We use hand-collected board data around the issuance of two distinct government-led board structure mandates in the U.K. to establish the effect of outside directors on acquirer performance. Increases in outside director representation are associated with better acquirer returns in deals...

This study examines Greece's experience as a member of the Eurozone over the period 2002 to 2011. We do not find evidence of incremental benefits for Greece from joining the Eurozone in terms of higher growth in Gross Domestic Product, improved balance of payments, higher levels of public and...

This article examines the stock market reaction to announcements of cash dividend increases and bonus issues (stock dividends) in the emerging stock market of Cyprus. Both events elicit significantly positive abnormal returns, in line with evidence from developed stock markets. This study...

In this paper, we provide novel evidence of shareholder value creation in European bank M&As. We show that since 2009, bidders realize approximately 3% higher abnormal returns compared to the previous years; the returns being accompanied by significant improvements in long-term profitability....

We test for stochastic long memory in the Greek stock market, an emerging capital market. The fractional differencing parameter is estimated using the spectral regression method. Contrary to findings for major capital markets, significant and robust evidence of positive long-term persistence is...

This study presents an empirical investigation of the UK stock market response to the im-plementation of the UK Statement of Standard Accounting Practice (SSAP) No. 20 “Foreign Cur-rency Translation” (issued in April 1983). Such an empirical investigation has not yet been under-taken for the...

The purpose of this quantitative research is to investigate whether non-linear effects of capital structure choice on firm value are present for the Egyptian non-financial firms, and if yes, investigate the existence of an optimal capital structure that maximizes firm value. The authors employ...

Operating cash flows and their models are crucial for companies, from day-to-day operations to investment decisions. We study the possible issues with the quality of the information provided by current cash flow models in the context of economic decision-making, from the agency theory...