In response to the economic crisis of 2008 and the debt crises of some Eurozone countries, central banks began expansionary monetary policies, which became a massive injection of resources through the purchase of assets known as Quantitative Easing. The European Central Bank (ECB) took a step...

This paper studies how target industry competition affects shareholder gains around mergers and acquisitions. We find that industry competition does not affect the combined (bidder and target) announcement returns; however, when taken separately, the impact is negative for bidder and positive...

We examine the voting behavior of Registered Investment Funds (Mutual Funds, ETFs and Close-end Funds) on Hedge Funds proposals, a common vehicle of value-driven shareholder activism. We compare the support rates of Registered Funds versus other voting shareholders on different types of...

This study examines whether the pre-deal target-bidder firm governance gap affects the bidder’s post-deal change in governance quality. We estimate cross-sectional regressions using mergers and acquisitions from 2004 to 2016. We find that the bidder’s firm-level governance improves for...

We examine the impact of the enactment of the Market Abuse Directive (MAD) and the Prospectus Directive (PD) across 18 EU countries on seasoned equity offerings (SEOs). Using a difference-in-differences methodology, we document a significant reduction in earnings management, improved post-SEO...