We use a sample of 100 international joint ventures to explain why the results of previous studies on wealth effects have been inconclusive. We find that when US firms establish joint ventures in Asian countries, the market reaction is more favorable, but the market reaction is less favorable...

We examine merger gains to targets and their industry rivals and find evidence consistent with the signaling hypothesis. We find that targets and rivals benefit from the merger announcement, but termination results in significant negative returns for targets and significant positive returns for...

We examine the impact of initial public offerings (IPOs) on rival firms and find that the valuation effects are insignificant. This insignificant reaction can be explained by offsetting information and competitive effects. Significant positive information effects are associated with IPOs in...

This study addresses some aspects of the financial impact on women under the Social Security benefits reform or redistribution. This paper presents a preliminary result of the study. A multiple decrement model (LL Model) is developed based on a proxy population of U.S. women and its demographic...