Front Matter Source: Financial Management, Vol. 34, No. 1 (Spring, 2005), pp. 1-122 Published by: Wiley on behalf of the Financial Management Association International Stable URL: http://www.jstor.org/stable/3666247 . Accessed: 12/06/2014 19:36 Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at . http://www.jstor.org/page/info/about/policies/terms.jsp . JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact [email protected]. . Wiley and Financial Management Association International are collaborating with JSTOR to digitize, preserve and extend access to Financial Management. http://www.jstor.org This content downloaded from 185.44.78.113 on Thu, 12 Jun 2014 19:36:07 PM All use subject to JSTOR Terms and Conditions
Transcript
Front MatterSource: Financial Management, Vol. 34, No. 1 (Spring, 2005), pp. 1-122Published by: Wiley on behalf of the Financial Management Association InternationalStable URL: http://www.jstor.org/stable/3666247 .
Accessed: 12/06/2014 19:36
Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at .http://www.jstor.org/page/info/about/policies/terms.jsp
.JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range ofcontent in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new formsof scholarship. For more information about JSTOR, please contact [email protected].
.
Wiley and Financial Management Association International are collaborating with JSTOR to digitize, preserveand extend access to Financial Management.
http://www.jstor.org
This content downloaded from 185.44.78.113 on Thu, 12 Jun 2014 19:36:07 PMAll use subject to JSTOR Terms and Conditions
THE FINANCIAL MANAGEMENT ASSOCIATION INTERNATIONAL OFFICERS * DIRECTORS * EDITORS
President Chris Muscarella
Penn State University 2004-2005
Secretary/Treasurer Ajay Patel
Wake Forest University 2002-2006
Chairman, Finman Corporation David A. Walker
Georgetown University 1999-2005
Vice President-Program Jonathan Karpoff
University of Washington 2005 - Chicago, IL
Vice President-Financial Education William Megginson
University of Oklahoma 2004-2006
Vice President-Global Services Raj Aggarwal
Kent State University 2003-2005
Vice President-Practitioner Services Ronald D. Watson Drexel University
1999-2005
Editors, Survey and Synthesis Series John Martin
Baylor University James Schallheim
University of Florida 2004-2007
Editors, Financial Management Lemma W. Senbet
University of Maryland James K. Seward
University of Wisconsin Alexander J. Triantis
University of Maryland 1999-2005
Editors, Journal of Applied Finance Ali M. Fatemi & Keith M. Howe
DePaul University 2000-2004
FM Financial Management (ISSN 0046-3892) is published quarterly by the Financial Management Association International, University of South Florida, College of Business Administration, 4202 E. Fowler Ave., Tampa, FL 33620-5500, an affiliate of the Finman Corporation. Periodicals postage paid at Tampa, FL and additional mailing offices. POSTMASTER: Send address changes to: FM Financial Management, c/o Financial Management Association International, University of South Florida, College of Business Administration, Tampa, FL 33620-5500. Telephone: (813) 974-2084. Fax: (813) 974-3318.
Membership dues in the Association include $10 for a one-year subscription to Financial Management. Membership fees: New Professional $100, Renewal Professional $70, New Sustaining $125, Renewal Sustaining $95. Subscriptions for libraries and other non-members are $160 per year. Libraries outside the US, add $10.50 for shipping. Libraries in Canada and Mexico, add $8 for shipping. Members outside the US add $25 per year to cover overseas postage (surface delivery). Canada and Mexico add $20. All fees must be in US dollars drawn on a US bank. A membership application is available in this issue.
Memberships and Subscriptions: Write Financial Management Association International, University of South Florida, College of Business Administration, Tampa, FL 33620-5500. Telephone: (813) 974-2084. Fax (813) 974-3318. Email: [email protected]
Manuscripts: Send five copies to Professor Lemma W. Senbet, Financial Management Office, University of Maryland, Robert H. Smith School of Business, College Park, MD 20742-1815. A submission fee is required for evaluation of each manuscript: $70 for FMA members, $170 for non-FMA members, and $100 for doctoral students who are not FMA members (US dollars). The $170 and $100 non-member submission fees include a one-year membership in FMA for the submitting author. Style information is available in this journal. The Editors and the Association assume no responsibility for the views expressed by the authors.
Advertising Rates and Requirements: Write Financial Management Association International, University of South Florida, College of Business Administration, Tampa, FL 33620-5500. Telephone: (813) 974-2084. Fax: (813) 974-3318. Email: landerso@ coba.usf.edu
Publishing Schedule and Deadlines for 2005: Financial Management is published on February 28 (Spring), May 30 (Summer), August 30 (Autumn), and November 30 (Winter). Deadlines for receipt of meeting announcements, calls for papers, or positions available are March 18 (Spring), June 6 (Summer), August 26 (Autumn), and November 20 (Winter). Announcements received after these deadlines will be printed in the current issue if possible or will be printed in the subsequent issue (if appropriate). (These deadlines do not apply to camera-ready copy for advertisements. Advertisers, please direct queries to the Managing Editor.)
Permission to Quote or Republish: Blanket permission is granted to any individual wishing to use articles appearing in Financial Management for educational (university classroom) purposes. Written permission from the Financial Management Association International or the Editors is not required. All other requests to quote or republish should be submitted in writing to Financial Management Association International, University of South Florida, College of Business Administration, Tampa, FL 33620-5500. Telephone: (813) 974-2084. Fax: (813) 974-3318. Website: http://www.fma.org
Copyright ? 2005 Financial Management Association International, an affiliate of the Finman Corporation. Composed and printed by Dartmouth Printing Company, Hanover, NH. Printed in the U.S.A.
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Agency Costs of Overvalued Equity M ichael C. Jensen ..................................... .....................5
Measuring Investment Distortions when Risk-Averse Managers Decide Whether to Undertake Risky Projects
Robert Parrino, Allen M Poteshman, and Michael S. Weisbach ...........................21
Can Diversification Create Value? Evidence from the Electric Utility Industry Tomas Jandik and Anil K. Makhija .................... .............................. 61
Managerial Risk-Taking Incentives and Executive Stock Option Repricing: A Study of US Casino Executives
Daniel A. Rogers.............. ................................95
Cross Listings and M&A Activity: Transatlantic Evidence Pasi Tolmunen and Sami Torstila.............. ....... .. ............ 123
Business School Rankings and Business School Deans: A Study of Nonprofit Governance C. Edward Fee, Charles J. Hadlock, and Joshua R. Pierce...............................143
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