This article is based on a lecture at Nihon College of Law in Tokyo and draws on William K.S. Wang & Marc I. Steinberg, Insider Trading (Oxford University Press 3d ed. 2010); and William K.S. Wang, Stock Market Insider Trading: Victims, Violators, and Remedies–Including an Analogy to Fraud in...

The single-firm event studies that securities litigants use to detect the impact of a corrective disclosure on a firm's stock price have low statistical power. As a result, observed price impacts are biased against defendants and systematically overestimate the effect on firm value. We use the...

Acquisition announcements generate predictable movements in the price of the acquirer's stock. For example, post-announcement returns are typically negative for high Tobin's q acquirers, stock transactions, and foreign targets, but positive for private equity-backed private targets....

Manuscript Type: EmpiricalResearch Question/Issue: This paper empirically examines whether there is pre-announcement movement of an acquirer's share price and trading volume prior to the announcement of acquisitions in ways consistent with insider trading. Prior papers focus on insider trading...

A primary concern in mergers and acquisitions is the risk the deal may be cancelled before it is completed. We document that this ``interim risk" varies asymmetrically with the aggregate market return. Deals paid in cash tend to be renegotiated when the market rises but cancelled when the market...

Theory provides competing predictions on the question of whether informed investors immediately trade on newly generated private information. We address this question using SEC-mandated disclosures to identify the dates when new private information about target or acquiring firm value is...

This paper is the first one that uses a panel data of different types of shareholder protection in order to examine (i) the effect of such laws on stock market development and (ii) the convergence of shareholder protection laws through cross-border mergers and acquisitions. We find significant...

This study provides the first large-sample empirical analysis on the characteristics, determinants, and returns from appraisal petitions during 2000-2014. We find that appraisal petitions increase from 2-3% of the eligible M&A deals in the early 2000s to around 25% of such deals in the most...

We exploit the arrival of industry-wide synergistic merger waves to identify whether classifiedboards deter takeover bids. In a stylized model, we show that when target classified boards arecostly to bidders, their negative effect on takeover likelihood is more pronounced during mergerwaves....