Mergers and acquisitions are the result of negotiations between bidder and target managers and shareholders where both sides have incentives to manipulate the value of shares and assets. While a naive target investor may perceive higher share value for a bidder who engages in income increasing...

Auditors of foreign cross listed firms face liability arising from the nature of the institutional monitoring framework of legal claims that can potentially be brought against the auditor in both the home country and the US. This paper is the first to document the relationship between auditor...

In this paper, we investigate the relation between corporate governance and returns to bidders and targets, using 1,640 observations of completed acquisitions from 1996 to 2003. We find that the cumulative abnormal returns for acquirers are significantly negative upon announcement of...

Objective: The objective of this article is to investigate the use of internationalisation to “escape” the institutional voids present in conflict economic systems, through interviews with fifteen Afghan family business leaders who run businesses in Kabul. Research Design & Methods: Relying...

For the present generation of entrepreneurs, the operating environment in Afghanistan has been among the most tenuous in the world. Numerous regime changes, civil unrest, and war have created tremendous uncertainty, making civilian business planning difficult. These challenges incrementally...

Using a unique online currency transactions dataset, we examine the performance, trading activity, drawdown, and timing abilities of individual currency traders. Evidence from 428 accounts during the 2004-2009 period shows that currency traders earn positive abnormal returns, even after...

Purpose This paper aims to explain the fundraising and valuation processes of startups and discuss the conflicts of interest between entrepreneurs, venture capital (VC) firms and stakeholders in the context of startup corporate governance. Further, this paper uses the examples of WeWork and...

This study examines factors affecting stock index spot versus futures pricing and arbitrage opportunities by using the S&P 500 cash index and the S&P 500 Standard and Poor's Depository Receipt (SPDR) Exchange‐Traded Fund (ETF) as “underlying cash assets.” Potential limits to arbitrage when...