hotel, Chicago, IL

Contact: Dr. A.H. Moini, TEL (414) 472-5460, FAX (414) 472-4863, e-mail: MOINIA@UWWVAX. UWW.EDU

Midwest Finance Association Dates: March 30-April 1, 1995 Place: Cincinnati, OH Contact: George M. McCabe, (402) 472-3309

Risk Theory Society Dates: April 28-30, 1995

Place: Atlanta, GA Contact: Christian Gollier, Institut D'Economie Industrielle,

Universite des Sciences Sociales, Place Anatole France, F-31042 Toulouse Cedex

Southern Finance Association Dates: November 15-18, 1995 Place: Sarasota, FL

Contact: Ronnie Clayton, (407) 823-2657

Southwestern Finance Association Dates: March 2-3, 1995 Place: Hyatt Regency, Houston, TX

Contact: John D. Stowe, TEL (314) 882-2465, FAX (314) 884-6296, e-mail: finstowe@mizzou 1 .missouri.edu

Western Finance Association Dates: June 18-21, 1995 Place: Aspen, CO Contact: Chester Spatt, Program Chairman, WFA,

Graduate School of Industrial Administration, Carnegie Mellon University, Pittsburgh, PA 15213, TEL (412) 268-8834

Western Social Science Association (Finance & Business)

Dates: April 26-29, 1995 Place: Parc Oakland Hotel & Conference Center,

Oakland, CA Contact: Kashi Nath Tiwari, School of Business,

Kennesaw State College, P.O. Box 444, Marietta, GA 30061, FAX (404) 423-6539

92



ANNOUNCEMENTS

CALLS FR PAPER

Association of Financial Economists (formerly the Association of Managerial Economists)

Dates: January 5-7, 1996 Place: San Francisco, CA

SUBMISSION INSTRUCTIONS: Three sessions of competitively-selected papers will be featured in conjunction with the Allied Social Science Associations (ASSA) Annual Meeting. Papers must be submitted by May 15, 1995. Especially encouraged are papers integrating theory finance and industrial organization. Submissions are free to members of AFE (membership cost is $10 per year), otherwise a paper submission fee of $25 is charged. Other Opportunities for Participation: Those interested in participating as a session chair or a discussant should contact the President by May 15, 1995.

Contact: Mark Hirschey, President, Association of Financial Economists, School of Business, University of Kansas, Lawrence, KS 66045-2003, TEL (913) 864-7563, FAX (913) 864-5328

Academy of Financial Services Dates: October 18, 1995 Place: Marriott Marquis Hotel, New York, NY

SUBMISSION INSTRUCTIONS: Please submit paper proposals, panel and tutorial proposals, and offers to act as session chairs and discussants by March 1, 1995. Submit Program Committee applications by January 15, 1995. Subjects on which papers and panels will focus include: financial services for individuals, financial counseling, estate planning, investments, real estate, employee benefits, education in financial planning/services, etc. At the 1994 meeting, the four winning competitive papers were awarded $1,000 each.

Contact: Robert McLeod, VP-Program, College of Business, Box 870224, University of Alabama, Tuscaloosa, AL 35487-0224, TEL (205) 348-8993, FAX (205) 348-2951

Derivatives and Systemic Risk Dates: April 19-20, 1995 Place: Washington, DC

SUBMISSION INSTRUCTIONS: The Federal Reserve Bank of Atlanta, Georgia State University, and Virginia Tech are sponsoring a conference addressing theoretical, empirical, and public policy issues related to Derivatives and Systemic Risk. Send four copies of your abstract or completed paper by January 15, 1995. Selected portions of the proceedings will be published in a special issue of the Journal of Financial Engineering. Contacts:Gerald D. Gay, COBA, Department of Finance, Georgia State University, Atlanta, GA 30303; William Curt Hunter, Federal Reserve Bank of Atlanta, 104 Marietta Street, Atlanta, GA 30303; Robert J. Mackay, Pamplin College of Business, Virginia Tech, Falls Church, VA 22042

International Real Estate Conference Dates: June 28-July 1, 1995 Place: Berns Hotel, Stockholm, Sweden

SUBMISSION INSTRUCTIONS: Please submit your abstract (250 words) with telephone number, facsimile number, and address by February 1, 1995. Those active in the analysis of real estate and in applying such knowledge in practice are encouraged to participate. Two types of papers should be submitted: main papers (up to 5,000 words in length; 20 to 30 minutes presentation) and workshop papers (1,500 words in length; presentations limited to either 10 minutes or a poster session). Indicate type of paper when submitting abstract.

Contact: Professor Stellan Lundstr6m, ERES Conference Organization, Department of Real Estate and Construction Management, Royal Institute of Technology, 100 44 Stockholm, Sweden, TEL (46) 8-790-8630, FAX (46) 8-411-7436

93



ANNOUNCEMENTS

Real Estate Research Institute Dates: N/A Place: N/A

SUBMISSION INSTRUCTIONS: Please submit one copy of your research proposal by January 13, 1995. The Institute is seeking proposals for research projects that enhance the understanding of real estate, mortgages and real estate backed securities. Research topics on any facet of real estate investment and management theory or practice will be considered; however, funding priority will be given to projects that address the following broad categories: market fundamentals, real estate in the capital markets, real estate management, performance measurement, public policy and real estate. Grant announcements will be made in April 1995. Final papers for approved projects must be completed by January 1996. Researchers may then be asked to present at the Institute's seminar in April 1996.

Contacts: Paige Mosbaugh, Executive Administrator, RERI, I.U. School of Business, 10th & Fee Lane, Bloomington, IN 47405, TEL (812) 855-7794, FAX (812) 855-8679

Southern Finance Association Dates: November 15-18, 1995 Place: Hyatt Regency, Sarasota, FL

SUBMISSION INSTRUCTIONS: Please submit paper or a detailed abstract by February 10, 1995. If you wish to participate as a session chair and/or as a discussant, contact the program chair. Contact: Professor Annette B. Poulsen, Program Chair-SFA, Department of Banking and Finance, Terry College of Business, University of Georgia, Athens, GA 30602.

Symposium on Small Business Finance Dates: April 24-25, 1995 Place: Tallahassee, FL

SUBMISSION INSTRUCTIONS: Please submit four copies of your paper in either abstract form or as a completed paper by January 31, 1995. Papers are considered that cover all areas of small firm finance (e.g., venture capital and IPOs).

Other Opportunities for Participation: To be a session chair or a discussant, please contact the Program Chair by January 31, 1995.

Contact: Jerry Osteryoung, Program Chair, College of Business, Florida State University, Tallahassee, FL 32306-1042, TEL (904) 644-7898, FAX (904) 386-6563, e-mail: [email protected]

MANUCRIT SUMISION

Managerial Finance Journal Special Issue: Working Capital Management for the Multinational Enterprise

Managerial Finance is a quarterly journal published by the The Management Center at the University of Bradford, United Kingdom and is circulated in seventy-plus countries. Papers (about 5,000 words) should focus on some aspect of working capital management for the multinational enterprise (e.g. international working capital management practices and frameworks, foreign cash management policies, etc.). Both theoretical and empirical papers are welcome. Please send your paper by March 15, 1995 to: Professor Lawrence Peter Shao, Special Issue Editor, Managerial Finance Journal, Department of Finance, Fordham University, 113 West 60th Street, New York, NY 10023

94



ANNOUNCEMENTS

Journal of Real Estate Research Special Issue: Regulation and the Mortgage Lending Process

The American Real Estate Society, in cooperation with and with support from the Research and Educational Trust Fund of the Mortgage Banker's Association of America, announces a call for papers for a special issue of The Journal of Real Estate Research. Authors are encouraged to submit the results of original research, both theoretical and empirical, on any aspect of regulation and the mortgage lending process. Authors should submit four copies of their manuscripts before or by February 15, 1995 to: Terrence M. Clauretie, Dept. of Finance, University of Nevada, 4504 Maryland Parkway, Las Vegas, NV 89154, TEL (702) 895-3223.

Journal of Economics and Business Special Issue: International Banking

The Journal of Economics and Business invites submission of papers for a special issue devoted to the area of international banking. Topics include both U.S. and foreign experiences with international banking, comparative analyses of reserve requirements, capital requirements, etc. and the effect of international agreements on domestic banking markets. Manuscripts should be sent by June 30, 1995 to one of the co-editors: Professor Elyas Elyasiani, Dept. of Finance, Temple University, Philadelphia, PA 19122, TEL (215) 204-5881 or Professor Lawrence Goldberg, Dept. of Finance, University of Miami, Coral Gables, FL 33124-6552, TEL (305) 284-4362.

1995 Annual Research Series in International Business & Finance Special Issue: Financial Issues in Emerging Capital Markets

Authors are invited to submit papers addressing leading financial issues in emerging capital markets. Submitted papers will be blind reviewed. Please send 3 copies of your paper by April 25, 1995 to: Professor John Doukas, Graduate School of Business, Old Dominion University, Norfolk, VA, 23529-0222 TEL (804) 683-5521, FAX (804) 683-5639 or Professor Larry Lang, 44 W. 4th Street, Ste. 9-190, New York University, New York, NY 10012, TEL (212) 998-0357, FAX (212) 998-0366.

GENERAL

Honorary Real Estate Fraternity News Announcement

ALPHA SIGMA GAMMA, an International Honorary Real Estate Fraternity, has been established by the American Real Estate Society to recognize and honor achievement by undergraduate and graduate students in real estate and closely-related disciplines in colleges and universities throughout the world. For more information, please contact: Karen Eilers Lahey, John E. Herberich Professor, Dept. of Finance, College of Business, University of Akron, Akron, OH 44325, TEL (216) 972-5436 or James R. Webb, Executive Director, ARES, Dept. of Finance, UC 592A, James J. Nance College of Business, Cleveland State University, Cleveland, OH 44115, TEL (216) 687-4732.

Financial Engineering and the Japanese Markets Editor-in-Chief: Takeaki Kariya, Institute of Economic Research, Hitotsubashi University

The Japanese Association of Financial Econometrics and Engineering (JAFEE) is publishing Financial Engineering and the Japanese Markets (ISSN 1380-2011), a new journal aimed at providing an international forum for researchers and practitioners in academia, industry, and government who are engaged in empirical and/or theoretical research of the Japanese financial markets. Topics of interest include: financial time series analysis; pricing models for various financial assets including derivatives, portfolio analysis and global asset allocation; trading strategies for investment; optimization methods; and institutional analysis. For subscription information, contact Kluwer Order Dept., P.O. Box 358, Accord Station, Hingham, MA 02018-0358, TEL (617) 871-6600, FAX (617) 871-6528, e-mail: [email protected].

95



EUROPEAN FINANCIAL MANAGEMENT ASSOCIATION 1995 Annual Meeting Dates: June 28-30, 1995 Place: London, England

The European Financial Management Association will hold its fourth annual meeting at the Tower Thistle Hotel in London, June 28-30, 1995.

Members and friends of EFMA are invited to participate in the 1995 Annual Meeting. Papers in all areas of Finance, preferably with European content or implications, will be considered.

A set of papers presented at the meeting will be selected by the 1995 Programmme Chair and will be published in a regular issue of the European Financial Management journal, in cooperation with the managing editor.

The first page of the paper should contain the title, name of the author(s), complete address, telephone and fax numbers and e-mail addresses. If there are multiple authors, please indicate which authors will be attending, who will present the paper, and who are willing to serve as session chairs and/or discussants. The deadline for submitting papers is February 28, 1995.

Please send three copies of your paper with an abstract to: Mario Levis, Programme Chair, 1995 EFMA Meeting, City University Business School, Barbican Centre, Frobisher Crescent, London EC2Y 8HB, England, TEL (44) 171-477-8635, FAX (44) 171-477-8648, e-mail: [email protected]. Limited support for travel expenses will be available; please contact the programme chair for further information.

0

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S

William E. Simon Graduate School of Business Administration

University of Rochester * Ph.DI Program * Excellent placement at the nation's leading business schools * Generous year-round financial support * Application fee waived for 650 GMAT700 average RE (Quat.erbal) The Program. The program is distinguished by its breadth of training and dynamic interdisci- plinary communication amongfaculty and students Fields of specialization include: ::,ludn include: Accounting, Applied Statistics, Computers and Information Systems, Finane, nfomation Systems Economics, Macroeconomics, Ma nagement Science Maketing, Operations Management, and Organizations and Marketsi The Faculty. The 5member faculty, many of whom are internationally recognized, have a tradition of applying economic and quantitatie methodology to a broad range of management issues and problems. Placement. Since its inceptionin 1965, the Simo.n School PhDR Program has placed a higher proportion of its graduates at top-20 business schools than any other Ph.D. program. Eligibility. Candidates must have a bachelor's degree, and take the GMAT or GRE exam. Special fellowships available for U.S.citizens. For a current cata log or further information, call or write to:

Lynne M. Mitchell, Ph.D. Program Assistant William E. Simon Graduate School of Business Administration,

University of Rochester Rochester, N.Y. 14627-0108 * (716) 275-2959

Deadine fr applications is February 15, 1995forFN 1995 dission. The University of Rochester prois eq ortnity in admissions andstudent aid ar f , age, race, color, creed, handicap, sexual orientation, and national or ethnic origi'j . Frther, the University complies with ll l e criinationlaws.

96



I!'

. B I ea a1P s

The Financial Management Association Survey and Synthesis Series

Lease or Buy? Principles for Sound Corporate Decision Making James S. Schallheim, David Eccles School of Business, University of Utah Lease or Buy? outlines the benefits of leasing, describes the full spectrum of leasing arrangements, and builds a comprehensive framework for making the lease-or-buy decision. Numerical examples and exhibits provide important tools to compare the costs of leasing with those of buying, understand the major factors in the decision, and shop for the most competitive terms.

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The Search for Value Measuring the Company's Cost of Capital Michael C. Ehrhardt, University of Tennessee, Knoxville The Search for Value is a landmark reference for financial managers, providing comprehensive, prescriptive techniques and models for determining the cost of capital under a wide variety of circumstances. Each principle is illustrated by step-by-step examples, and each chapter features an extensive bibliography. 240 pages $35.00

The Financial Management Association Survey and Synthesis Series provides corporate executives, financial managers, and professional investors with practical tools for making sound financial decisions in today's competitive markets. Comprehensive and accessible, each book in the series focuses on a specific topic of financial management, integrating insights from the research literature with the day-to-day concerns of finance practitioners.

To order, please call 1-800-545-7685 ext. 629A or 617-495-6192 ext. 629A

For a complete catalog of our books, write:

Harvard Business School Pressl Boston., MA 02163

97



NewTites ro

The Chinese Financial System By Cecil R. Dipchand, Zhang Yichun, and Ma Mingjia Discusses the major components of the Chinese financial system in 1990 with their activities and the role each is apt to play. Greenwood Press. 1994. 224 pages. 0-313-29282-5. $59.95

Securities Arbitration for Brokers, Attorneys, and Investors By J. Kirkland Grant Information on, and methods to evaluate and resolve, securities industry disputes through the use of arbitration procedures. Quorum.Books. 1994. 400 pages. 0-89930-682-9. $65.00

Foreign Exchange Black Markets in Latin America By Robert E. Grosse With Clarice Pechman

Legal, parallel markets are separated from the illegal, black markets. Praeger Publishers. 1994. 248 pages. 0-275-94758-0. $55.00

The Legal Considerations in Business Financing A Guide for Corporate Management By Alan S. Gutterman The comprehensive guide to all the essential legal and business considerations in financing the business activities of the modern corporation. Quorum Books. 1994. 304 pages. 0-89930-799-X. $59.95

Chinese Foreign Investment Laws and Policies Evolution and Transformation By Wei Jia A comprehensive analysis of the sophisticated statutory framework for Foreign direct investment (FDI) in China. Quorum Books. 1994. 0-89930-900-3. $53.00 Est.

Strategy and Performance of Foreign Companies in Japan By Sikander Khan and Hideki Yoshihara It is an unfounded myth that the Japanese market is unprofitable for foreign companies. Quorum Books. 1994. 328 pages. 0-89930-899-6. $59.95

The Distortion Theory of Macroeconomic Forecasting A Guide for Economists and Investors By Steven Marquard An all-in-one-place synthesis of several business cycle theories and a guide for professional investors and corporate economists. Quorum Books. 1994. 224 pages. 0-89930-910-0. $59.95

A Contrarian Strategy for Growth Stock Investing Theoretical Foundations and Empirical Evidence By Donald J. Peters "Don Peters has documented the investor's intuition and has re- moved the mystery surrounding many of the 'buzz terms' associated with growth stock investing." -Raymond L. Killian, Jr.

President Investment Technology Group, Inc.

Quorum Books. 1992. 208 pages. 0-89930-803-1. $49.95

The Prudent Management of Modern U.S. Banks Redefining Responsibility By Jeremy F. Taylor Foreword by Kevin P. Riley Analyzes the needs and requirements of prudence in modern bank management through specific examples applied across the functions of banking. Quorum Books. 1994. 256 pages. 0-89930-852-X. $59.95

Controlling Corporate Legal Costs Negotiation and ADR Techniques for Executives By Kenneth J. Thygerson Learning to take control and working to resolve your own disputes is the best way to manage the dispute-resolution process. Quorum Books. 1994. 192 pages. 0-89930-876-7. $55.00

Setting Standards for Financial Reporting FASB and the Struggle for Control of a Critical Process By Robert Van Riper A balanced but forthright examination of the criticisms leveled against FASB from many directions, and an analysis of the reasons for them. Quorum Books. 1994. 216 pages. 0-89930-907-0. $49.95

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IGREENWOOD U PUBLISHINGGROUPiw 88 Post Road West, P.O. Box 5007, Westport, CT 06881-5007 e (203) 226-3571 * Office FAX (203) 222-1502

AD94

98



A new journal starting in 1995...

EUROPEAN FINANCIAL MANAGEMENT

The Journal of the European Financial Management Association Editors

John Doukas, Managing Editor (Old Dominion University) Bernard Dumas (HEC School of Management, France) Julian Franks (London Business School) Pekka Hietala (INSEAD, France) Larry Lang (New York University)

This new journal will v Provide a unique forum for the best applied research from around the world V Serve both executives and academicians V Cover the financial management of European corporations and financial insti-

tutions v Feature an international editorial board V Review developments in:

European stock markets + Eurobond and Eurocurrency markets + Managing European currency exposure + Financial regulation + Mergers and Acquisitions + Tax laws + Restructuring + Corporate Treasury Management The journal will be published in 3 issues per year. The first issue will be published in March, 1995. Subscription rates are $175.00 (N.America) and ?115.00 (rest of world).

Sign up now for a free sample copy Timothy Cullen Journals Marketing (EUFM) Jnls Marketing Controller Blackwell Publishers Blackwell Publishers 238 Main Street 108 Cowley Road Cambridge Oxford OX4 1JF MA 02142 UK USA fax: (011 44 865) 791347 fax: (617) 547 1789

Via E-mail, please contact: [email protected] (please mention the journal title in your request.)

Published by Blackwell Publishers BLAC IW

W E LL r iiii

99



CALL FOR PARTICIPATION

Seventh Annual PACAP Finance Conference Philippine International Convention Center

July 6-8, 1995 * Manila, Philippines

Conference Theme: Emerging Philippine and Pacific-Basin Capital Markets We are pleased to announce that the Seventh Annual PACAP Finance Conference will be held in Manila, Philippines on July 6-8, 1995. The Securities and Exchange Commission of the Philippines, the Philippine Stock Exchange, Inc. and the PACAP Research Center will serve as co-sponsors for the Manila conference. Academicians and practitioners are cordially invited to participate.

The Seventh Annual PACAP Finance Conference program is an ideal integration of academia and the securities industry. A balanced mix of academic and practitioner sessions will be maintained to provide a stimulating forum for all participants. Organized stock and futures exchanges, leading brokerage houses, and government agencies worldwide will organize panel session, conduct tutorials, or present papers on topics such as trading mechanism and market volatility, market structure, options and futures, warrants and convertibles, bond market and rating agency, etc. Concurrent sessions will include academic paper sessions, panel sessions, special sessions, and tutorial sessions.

For further information regarding the Seventh Annual PACAP Finance Conference, contact:

Drs. S. Ghon Rhee and Rosita P. Chang, Program Chairs PACAP Research Center

College of Business Administration

University of Rhode Island, Kingston, RI 02881-0802, USA * Phone: 401-792-5807 or 5105 * Fax: 401-792- 5550

1994 PACAP DATABASESTM

AVAILABLE FOR SUBSCRIPTION

The 1994 PACAP DatabasesTM for Hong Kong, Indonesia, Japan, Korea, Malaysia, m Singapore, Taiwan, and Thailand are now available for subscription from the PACAP Research Center at the University of Rhode Island. These databases provide 19 years of securities data from 1975 to 1993. All listed companies on the major stock exchange of each country are included, and a common format is applied to all countries for ease of comparison. W

Each country's database is supplied on magnetic tape and contains 12 files: Company Files; Daily & Monthly Stock Price and Returns Files; Daily & Monthly Indices Files; Daily & Monthly Market Returns Files; Capital Distributions Files; Annual Financial Statements Files; Daily Foreign Exchange Rate Files; Calendar Files; and Key Economic Statistics Files.

Initial academic subscription fees for the PACAP DatabasesTM are: * Hong Kong US$ 1,800 * Indonesia 1,200 * Japan 8,000 * Korea 1,800 * Malaysia 1,800 * Singapore 1,800 * Taiwan 1,800 * Thailand 1,800

Annual renewal: * US$ 1,000 for each country excluding Japan at US$ 4,000.

For more information regarding the Seventh Annual PACAP Finance Conference or the PACAP Databases, please contact the above address.

100



N WNIANC AND

EO - 1i9 9I IKSWHVWAYUELlNF

1V~cMt1 INVESTMENTS, FOURTH EDITION ROBERT W. KOLB UNIVERSITY OF MIAMI

•Ov)ME PRINCIPLES OF FINANCE THIRD EDITION Robert W. Kolb & Ricardo J. Rodriguez University of Miami

•ohW IMANAGERIAL ECONOMICS: THEORY AND ITS APPLICATIONS Ramon Rabinovitch University of Houston

OVM~i~ INTERNATIONAL ECONOMICS SECOND EDITION Stephen Baker Capital University

aOW THE REAL ESTATE READER edited by Austin J. Jaffe The Pennsylvania State University

oM~vsv THE CORPORATE FINANCE READER SECOND EDITION edited by Robert W. Kolb University of Miami

om~i~ THE INTERNATIONAL FINANCE READER THIRD EDITION edited by Robert W. Kolb University of Miami

IN ADDITION TO THE TITLES LISTED, WE OFFER A

VARIETY OF TEXTS AND SUPPLEMENTAL READINGS

IN THE AREAS OF:

INVESTMENTS, DERIVATIVES, COMMERCIAL BANKING, FINANCIAL

INSTITUTIONS AND MARKETS, INTERNATIONAL FINANCE, CORPORATE

FINANCE, REAL ESTATE, MANAGERIAL ECONOMICS AND

MICROECONOMICS.

IF YOU WOULD LIKE TO BE ADDED TO OUR MAILING

LIST AND RECEIVE FURTHER INFORMATION ON THESE

AND OTHER KOLB TITLES PLEASE CONTACT:

KOLB PUBLISHING COMPANY 6395 GUNPARK DR., SUITE N

BOULDER, CO 80301 (303)530-7778

FAX(303)530-7773

KOLB

WEOFRETESV UPOTMTRALS FOR ALLO RTXS

DNSOTAE+SUETRSOURC MAUA0+'ISTRCTRSM NI

TANSPAEC ASTRS+ OPUERZESES BN

101



Fo tpial "ndethcoergeo isuane sse

0 C PC U Journal, written and researched by the industry's experts, covers such topics as:

> L.A. riots and the urban market crisis > Insurance provisions in contracts > Legal standards for agent's conduct l Sexual harassment D AIDS and workers compensation

What are the latest developments on these timely and volatile issues? By subscribing to the official publication of the CPCU (Chartered Property Casualty Underwriters) Society, you'll get information unavailable in any other publication. loin more than 24,000 CPCU Society members and other professionals who look to CPCU lournal as the authoritative source for analysis and research of ground-breaking industry developments.

Special issues for 1995: Reinsurance (June); Consultants Directory (Dec.)

Subscription Information: I issues per year *1 yr.-$20.00 2 yr.-$37.50 3 yr.-$50.00

Call now to subscribe (610) 251-2743

.

FMA MEMBERSHIP SERVICES Complaints-Compliments-Suggestions

The Financial Management Association is concerned about any problems you might be having with the Association. If you are having an unusual difficulty or would like to suggest ways for FMA to improve its service to members, please contact:

Michael Ferri Vice President-Membership Services

George Mason University Department of Finance

Fairfax, VA 22030 TEL (703) 993-1850

102



UNITEDSTATES Statement of Ownership, Management, and Circulation POSTAL SERVICEr, (Required by 39 U.S.C. 3685)

1. Publication Title 2. Publication No. 3. Filing Date

FM Financial Management 0 0 4 6 - 3 8 9 2 October 19, 1994

4. Issue Frequency 5. No. of Issues Published 6. Annual Subscription Price Annually

Quarterly Four $10.00

7. Complete Mailing Address of Known Office of Publication (Street, City, County, State, and ZIP+4) (Not Printer) Financial Management Assoc., College of Business Administration University of South Florida, Tampa, Florida 33620-5500 Hillsborough County

8. Complete Mailing Address of Headquarters or General Business Office of Publisher (Not Printer) Financial Management Assoc., College of Business Administration University of South Florida, Tampa, Florida 33620-5500 Hillsborough County

9. Full Names and Complete Mailing Addresses of Publisher, Editor, and Managing Editor (Do Not Leave Blank) Publisher (Name and Complete Mailing Address)

Financial Management Assoc., College of Business Administration University of South Florida, Tampa, Florida 33620-5500 Hillsborough County

Editor (Name and Complete Mailing Address)

Douglas R. Emery, Binghamton University, School of Management, Binghamton, NY 13902 John D. Finnerty, McFarland Dewey & Co., 230 Park Ave/Ste. 1450, New York, NY 10169

Managing Editor (Name and Complete Mailing Address) Karen L. Bachmann, Financial Management Assoc., University of South Florida, College of Business Administration Tampa, Florida 33620-5500

10. Owner (If owned by a corporation, its name and address must be stated and also immediately thereafter the names and addresses of stockholders owning or holding 1 percent or more of the total amount of stock. If not owned by a corporation, the names and addresses of the individual owners must be given. If owned by a partnership or other unincorporated firm, its name and address as well as that of each individual must be given. If the publication is published by a nonprofit organization, its name and address must be stated.) (Do Not Leave Blank.)

Full Name Complete Mailing Address

Finman Corp. d/b/a University of South Carolina

Financial Management Assoc. College of Business Administration

c/o Rodney L. Roenfeldt Columbia, SC 29208

11. Known Bondholders, Mortgagees, and Other Security Holders Owning or Holding 1 Percent or More of Total Amount of Bonds, Mortgages, or Other Securities. If none, check here. ! None

Full Name Complete Mailing Address

12. For completion by nonprofit organizations authorized to mail at special rates. The purpose, function, and nonprofit status of this organization and the exempt status for federal income tax purposes: (Check one) • Has Not Changed During Preceding 12 Months

O Has Changed During Preceding 12 Months (If changed, publisher must submit explanation of change with this statement)

PS Form 3526, October 1994 (See Instructions on Reverse)



A13. Publication Name 14. Issue Date for Circulation Data Below

FM Financial Management Sept. 19, 1994 15. Extent and Nature of Circulation Average No. Copies Each Issue Actual No. Copies of Single Issue

During Preceding 12 Months Published Nearest to Filing Date

a. Total No. Copies (Net Press Run) 11,352 1 1,055 b. Paid and/or Requested Circulation

(1) Sales Through Dealers and Carriers, Street Vendors, and Counter Sales 1 0 1 0 (Not Mailed)

(2) Paid or Requested Mail Subscriptions (Include Advertisers' Proof Copies/Exchange Copies) 1 0 , 5 1 0 1 0 , 2 1 0

c. Total Paid and/or Requested Circulation (Sum of 15b(1) and 15b(2)) i 0,5 2 1 , 2 2 0

d. Free Distribution by Mail (Samples, Complimentary, and Other Free) 93 1 5

e. Free Distribution Outside the Mail (Carriers or Other Means) 0 0

f. Total Free Distribution (Sum of 15d and 15e) 93 1 5

g. Total Distribution (Sum of 15c and 15f) 1 0 , 6 1 4 1 0 , 2 3 5

h. Copies Not Distributed (1) Office Use, Leftovers, Spoiled 739 8 2 0

(2) Return from News Agents 0 0

i. Total (Sum of 15g, 15h(1), and 15h(2)) 1 1 ,352 1 1 ,055

Percent Paid and/or Requested Circulation (15c/ 15g x 100) 99.1 2% 99.85%

16. This Statement of Ownership will be printed in the De c. 1 994 issue of this publication. 0 Check box if not required to publish.

17. Signatu~ nd Title Editor, P lisher, Business Manager, or Owner Date

4 7 -

•

•Executive

Director October 19, 1994

I certify that I information furnished on this form is true and complete. I understand that anyone who furnishes false or misleading information on this form or who omits laterial or information requested on the form may be subject to criminal sanctions (including fines and imprisonment) and/or civil sanctions (including multiple damages and civil penalties).

Instructions to Publishers

1. Complete and file one copy of this form with your postmaster on or before October 1, annually. Keep a copy of the completed form for your records.

2. Include in items 10 and 11, in cases where the stockholder or security holder is a trustee, the name of the person or corporation for whom the trustee is acting. Also include the names and addresses of individuals who are stockholders who own or hold 1 percent or more of the total amount of bonds, mortgages, or other securities of the publishing corporation. In item 11, if none, check box. Use blank sheets if more space is required.

3. Be sure to fumrnish all information called for in item 15, regarding circulation. Free circulation must be shown in items 15d, e, and f. 4. If the publication had second-class authorization as a general or requester publication, this Statement of Ownership, Management, and

Circulation must be published; it must be printed in any issue in October or the first printed issue after October, if the publication is not published during October.

5. In item 16, indicate date of the issue in which this Statement of Ownership will be printed.

6. Item 17 must be signed. Failure to file or publish a statement of ownership may lead to suspension of second-class authorization.

PS Form 3526, October 1994 (Reverse)



FINANCIAL MANAGEMENT STYLE NOTES FOR PROSPECTIVE AUTHORS

Financial Management serves both academicians and practitioners who are concerned with the financial management of nonfinancial businesses, financial institutions, and public and private not-for-profit organizations. Financial Management's editorial policy is designed to promote interest and knowledge of issues in management and decision-making at the level of the firm. The principal criteria of publishability are originality, rigor, currency, practical relevance, instructiveness, and clarity. Papers previously published elsewhere are not eligible for publication as regular articles in Financial Management.

Submit six copies of manuscripts to:

Douglas R. Emery, Editor Financial Management School of Management Binghamton University Binghamton, NY 13902-6000

Each paper must be accompanied by a submission fee for manuscript evaluation: $85 for non-FMA members, $50 for doctoral students who are not FMA members, and $20 for FMA members. Make checks payable to Financial Management. This journal includes information about joining FMA.

Manuscripts are evaluated anonymously. Names of authors should not appear on the article itself. Attach a separate cover page which includes the title, authors, and title and affiliation of each author to one copy of the article. Double space the text with ample margins.

To each copy of the manuscript attach an executive summary of not more than 800 words in length and a short, one paragraph (approximately 100 words) abstract of the article. Both should be on separate pages, headed by the title of the paper. Practitioners are the target audience of the executive summaries. The executive summary should convey to the readers the practical importance of the paper-what need the research addresses or how the research impacts current financial management practices and strategies. Authors should devote at least one paragraph to implementation issues and to recommended corporate actions in the executive summary. The abstract should provide a brief overview of the paper.

Avoid tedious mathematical expressions. When algebraic terms do appear in the text, accompany them with a clear explanation. Each equation should be numbered consecutively, with the number in parentheses and flush with the right margin. Place derivations and proofs in an appendix. When submitting a paper for review, please provide supplemental sheets showing all steps in algebraic derivations so that the reviewers do not have to recreate them.

Tables and figures should appear on separate pages labeled in numerical order and grouped at the end of the text. Label tables at the top and follow the heading with a description of the table in sufficient detail that it is capable of standing alone. Label figures at the bottom. Include marginal notation in the article for the approximate placement of all tables and figures.

Minimize extensive content footnotes. When preparing accepted papers, place all footnotes, double-spaced, on separate page(s), at the end of the manuscript.

Place references in an unnumbered, alphabetic list at the end of the manuscript. Provide all relevant publication information available (i.e., season/month, year, city and state, author(s) full name(s), etc.) Examples of references are provided below:

References Baldwin, C., 1991, " The Impact of Asset Stripping on the Cost of Deposit Insurance," Harvard Business School Working

Paper 92-053 (December). Commerce Clearing House, 1993, 1994 U.S. Master Tax Guide, Chicago, IL.

Brick, I.E. and 0. Palmon, 1993, "The Tax Advantages of refunding Debt by Calling, Repurchasing, and Putting," Financial Management (Winter), 96-105.

Myers, S.C., 1993, "Finance Theory and Financial Strategy," in D.H. Chew, Jr., ed., The New Corporate Finance, New York, NY, McGraw-Hill, 90-97.

Smith, C.W., Jr. and C.W. Smithson, 1990, The Handbook of Financial Engineering, New York, NY, Harper Business.

Cite references in the text by the citing the author(s) name(s) and then the year of publication in parentheses.

SAuthors of accepted articles must supply camera-ready artwork for all charts and/or graphs. Camera-ready means a professional drawing on white paper in India ink or a clean, laser-printed copy of computer-generated charts and/or graphs.

SAuthors of accepted papers must supply a word-processed copy of their article on an IBM-formatted disk. (Macintosh disks may cause significant delay in publications.) Any questions about disk preparation should be directed to the Managing Editor at Financial Management Association, University of South Florida, College of Business Administration, Tampa, FL, 33620-5500, TEL 813-974-2084, FAX 813-974-3318.



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venture capital special issue || back matter

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