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In contrast to the negative average abnormal return associated with the announcement of a control-related targeted repurchase (greenmail transaction), we find that the announcement of a noncontrol-related targeted repurchase is associated with a positive and significant average abnormal return....
Persistent link: https://www.econbiz.de/10005667614
The chief executive officers (CEOs) of firms announcing layoffs receive 22.8% more total pay in the subsequent year than other CEOs. The pay increases result almost entirely from increases in stock-based compensation and are found to persist. In addition, layoff announcements are accompanied by...
Persistent link: https://www.econbiz.de/10005667755
In this paper we test whether a secondary dissemination of information affects stock prices. We examine stock price reactions to the publication of the "Insider Trading Spotlight" (ITS) column in the Wall Street Journal (WSJ). Since insider trades reported in the ITS column are initially...
Persistent link: https://www.econbiz.de/10005226795
This study documents bidding-firm stock returns upon the announcement of takeover terminations. On average, bidding firms that offer common stock experience a positive abnormal return, and firms that offer cash experience a negative abnormal return. The positive performance is primarily driven...
Persistent link: https://www.econbiz.de/10005234005
We examine how managerial motives influence the choice of financing for a sample of 209 completed mergers from 1981-88. Our evidence indicates that bidding firm management is more likely to finance mergers with cash when target firm ownership concentration is high, preventing the creation of an...
Persistent link: https://www.econbiz.de/10005158196