The introduction of the common currency in the Euro zone has led to a shift in factor importance from country to industry effects. Nevertheless, there is overwhelming evidence that the recent spate of crises has engendered a reversal in factor importance, returning it to country effect. This...

This paper shows a sharp contrast between theoretical predictions of merger negotiations when takeover markup and runup are measured in dollar vs rate terms. It argues that the empirical tests by an influential study cannot reject the hypothesis of a costly feedback loop as the authors claim....

This paper provides novel evidence of information asymmetry in Exchange-Traded Fund (ETF) markets, focusing on the informativeness of ETF flows. By decomposing daily ETF flows into three components, we find that certain ETF shares are created or redeemed in anticipation of forthcoming news,...