A large proportion of acquisitions results in shareholder wealth destruction. This study examines who is responsible for allowing bad acquisitions. Using a sample of 349 tax-free, stock-for-stock, pooling acquisitions over 1993-2001, the announcement period abnormal returns of acquirers are...

This paper investigates the value relevance of acquired intangible assets using a comprehensive hand-collected dataset for 1,647 publicly listed US-firms from 2002 to 2018. This dataset allows us to disentangle acquired intangible assets into different classes (e.g., tech-, customer-, contract-,...

We examine the spillover effect of fraud allegations against Chinese companies that became public through reverse mergers (CRMs) instead of IPOs. Both short sellers and regulators took active interests in the frauds allegedly perpetrated by CRMs. Once the public became alarmed by the frequency...

Corporate managers increasingly employ interactive media to communicate with market participants. Exploiting the live, interactive nature of conference call question-and-answer (Q&A) sessions, in which participants get the opportunity to ask their questions, our analysis reveals that conference...

We examine how corporate social media affects the capital market consequences of firms' disclosure in the context of consumer product recalls. Product recalls constitute a “product crisis” exposing the firm to reputational damage, loss of future sales, and legal liability. During such a...

We use high frequency consumer perception data to conduct the first event study of consumers’ perceptual responses to earnings announcements. We find that consumers’ attention to brands is heightened around earnings announcements. Moreover, we document that the change in consumers’ overall...

Using micro-level data of US weekly brand-level sales, we examine end-consumer responses to public revelations of corporate social irresponsibility (CSI). Despite survey evidence that suggests end consumers care about CSI, we find that the vast majority of CSI revelations are not followed by...

We examine how corporate social media affects the capital market consequences of firms' disclosure in the context of consumer product recalls. Product recalls constitute a “product crisis” exposing the firm to reputational damage, loss of future sales and legal liability. During such a...

To address the question as to whether managers manipulate accounting numbers downwards prior to management buyouts (MBOs), we implement an industry-adjusted buyout-specific approach and receive an affirmative answer. In UK buyout companies, negative earnings manipulation (understating the...