From the beginning of 2020, the whole world has been shaken by a contagious disease called Covid-19, its actual name being SARS-CoV-2. It first appeared in China, in Wuhan, Hubei Province, in December 2019, and the World Health Organization (WHO) was informed about it on the 31st of December...

We test the relation between firm-level corporate governance and the market reaction to announcements of violations of rules and regulations by Thai listed firms. We find no significant difference in market reaction when firms with high and low governance scores commit violations. We do find a...

An emerging literature investigating market responses to operational loss announcements concludes that financial markets tend usually to overreact to loss events. This overreaction is commonly interpreted as reputational damage. We revisit this issue by focusing on the timing of markets’...

This study examines the impact of S&P rating events on the credit default swap (CDS) spread of firms and the spillover effect on competitors for the period 2004–2011. We find that both credit downgrades and upgrades have an impact on the CDS spread of event and non-event firms on the event...

In 2002, the Financial Accounting Standards Board allowed corporations to recognize stock options as an expense on their financial statements on a voluntary basis. Option expensing became mandatory in 2004. This investigation uses two different models to reexamine the effects of the announcement...

We examine 136 M&A deals from 1997 to 2007 initiated by Chinese companies listed on the Shanghai and Shenzhen Stock Exchanges, where the acquirer gains complete control of the target. Our data shows that the Chinese M&A market is dominated by domestic deals with unlisted targets that are either...

In this study, we examine the multiple direct foreign-listing by analyzing characteristics of listing firms as well as hosting and home countries. Our results show that listing premium increases over time, but this premium diminishes as the firm lists in additional foreign markets. Multiple...

This paper investigates how capital markets in a code-law country, Japan, react to the disclosure of internal control weaknesses (ICW). The Japanese government attempted to implement a more concise, efficient, and, thus, less strict internal control reporting system than Section 404 of the...

This paper examines the impact of strategic alliances on the increment of firm value in the case of Korean firms. For this, we apply an event study using OLS and GARCH market models. The results of our study show that, strategic alliances in Korea produce significant positive abnormal returns...

We analyze stock market reactions to announcements of political appointments from the private sector and corporate appointments of former government officials. Using unique data on corporate affiliations and announcements of all Senate-confirmed U.S. Defense Department appointees of six...