We examine the role of cross-listing in alleviating domestic market constraints and facilitating cross-border mergers and acquisitions. Cross-listing appears to strengthen the bargaining power of target firms, allowing them to extract higher takeover premiums relative to their non-cross-listed...

This study examines the impact of merger and acquisition (M&A) announcements made by U.S. companies listed on New York Stock Exchange (NYSE) and Chinese companies listed on Shanghai and Shenzhen stock exchanges on acquiring frms' stock returns. The event study methodology is employed to...

There is a growing concern that U.S. merger control may have been too lenient, but empirical evidence remains limited. Event studies have been used as one method to acquire empirical insights into the competitive effects of mergers. However, existing work suffers from strong identifying...

This article analyses the market reaction to stock splits announcements, using a unique US sample over the period 2000 to 2009. Our event study finds a significantly positive Cumulative Average Abnormal Return (CAAR) around the announcement date. Liquidity increases lead to higher stock price...

We study the shareholder value implications of a shift in the corporate balance of power towards shareholders. We find that in response to an unanticipated event that made it likely that an annual binding shareholder vote on management pay would become compulsory for Swiss public companies, the...