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The Market for Corporate Control and Information Quality : Evidence from Peer Firm Disclosure Response to Takeover Threat
Chen, Shuping - 2020
We examine the voluntary disclosure behavior of peer firms of hostile takeover targets. We find that peer firms under … CEOs, CEOs with higher total compensation, and firms with weaker anti-takeover provisions. Further tests show that peer …
Persistent link: https://www.econbiz.de/10012851057
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The Corporate Governance Roles of Information Quality and Corporate Takeovers
Li, Jing - 2018
We examine the corporate governance roles of information quality and the takeover market with asymmetric information … regarding the value of the target firm. Increasing information quality improves the takeover efficiency, however, a highly … efficient takeover market also discourages the manager from exerting effort. We find that perfect information quality is not …
Persistent link: https://www.econbiz.de/10012940178
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Rumortrage : Can Investors Profit on Takeover Rumors on Internet Stock Message Boards?
Bettman, Jenni L. - 2014
We provide the first empirical investigation into the impact of Internet Stock Message Board takeover rumors on the … takeover rumors disseminated during the period January 2003 to December 2008, inclusive. Overall, our analysis, utilizing … intraday Trade and Quote (TAQ) data, reveals that Message Board takeover rumors generate significant positive abnormal returns …
Persistent link: https://www.econbiz.de/10013069468
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Guidance, Governance, and Equity Prices
Rubin, Amir - 2019
We introduce a measure of corporate governance based on the degree of transparency and managerial opportunism in firms' guidance release policy. Firms with a good quality of guidance governance have better performance than firms with a poor quality of guidance governance and firms that do not...
Persistent link: https://www.econbiz.de/10012867400
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Are stewardship and valuation usefulness compatible or alternative objectives of financial accounting?
Gassen, Joachim (contributor) - 2008
In their joint framework project, the FASB and the IASB recently proposed dropping stewardship as a separate objective of financial accounting, because the Boards view stewardship and valuation usefulness as compatible sub-objectives ranking under an overall objective of decision usefulness....
Persistent link: https://www.econbiz.de/10003693060
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The Information Content of Government Financial Disclosure
Chen, Zhiwei; Liu, Sibo; Wang, Angie - 2022
Using textual analysis methods, we investigate the information content of government financial disclosure and its implications. Specifically, we establish several stylized facts using the comprehensive annual financial reports (CAFRs) issued by municipal entities. We first document large...
Persistent link: https://www.econbiz.de/10013403856
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Beyond the Rational Behavior : The Non-Financial Variables That Condition Shareholders' Actions on a Takeover
Mayoral, Rosa M. - 2017
This article provides experimental evidence that bidder and target shareholders of a takeover announcement exhibit …
Persistent link: https://www.econbiz.de/10012955588
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Acquirer Internal Control Weaknesses in the Market for Corporate Control
Darrough, Masako N. - 2017
This paper examines how disclosures regarding internal controls, required by Sections 302 and 404 of the Sarbanes-Oxley Act of 2002 (SOX), affect the market for corporate control. We hypothesize that acquirers with internal control weaknesses (ICWs) make suboptimal acquisition decisions based on...
Persistent link: https://www.econbiz.de/10012968596
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Do Bad Boards Allow Bad Acquisitions?
Pandit, Shail - 2009
A large proportion of acquisitions results in shareholder wealth destruction. This study examines who is responsible for allowing bad acquisitions. Using a sample of 349 tax-free, stock-for-stock, pooling acquisitions over 1993-2001, the announcement period abnormal returns of acquirers are...
Persistent link: https://www.econbiz.de/10014046835
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The Economic Consequences of Financial Restatements : Evidence from the Market for Corporate Control
Amel-Zadeh, Amir - 2014
firms that recently filed financial restatements are significantly less likely to become takeover targets than a propensity … score-matched sample of non-restating firms. For those restating firms that do receive takeover bids, the bids are more …
Persistent link: https://www.econbiz.de/10013065529