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I collect 1,186 reported estimates of long-run value creation from 49 studies and present the first meta-analysis of the literature on shareholder activism and its effect on firm value in the longrun. This synthesis is necessary because shareholder activism is increasing over time and across...
Persistent link: https://www.econbiz.de/10014505919
Using merger announcements and applying methods from computational linguistics we find strong evidence that stock prices underreact to information in financial media. A one standard deviation increase in the media-implied probability of merger completion increases the subsequent 12-day return of...
Persistent link: https://www.econbiz.de/10011550442
This paper studies the association between hedge fund activism and firm value, using matching procedures to mitigate the selection effects of which firms are chosen as targets by activist hedge funds. We find that targeted firms improve less in value (Q) subsequent to the start of activism than...
Persistent link: https://www.econbiz.de/10012855879
Non-financial performance measures, such as Environmental, Social, and Governance (“ESG”) measures, are potentially leading indicators of firms' financial performance. I draw on the prior academic literature and the concept of ESG materiality to develop new corporate governance and ESG...
Persistent link: https://www.econbiz.de/10012897542
This research investigates the relationship between corporate block ownership and firm financial leverage. Corporate blockholders, which are nonfinancial firms who hold more than five percent equity in a target industrial firm, can affect the target firm's policies through their business...
Persistent link: https://www.econbiz.de/10012911552
This study aims to examine the effect of Good Corporate Governance mechanisms to underpricing phenomena at companies registered in Indonesia stock exchange and performs Initial Public Offering, and underpricing during 2010-2014. This research is based on signal theory (signaling theory) which...
Persistent link: https://www.econbiz.de/10012942868
This study investigates market reactions to announcements of CEO turnover and finds that forced turnovers are not accompanied by positive returns, which contradicts the broad view that firing a CEO sends a positive signal to the market. This contradiction is further explored by focusing on the...
Persistent link: https://www.econbiz.de/10012587940
The board of directors plays an important role in corporate governance. It is an internal mechanism that controls and monitors the actions of managers and aligns the utility functions between corporate owners and managers. The board of directors performs multiple functions that concern, for...
Persistent link: https://www.econbiz.de/10013029242
To gain insights about the quality of boards' firing decisions, we investigate abnormal stock returns and operating performance around CEO-turnover announcements in a new hand-collected sample of 208 "clean'' turnover events between January 1998 and June 2009. Unlike the majority of previous...
Persistent link: https://www.econbiz.de/10009008304
Persistent link: https://www.econbiz.de/10012969942