This paper provides an analysis of legal insider trading on the Euronext Amsterdam stock exchange by using data published in the register held by the AFM, the dutch financial markets authority. The sample includes 822 transactions executed by corporate insiders between the beginning of January...

The idiosyncratic risk is a key input of the standard event study method. The recent literature has suggested that the idiosyncratic risk is not stable through time, and it has increased significantly in the nineties. This paper investigates to what extent the event study method is affected by...

Recent empirical papers report a declining trend in the cumulative abnormal return (CAR) of acquirers during an Mamp;A program. Does this necessarily imply that acquiring CEOs are infected by hubris and are not learning from previous mistakes? We first confirm the existence of this declining...

The idiosyncratic risk is a key input of the standard event study method. The recent literature has suggested that the idiosyncratic risk is not stable through time, and it has increased significantly in the nineties. This paper investigates to what extent the event study method is affected by...

Recent empirical research has shown that, from deal to deal, serial acquirers' cumulative abnormal returns (CAR) are declining. This has been most often attributed to CEOs hubris. We question this interpretation. Our theoretical analysis shows that (i) a declining CAR from deal to deal is not...

Why do regulatory authorities scrutinize mergers and acquisitions? The authorities themselves claim to be combating monopoly power and protecting consumers. But the last two decades of empirical research has found little supporting evidence for such motives. An alternative is that Mamp;A...

This paper focuses on the restructuring of the European aerospace and defence industry: EADS, owning 80% of Airbus, the major global civil aircraft manufacturer, ahead of Boeing in new aircraft orders. This process (initiated by European governments) has succeeded after many developments,...

Since the contribution of Fama, Fisher, Jensen and Roll (1969), event studies have become an important reference tool for empirical research in finance. The original methodology has been improved in order to tackle numerous problems such as event-date uncertainty, event clustering, event-induced...

On December 21, 1989 the European Community Counsel promulgated EEC regulation no. 4064/89 and in doing so, reinforced merger operations monitoring and control at the European level. The object of this study is to evaluate the consequences of the application of this regulation to non-European...

Mergers and acquisitions offer a framework for shedding new light on the stock market performance of socially responsible investments (SRI). We use Innovest's Intangible Value Assessment (IVA) ratings as a measure of firms' ability to cope with social and environmental risks. The IVA ratings...