The phenomenon of low-balling reported in the financial press involves downward biased projections of earnings by managers or analysts, thereby artificially lowering market expectations and creating a positive earnings surprise when actual earnings are announced. This study reports that the...

We examine the impact of joint ventures between industrial companies located in Japan and the U.S. on their stockholders' wealth. Consistent with previous evidence, stockholders of both Japanese and U.S. companies earn significant positive abnormal returns, on average. Further results show that...

While China had been vigorously pursuing economic reform since the late 1980s, it wasn't until the 2005-2006 time period that non-tradable stock reform took place. The case of Hunan Valin Steel provides a rich look inside about the dynamics of the non-tradable share reform in China, and...

We report that traditional seasoned equity offerings (SEOs) are no longer firms' preferred choice for raising seasoned public equity. Traditional offerings have recently been surpassed by shelf-registered offerings in terms of both annual frequency and total capital raised. This represents a...