The following paper aims to assess investor reaction to mandatory offers on the Warsaw Stock Exchange, which is important because knowledge about these reactions can be used to make better investment decisions. This paper highlights the importance of procedure in making a mandatory offer and its...

This study investigates how investors' reactions to one firm's earnings preannouncements are affected by the preannouncements of a peer firm. Our experimental results suggest that when two peer firms sequentially preannounce positive earnings news, investors' assessments of the target firm's...

Most large companies voluntarily disclose information about their corporate social responsibility (CSR) activities. We use experimental markets to examine how managers' disclosures of a particular type of CSR, green investment, affect investors' bidding behavior. We find that, although in our...

This paper explores the idea of disclosure clienteles. Disclosure clienteles refer to the ability of different types of disclosure activities to differentially benefit investors with varying levels of sophistication. Disclosure clienteles exist because variation in investor sophistication...

Using China's stock market as the testing venue, this study examines how corporate transparency helps explain the sensitivity of stock prices to general investor sentiment. We find that firms with low corporate transparency, measured by a battery of proxies including state ownership, the...