Purpose – The purpose of this paper is to model the announcement returns of merging firms based on managerial overconfidence about merger synergy. Design/methodology/approach – The paper applies continuous-time real options techniques and game theoretic concepts. Managerial overconfidence...

This paper examines the expropriation of tradable shareholders in rightsissuing firms with the split share structure in China. Using a sample of 444 rights issues from 1999 to 2004, we find that the change in wealth of tradable shareholders is negatively correlated with the change in wealth of...

This paper examines the spillover effects of investor protection standards for interprovince mergers in China's emerging markets. Using a sample of 372 mergers, we find that if the provincial investor protection of the acquirer is better than that of the target, a privately owned acquirer will...

Data analysts often prefer access to data in the form of original tuples(i.e., microdata), instead of pre-aggregated statistics, since the former offers advantages in information flexibility and availability. Two problems should be addressed before releasing microdata. First, individual's...

Surveys have shown that, in general, developing countries tend to regulate the set-up processes for firms more intensively than developed countries. In particular, while many developing countries tend to integrate licensing requirements in the set-up process ('set-up licensing'), the more...