This paper investigates the impact on deal outcomes of the presence of M&A top executives with a job title related to external growth. Using a sample of 10,818 US deals between 1993 and 2019, our results show that such presence is negatively associated with bidder gains. These bidders also...

Afin d’apprécier les réactions des marchés d’actions de la zone euro aux annonces nonanticipées de la Banque Centrale Européenne (BCE), nous procédons à une étude d’événementautour des annonces non anticipées sur le principal taux de refinancement de la BCE sur lapériode...

We empirically investigate the determinants of sovereign bond spreads in the euro area since the beginning of the crisis. We combine economic but also political uncertainty variables for three different groups of countries. We took into account an institutional shift in the spring 2010. Before...

This study examines how the mergers and acquisitions (M&A) environment affects gains to merging firms and their industry rivals. Using a large sample of Canadian acquisitions announcements from 1994 to 2009, we find that during M&A, the shareholders of Canadian merging firms experience indeed...

This paper proposes a method to compute ex-ante trading costs at the intraday level from limit order books. Using nearly 500 of the largest traded companies in the NYSE ArcaBook, we show that these costs have nontrivial intraday dynamics, are negatively related to volume and positively related...

Corporate divestments on the stock markets have been studied since long, but the main focus of previous studies has been the firm level impact of divestments. We take this discussion to the industry level and argue that divestments, on average, are carried out in industries, where opportunities...

Using implied volatility surfaces provided by the Optionmetrics database for the period 2003–2007, this study documents the strong, positive relation between investor perceptions of firm uncertainty and financial analysts' activity. Granger causality tests reveal that an increase in perceived...

Using implied volatility surfaces provided by the Optionmetrics database for the period 2003-2007, this study documents the strong, positive relation between investor perceptions of firm uncertainty and financial analysts' activity. Granger causality tests reveal that an increase in perceived...

The paper examines cross-border takeovers through the lens of currency risk management. Using a sample of 152 large cross-border deals undertaken by listed French firms, the study document that, acquirers are firms with higher exposure to target currency prior to the takeover announcement. The...

We investigate whether Corporate Social Responsibility (CSR) activities help reduce supply chain disruption risks thanks to supply source diversification strategy-building. The Suez Canal obstruction in March 2021 by the Ever Given container ship provides the empirical setup to identify firms...