Several hypotheses have been proposed to explain the abnormal returns associated with the corporate stock dividend changes, including information signaling hypothesis and wealth transfer hypothesis. Related securities not subject to the immediate capitalization changes can be useful to shed some...

Several hypotheses have been proposed to explain the abnormal returns associated with the corporate stock dividend changes, including information signaling hypothesis and wealth transfer hypothesis. Related securities not subject to the immediate capitalization changes can be useful to shed some...

Divestitures have the potential to create shareholder value by helping firms optimize their portfolio of assets. Even so, firms do not necessarily take up divestitures because of agency problems. In fact, large controlling shareholders may prefer to extract private benefits of control at the...

The information content and the impact of the S&P/TSX Composite Index revision on firm performance is studied. The results show that added companies experience significant increases in their expected earnings following the addition. For deletion, after adjusting for matched firms, the removed...

One of the explanations offered for stock splits is that the split signals positive information by reducing the stock price range in expectation of improved future prospects. Price declines also lead to changes in the stock price dynamics but related securities are not subject to these other...

We analyze the market reaction to the announcement of takeover bids initiated by Australian public firms on private and public targets. The results show that acquirers of private targets benefit from a significantly higher share price reevaluation. This so-called listing effect is broad-based...

We analyze the market reaction to the announcement of takeover bids initiated by Australian public firms on private and public targets. The results show that acquirers of private targets benefit from a significantly higher share price reevaluation. This so-called listing effect is broad-based...

This paper evaluates fair labeling in the areas of criminalization and punishment in China. We consider the justice of criminal labeling from a comparative perspective by examining several core offenses and comparing how these offenses would be labeled and punished in China, the United States,...

We evaluate the effect of country-level uncertainty avoidance on capital structure decisions. Our analysis reveals that uncertainty avoidance has a negative effect on long-term debt that is essentially offset by a positive effect on short-term debt, therefore resulting in a negligeable effect on...

This study examines the heterogeneity of liquidity effect on leverage and the propensity of zero leverage. Using U.S. public firms from 1990 to 2017, we demonstrate that the stock liquidity has significantly negative effects on total debt and secured debt while insignificant effects on unsecured...