This paper examines the causes and consequences of cross-border acquisitions in a transition economy using the 1998-2006 deal data for targeted Chinese and Indian firms and foreign acquirers. Our empirical analysis resulted in three important findings. First, firms with high cash reserve ratio...

When households decide on risky asset holdings, they do not make the decision in isolation from their debt structure and obligations, vice versa. We examine the joint behavior of debt and financial asset portfolio decisions, while existing empirical research on debt and asset portfolio choices...

Market conditions change over time leading to up-beat (bullish) or down-beat (bearish) market sentiments. The concept of bull and bear markets, also known as market regimes, is introduced to describe market status. Since regimes of the total market are not observable and the return can be...

The lack of a consistent definition of foreclosure discount and variety of methods to quantify the phenomenon gives rise to discount rates that vary from nonexistent to sizeable across different locations and time periods. We define the foreclosure discount as the discount of the realized...

Gifts are important instruments for forming bonds in interpersonal relationships. Our study analyzes the phenomenon of gift contagion in online groups. Gift contagion encourages social bonds of prompting further gifts; it may also promote group interaction and solidarity. Using data on 36...

We examine how the Bank of Japan’s purchase of exchange traded funds (ETFs) affects companies’ profit, innovation investment, and governance using a difference-in-differences method. The Bank of Japan has purchased ETFs tracking Nikkei 225 and TOPIX since December 2010. The results show that...