Purpose: The purpose of this paper is to analyze underpricing in initial coin offerings (ICO). It bridges the gap between findings in initial public offering (IPO) literature and empirical results from ICOs. Design/methodology/approach: The sample set consists of 279 ICOs between April 2013 and...

We examine cash dividends and share repurchases from 1989 to 2005 in the 15 nations that were members of the European Union before May 2004. As in the United States, the fraction of European firms paying dividends declines, while total real dividends paid increase and share repurchases surge. We...

We study the influence on firm risks of NASDAQ and NYSE firm payout initiations and omissions. These payout events can be interpreted as managerial signals of firm financial life-cycle maturation resulting in concomitant changes in firm risks. We remove confounding payout types and we match on...

Liberalisation and deregulation of financial markets, lower currency volatility and the introduction of the euro have reduced transaction and bankruptcy costs for multinationals in Europe. Internal European transfers of cash have become easier and cheaper. This has enabled the centralisation of...

We study announcement effects of cross-border acquisitions of private firms on short-term bidders' stock market returns in the European Union. We assume that the development status of the target market and the governance within the bidder market make a difference. Investors of bidding companies...

We discuss the impact of liberalisation, deregulation and the introduction of a single currency on cash management within multinationals in the euro zone. The developments in the euro zone reduce financial market imperfections in transferring cash and diminish the need for separate local cash...