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We examine how county‐level governance affects the cost of raising equity. Using data on seasoned equity offerings, we find that the underwriting spread is determined by the litigation risk of issue certifiers, and offer underpricing is largely determined by the investment risk of the equity issue. Underwriting spread increases with enhanced legal enforcement, offsetting the reduction in underpricing associated with strong legal enforcement. Our study offers insight into the effect of legal enforcement and regulatory policy on the cost of raising equity. [ABSTRACT FROM AUTHOR]

The article presents a method of applying a translog cost model to the empirical analyses of depository institutions' cost characteristics. The authors demonstrate methods for employing such a flexible form cost functions, and advise that the translog cost model should be linearly homogenous in all input prices. The authors also specify several restrictions for symmetry and input prices that must be satisfied.

Examines a hypothesis which tests the effects of regulatory environment impacts on systematic risk for regulated electric utilities. Description of methodology used; Relationship between systematic risk and regulatory environment; Conclusion of the test.

Investigates the role of takeovers in increasing a company's relative efficiency. Examination of whether the threat of takeovers serves as an efficiency-enforcement mechanism; Formulation of a measure of overall company efficiency using a non-parametric programming approach.

Studies evidence on the minimally explored topic of abnormal returns earned by stockholders of foreign bidders seeking to acquire a target firm in the United States. Four sources of influence on abnormal returns; Change in net wealth of the bidder associated with changes in exchange rates.