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...

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...

To realize the straw biomass industrialized development, it should speed up building crop straw resource recycle logistics network, increasing straw recycle efficiency, and reducing straw utilization cost. On the basis of studying straw recycle process, this paper presents innovative concept and...

Promoting agricultural production and ensuring the supply of agricultural products has always been the main task of agricultural development in China, but the agricultural production in China has not yet been combined with the Chinese residents' dietary needs to formulate reasonable development...

This paper presents a new route for biomass derived aviation fuel synthesis by catalytic conversion in aqueous phase. Furfural with the yield of 71% was produced by acid hydrolysis of raw corncob, and hydrogenated to 2-methylfuran with obtaining the yield of 89% over Raney Ni catalyst, both of...