Purpose – The purpose of this paper is to examine the effect of investor sentiment (ISENT) on the market reaction to dividend change announcements. Design/methodology/approach – The author used the European Economic Sentiment Indicator data, from Directorate General for Economic and...

In this paper we investigate whether trading by CEOs and CFOs is motivated by contrarian beliefs or superior information about future cash flow realizations. We find that even though both CEOs and CFOs earn significant abnormal returns following their trades, CFO trades are associated with...

A key objective of shareholder activists is to persuade a firm’s management to change its strategy. CFOs play an important role in negotiations, nonetheless activism research mainly focuses on CEOs. We examine the relationship between CFO overconfidence and the likelihood to get targeted by...