We examine the impact of special dividend announcements for UK firms over the period 1989-2007. We find that the market reacts positively to the announcement of these dividends, but that the reaction is stronger for firms with lower growth opportunities (low Tobin's q). For lower-growth firms,...

The event study is an important methodology in management research that enables the assessment of value attributable to firm initiatives based on the responses of capital markets to news about firm actions. While capital markets are efficient in processing information about firms, their ability...

Motivated by the requirements of the UK Companies Act 2006 and the subsequent Directive 2014/95/EU of the European Parliament and of the Council, we investigate the relationship between environmental and social disclosures (analyst following) and analyst following (environmental and social...

This study aims to evaluate the usefulness and relevance of earnings disclosures, as the key determinant for stock price changes. The main objective is to examine whether earnings response coefficient (ERC) behavior could explain more fully the stock price changes, as to the reason why the stock...

Using a sample of 219 firms listed on the FTSE 350 index from 2000-2022, we discover that both the PEAD and price asymmetry effect is stronger for firms around the earning announcement period. Price continuations (reversals) following buys (sales) are present, asymmetric price impact exists for...