This paper presents new empirical evidence suggesting that the market evaluates acquisition announcements in the context of the firm's investment policy. When a firm with superior prior internal investment purchases another, market participants often learn from the acquisition, that internal...

In the presence of derivative markets, shareholders can choose their desired mix of cash-flows/votes and vary it through time. We find that the optimal security-voting structure is time varying. Even in the presence of derivatives, most of the time, shareholders optimally choose 1S1V. 1S1V turns...

In the presence of derivative markets, shareholders can choose their desired mix of cash-flows/votes and vary it through time. We find that the optimal security-voting structure is time varying. Even in the presence of derivatives, most of the time, shareholders optimally choose 1S1V. 1S1V turns...

Following a ruling of the Israeli Securities Authority, portfolio managers had to obtain their clients' consent, in writing; so that they can continue to receive a fraction of the transaction costs their clients pay the broker executing the trades. One would expect an overwhelming opposition to...

This paper proposes a new method using option prices to estimate the market value of the voting right associated with a stock. The method consists of synthesizing a non-voting share using put-call parity, and comparing its price to that of the underlying stock. Empirically, we find this measure...

We use an objective measure - the ex post rate of publication of presented paper - to document the information content of a presentation at a conference. We select five conferences that are open to all submitters, the selection of papers is based on peer review, and the papers not limited to a...

During a period of 14 months (August 1997-September 1998), the Tel Aviv Stock Exchange completed a gradual transition from call auctions to continuous trading. During this transition period stocks traded either in call auctions or in continuous trading mechanisms. Data from this period provides...

In the presence of derivative markets, shareholders can choose their desired mix of cash-flows/votes and vary it through time. We find that the optimal security-voting structure is time varying. Even in the presence of derivatives, most of the time, shareholders optimally choose 1S1V. 1S1V turns...