Prior studies have had limited success explaining the negative market reaction to common stock announcements using firm and offer specific variables. We employ a piecewise linear model to test the relationship between announcement returns and firm and offer specific variables by specific offer...

In the past decade, institutional investors have become more active in monitoring management and voting the shares they control. The California Public Employees' Retirement System (CalPERS) was a leader in this wave of activism. This study investigates the long-term returns an investor with...