This study examines whether foreign region- and country-specific performance disclosures relate differentially to shareholder wealth compared to domestic performance disclosures. Bearing in mind the fact that, in previous literature, empirical findings regarding the value-relevance of geographic...

During the ongoing COVID-19 pandemic in the US, there has been considerable media attention regarding several US legislators who traded stocks in late January through February 2020. The concern is that these legislators traded in anticipation of COVID-19 having a major impact on the financial...

This paper is the first to consider all three important organizational forms, such as industrial diversification, global diversification, and geographic dispersion, in the empirical framework to find out which types of diversification do matter for the contracting of bank loans. I find that, on...

This study uses a unique sample to evaluate changes in shareholder wealth from announcements of expansion by U.S. firms into eighteen transition economies, through four entry modes, from 1987 through 1999. Results show that value creation is most significantly associated with expansion through...

This paper examines the effects of cross-border bank mergers on the risk and (abnormal) returns of acquiring banks. We find that overall, the acquirers' risk neither increases nor decreases. In particular, on average neither their total risk nor their systematic risk falls relative to banks in...

This paper examines the announcement effect of 96 international cross-border bank mergers between 1985 and 2005. Contrary to earlier evidence, transactions are found to be value-creating, albeit only on a net basis with target gains more than compensating for bidder losses. An inquiry into the...

We investigate the shareholder wealth effects of 233 joint venture announcements of Dutch public companies in the period 1987 till 1998. The research shows that, on average, establishing joint ventures has a positive effect on the market value of Dutch companies. The results indicate that joint...

The overwhelming literature on short-run and long-run performances of IPOs is yet to address two interesting questions: Are IPOs of multinational firms as underpriced as IPOs of domestic firms and, is the long-run underperformance anomaly shown by multinational and domestic firms alike? This...

Non-U.S. bank mergers are becoming an increasingly important part of the worldwide economic landscape. Are the market reactions to non U.S. bank mergers similar to the in the United States? I address this question by examining abnormal returns of publicly traded partners on the announcement of...

This study investigates whether abnormal returns can be earned using public information about firms' domestic and foreign earnings. The results indicate that the market understates foreign earnings' persistence. As a result, it is possible to construct a zero-investment hedge portfolio that...