Companies that use their own stock to finance acquisitions have incentives to increase their market values prior to the acquisition. This study examines whether such companies mislead investors by issuing overly optimistic forecasts of future earnings (“deception by commission”) or by...

Purpose - This study examines the link between firm-level large share price movements, firm specific company announcements and corporate governance. Stock market regulation in the UK requires firms to disclose new Price Sensitive Information (PSI) immediately via official news providers. We...