This paper investigates the impact of ADR listing on the trading volume and volatility of the domestic market. Existing theories indicate that trading shifts to a market with lower transaction costs, and the level of volatility is directly related to the level of trading activity. The analyses...

On February 16, 2002, the Reserve Bank of India issued a circular that signaled a policy liberalization facilitating acquisition of private sector banks in India by foreign entities. Portfolios of private sector and nationalized banks posted significant value gains in the days surrounding the...

We provide evidence on the information content of the method of payment in mergers by examining shareholder returns in a sample of REIT mergers over the period 1994-1998. When the target firm is publicly held, we find that transactions are always stock-financed, and that acquiring firm...

Location decisions should consider all related impacts upon a firm’s shareholder wealth. Overall, firm cost savings available at alternative locations need to be carefully examined in addition to a location’s impact on corporate sales revenues. This article reviews relevant...

Institutional investors typically hold large blocks of assets and are thus thought capable of realizing the benefits of monitoring managers’ activities. Yet, the Real Estate Investment Trust (REIT) environment is characterized by high free-rider costs and low incentives to monitor. Given this...