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Anti-Corruption Reforms and Shareholder Valuations : Event Study Evidence from China
Lin, Chen - 2016
Consistent with reduced expected corruption adding value overall, Chinese shares rise sharply on the December 4th 2012 launch of major anti-corruption reforms, which started by curtailing extravagant spending by or for Party cadres. SOEs gain broadly, consistent with the reform cutting their top...
Persistent link: https://www.econbiz.de/10012456672
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Market Underreaction to Open Market Share Repurchases
Ikenberry, David - 1994
We examine long-run firm performance following open market share repurchase announcements which occurred during the period 1980 to 1990. We find that the average abnormal four-year buy-and-hold return measured after the initial announcement is 12.1 percent. For `value' stocks, companies more...
Persistent link: https://www.econbiz.de/10012473934
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Do shareholders of acquiring firms gain from acquisitions?
Moeller, Sara B. - 2003
We examine a sample of 12,023 acquisitions by public firms from 1980 to 2001. Shareholders of these firms lost a total … of $218 billion when acquisitions were announced. Though shareholders lose throughout our sample period, losses … associated with acquisition announcements after 1997 are dramatic. Small firms gain from acquisitions, so that shareholders of …
Persistent link: https://www.econbiz.de/10012469179
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Poison or Placebo? Evidence on the Deterrent and Wealth Effects of Modern Antitakeover Measures
Comment, Robert - 1993
poison pills and control share statutes are reliably associated with higher takeover premiums for selling shareholders, both … unconditionally and conditional on a successful takeover, and we provide updated event-study evidence for the three-quarters of all …
Persistent link: https://www.econbiz.de/10012474642
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Wealth Destruction on a Massive Scale? A Study of Acquiring-Firm Returns in the Recent Merger Wave
Moeller, Sara B. - 2004
Acquiring-firm shareholders lost 12 cents at the announcement of acquisitions for every dollar spent on acquisitions … per dollar spent. Though the announcement losses to acquiring-firm shareholders in the 1980s are more than offset by gains … to acquired-firm shareholders, the losses of bidders exceed the gains of targets from 1998 through 2001 by $134 billion …
Persistent link: https://www.econbiz.de/10012468494
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Bidder Discounts and Target Premia in Takeovers
Jovanovic, Boyan - 2002
When a takeover is announced, the sum of the stock-market values of the firms involved often falls, and the value of … necessarily. We set up a model in which the equilibrium number of takeovers is constrained efficient. Yet, upon news of a takeover …
Persistent link: https://www.econbiz.de/10012469704
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Monetary Policy Surprises and Exchange Rate Behavior
Gürkaynak, Refet S. - 2020
Central banks unexpectedly tightening policy rates often observe the exchange value of their currency depreciate, rather than appreciate as predicted by standard models. We document this for Fed and ECB policy days using event-studies and ask whether an information effect, where the public...
Persistent link: https://www.econbiz.de/10012481122
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An Event Study of COVID-19 Central Bank Quantitative Easing in Advanced and Emerging Economies
Hartley, Jonathan S. - 2020
Amid the COVID-19 outbreak and related expected economic downturn, many developed and emerging market central banks around the world engaged in new long-term asset purchase programs, or so-called quantitative easing (QE) interventions. This paper conducts an event-study analysis of 24 COVID-19...
Persistent link: https://www.econbiz.de/10012481533
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Whatever-It-Takes Policymaking during the Pandemic
Dominguez, Kathryn M.; Foschi, Andrea - National Bureau of Economic Research - 2024
Central banks across the globe introduced large-scale asset purchase programs to address the unprecedented circumstances experienced during the pandemic. Many of these programs were announced as open-ended to shock-and-awe market participants and restore confidence in financial markets. This...
Persistent link: https://www.econbiz.de/10014486207
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Profiting from Regulation : An Event Study of the EU Carbon Market
Bushnell, James B. - 2009
permits. In this paper, we examine the effect of this type of environmental regulation on profits. In particular, changes in …
Persistent link: https://www.econbiz.de/10012463077