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Are mergers and acquisitions significant events that develop informativeness? Is the informativeness process the same … contradictory. To answer to these questions we use the concept of informativeness to assess whether acquisitions improve the private … information content of stock prices. We consider a sample of mergers and acquisitions in the US and Europe over the 2000 …
Persistent link: https://www.econbiz.de/10011269167
Using a sample of acquisitions of unlisted firms completed by public companies from 17 Western European countries over … announcement period abnormal returns to acquirers. 12.5% of the unlisted targets are PE-backed. Acquisitions of PE-backed firms are …
Persistent link: https://www.econbiz.de/10010708923
We examine how ownership concentration and the separation of ownership and control affect market liquidity in France. We find that firms with a large insider blockholder exhibit significantly lower liquidity. Different methods of concentrating control affect liquidity in different ways. Pyramid...
Persistent link: https://www.econbiz.de/10010706821
We examine how ownership concentration and the separation of ownership and control affect secondary-market liquidity in France. We find that firms with a large insider blockholder exhibit significantly lower liquidity. However, different methods of enhancing control affect liquidity in different...
Persistent link: https://www.econbiz.de/10010708299
The cost of equity capital is traditionally considered as an increasing function of the estimation risk – the risk of error regarding the distribution of a firm’s future cash flows (FCF). Under international GAAPs, IAS 36 “Impairment of assets” -based information disclosure conveys...
Persistent link: https://www.econbiz.de/10011246078
This article is concerned with modeling the dynamic and distributional properties of daily spot and forward electricity prices across European wholesale markets. Prices for forward contracts are extracted from a unique database from a major energy trader in Europe. Spot and forward returns are...
Persistent link: https://www.econbiz.de/10010707311
Privately informed owners securitizing assets signal positive information by retaining sufficient interest. Signaling provides social benefits, allowing uninformed investors to insure without fearing adverse selection. Instead of signaling, owners of high value assets may prefer a pooling...
Persistent link: https://www.econbiz.de/10010861413
This article examines how the introduction of an ETF replicating a stock index impacts on the liquidity of the underlying stocks when the ETF market involves liquidity providers (LPs). We find that index stock spreads decline, relative to those of non-index stocks, after the introduction of the...
Persistent link: https://www.econbiz.de/10010861453
Persistent link: https://www.econbiz.de/10010861541
Cet ouvrage présente et simule les principaux modèles de volatilité et d'évaluation d'options standards avec une discussion essentiellement centrée autour du smile de volatilité. Le premier chapitre permet d'aborder les modèles de volatilité locale et implicite. Le second chapitre se...
Persistent link: https://www.econbiz.de/10010905201