Short Arbitrage, Return Asymmetry, and the Accrual Anomaly
We find a positive association between short selling and accruals during 1988–2009, and that asymmetry between the up- and downsides of the accrual anomaly is stronger when constraints on short...
View ArticleGovernance Through Trading and Intervention: A Theory of Multiple Blockholders
Traditional theories argue that governance is strongest under a single large blockholder, as she has high incentives to undertake value-enhancing interventions. However, most firms are held by multiple...
View ArticleCorporate Governance Propagation through Overlapping Directors
How are governance practices propagated across firms? This article proposes, and empirically verifies, that observed governance practices are partly the outcome of network effects among firms with...
View ArticleImplications of Data Screens on Merger and Acquisition Analysis: A Large...
We analyze a comprehensive set of mergers and acquisitions from SDC data from 1992 through 2009. We do not impose common restrictions such as excluding private bidders, small targets, or deals without...
View ArticleDo Investment Banks Matter for M&A Returns?
We document a significant investment bank fixed effect in the announcement returns of M&A deals. The interquartile range of bank fixed effects is 1.26%, compared with a full-sample average return...
View ArticleAnticipation, Acquisitions, and Bidder Returns: Industry Shocks and the...
We document market anticipation of merger bids and show that less anticipated bids earn significantly higher announcement returns. Subsequent bidders in the industry experience significant and positive...
View ArticleMergers, Spinoffs, and Employee Incentives
This article studies mergers between competing firms and shows that while such mergers reduce the level of product market competition, they may have an adverse effect on employee incentives to...
View ArticleFunctional strategies and practices of small and medium-sized family businesses
AbstractPurpose â The aim of this study is to determine the context of short- , medium- and long-term functional strategies of small- and middle-sized family businesses carrying on activities in...
View ArticlePotential for the application of emerging market Z-score in UAE Islamic banks
AbstractPurpose â The purpose of this study is primarily to implement the emerging market (EM) Z-score model to predict bankruptcy and to measure the financial performance of major Islamic banks in...
View ArticleThe financial performance of Saudi Arabian IPOs
AbstractPurpose â The main objective of this paper is to measure Saudi Arabian initial public offerings' (IPOs) financial performance before and after going public on the Saudi Stock Exchange Market....
View ArticleCustomers' attitude toward Islamic banking in Pakistan
AbstractPurpose â The purpose of this paper is to examine the different motivational factors that lead to customers' Islamic bank selection decision in Pakistan. In particular, it aims to look into...
View ArticleIslamic investment behaviour
AbstractPurpose â In the past decade, there has been strong growth in Islamic finance and banking across the globe, there is little empirical evidence on the impact of religiosity on financial...
View ArticleSummary of selected FINRA regulatory notices, January-February 2011
AbstractPurpose â The purpose of this summary is to provide excerpts of selected Financial Industry Regulatory Authority (FINRA) Regulatory Notices and Disciplinary Actions issued in January and...
View ArticlePlug and play brokerage: the new model of the high-service open architecture...
AbstractPurpose â This paper aims to make investment compliance professionals aware of the new model of the flexible, high-service open architecture broker-dealer â which is characterized as the...
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