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What are the Causes and Effects of M&As? The UK Evidence
Jie (Michael) Guo; Petmezas, Dimitris - In: Multinational Finance Journal 16 (2012) 1-2, pp. 21-47
This paper examines the link between the causes and effects of mergers and acquisitions. By using a sample of UK … acquisitions, which have the distinct characteristics of limited use of stock as means of payment and dominance of private … acquisitions, the evidence shows that, on average, there is a substantial price run-up for acquirers prior to an acquisition …
Persistent link: https://www.econbiz.de/10010934085
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Risk and returns of Indian listed firms after demonetisation
Sureshkumar, Varsha; Balasubramanian, P. - In: Cogent economics & finance 9 (2021) 1, pp. 1-30
This paper aims to understand the impact of demonetisation on the returns of listed firms in the NSE, as well as changes to their corresponding industry level systematic risk. Firstly, this paper examined a larger sample of Indian listed firms and a broader group of industries in its analysis...
Persistent link: https://www.econbiz.de/10013183932
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The effect of the royal wedding on the UK stock market
Huy Pham; Ramiah, Vikash; Le, Hanh; Moosa, Nisreen; … - In: Cogent economics & finance 10 (2022) 1, pp. 1-12
We assess the effect of the recent royal wedding of Prince Harry and Meghan Markle on various sectors of the UK stock market over the period between November 2017 and May 2018. For this purpose, the event study methodology is used to estimate abnormal returns and conduct several robustness tests...
Persistent link: https://www.econbiz.de/10013373011
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Abnormal returns and idiosyncratic volatility puzzle : an empirical investigation in Vietnam stock market
Xuan Vinh Vo; Van Phong Vo; Thanh Phuc Nguyen - In: Cogent economics & finance 8 (2020) 1, pp. 1-25
This paper aims to examine the relation between idiosyncratic volatility (IVOL) and stock returns with full-sample and conditional alpha sub-samples in Vietnam stock market covering the period from January 2008 to December 2018. We test the IVOL effect on stock returns employing Fama-Macbeth...
Persistent link: https://www.econbiz.de/10012219258
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The Change in Information Uncertainty and Acquirer Wealth Losses
Erickson, Merle - 2011
A large body of literature demonstrates that acquisitions are on average value-destroying for the acquirer. We … acquisitions lead to increases in information uncertainty, as proxied by analysts' earnings forecast dispersion. We also find that … uncertainty resulting from acquisitions contribute to acquirer post-acquisition wealth losses …
Persistent link: https://www.econbiz.de/10013124334
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The impact of political risks on financial markets : evidence from a stock price crash perspective
Ma, Yanping; Wei, Qian; Gao, Xiang - In: International Journal of Financial Studies : open … 12 (2024) 2, pp. 1-16
Political risk, one of the most significant uncertainty shocks, affects firms' future attitudes toward risks and plays a crucial role in their decision making. A stock price crash risk is a classical topic in financial markets; therefore, this paper probes the relationship between firm-level...
Persistent link: https://www.econbiz.de/10014636314
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Risk Allocation in Acquisitions : The Uses and Value of MAE-Exclusions
Macias, Antonio J. - 2011
acquisitions …
Persistent link: https://www.econbiz.de/10013134784
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Learning about Uncertainty from Options Trading
Kim, Da-Hea - 2020
We hypothesize that managers can learn about a firm's investment uncertainty from the equity options market. Using a US sample of 1,865 merger and acquisition attempts during 1996–2015, we show that the volatility implied from an acquiring firm's equity options around an acquisition...
Persistent link: https://www.econbiz.de/10012839197
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Signalling under Uncertainty : The Case of IFRS Adoption
Ghani, Osman - 2019
This paper examines the liquidity, Tobin's Q, and cost of equity effects from voluntary and mandatory IFRS adoption. In contrast to prior work, we focus on the firm level heterogeneity in the economic consequences, recognising that the level of uncertainty avoidance (UAI) in a country will...
Persistent link: https://www.econbiz.de/10012905363
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Policy Uncertainty and Textual Disclosure
Jiang, Liangliang - 2020
We analyze the importance of policy uncertainty to textual disclosure in the U.S. over the 1996 to 2015 period. Consistent with the information-acceleration view, we find that policy uncertainty increases textual disclosure quantity evident in disclosure length. We also document that policy...
Persistent link: https://www.econbiz.de/10012823069