Background: The wealth effect of limiting shareholder rights via anti-takeover provisions(ATPs) is a contentious issue. By taking the differential effect hypothesis perspective, our study aims to provide additional evidence about the relation between ATPs and acquisition performance. Methods: We...

The wealth effect of limiting shareholder rights via anti-takeover provisions (ATPs) is a contentious issue. By taking the differential effect hypothesis perspective, our study aims to provide additional evidence about the relation between ATPs and acquisition performance.We examine the...

Although previous research has suggested that the level of disclosure is positively related to stock market efficiency, it remains unclear whether an increase in the level of disclosure can facilitate price discovery regardless of the quality of information provided in the disclosure. We examine...

This study examines the determinants of member customers' decision to redeem versus accumulate loyalty program (LP) points by focusing on the effects of the different transaction channels (online versus offline) and the demographic information of member customers. This study finds that...

While the Helpman-Trajtenberg model is successful in explaining the macroeconomic cycle generated by GPT in the context of a closed economy, open-economy implications regarding GPT have received scant attention. We seek to fill such void in the previous literature by developing a dynamic...

Using a database of Chinese firms, we examine the effects of technology spillovers not only between foreign entrants and local firms but also between "modernized" local firms to other local firms. Our results show that the increased presence of foreign multinationals within industries and in...

I provide evidence on the inefficient internal capital market hypothesis by examining the separation of a conglomerate through a spinoff. I document that (i) pre-spinoff firms are valued less than a portfolio of the industry matched single segment firms be cause headquarters allocates funds...

For decades, the value of corporate diversification has interested academics, investors, and managers. The finding that diversified firms, on average, trade at a substantial discount compared to focused firms ignited the debates on diversification discount. Given that diversification destroys...