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Strategic News Releases in Equity Vesting Months

Edmans, Alex - 2020

We find that CEOs release 20% more discretionary news items in months in which they are expected to sell equity, predicted using scheduled vesting months. These vesting months are determined by equity grants made several years prior, and thus unlikely driven by the current information...

Persistent link: https://www.econbiz.de/10012856547

Law Firm Expertise and Shareholder Wealth

Schweizer, Denis - 2019

This paper examines the impact of law firm expertise on bidder and target shareholder wealth gains during mergers and acquisitions. After controlling for endogeneity in the matching between the mandating firm (bidder or target firm) and the law firm, we find that top-tier law firms increase the...

Persistent link: https://www.econbiz.de/10012858454

Do Corporate Governance Ratings Change Investor Expectations? Evidence from Announcements by Institutional Shareholder Services

Guest, Paul M. - 2019

This paper examines empirically the announcement effect of commercial corporate governance ratings on share returns. Rating downgrades by Institutional Shareholder Services (ISS) are associated with negative returns of –1.14% over a 3-day announcement window. The returns are highly correlated...

Persistent link: https://www.econbiz.de/10012861805

Dynamic Return-Order Imbalance Relationship Response to Leveraged Buyout Announcements

Huang, Han-Ching - 2014

Many researches indicate informed trading during Leveraged buy-out (LBO) processes. In this study, we examine intraday dynamic relations between order imbalance, volatility and stock returns. The dynamic relation between volatility and order imbalances by a time-varying GARCH model is...

Persistent link: https://www.econbiz.de/10013059361

Abnormal Accruals and Managerial Intent : Evidence from the Timing of Merger Announcements and Completions

Louis, Henock - 2014

between the timing of stock swap announcements and completions and acquirers' reporting behaviors. Using the timing of merger … Fridays, while distancing some of their earnings management activities from the merger announcement date. The negative … association between the post-merger announcement market performance and pre-merger announcement abnormal accruals is more …

Persistent link: https://www.econbiz.de/10013040019

Trading Activity and Liquidity Effects Around Private Firm Acquisition Announcements : The Case of Earnouts Versus Other Methods of Payment

Monaco, Eleonora - 2018

We investigate trading activity and liquidity effects of methods of payment on the stock prices of acquiring firms around private firm acquisition announcements. We find significant rises in trading activity around acquisition announcement dates irrespective of the payment method used; however,...

Persistent link: https://www.econbiz.de/10012930135

CEO turnovers : transparency of announcements and the outperformance puzzle

Farah, Paul; Li, Hui - In: International Journal of Financial Studies : open … 9 (2021) 3, pp. 1-22

This study investigates market reactions to announcements of CEO turnover and finds that forced turnovers are not accompanied by positive returns, which contradicts the broad view that firing a CEO sends a positive signal to the market. This contradiction is further explored by focusing on the...

Persistent link: https://www.econbiz.de/10012587940

Sanctions against Russian oligarchs also affect their companies

Bremus, Franziska; Hüttl, Pia - In: DIW weekly report : economy, politics, science : a … 12 (2022) 21, pp. 142-147

In February 2022, the EU Commission announced economic sanctions against Russian oligarchs. The goal was to exert pressure on the Kremlin: initially to stop deploying troops to the Donetsk and Luhansk regions and ultimately to end its attack on Ukraine. The present report investigates how these...

Persistent link: https://www.econbiz.de/10013256963

Informed Options Trading Prior to M&A Announcements : Insider Trading?

Augustin, Patrick - 2015

We document pervasive informed trading activity in equity options before M&A announcements. About 25% of takeovers have positive abnormal volumes. These volume patterns indicate that informed traders are likely using bullish directional strategies for the target and volatility strategies for the...

Persistent link: https://www.econbiz.de/10013033511

The Interpretation of Unanticipated News Arrival and Analysts’ Skill

Rubin, Amir - 2015

Analysts' functions are divided into discovery and interpretation roles, but separating between the two is non-trivial. We conjecture that analysts' interpretation skill can be gauged by their forecast revisions following material unanticipated news — in particular following non-earnings 8-K...

Persistent link: https://www.econbiz.de/10013035617