This study investigates whether conference calls accompanying M&A announcements in Europe provide valuable information for capital market participants and hence induce an abnormal stock price revaluation on the bidder’s equity. Based on handpicked data for transactions between 2008 and 2012 we...

How does the possibility of being taken over affect a manager’s voluntary disclosure? This paper analyzes this question in a setting where the manager’s disclosure complements the rival’s expertise and influences the probability the firm is taken over by a rival. The threat of being...

Recent studies provide evidence that the new segment reporting rule, SFAS 131, induced companies to provide more disaggregated segment information. We use adoption of the new standard to identify firms that aggregated segment information under the old standard, SFAS 14, and examine two motives...

Most studies of forecast disclosure do not examine the information disclosed in forecasts, focusing instead on the dichotomous decision to disclose/not disclose a forecast. More recent research has begun to examine the nature of the forecasts disclosed (qualitative vs. non-qualitative; point or...

Despite the importance of profit forecasts to investors, little attention has been given so far to their publication, presentation and content. The object of the paper is two-fold: • First, the paper examines disclosures in profit forecasts and in takeover documents from the perspective of...

This paper examines whether mandatory accounting disclosures in financial reports impair disclosing firms' competitiveness by inducing competitors to take actions. To capture firm-level variation in product market competition, we rely on the product similarity measure developed by Hoberg and...

This paper investigates whether and how financial restatements affect the market for corporate control. We show that firms that recently filed financial restatements are significantly less likely to become takeover targets than a propensity score-matched sample of non-restating firms. For those...

We examine the relevance of the disclosure of internal control weaknesses (ICWs) by target firms for acquirers in making their merger-and-acquisition (M&A) decisions. Based on a sample of M&A transactions in 2005–2018, we find that acquirers offer lower premiums for targets that disclose ICWs...

There is a perceived conflict of interests in going private transactions, resulting fromtransferring a company's ownership and control to affiliated parties and terminatingits public status. These deals are subject to mandatory disclosure requirements, aimedto inform shareholders before the...