Purpose This study aims to investigate the market reaction in the real estate market to the announcement of Russia’s invasion of Ukraine. Design/methodology/approach This study uses the event study method to assess the market reaction to the announcement that Russia is invading Ukraine. The...

The average investor reaction is neutral to primary offerings by firms with managerial incentives closely tied to the shareholder value. Investors react negatively (1) when there are insufficient managerial ownership stakes to deter misuse of SEO proceeds and (2) when there are negative signals...

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This study evaluates changes in firms' capital structures after a seasoned equity offering by testing the effects of firm-specific factors on leverage ratios. The relationship between the determined dependent variables and firm-specific factors is associated with the predictions of pecking order...

Due to the non-normality of stock returns, nonparametric rank tests are gaining accceptance relative to parametric tests in financial economics event studies. In rank tests, financial assets’ multiple day cumulative abnormal returns (CARs) are replaced by cumulated ranks. This paper proposes...

Linear panel models, and the "event-study plots" that often accompany them, are popular tools for learning about policy effects. We discuss the construction of event-study plots and suggest ways to make them more informative. We examine the economic content of different possible identifying...