Institutional investors tend to accumulate the shares of firms that announce acquisitions. The tendency to accumulate shares is stronger when the acquirer discloses synergy forecasts, and it is especially strong when the disclosed synergies are higher. This evidence is consistent with the idea...

We investigate the “new equity puzzle” using an approach that allows us to analyze the structural change in both alpha and systematic risk after the event. Brav, Geczy, and Gompers (2000) and Eckbo, Masulis, and Nodi (2000) cast doubt on the validity of matched-firm adjusted returns as a...

This paper examines how debt affects firms following failed takeovers. Using a sample of 573 unsuccessful takeovers, we find that, on average, targets significantly increase their debt levels. Targets that increase their debt levels more than the median amount reduce their levels of capital...

Purpose: the purpose of this paper is to examine the relationship between intellectual capital(IC)and corporate governance(CG)in a university setting. In particular, the aim is to argue that the lack of good CG can lead to an inability to attract and retain IC. Design/methodology/approach - The...

Democracy in the Middle East has been in the spotlight of the world media for a number of years now. Along with the ever growing international debate on the importance of democratizing political systems around the globe, questions such as how seriously the Arab countries take the calls to adopt...