Target and bidder reference points have separate and joint effects on merger deals. A firm whose stock price is more distant from its 52-week high reference point is less likely to attract bids but has a greater likelihood of being acquired by its own managers (versus unaffiliated bidders). Firm...

We find that increases in implied market volatility (a proxy for market fear) have a significant impact on returns of bank stocks, above and beyond systematic risk proxied by the expected excess market return during a bad economic regime. Large bank returns are favorably affected by increases in...

On October 16, 2009, the U.S. government charged Galleon hedge fund founder Raj Rajaratnam and five others with insider trading, in what was described by a key prosecutor overseeing the case as a "wake-up call to Wall Street and to every hedge fund manager." We find that the mean abnormal stock...

We show that the firm's decision to pay special dividends is related to its investment opportunities based on growth options that are available within the prevailing economic environment. Specifically, firms are more likely to pay special dividends when their investment opportunities are...

We show that the firm's decision to pay special dividends is related to its investment opportunities based on growth options that are available within the prevailing economic environment. Specifically, firms are more likely to pay special dividends when their investment opportunities are...