Target termination fee provisions are widely used in merger agreements and require the target firm to pay the bidder a fixed cash fee in the event the target firm backs out of the agreement. We examine the determinants and consequences of target termination fee provisions in REIT mergers and...

Overconfident CEOs often ‘overinvest’ in R&D and capital expenditure. But, could there be a silver lining this such investment? We hypothesize that such investment can improve workplace safety. Firms with overconfident CEOs experience significantly fewer industrial accidents. This effect is...

This study shows how stock market reacts to rating change announcements where confounding effects of information spillover from related markets are absent. Contrary to existing literature, we find that the stock market reacts positively to a rating upgrade and no response to downgrade. Our...

We investigate the impact of COVID-19 on using home equity to fund retirement income. We show that financial planners believe that COVID-19 positively influenced their clients’ willingness to utilize home equity products to fund retirement income in particular, sell and downsize and HELOC...

We present the first comprehensive overview of regulation and standards of investments in real estate investment trusts (REITs) in 32 countries across the world. While there are large variations in REIT regulations across various countries, we also notice some common themes. REITs domiciled in...

We investigate the information content of the limit order book (LOB) on the Shanghai Stock Exchange (SHSE), a purely order-driven market. We find strong evidence that the LOB slope consistently and significantly predicts the future price volatility. However, this predictive power of the LOB...