Corporate finance decisions are not made at random, but are usually deliberate decisions
by firms or their managers to self-select into their preferred choices. This chapter reviews …

This book is an ambitious effort by three well-known and well-respected scholars to fill an
acknowledged void in the literature—a text covering the burgeoning field of empirical …

ECONOMISTS are frequently asked to measure the effects of an economic event on the
value of firms. On the surface this seems like a difficult task, but a measure can be …

Non‐US firms cross‐listing shares on US exchanges as American Depositary Receipts earn
cumulative abnormal returns of 19 percent during the year before listing, and an additional …

Using mutual fund redemptions as an instrument for price changes, we identify a strong
effect of market prices on takeover activity (the “trigger effect”). An interquartile decrease in …

Event studies are widely used in finance research to investigate the implications of
announcements of corporate initiatives, regulatory changes, or macroeconomic shocks on …

This paper considers the effects of state ownership and institutional influences on value
creation through cross-border mergers & acquisitions by Chinese firms during the period …

We examine a comprehensive sample of going-dark deregistrations where companies
cease SEC reporting, but continue to trade publicly. We document a spike in going dark that …

This paper documents significantly negative stock price reactions to shareholder-initiated
class action lawsuits. We find that shareholders partially anticipate these lawsuits based on …

We present a rational theory of SEOs that explains a pre‐issuance price run‐up, a negative
announcement effect, and long‐run post‐issuance underperformance. When SEOs finance …