Our study investigates the true valuation motive for increasing share repurchases. To do so, we analyze the contemporaneous trading dynamics between short sellers, institutional investors and the firm itself around the actual share repurchases. We regress quarterly changes in share repurchases...

The extent to which financial analysts provide ‘herd' rather than ‘bold' (or anti-herd) earnings forecasts has important implications for market efficiency. Identifying any contributing factor(s) for financial analyst herding behavior can lead to policies to help reduce such harmful conduct....

This study examines foreign investors' trading behaviors around merger and acquisition (M&A) announcements in the Korean stock market (both KOSPI and KOSDAQ markets). We find evidence that foreign investors are more likely to buy target stocks with larger wealth effects on the KOSPI market. In...