We construct a model whereby stock exchanges take a new role as an information intermediary, notably absent in their roles. We show that exchanges differentiate themselves at subgame perfect equilibrium and will not race to the top or the bottom.

This study empirically examines the impact of firm-specific and deal-specific factors on the change in industry-adjusted operating performance around corporate mergers and acquisitions. The factors investigated are offer size, bidder leverage, the size of bidder's cash resources, whether the...

This study investigates the corporate spin-off. It provides the institutional details of the spin-off, an analysis of alternative hypotheses to explain spin-offs, and an event study. In addition, it contains a detailed analysis of the motives for spin-offs as provided by the companies. Anergy is...

This article reviews a variety of financial economic hypotheses that may explain the sale of corporate assets and discusses the relevant empirical evidence regarding corporate divestitures. Two explanations are stressed: diseconomies to the seller and economies to the buyer. The article also...

This paper extends the Santa Fe Artificial Stock Market Model (SFASM) studied by LeBaron, Arthur and Palmer (1999, Journal of Economic Dynamics and Control 23, 1487-1516) in two important directions. First, some might question whether it is reasonable to assume that traders are capable of...

This study empirically examines the impact of firm-specific and deal-specific factors on the change in industry-adjusted operating performance around corporate mergers and acquisitions. The factors investigated are offer size, bidder leverage, the size of bidder's cash resources, whether the...