The article discusses the results of an empirical investigation into whether managers' actions following an acquisition announcement are consistent with their learning from stock price changes. The data generally do not support this hypothesis, suggesting that managers may not rely solely on stock price changes for decision-making. Another study examines the value of multinationality to investors, finding that while research and development and advertising spending positively impact a firm's q ratios, multinationality itself does not have a significant impact. This supports the theory that intangible assets are necessary to justify direct foreign investment. A third article documents that few industrial equity offerings are registered under the shelf registration procedure, despite lower costs, due to the lack of underwriter certification provided by this method. A study by Mann and Sicherman explores the agency costs of free cash flow, finding that shareholders react more favorably to equity issue announcements if firms have acquired assets related to their core business. Finally, Brickley, Manaster, and Schallheim investigate the tax-timing option and the discounts on closed-end investment companies, showing that a portfolio of options is more valuable than a single option on the portfolio, consistent with the empirical regularity that closed-end funds sell at discounts from their net asset value.The article discusses the results of an empirical investigation into whether managers' actions following an acquisition announcement are consistent with their learning from stock price changes. The data generally do not support this hypothesis, suggesting that managers may not rely solely on stock price changes for decision-making. Another study examines the value of multinationality to investors, finding that while research and development and advertising spending positively impact a firm's q ratios, multinationality itself does not have a significant impact. This supports the theory that intangible assets are necessary to justify direct foreign investment. A third article documents that few industrial equity offerings are registered under the shelf registration procedure, despite lower costs, due to the lack of underwriter certification provided by this method. A study by Mann and Sicherman explores the agency costs of free cash flow, finding that shareholders react more favorably to equity issue announcements if firms have acquired assets related to their core business. Finally, Brickley, Manaster, and Schallheim investigate the tax-timing option and the discounts on closed-end investment companies, showing that a portfolio of options is more valuable than a single option on the portfolio, consistent with the empirical regularity that closed-end funds sell at discounts from their net asset value.