This paper investigates the large and diverse discounts in UK open offers and placings. Large discounts are a substantial cost to shareholders who do not buy new shares. The existing literature mainly examines US firm-commitment offers and private placements. The institutional setting differs in...

Purpose – The purpose of this paper is to address recent calls for research regarding the valuation implications of mandatory disclosure requirements (cf. Hassan et al., 2009; Leuz and Wysocki, 2008; Schipper, 2007). Design/methodology/approach – The paper measures compliance with all International...

Purpose – The purpose of this paper is to address recent calls for research regarding the valuation implications of mandatory disclosure requirements (cf. Hassan et al. , 2009; Leuz and Wysocki, 2008; Schipper, 2007). Design/methodology/approach – The paper measures compliance with all International...

We examine the empirical properties of the theoretical Black–Scholes–Merton (BSM) bankruptcy model. We evaluate the predictive ability of various existing modifications of the BSM model and extend prior studies by estimating volatility directly from market-observable returns on firm value....

This paper provides new evidence about firms conducting pure placings in the UK. It examines their abnormal performance (stock and operating), earnings management (accrual and real activities) and abnormal growth prospects for up to three years surrounding the event. It questions whether i)...

This report investigates the accounting for, and information disclosed under, IFRS 3 Business Combinations, IAS 36 Impairment of Assets, and IAS 38 Intangible Assets, and examines compliance levels with the mandated disclosures and their determinants

Purpose: We address recent calls for research regarding the valuation implications of mandatory disclosure requirements (cf. Hassan et al., 2009; Leuz and Wizocki, 2008; Schipper, 2007). Design: We measure compliance with all IFRS mandatory disclosure requirements for a sample of firms. We subsequently...