Unlike operating companies, acquisitions between Real Estate Investment Trusts (REITs) are friendly and acquirers have been previously found to experience positive announcement effects. This study looks beyond stock response and long term performance and finds that overconfidence motivates REIT...

(VF)L’objectif de cette étude est d’analyser la relation entre les politiques de distribution des entreprises familiales cotées et deux grands types de conflits d’agence dans les entreprises familiales, entre actionnaires et dirigeant (type I), et entre actionnaires majoritaires et...

(VF)L’article présente un modèle décrivant le partage de la valeur créée entre le dirigeant et l’actionnaire. Le modèle montre que le limogeage représente une menace très dissuasive pour le dirigeant qui suffit le plus souvent à réfréner son appétit pour les prélèvements...

In an efficient stock market stock prices instantaneously and accurately adjust to new information. This paper conducts an event study analysis on an emerging market namely the Karachi Stock Exchange (KSE) by investigating the stock price reaction to public announcement of quarterly after tax...

We consider the strategic timing of information releases in a dynamic disclosure model. Because investors don’t know whether or when the firm is informed, the firm will not necessarily disclose immediately. We show that bad market news can trigger the immediate release of information by firms....

The main objective of the paper is to test whether post-earnings announcement drift (PEAD) is a consequence of the presence of self-attribution bias in investors' expectations, regarding permanent earnings. This is the first study to examine empirically this issue, in the sample of Athens Stock...

Purpose - This article aims to examine the link between uncertainty and analysts' reaction to earnings announcements for a sample of European firms during the period 1997-2007. In the same way as Daniel et al., the authors posit that overconfidence leads to an overreaction to private information...

We propose a simple method to infer the forecast error associated with quarterly estimates of earnings and revenue before the firm announces realized earnings and revenue. The method uses estimates of the profit margin implied by an analyst’s forecasts of both earnings and revenue to identify...

This study investigates how the release of interim and annual earnings announcements affects information asymmetry in the French and U.S. stock markets. There appears to be a high degree of market scrutiny around interim earnings announcement dates in the U.S. market. Asymmetric information...