This paper examines the performance of bidders with a hubris management during a takeover bid. Data for the study comprises of successful bids in the UK during the 1990s, which have been identified as having a hubris management. Valuation ratios and bid premium sizes are the measures used to...

Prior studies have reported mixed Þndings regarding bidder shareholder returns. There are many theories regard-ing the motivation towards the initiation of a takeover. This study intends to analyze four major merger motivations separately and examine the impact each has on bidder re-turns. We...

This paper investigates the efficiency of the New Zealand and the Hongkong Index and Index Futures markets. A cointegration and error correction based approach is used to test the efficiency of the markets. The data for the study consists of the spot and futures prices for the NZSE40 andthe...

This paper analyses the performance of all IPOs in the Malaysian stock market between 1995 to October 1997. The effects of underpricing are examined based on the two trading boards, the main and second board. This study extends the analysis by examining the IPOs performance by the size of...

In the United Arab Emirates, the government holds ownership in 48 percent of all stock exchange-listed firms. However, prior evidence does not make clear whether the government linkage of a company via ownership holding is good or bad for the firm's performance. We propose two hypotheses. The...

On June 23 1989, the Chicago Board of Options Exchange introduced a new option on short-term interest rate. These options were unique in that, unlike other interest rate dependent options, there were no assets like bonds underlying them. So, when these options are exercized, settlement delivery...