We study the short- and long-term effects of acquiring targets that are government owned, which we refer to as Government-Owned Corporations (GOCs). Our sample of acquirers consists of US-listed public corporations, while the targets are GOCs based outside the US. In comparison to acquisitions...

We find that the announced withdrawal of mergers involving private targets produces negative and significant valuation effects on the bidder's stock on average. This result is distinctly different from the valuation effects for merger withdrawals involving public targets. These unique results...

Variation in IPO performance may be partially explained by differences in managerial control. In general, this characteristic has been ignored, perhaps because of the difficulty in testing its influence. The IPOs by mutual thrifts offer a laboratory in which the influence of managerial control...

A bank acquisition affects the combination of financial services that are offered, and the potential synergy between services. Consequently, an acquisition can affect the performance and risk of the bank. While much research is focused on bank acquisitions and other financial institutions, there...

A partial acquisition represents a unique form of corporate restructuring because it alters the ownership structure of two entities (in opposite ways), and therefore alters the form of control over the target's management. The proportion of the partial target that is owned by other shareholders...

While exchange-traded funds (ETFs) are being created at a rapid rate, there is very limited research on how they affect the component stocks that they contain. We find that in response to the inception of ETFs, there are positive and significant valuation effects on the dominant component stocks...

If an earnings restatement is simply an accounting adjustment to old information that is no longer being used for valuation purposes, it will not necessarily cause a change in a firm's value. However, the restatement may contain information that is used to reassess the future cash flows and...

Studies have found that bond ratings can affect the stock prices of individual companies. These studies suggest that investors rely on third parties when valuing companies. Our goal is to determine whether ratings have a similar influence on a country's valuation. We assess the country ratings...

We assess trading and non-trading characteristics of takeovers that trigger Securities and Exchange Commission (SEC) investigations of illegal insider trading. We find that targets with more pronounced abnormal stock price run-ups (especially in long pre-bid windows) and abnormal trading volume...

Based on a comprehensive sample of European mergers over the 1997--2011 period, we find that information leakages experienced by target firms are conditioned on the investor protection characteristics in the target’s country. Specifically, information leakages are smaller for targets in...