This paper analyzes the relationship between public disclosure, private information and stock liquidity in the Tunisian market. We use a sample of 41 listed firms in the Tunis Stock Exchange in 2007. First, we find no evidence that there is a relation between public and private information....

We test whether and how equity overvaluation affects corporate financing decisions using an ex ante misvaluation measure that filters firm scale and growth prospects from market price. We find that equity issuance and total financing increase with equity overvaluation; but only among overvalued...

This paper provides empirical evidence that Croatian companies manage reported earnings to avoid losses and earnings declines. Specifically, we find that the cross-sectional distribution of scaled earnings and changes in earnings show high frequencies of small positive earnings and small...

This paper documents the consequences of publicly announcing “strategic alternatives,” whereby the company reveals its decision to explore a potential sale or merger. The inherent uncertainty in ex-post transactional outcomes (i.e., whether the firm is sold, liquidated, or remains...

An analysis of Indian CNX Nifty 100 companies across the last two recessions or the Global Financial Crises highlights practices of earnings management. The crisis response uncovers the perils of opportunistic earnings management as crises affect balance sheets in FY2007 and FY2012. The study...

We show that the post earnings announcement drift (PEAD) is stronger for conglomerates than single-segment firms. Conglomerates, on average, are larger than single segment firms, so it is unlikely that limits-to-arbitrage drive the difference in PEAD. Rather, we hypothesize that market...

This research seeks to discover if there is any relationship between the delay in the publication of the annual financial statements of companies, and their level of corporate governance, assuming that the delay on its liberation would indicate a smaller transparency of the company. For that,...

We show that the post earnings announcement drift (PEAD) is stronger for conglomerates than single-segment firms. Conglomerates, on average, are larger than single segment firms, so it is unlikely that limits-to-arbitrage drive the difference in PEAD. Rather, we hypothesize that market...

We show that the post earnings announcement drift (PEAD) is stronger for conglomerates than single-segment firms. Conglomerates, on average, are larger than single segment firms, so it is unlikely that limits-to-arbitrage drive the difference in PEAD. Rather, we hypothesize that market...

This article examine how firms manage earnings when firms are in interconnected networks, that is, when firms are interconnected to each other in a way that the survival of one firm is crucial to the survival of other firms connected to it. The article employs network typology to provide some...