We examine whether and how the failure in performance commitment by an acquiree affects the acquirers’ recognition of goodwill impairment. Based on a sample of A-share-listed firms during 2008-2016, we document the following evidence. First, both the likelihood and amounts of goodwill...

The reform to convert non-floating shares to floating in China provides a setting in which shares are subject to different liquidity constraint. We show that the severity of this constraint is inversely related to the extent to which earnings information is reflected in the share prices....

This research examines factors deteriorating share price performance before and after repurchase announcements. We find share price performance before announcements can be attributed to operating performance and agency problems. But, operating performance is the primary factor determining...