Previous research on R-square has focused on the cross-sectional effects of the level of R-square and the results are mixed. We argue that changes in R-square can capture how new information is incorporated into stock prices. We examine the changes in R-square and stock price synchronicity upon...

While the literature shows that perks can affect firm values positively or negatively, we argue that firms with higher perks are more likely to be associated with a lower quality of financial reporting, which, in turn, can affect the informativeness of stock prices. Based on hand-collected data...

The literature shows that insider trading activities and dividends contain information content and serve as signals to firm value. If insider return is a proxy for information asymmetry, we should expect a positive relation between dividends and insider returns. Using a sample of unambiguous...

This paper investigates the short-term return performance and long-term operating performance of 36 partial mergers in Hong Kong during the period 1984-1996. We first conduct an event-study to evaluate the short-term market performance of the target, the bidder and a simulated combined portfolio...

We examine directors' dealing activity around share repurchasing periods in Hong Kong. There are significant insider trading activities before the share repurchasing period. Consistent with the signaling hypothesis, the directors' purchase activities during the share repurchase period are...

This study examines the relationships among environmental orientation, environmental strategy, firm performance, and regulatory stakeholder influence. Survey data collected from foreign invested enterprises (FIEs) in China show that while internal environmental orientation positively influences...

Research indicates that at the time of a takeover announcement, target firm shareholders receiving cash earn larger abnormal returns than those receiving stock. Our work confirms that cash targets receive larger direct payments from bidders and that the size of target firm abnormal returns is...