This note examines whether prices fully reflect value creation or destruction at the time of the acquisition announcement when samples are split into listed and unlisted target firms as previous international results are ambiguous about this subject. We find that the Spanish market fully react...

The objective of this study is to analyse investors' perceptions of sponsorship's ability to increase brand equity, through the impact of sponsorship announcement on stock market value. An event study method, based on a unique sample of 293 worldwide sponsorship announcements from 2010, shows...

Existing finance theory predicts that managers of takeover targets will increase leverage to enhance managerial control which can, in turn, allow target managers to thwart a takeover attempt altogether. We find that targets significantly increase leverage, by not only issuing more debt, but also...

We examine the impact of distance on investor search behavior, and the effect of geographic dispersion of investor search on the stock market response around earnings announcements. We find significant “local bias” in Internet search behavior. While more visible firms have more...

This study examines whether technical analysis signals can detect price reactions before and after earnings announcement dates in Indonesian stock market. Earnings announcements produce reactions, both before and after the announcements. Informed investors may use private information before...

This study seeks to understand how executive director heterogeneity affects the performance of US banks. To measure the expected performance effects linked to director heterogeneity, we compute changes in the market valuation of banks linked to announcements of executive director appointments....