This paper examines the spillover effects of investor protection standards for interprovince mergers in China's emerging markets. Using a sample of 372 mergers, we find that if the provincial investor protection of the acquirer is better than that of the target, a privately owned acquirer will...

In the recent years, foreign institutional investors has significant impact on Chinese market. We adopt 2017 MSCI index inclusion in the Chinese market to test the exogenous shock of foreign institutional investors on the informativeness of stock price. The results show that the foreign...

Purpose – The purpose of this paper is to model the announcement returns of merging firms based on managerial overconfidence about merger synergy. Design/methodology/approach – The paper applies continuous-time real options techniques and game theoretic concepts. Managerial overconfidence...

This paper examines the expropriation of tradable shareholders in rightsissuing firms with the split share structure in China. Using a sample of 444 rights issues from 1999 to 2004, we find that the change in wealth of tradable shareholders is negatively correlated with the change in wealth of...

In the context of China's strict security-offering regulations, we examine market timing by linking firms' decisions to withdraw private placement (PP) proposals to changes in market condition during the approval process. We reveal that timing based on the strictness of the security-offering...

Purpose – The purpose of this paper is to model the announcement returns of merging firms based on managerial overconfidence about merger synergy. Design/methodology/approach – The paper applies continuous‐time real options techniques and game theoretic concepts. Managerial overconfidence...

We examine the relationship of the financial expert CEOs on firm innovation. Using CEO individual-level and firm-level data across Chinese A-share market from 2008 to 2015, the Poisson model estimation shows that the financial expert CEOs have significant negative impacts on firm innovation....

Purpose: This study aims to examine the impact of stock mispricing on corporate investment decisions by taking the sample of non-financial firms listed on the Pakistan Stock Exchange during the period of 2008-2014. Design/methodology/approach: To measure the mispricing, this study decomposes...