Drawing on upper echelons theory, the resource-based view of the firm (RBV) and managerial networking theory, we hypothesize that management demography of chairpersons is important and reflects valuable resources of the firm. Our empirical examination of Chinese firms supports this hypothesis by...

This paper investigates the short-term return performance and long-term operating performance of 36 partial mergers in Hong Kong during the period 1984-1996. We first conduct an event-study to evaluate the short-term market performance of the target, the bidder and a simulated combined portfolio...

Previous research on R-square has focused on the cross-sectional effects of the level of R-square and the results are mixed. We argue that changes in R-square can capture how new information is incorporated into stock prices. We examine the changes in R-square and stock price synchronicity upon...

While the literature shows that perks can affect firm values positively or negatively, we argue that firms with higher perks are more likely to be associated with a lower quality of financial reporting, which, in turn, can affect the informativeness of stock prices. Based on hand-collected data...

The literature shows that insider trading activities and dividends contain information content and serve as signals to firm value. If insider return is a proxy for information asymmetry, we should expect a positive relation between dividends and insider returns. Using a sample of unambiguous...