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The Role of mid-year dividends as predictors of yearly earnings

Anderson, Warwick - Department of Economics and Finance, College of … - 2013

New Zealand joint dividend and earnings announcement data is used to corroborate an aspect of dividend signalling espoused by Miller and Rock (1985). This is, that dividends announced within the course of a company’s financial year may be interpreted by investors as a signal about the quality...

Persistent link: https://www.econbiz.de/10010907391

Chinese Overseas M&A Performance and the Go Global Policy

Gu, Lulu; Reed, W. Robert - Department of Economics and Finance, College of … - 2011

It is well-known that government plays an important role in the business activities of Chinese firms. Less certain is the effect this influence has on the wealth of those firms’ shareholders. We contribute to the literature by analyzing stock market reactions to announcements by Chinese firms...

Persistent link: https://www.econbiz.de/10010907393

Information Asymmetry, Market Segmentation and Cross-Listing: Implicatons for Event Study Methodology

Gu, Lulu; Reed, W. Robert - Department of Economics and Finance, College of … - 2012

This paper connects three subjects related to international financial markets -- (i) information asymmetry, (ii) market segmentation, and (iii) cross-listings -- and highlights their implication for event study methodology. When firms list equities on more than one exchange, and the exchanges...

Persistent link: https://www.econbiz.de/10010907441

Chinese Overseas M&A Performance and the Go Global Policy

Gu, Lulu; Reed, W. Robert - Department of Economics and Finance, College of … - 2012

Persistent link: https://www.econbiz.de/10010548110

One For All or All For One? Using Multiple-listing Information in Event Studies

Gu, Lulu; Reed, W. Robert - Department of Economics and Finance, College of … - 2011

In an event study where at least some of the sample firms have their equity securities listed in more than one market, the question arises as to which is the most appropriate market (or markets) to use for the purpose of estimating mean abnormal returns. When arbitrage activity across these...

Persistent link: https://www.econbiz.de/10009368508

Do airlines always suffer from crashes?

Ho, Jerry C.; Qiu, Mei; Tang, Xiaojun - In: Economics Letters 118 (2013) 1, pp. 113-117

We examine the impact of aviation disasters on the stock prices of the crash airlines and their rival airlines. Results show that the crash airlines experience deeper negative abnormal returns as the degree of fatality increases. The stock prices of the rival airlines also suffer in large-scale...

Persistent link: https://www.econbiz.de/10010603122

Decomposing abnormal returns in stochastic linear models

Lin, Carl - In: Economics Letters 118 (2013) 1, pp. 143-147

This paper presents a method helpful in analyzing the sources of return in an event study. A generalized decomposition result derived from the differential between two random linear functions attributes the effect of events or regulations on the value of firms to differences in economy-wide and...

Persistent link: https://www.econbiz.de/10010603147

Buybacks versus Ordinary Dividends: Marginal Investor Reactions to Cash-return Announcements

Anderson, Warwick; McLaughlin, Samuel - Department of Economics and Finance, College of … - 2013

This paper examines the stock price effect in New Zealand of announcements of increases in dividends and of share repurchases from 1993 to 2009. The results are related to the soft substitution hypothesis on Australian data. Dividend-increase announcements provoke a greater positive effect on...

Persistent link: https://www.econbiz.de/10010648159

Just How Good are the Top Three Journals in Finance? An Assessment Based on Quantity and Quality Citations

Chang, Chia-Lin; McAleer, Michael - Department of Economics and Finance, College of … - 2014

The paper is concerned with ranking academic journal quality and research impact in Finance, based on the widely … category of “Business – Finance” using quantifiable Research Assessment Measures (RAMs). The analysis highlights the … of the ranks. The analysis of the 89 ISI journals in Finance makes it clear that there are three leading journals in …

Persistent link: https://www.econbiz.de/10010907407

Estimating efficiency spillovers with state level evidence for manufacturing in the US

Glass, Anthony; Kenjegalieva, Karligash; Sickles, Robin C. - In: Economics Letters 123 (2014) 2, pp. 154-159

Unit specific effects are often used to estimate non-spatial efficiency. We extend such estimators to the case where there is spatial autoregressive dependence and introduce the concept of spillover efficiency. Intuitively, we present an approach to benchmark how successful units are at...

Persistent link: https://www.econbiz.de/10010906375