This paper investigates the impacts of defined-benefit (DB) pension plans on the corporate investment choices between diversifying and non-diversifying investments. We find a firm’s DB plan coverage is negatively associated with its propensity of making a major investment. Subject to a major...

This paper examines the cross-sectional determinants of post-IPO long-term stock returns in China. We document that the aftermarket P/E ratio has the most robust negative association with post-IPO stock returns. The negative relation indicates that the market corrects the aftermarket...

type="main" xml:lang="en" <title type="main">Abstract</title> <p>We find that listed parents’ carve-outs have investment-cash-flow sensitivities 70 per cent lower than unlisted parents’ carve-outs, on average. Such a finding is stronger when we consider only equity carve-outs in technological industries. The finding...</p>