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The event study is an important methodology in management research that enables the assessment of value attributable to firm initiatives based on the responses of capital markets to news about firm actions. While capital markets are efficient in processing information about firms, their ability...
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Regulation is indispensable for the functioning of financial markets. After a decade of deregulation, financial regulation has come back into the focus of political discussion. This work reviews the effectiveness of existing and need for new regulation in two exemplary empirical studies. The...
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In recent years, many Chinese listed corporations have adopted draconian takeover defenses that harm shareholders … validity of these defenses, the two stock exchanges in China have adopted a soft-law approach to regulating them by issuing … this soft-law approach by examining the effects of takeover defenses adopted under the regulation of letters of concern …
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We analyze the decision to announce an open market share repurchase and the share price reaction to the announcement. We use a conditional estimation approach which takes into account that the repurchase decision is made rationally and that, consequently, there is a potential selection bias....
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