This paper examines changes in spread, trading activity and market-maker competition around acquisition announcements involving NASDAQ targets. We find a significant increase in spread immediately preceding the announcement, consistent with an increase in adverse selection costs. Targets with...

Rule 14a-8 of the Securities Exchange Act of 1934, commonly referred to as the shareholder-proposal rule, allows shareholders to submit proposals for inclusion in a company's proxy materials. If the rule's procedures are followed, the company's shareholders will be asked to vote on the proposal...

Recent years have witnessed an onslaught of class action suits brought under ERISA law on behalf of employee participants who invest a portion of their retirement savings in company stock. These cases typically are preceded by a decline in the market price of company stock and allege that the...

Rule 14a-8 of the Securities Exchange Act of 1934, commonly referred to as the shareholder-proposal rule, allows shareholders to submit proposals for inclusion in a company's proxy materials. If the rule's procedures are followed, the company's shareholders will be asked to vote on the proposal...

The bid-ask spread is an important element of investors' transactions costs. Theoretical papers decompose the spread into adverse selection, inventory cost, and order processing cost components. The order processing cost component compensates the stock exchange specialist for providing immediacy...