Faculty Meziane Lasfer Research

Meziane Lasfer

Research

Corporate Finance: 

- Dividend Policy
- Share Repurchases
- Capital Structure
- Corporate Restructuring
- Corporate Recovery
- Corporate Investments in R&D 
- Leasing

Corporate Governance:

Pension Fund Monitoring
Managerial Ownership
Board Structure
Ownership Structure                       

Capital Markets and Financial Institutions:

Stock Pricing
Insider Trading/Institutional Trading
Behavioural Finance

1996/97 The National Association of Pension Funds-  (with R. Taffler) Do Dividend Payouts Depress Firms’ R&D Expenditures? May 1997, 26 pages

1996/97 The Finance Lease Association (FLA) - (with Mario Levis) The Role of Leasing in the Financing of Small and Medium-Sized Companies, PFI Projects and Inward Investments, May 1997, 74 pages

1994/96 The Institute of Chartered Accountants in England and Wales - The Timing of Scrip Dividends, November 1995, 95 pages

 1999 British Petroleum - Dividend and share repurchases

 2000 Trillium - The value of property in the UK and its impact on shareholder wealth

 2002 Land Securities-Trillium - The distribution of UK Property

2002 Land Securities-Trillium - The distribution of UK Property of non-quoted companies

2002 British Property Federation - (with Tony Key) – Stamp duty – Economic efficiency and market liquidity

2003 Donaldsons - Should companies hold business property

2005 Morley Asset Management - Corporate Governance and stock returns

Publications

Refereed Journal Articles:

• Lasfer, M.A., 1995, Ex-Day Price Behaviour: Tax or short-term Trading Effects. Journal of Finance 50, 875-897
• Lasfer, MA, 1995, Agency Costs, Taxes and Debt: The UK Evidence  The European Financial Management 1, 265-85
• Lasfer, M.A., 1996, Taxes and Dividends: The UK Evidence. Journal of Banking and Finance 20, 455 472.
• Lasfer, M.A., S. Sudarsanam and R.J. Taffler 1996, Financial Distress, Asset Sales and Lender Monitoring Financial Management 25, 57-66.
• Lasfer, M.A., 1997, Scrip Dividends: The Management's View,  The European Financial Management 3, 237-249.
• Lasfer, M.A., 1997, On the Motivation for Paying Scrip Dividends Financial Management 26, 62-80.
• Lasfer, M.A. and M. Levis, 1998, The determinants of the leasing decision of small and large companies The European Financial Management 4, 159-184.
• Faccio M and M.A. Lasfer, 2000, Do Occupational Pension Funds Monitor Companies in which they Hold Large Stakes? Journal of Corporate Finance, 6, 71-110. 
• Lasfer, M.A., A. Melnik and D. Thomas, 2002, Short-term Reaction of Stock Markets in Stressful circumstances. Journal of Banking and Finance 27, 1959-1977
• Lasfer, M.A., 2004, On the Monitoring Role of the Board of Directors. Advances in Financial Economics, 9, 289-328
• Lasfer, M.A., and K. Morzaria, 2004, When do Mergers and Acquisitions Create Value?, International Finance and Law Review (Forthcoming)
• Ersoy-Bozcuk, A. and M.A. Lasfer, 2005, The trading behaviour of UK institutional investors. Journal of Finance and Quantitative Analysis, 40, 3, 621-644
• Lasfer, M.A., 2005, The inter-relationship between managerial ownership and board structure. Journal of Business Finance and Accounting (Forthcoming)
• Lasfer, M.A., 2005, Discussion of separation of ownership from control and acquiring firm performance: The case of family ownership in Canada, Journal of Business Finance and Accounting (Forthcoming)

  Chapters in Books

  Lasfer, M.A., A. Melnik and D. Thomas, 1999, Large Stock Price Changes and the Overreaction Hypothesis: An International Comparison. In Bank of Japan (Ed), Risk Measurement and Systemic Risk, 241-259.

  Faccio M. and M.A. Lasfer, 2000, Institutional Shareholders and Corporate Governance: The UK Evidence, in McCahery and Renneboog (eds.), Convergence and Diversity in Corporate Governance Regimes and Capital Markets, Oxford University Press pp. 603-623.

  Faccio M and M.A. Lasfer, 2005, Do Occupational Pension Funds Monitor Companies in which they Hold Large Stakes? in K Keasey, S Thompson and M Wright, 2004, Corporate Governance in the New Global Economy, Edward Elgar Publishing

  Working Papers

  Email m.a.lasfer@city.ac.uk for latest versions of the papers
  

  
  Gajewski, Jean-Francois., Ginglinger, Edith. and Lasfer, M.A., 2007, Why do Companies Include Warrants in Seasoned Equity Offerings?

  Lasfer, M.A., 2001, Board Structure and Agency Costs

  Lasfer, M.A., 2001, Taxes, Dividends and Firms? Investment in Growth Opportunities

  Lasfer, M.A., 2000, The Market Valuation of Share repurchases in Europe

  Faccio, M. and M.A. Lasfer, 1999, Managerial ownership, board structure and firm value: The UK evidence

  Ersoy-Bozcuk, A. and M.A. Lasfer, 2000, The impact of different types of shareholder groups on firm performance

  Lasfer, M.A., 1999, Debt Structure, Agency Costs and Firm's Size

  Lasfer, M.A., 1998, The Market Reaction to Share Repurchases Announcements: The UK Evidence. 

  Ersoy-Bozcuk, A. and M.A. Lasfer, 2000, The trading behaviour of UK institutional investors

  Lasfer, M.A. 2000, Why do companies lease their property?

  Lasfer, M.A., 1998, Ex-day Pricing and Post-Annoucement Drift

  Book Reviews

  Lasfer, M.A., 1999, Damodaran, Aswath, Corporate Finance: Theory and Practice, 1997, John Wiley, New York, pp.xxvi+876. The European Financial Management Vol. 5, No 1, 117-119.

  L. Corriea Da Silva, M. Goergen and L. Renneboog, Dividend Policy and Corporate Governance, Oxford University Press, 2004. Corporate Governance International Review (2004, forthcoming)

  Special Report

  Driving Shareholder Value: Corporate Real Estate-freehold vs Leasehold, 2003, Donaldsons
  The Role of Leasing in Small and Medium Size Firms, Private Finance Initiative and Inward Investment Projects (with M. Levis), 1997, The Finance Leasing Association
  Do Dividend Payouts Depress Firms' R&D Expenditures?  (with R. Taffler), 1997,  The National Association of Pension Funds
  The Value Of Property In The UK And Its Impact On Shareholder Wealth, Trillium
  Share Repurchases and Cash Dividends: The Case of BP - British Petroleum
  The Timing of Scrip Dividends: The Final Report, November 1995, The Institute of Chartered Accountants in England and Wales, 95 pages

  Publications in Professional Magazines

• M. Lasfer, The Cost of Capital in I. Garrett Ed. Blackwell's Encyclopaedia of Management – Finance, 2005 London: Blackwell.

• M. Lasfer, Scrip Dividends in I. Garrett Ed. Blackwell's Encyclopaedia of Management – Finance, 2005 London: Blackwell.

• M. Lasfer, Share Repurchases in I. Garrett Ed. Blackwell's Encyclopaedia of Management – Finance, 2005 London: Blackwell.

• M. Lasfer, The Cost of Capital in C.L. Cooper and C. Argyris, eds., The Concise Blackwell Encyclopaedia of Management,  2003, 123-124.

• M. Lasfer, Pension fund investments and corporate monitoring Professional Investor, 2000, 23-26

• M. Lasfer, The Impact of Institutional Legislation on the Pricing of Initial Offerings (with D. Thomas and J. Yoong), July August 1998, Professional Investor

• M. Lasfer, Scrip Dividends, September 1996, Investment Management

• M. Lasfer, Shareholder Activism, September 1996, The Investor

• M. Lasfer, The Timing of Scrip Dividends, July 1996, The Institute of Chartered Accountants in England and Wales, Research Board News 25 

• M. Lasfer, The Efficient Market Hypothesis, International Encyclopaedia of Business and Management, London: Routledge 2, 1149-1154 

• M. Lasfer, Modern Portfolio Theory, International Encyclopaedia of Business and Management, London: Routledge 2, 3511-3516

• M. Lasfer, The Cost of Capital, 1995, Blackwell'sEncyclopaedia of Management - Financial Economics, London: Blackwell 

• M. Lasfer, Scrip Dividends, 1995, Blackwell'sEncyclopaedia of Management - Financial Economics, London: Blackwell

• M. Lasfer, Share Repurchases, 1995, Blackwell'sEncyclopaedia of Management - Financial Economics, London: Blackwell 

• M. Lasfer, How do Taxes Affect Stock Returns, November 1995, Professional Investor

• M. Lasfer, Trading opportunities Around the Ex-Dividend Dates, Professional Investor (reprinted in Business News, Summer 1995)