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...

The payment of dividends imposes costs on the firm's shareholders in the form of higher taxes (relative to capital gains) and issuance costs arising from the dividend-induced need to acquire external equity, given the firm's investment and capital structure policies. Why, then, do firms pay...

We examine the information transmission role of stock recommendation revisions by sell-side security analysts. Revisions are associated with economically insignificant mean price reactions and often piggyback on recent news, events, long-term momentum, and short-run contrarian return predictors,...