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We examine the effects of corporate lawsuits in China and find that litigation announcements depress the stock prices of both defendant and plaintiff firms. Financially distressed defendants suffer lower stock returns. We find that politically connected defendants are favored in the judicial...
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We study the effect of investment horizon clienteles on the IPO market. We start from the premise – that we support with evidence – that IPO stocks are very liquid in the after-market. Therefore, short-term investors should have a higher reservation price for them than long-term investors....
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We study how the heterogeneity in investment horizons of institutional investors affects the IPO market. We document the fact that short-term investors prefer more liquid stocks than long-term investors do and that IPO stocks are very liquid in the after-market. On this premise, we argue that...
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This study investigates whether retail and institutional investors concentrate their trading among certain stock categories (i.e., habitats) and whether their trading activities generate return comovements among stocks within those habitats. Our results indicate that both retail and...
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I define nepotism degree, density and centrality, which are utilized widely in the standard social network literature …, to study nepotism among U.S. public firms. I find that firms with nepotism relationship underperform significantly. Firms … with higher nepotism degree are associated with worse firm performance(alpha), lower R&D expenditure and worse corporate …
Persistent link: https://www.econbiz.de/10013054338