This study reexamines Dubofsky's (1992) limit order adjustment hypothesis via an intraday analysis of minute-by-minute trade and quote data recorded on the ex-dividend days of common stocks listed on the NYSE, AMEX, and NASDAQ. According to Dubofsky's (1992) model, the asymmetric adjustment of...

This paper re-examines the impact of the EU Market Abuse Directive (MAD) on the market reaction around share repurchase announcements. We use a unique hand-collected dataset of firms listed on the Athens Stock Exchange, and we find evidence that contrasts with previous conclusions for large...

Using a unique, hand-collected data set of actual daily share repurchases from the Athens Stock Exchange, we examine the stock market reaction around the disclosure date of actual share repurchases, the factors that affect the size of that reaction, and the motives behind share acquisitions. We...

In the barrier option model of corporate security valuation, the firm’s creditors impose a default-triggering barrier on the firm value to protect their claim. Two disputed issues in the literature are whether the implied default barrier is positive, and whether it is above or below the book...