Michael Barclay

Dividends and Dominant Corporate Shareholders

It is widely held that for tax reasons corporate shareholders are the only shareholders that prefer dividends to capital gains. This has led to clientele models where corporate blockholders migrate to firms paying dividends and use their voting power to increase dividends in these firms. We use panel data and trades of large blocks of stock to investigate these propositions. Although one-third ...

An extremely compensatible cigarette by design: documentary evidence on industry awareness and reactions to the Barclay filter design cheating the tar testing system.

BACKGROUND The Barclay cigarette (Brown & Williamson) was introduced in 1980 in the USA in the most expensive launch in history. In the USA and around the world, Barclay was later determined to have a grooved filter design that was compromised by human smokers in the normal act of smoking, but that was measured as ultra-low tar using the standard tar testing protocol. OBJECTIVES To evaluate w...

Rational Financial Management: Evidence from Seasoned Equity Offerings

Current theories of capital structure have difficulty explaining the aspects of financing behavior we document. In contrast to the tradeoff theory, seasoned equity offers frequently move firms away from their target leverage ratios. At odds with the pecking-order theory, SEO firms typically are financially healthy companies with low leverage, unused debt capacity and substantial cash balances. ...

Barclay Simpson Recruitment Consultants An Introduction to Computer Auditing

Mycophenolate in non-transplant disorders

NSW TAG wishes to thank the following persons who assisted in reviewing this document: Professor Jeremy Chapman (Westmead Hospital), Associate Professor Connie Katelaris (Westmead Hospital), Associate Professor Les Schrieber (Royal North Shore Hospital), Dr Michael Lee (Royal North Shore Hospital), Ms Ceridwen Jones (Royal Prince Alfred Hospital) and Mr Peter Barclay (Westmead Hospital). NSW TA...