Through mergers and acquisitions the pharmaceutical industry has changed in the last years like never before. The widespread paradigm that acquirers face negative returns at acquisition announcement, resulting in significant losses, no longer applies. Including the largest consolidation wave in...

The European banking landscape has experienced a profound restructuring since the mid 1980ties and still is substantially changing. In the last three years, prior to the formal start of the European Monetary Union, we counted more completed large mergers and acquisitions (Mamp;A) than in the...

We study whether growth in the capital share (KS) of aggregate income (GDP) can explain equity portfolio returns in international stock markets as proposed by Lettau et al. (2019) for the U.S. market. We find that growth in local capital share has positive explanatory power for equity portfolio...

We analyze the shareholder wealth implications of the financial sector consolidation in the Asia-Pacific region between 1995 and 2013. The results suggest that market power consideration play a prominent role when capital market participants value M&As between Asian financial institutions. Asian...

The explanatory power of size, value, profitability and investment has been extensively studied for equity markets. Yet, the relevance of these factors in global credit markets is less explored although equities and bonds should be related according to structural credit risk models. We...

This study investigates the performance of large speculators in 22 commodity markets over the last 15 years. We find that large speculators were profitable in many markets. Two possible sources of returns are analyzed for their relevance in these gains: The ability to forecast and the flow of...

In this paper we shed additional light on relatedness research and examine how capital markets value different value chain integration and diversification strategies in mergers. We focus on a sample of 330 machinery industry transactions, as this industry compromises strongly varying business...

In the era of emerging technologies, many firms explore the role of blockchain technology and its impact on corporate market value. Past research has shown that companies benefit from executing blockchain projects, but little is known about specific value and risk drivers. Hence, we provide...

This study conducts a meta-analysis on the day-of-the-week effect to shed more light on the replication crisis of this stock market anomaly. The findings confirm that Mondays and Tuesdays provide, on average, lower daily returns. In addition, Wednesdays and Fridays indicate higher returns, with...

Abstract At the beginning of factor investing research, the investment universe concentrated on developed markets and transaction costs were paid little attention. Expensive trading costs of factor investing in emerging equity markets influence optimal portfolio decisions. Based on a total costs...