A two-stage stock-financed merger occurs when an acquiring firm first issues shares, and then engages in a cash acquisition shortly afterward. Such deals allow us to test two important hypotheses derived from decoupling: by clienteles via segmentation and by time. The acquirer's value is...

Our chapter raises serious questions about the long-term efficiency of stock prices in relation to the realized returns of the underlying corporate real assets. In our large-scale calculations that cover horizons of 10, 20, 30, 40, and 50 years, returns on corporate real assets suffer a...

In a standard security market, it is assumed that market participants are rational, capable of acquiring and utilizing information, fraudulent and opportunistic behaviors do not pay and are avoided, and transaction costs are relatively low. Furthermore, there is no group of participants who are...

chapter 1 Introduction -- chapter 2 Finance and development: A survey of literature -- chapter 3 The Malaysian economy and its nancial system -- chapter 4 Data, variable construction and estimation methodology -- chapter 5 Financial deepening and its determinants -- chapter 6 The patterns and...