Considering the economic impact of hosting the Olympic Games, this work explores the relationship between the Chinese and international equity markets before and after the two Olympic Games hosted in China. We choose SSEC as the representative of the Chinese equity markets, and use DJI and N225...

Previous estimates of the mean 3-year buy-and hold abnormal returns of German IPO stocks range from -52.20% to 1.66%. It is difficult to justify this significant variation in abnormal returns, given the almost identical calculation procedures and the large overlap in sample periods. We argue...

Using CEOs’ pilot licenses to proxy for sensation-seeking personality trait, we show that firms with sensation-seeking CEOs increase stock price crash risk. This result holds after addressing endogeneity concerns, using propensity score matching and several difference-in-difference tests. We...

We investigate the relation between corporate governance characteristics of hostile takeover targets and the choice to employ 'harmful' resistance that is not perceived as being motivated by shareholders' interests. We find that harmful resistance is associated with firms where managers have...

We examine the nature of takeover resistance by investigating the determinants of the choice by target managers to take post-offer actions designed to aggressively frustrate the takeover bid, in preference to choosing passive resistance through tactics that just secure a better offer for...