Narrow search
Showing 1 - 10 of 5,998
Cover Image
Market Reaction to Corporate Press Releases
Neuhierl, Andreas - 2011
declines following most types of press releases. At the same time, return volatility frequently increases in the post …
Persistent link: https://www.econbiz.de/10013133878
Cover Image
Policy Uncertainty, Bad News Disclosure, and Stock Price Crash Risk
Kim, Jeong-Bon; Tseng, Kevin; Wang, Jundong (Jeff); Xi, … - 2021
This paper documents that policy uncertainty reduces future stock price crash risk. Our tests show that this negative relation is more pronounced among firms with more short-sale constraints, with no actively traded credit default swap contracts, or with higher firm-level political risks. The...
Persistent link: https://www.econbiz.de/10013243260
Cover Image
Short Selling and Firm Operating Performance
Deshmukh, Sanjay - 2014
While it is well known that short selling predicts future negative stock price performance, it has not been established whether short selling predicts future negative operating performance. We find that firms in the top decile of increases in short interest (an increase of about four percentage...
Persistent link: https://www.econbiz.de/10013063094
Cover Image
Equity market reactions to increased balance sheet volatility
Barthelme, Christian; Kiosse, Paraskevi Vicky; … - 2022
We document equity market reactions to an exogenous increase in expected balance sheet volatility – the time … approach’, which increases balance sheet volatility. Prior work has established theoretically that increased balance sheet … volatility can potentially affect firm value through opposite channels: by reducing contracting usefulness while increasing …
Persistent link: https://www.econbiz.de/10014255354
Cover Image
Corporate tax minimization and stock price reactions
Blaufus, Kay; Möhlmann, Axel; Schwäbe, Alexander - 2016
Tax minimization strategies may lead to significant tax savings, which could, in turn, increase firm value. However, such strategies are also associated with significant costs, such as expected penalties and planning, agency, and reputation costs. The overall impact of firms' tax minimization...
Persistent link: https://www.econbiz.de/10011447027
Cover Image
Bad News or Good News? The Impact of R&D Reductions
Chan, Konan - 2011
There is an extensive literature showing that R&D intensities and increases are positively related to firm performance, but there is little research on the valuation of R&D reductions. This paper contributes to the literature by examining the long-term performance following significant R&D...
Persistent link: https://www.econbiz.de/10013128425
Cover Image
Short Sales, Informed Trading, and Merger Announcements
Blau, Benjamin M. - 2011
Research argues that short sellers are informed investors as current short selling relates inversely with future returns. However, empirical results have yet to determine whether short sellers trade on private information before, say, an upcoming negative new. This paper takes a step in this...
Persistent link: https://www.econbiz.de/10013133912
Cover Image
Does Gender Matter in the Boardroom? Evidence from the Market Reaction to Mandatory New Director Announcements
Adams, Renee B. - 2012
Around the world, policy makers are mandating gender quotas for boards of publicly-traded firms. Since the benefits and costs of these quotas accrue to shareholders, it is important to see how they react to the appointment of female directors. Using data on mandatory announcements of new...
Persistent link: https://www.econbiz.de/10013113647
Cover Image
Using Option Prices to Infer Overpayments and Synergies in M&A Transactions
Barraclough, Kathryn - 2012
In this paper, we use call option prices to identify synergies and news from merger and acquisition (M&A) transaction announcements. We find that M&A announcements result in large and approximately equal gains to the bidder and the target on average, with the combined gains being large enough to...
Persistent link: https://www.econbiz.de/10013113888
Cover Image
Daily Stock Market Swings and Investor Reaction to Firm-Specific News
Gulen, Huseyin - 2012
The simple happenstance of the overall stock market being up or down for the day can explain a substantial portion of the abnormal return attached to corporate news announcements. In particular, we demonstrate that firm-specific news announcements that are typically met with a positive stock...
Persistent link: https://www.econbiz.de/10013113965