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 examine the capital market reaction to the announcement of the European Union (EU) to introduce a public tax country-by-country reporting (CbCR) regime. By employing an event study methodology, we find a significant cumulative average abnormal return (CAAR) of -0.699%, which translates into a...

The American Jobs Creation Act of 2004 temporarily reduced the repatriation tax rate on U.S. multinational firms' foreign earnings by 85%. Consequently, approximately $300 billion previously held as cash in foreign subsidiaries were repatriated to the U.S. -- about five times more than in prior...

This paper investigates the equity market reactions to the publication of the OECD BEPS Action Plan. We examine abnormal stock returns for firms incorporated and traded on the stock market in 36 OECD member states for various event dates during the developmental phase of the OECD BEPS Action...

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...

Insider trading during the early months of the COVID-19 pandemic provides a unique opportunity to study how corporate insiders benefit from information flows in their network of business contacts. I find that insiders at firms with activities in China sell more shares of their companies than...

Market reactions to the 2019 novel coronavirus disease (COVID-19) provide new insights into how real shocks and financial policies drive firm value. Initially, internationally oriented firms, especially those more exposed to trade with China, underperformed. As the virus spread to Europe and the...

Using event study methodology, we investigate whether bilateral investment protection treaties afford protection to foreign investors. Examining arbitral decisions for firms from six countries shows that firms that received awards from arbitrators gained in market value by as much as 3%. Per...

Excessive sovereign debt exposures of banks contributed to the gravity of the financial and sovereign debt crisis in 2011 and 2012, as well as to the slow and asymmetric recovery of European countries. Various policies that improve banks' resilience were introduced in recent years, however the...