Measurement of merger gains using post-merger data is sifficult and highly conjectural. Thus, it is difficult to test merger theories and to estimate merger gains using such data. The approach in the current paper is to use pre-merger data in an economic model, in order to test the managerial...

The choice of model of normal returns in event studies has been widely discussed in the literature. While researchers frequently continue to use an array of alternatives, there is currently some tendency to favour cruder but simpler mean- or market-adjusted returns models. This paper presents a...

Management buy-outs have become an international phenomenon, yet important differences exist between countries in the nature of buy-outs. In the early 1990s, the differential impact of recession has brought two important issues to the fore. The first involves the contribution of buy-outs to...

This paper examines the institutional characteristics of UK ESOPs and considers the extent to which ESOPs extend employee participation and industrial democracy. It is suggested that ESOPs in themselves do not extend industrial democracy. Instead patterns of employee participation are...

The purpose of the paper is to test the hypothesis that food safety (chemical) standards act as barriers to international seafood imports. We use zero-accounting gravity models to test the hypothesis that food safety (chemical) standards act as barriers to international seafood imports. The...