The objective of this paper is to extend prior research into the relationship between ownership and performance while controlling for the known market anomalies of firm size and earnings to price. The empirical results do support recent works indicating a positive relationship between the degree...

The market reaction to state antitakeover legislation is examined case by case and in aggregate for six bills from four influential states that passed second-generation antitakeover statutes. Prior research offers mixed conclusions concerning the effect. In contrast to the reactions in some...

The excess returns associated with repurchase announcements are viewed largely as a reaction to management's statement that the firm's shares are underpriced; management's signal provides new information that enhances the firm's market value. Although earlier studies have found the excess return to...

The idea of banks too big to fail (TBTF) is not new. Indeed, it has been three decades since the first TBTF bailout owing to concerns about serious and widespread financial repercussions. Since then, of course, big banks have grown much bigger and have become increasingly complex, both in the...