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,...

Market efficiency varies across individual stock according to stock attributes. This paper finds prices are closer to random walk benchmarks for stocks with better liquidity provision, frequent trading, greater return volatility, higher prices, larger market capitalizations, and smaller trade...

A financial distress of company should be able anticipated smartly by its management to rerun the business without having any loss due to business failure. Thus, we need a model which could provide an early signal to company the probability of financial distress so that remedial efforts can be...

I utilize the recursive partitioning method to extract analysts' weight of forecasts assigned in their stock recommendation decisions. My findings suggest that in addition to analysts' earnings forecasts, the non-earnings forecasts, such as sales forecasts and net income forecasts, also play an...

This paper examines heterogeneity in blockholder monitoring across investor type. We document which blockholder types (e.g. mutual funds, hedge funds) are more likely to be associated with active monitoring and show that firms targeted by such blockholders are more likely to increase the equity...

We test whether bank loans change public bond yields. A 10% increase in bank debt raises bond yields by 15bps, reflecting a trade-off between the benefits of bank cross-monitoring and higher bond risk. This effect is smaller for firms with no CDS and junk debt, where bank monitoring is most...

This paper examines changes in Credit Default Swap (CDS) spreads as a proxy for default risk after M&A announcement for the companies involved. Existing literature extensively documents wealth effects triggered by M&A announcements from the shareholders' perspective, but there is limited...

We investigate the link between mandated disclosure and investor preferences using a regulatory change that required the disclosure of patent applications 18 months after filing. This change allows us to separate the disciplinary effect provided by disclosure from the information effect....

This study investigates the association between institutional investors’ ownership and sell-side analysts’ stock recommendations in the context of the heterogeneous nature of institutional investors. Based on a sample of 281 Malaysian public listed companies over the period 2008-2013 (732...

Using the recent U.S.-China trade war as a laboratory, we show that policy uncertainty shocks have a significant impact on stock prices. This impact is less negative for firms that heavily rely on bank debt whereas non-bank debt does not have a mitigating effect. Moreover, the mitigating effect...