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High-frequency measures of informed trading and corporate announcements
Brennan, Michael J.; Huh, Sahn-Wook; Subrahmanyam, Avanidhar - In: The review of financial studies 31 (2018) 6, pp. 2326-2376
Persistent link: https://www.econbiz.de/10011926626
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Returns for Dividend-Paying and Non-Dividend Paying Firms
Fu, Yufen - 2015
In this paper, we compare the equity returns of dividend-paying and non-dividend paying firms. We find no unconditional … return difference even though non-dividend paying firms have many characteristics that suggest high risk. Equivalently …, because non-dividend paying firms have high risk-metrics, their returns are abnormally low compared with dividend-paying firms …
Persistent link: https://www.econbiz.de/10013035809
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Going public in China : reverse mergers versus IPOs
Lee, Charles M. C.; Qu, Yuanyu; Shen, Tao - 2018 - This draft: July 17, 2018
We study firms that go public through reverse mergers (RMs) versus initial public offerings (IPOs) in China. Using a manually assembled data set, we show that pre-listing RM firms are larger, more profitable, and less politically connected than pre-listing IPO firms. Chinese RM firms also have...
Persistent link: https://www.econbiz.de/10011979947
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Informed Trading Around Merger and Acquisition Announcements : Evidence from the UK Equity and Options Market
Siougle, Georgia - 2011
This paper offers new evidence on informed trading around merger and acquisition announcements from the UK equity and …
Persistent link: https://www.econbiz.de/10013133655
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Debtholder Wealth Effects in Mergers and Acquisitions : Evidence from the CDS Market
Huettermann, Kai - 2020
This paper examines changes in acquirer and target companies' Credit Default Swap (CDS) spreads as a proxy for default risk around official mergers and acquisitions (M&A) announce-ments. Related literature extensively documents wealth effects triggered by M&A from the shareholders' perspective,...
Persistent link: https://www.econbiz.de/10012843225
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Debtholder Wealth Effects in Mergers and Acquisitions : Evidence from the CDS Market
Huettermann, Kai - 2020
. Therefore, this study aims to close this gap by exploring the effect of merger announcements on CDS spreads empirically. A …
Persistent link: https://www.econbiz.de/10012852376
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Merger Means of Payment and Analyst's Forecast Bias Before Merger Announcement Date
Zhang, Yiling - 2015
We find strong evidence that analysts tend to have downward-biased earnings estimates immediately before merger … announcement dates when earning announcement date is within a 60 day window prior to merger announcement date. Compared to pure … hypothesis, suggesting analyst's earnings forecast right before merger announcements may be influenced by merger means of payment …
Persistent link: https://www.econbiz.de/10013017575
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Merger Means of Payment and Analyst's Forecast Bias Before Merger Announcement Date
Zhang, Yiling - 2015
We find strong evidence that analysts tend to have downward-biased earnings estimates immediately before merger … announcement dates when earning announcement date is within a 60 day window prior to merger announcement date. Compared to pure … hypothesis, suggesting analyst's earnings forecast right before merger announcements may be influenced by merger means of payment …
Persistent link: https://www.econbiz.de/10013023788
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Elektronische Märkte für Finanzdienstleistungen
Svindland, Eirik - In: Finanzmärkte im Umbruch, (pp. 103-134). 2000
Persistent link: https://www.econbiz.de/10001553990
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The wealth effects of mergers and acquisitions by dividend payers
Glambosky, Mina; Jory, Surendranath R.; Ngo, Thanh - In: The quarterly review of economics and finance : journal … 78 (2020), pp. 154-165
Persistent link: https://www.econbiz.de/10012431225