The emergence of dark pools facilitates trading with limited pre-trade transparency. This paper examines the impacts of dark trading and block trading on firm value using a sample of Australian stocks. We find that firms with more dark trading tend to have lower market valuation, while block...

In this study, we examine the effect of succession-induced gaps in CEO characteristics on subsequent firm performance. We show that a gap index constructed using differences in CEO attributes between the predecessor and the successor leads to deteriorating subsequent firm performance when the...

Since 2001, the China Securities Regulatory Commission has implemented a series of policies to ensure that dividend payments constitute a prerequisite of equity financing. This is known as the semi-mandatory dividend policy. Using a sample of Chinese listed firms from 2007 to 2015, we document...

Rumors can be classified into two types, according to whether they can credibly predict impending events or not. The analysis of takeover rumors of publicly traded US companies from 1990 to 2008 shows that these two types of rumors can be statistically distinguished by returns of rumored...

Rumors can be classified into two types according to whether they can credibly predict impending events. Our analysis of takeover rumors of publicly traded US companies shows that public information on a rumored takeover target, particularly its historical Cumulative Abnormal Return (CAR) before...

This paper shows a sharp contrast between theoretical predictions of merger negotiations when takeover markup and runup are measured in dollar vs rate terms. It argues that the empirical tests by an influential study cannot reject the hypothesis of a costly feedback loop as the authors claim....