Purpose – This paper aims to assess the impact of group affiliation and anticipated expropriation on North American firms' value. Design/methodology/approach – The net impact of firms' affiliation to groups is generally far from evident. While group affiliation can be perceived as positive...

This study highlights the ownership structure of 1120 Canadian listed firms. The chains of ownership and control are traced back to the ultimate controlling owners, and related to some corporate features. Families are the most prevalent type of controlling shareholder. Pyramids, multiple classes...

This study fills an important gap in the literature by providing causal evidence of the impact of relaxing financial constraints on corporate social responsibility (CSR). To isolate this causal link, we examine the enactment of anti-recharacterization laws in some U.S. states, an exogenous shock...

We investigate rights issues and open offers in Hong Kong. We observe that the greater the severity of firms’ management-agency problems, the more unfavourably shareholders tend to react, leading to more negative cumulative abnormal returns or rights forfeiture. Controlling shareholders do not...

This paper compares the intra-day patterns on the NYSE and AMEX of volatility, trading volume and bid-ask spreads for European dually- listed stocks, Japanese dually-listed stocks also listed in London, and Japanese dually-listed stocks not listed in London with American stocks of comparable...

We study the profitability of Covered Interest Parity (CIP) arbitrage violations and their relationship with market liquidity and credit risk using a novel and unique dataset of tick-by-tick firm quotes for all financial instruments involved in the arbitrage strategy. The empirical analysis...