Showing 1 - 10 of 1,200
Closed-end country funds are interesting in that they have two sets of prices for the same underlying assets – the net asset value (NAV) of the fund holdings as measured using the underlying firms' stock prices in their home markets and the fund price at which the fund trades on a U.S. stock...
Persistent link: https://www.econbiz.de/10013008030
We investigate whether investors are misled by firms that exclude particular expenses in calculating non-GAAP earnings in order to beat analysts' earnings forecasts. Our empirical analyses suggest that firms that pursue a strategy of non-GAAP reporting to beat analysts' earnings forecasts not...
Persistent link: https://www.econbiz.de/10012864015
We examine the differing influences of equity and asset acquisitions in Real Estate Investment Trusts (REITs) considering the prevalence of REIT asset acquisitions as frequent and major investment decisions. We examine the impact of asset purchase announcements on market returns, operating...
Persistent link: https://www.econbiz.de/10012902911
Several theories like optimal trading range hypothesis, liquidity hypothesis, signaling hypothesis have been advanced in relation to this non-economic corporate event. But still there is need to study the investors' optimizing behavior after stock split. With this focus on optimization of the...
Persistent link: https://www.econbiz.de/10013100550
We analyze the market reaction to the announcement of takeover bids initiated by Australian public firms on private and public targets. The results show that acquirers of private targets benefit from a significantly higher share price reevaluation. This so-called listing effect is broad-based...
Persistent link: https://www.econbiz.de/10013048623
We analyze the market reaction to the announcement of takeover bids initiated by Australian public firms on private and public targets. The results show that acquirers of private targets benefit from a significantly higher share price reevaluation. This so-called listing effect is broad-based...
Persistent link: https://www.econbiz.de/10013048624
Using a large sample of 2,712 unique U.S. domestic takeovers over the period 1993 to 2014, we show a negative relation between the level of cash holdings and post-announcement corporate bond returns. Our findings support the agency cost of cash holdings view and show that bondholders and...
Persistent link: https://www.econbiz.de/10013006488
The wealth effect of limiting shareholder rights via anti-takeover provisions (ATPs) is a contentious issue. By taking the differential effect hypothesis perspective, our study aims to provide additional evidence about the relation between ATPs and acquisition performance.We examine the...
Persistent link: https://www.econbiz.de/10013008214
This paper shows how chief executive officer (CEO) characteristics affect the performance of acquirers in diversifying takeovers. When the acquirer's CEO has previous experience in the target industry, the acquirer's abnormal announcement returns are between 1.2 and 2.0 percentage points larger...
Persistent link: https://www.econbiz.de/10013094468
We analyze whether institutional investors’ corporate bond holdings are associated with how actively they vote and monitor their equity investments. We document that institutions conduct more governance research and are less likely to follow proxy advisor vote recommendations for companies...
Persistent link: https://www.econbiz.de/10013314362