We construct a model whereby stock exchanges take a new role as an information intermediary, notably absent in their roles. We show that exchanges differentiate themselves at subgame perfect equilibrium and will not race to the top or the bottom.

We investigate the relation between corporate governance characteristics of hostile takeover targets and the choice to employ 'harmful' resistance that is not perceived as being motivated by shareholders' interests. We find that harmful resistance is associated with firms where managers have...

We find that corporate governance characteristics of acquiring firms (board ownership, board size, and block-holder control) have an economically and statistically significant impact on operating performance changes following mergers. We also show that dispersion of intra-board ownership stakes...

We find that corporate governance characteristics of acquiring firms (board ownership, board size, and block-holder control) have an economically and statistically significant impact on operating performance changes following mergers. We also show that dispersion of intra-board ownership stakes...

We investigate the relation between corporate governance characteristics of hostile takeover targets and the choice to employ 'harmful' resistance that is not perceived as being motivated by shareholders' interests. We find that harmful resistance is associated with firms where managers have...

This paper develops a dynamic model of asset price behavior based upon the arrival and diffusion of rumors in a securities market. The model is based upon a time-homogeneous pure birth process in which the number of informed and uninformed traders varies probabilistically over time as learning...

The extraordinary oil price volatility of the 2007-08 period has resulted in special attention being focused on the role of financial market factors in determining physical oil prices. We survey the literature to assess the state of research on this topic. The literature provides substantial...

We examine the determinants of cash holdings in private and public companies. Using a sample of more than 280,000 U.K. private firms and 970,000 firm-year observations from the 1994-2010 period we show that cash holdings in private firms support both the trade-off theory and the financing...

Are the professional networks of corporate directors valuable? More connected directors may have better information and more influence, which can increase firm value. However, these directors may also be busy or spread value-decreasing practices. To separate the effect of director networks on...

This study empirically examines the impact of firm-specific and deal-specific factors on the change in industry-adjusted operating performance around corporate mergers and acquisitions. The factors investigated are offer size, bidder leverage, the size of bidder's cash resources, whether the...