We investigate the valuation effects of debt issues on the issuing firms’ common stock using a sample of Turkish issuers. For the sample of non-financial firms, we find no significant wealth effects for debt issues around the announcement dates. However, market reactions are more positive when...

Using a sample of target firms that do not delist from the stock market after a majority takeover, we investigate the effect of the target CEO's departure on their firms' subsequent financial performance. We find that CEO departures have a positive effect on the target firms' long-run operating...

This internet appendix provides additional results that complement the main results of the paper. In the first part, we show the results of the self-selection model that incorporates the observation that target firms may self-select not to delist from the stock markets after takeovers. In the...

We examine the investor reaction to misstatement news for Australian listed firms from 2006 to 2013. We find 4.1% of firm-years have a misstatement and 79% of misstatements are disclosed initially only in the periodic filings (stealth misstatements). We find no investor reaction for the average...

Before their announcements are publicized on the regulatory agency’s Public Disclosure Platform (PDP) website, Turkish public firms privately upload their disclosures to the PDP servers with electronic signatures. Using the electronic signature timestamps of the announcements made between 2009...