This study extends UK research on rights issues by examining the link between the post-issue long-term underperformance, pre-SEO security overvaluation and post-SEO investors' under-reaction hypotheses. In contrast to prior UK studies that concentrated on different time-periods, and with results...

Modern Finance has dominated the area of financial economics for at least four decades. Based on a set of strong but highly unrealistic assumptions its advocates have produced a range of very influential theories and models. Nonetheless, in the last two decades a new academic school of thought...

We describe a unifying theoretical framework for stakeholder analysis, establishing a rigorous mathematical formulation that can be used to frame both qualitative and quantitative research. Stakeholders are modeled as interactive practices; legitimacy arises through a projection mechanism. Five...

This study investigates intraday herding on the Euronext, the world's first cross-border consolidated exchange. Intraday herding is significant in the Euronext as a group and presents us with size, industry and country effects. Importantly, the trading dynamics of the group's member markets...

Purpose: The purpose of this paper is to examine the misvaluation hypothesis using a relative reference point (RRP) in mergers and acquisitions (M&A) market.Design/methodology/approach: The paper studies 1,878 M&A deals in the US market announced between January 1985 and December 2014.Findings:...

Purpose – The purpose of this paper is to analyse the role of ownership characteristics in a firm's choice of alternative seasoned equity offering (SEO) methods, offer price discounts, and market reactions to such announcements within the UK setting.Design/methodology/approach – The study...