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Information, Analysts, and Stock Return Comovement

Hameed, Allaudeen - 2010

We examine information spillover as a source of stock return synchronicity, where information about highly-followed "prominent" stocks is used to price other "neglected" stocks sharing a common fundamental component. We find that stocks followed by few analysts co-move significantly with...

Persistent link: https://www.econbiz.de/10013146492

Characteristics of Observed Limit Order Demand and Supply Schedules for Individual Stocks

Kim, Jung-Wook - 2013

Using complete order books from the Korea Stock Exchange for a four-year period including the 1997 Asian financial crisis, we observe (not estimate) limit order demand and supply curves for individual stocks. Both curves have demonstrably finite elasticities. These fall markedly, by about 40%,...

Persistent link: https://www.econbiz.de/10012753216

What Do We Learn from Stock Price Reactions to China's First Announcement of Anti-Corruption Reforms?

Lin, Chen - 2016

China's markets gained 3.86% around December 4, 2012, when the Party announced anti-corruption reforms. State-owned enterprises (SOEs) with higher past entertainment and travel costs (ETC) gained more. NonSOEs gained in more liberalized provinces, especially those with high past ETC,...

Persistent link: https://www.econbiz.de/10012998417

Shareholder Democracy in Canada

Morck, Randall - 2010

-style takeover defences, such as poison pills and staggered boards, but allows voting caps and pyramiding in their stead. Various … investors and mandatory takeover bids …

Persistent link: https://www.econbiz.de/10013135809

Do Managerial Objectives Drive Bad Acquisitions?

Morck, Randall - 2013

This paper documents for a sample of 327 US acquisitions between 1975 and 1987 three forces that systematically reduce the announcement day return of bidding firms. The returns to bidding shareholders are lower when their firm diversifies, when it buys a rapidly growing target , and when the...

Persistent link: https://www.econbiz.de/10012753943

Alternative Mechanisms for Corporate Control

Morck, Randall - 2013

change: internally precipitated management turnover, hostile takeover, and friendly takeover. We find that firms experiencing … is also weaker evidence that hostile takeover targets underperform their industry peers. We interpret this evidence as … relative to industry, but that an external challenge in the form of a hostile takeover is often required when the whole …

Persistent link: https://www.econbiz.de/10012754746

Heterogeneous Investors and Their Changing Demand and Supply Schedules for Individual Common Stocks

Kim, Jung-Wook - 2013

Using 550 million limit orders submitted in the Korea Stock Exchange, we estimate demand and supply elasticities of heterogeneous investor types and their changes around the Asian financial crisis. We find that domestic individuals have substantially more inelastic demand and supply curves than...

Persistent link: https://www.econbiz.de/10012754607

R-Squared and the Economy

Morck, Randall - 2013

Many seemingly discordant results are reconciled if firm-specific return volatility is characterized as the intensity with which firm-specific events occur. A functionally efficient stock market allocates capital to its highest value uses, which often amounts to financing Schumpeterian creative...

Persistent link: https://www.econbiz.de/10013082425

Governance and Stakeholders

Mehrotra, Vikas - 2017

Economic models routinely assume firms maximize shareholder wealth; however common law legal systems only require that officers and directors pursue the interests of the corporation, leaving this ill-defined. Economic arguments for shareholder wealth maximization derived from shareholders'...

Persistent link: https://www.econbiz.de/10012954931

Business Groups and the Incorporation of Firm-Specific Shocks into Stock Prices

Faccio, Mara - 2019

In lower-income economies, stocks exhibit less idiosyncratic volatility and business groups are more prevalent. This study connects these two findings by showing that business group affiliated firms' stock returns exhibit less idiosyncratic volatility than do the returns of otherwise similar...

Persistent link: https://www.econbiz.de/10012869223