This chapter surveys the recent empirical literature and adds to the evidence on takeover
bids for US targets, 1980–2005. The availability of machine readable transaction databases …

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 …

The number of published event studies exceeds 500, and the literature continues to grow.
We provide an overview of event study methods. Short-horizon methods are quite reliable …

We study shareholder returns for firms that acquired five or more public, private, and/or
subsidiary targets within a short time period. Since the same bidder chooses different types …

This paper discusses the event study methodology, beginning with FFJR (1969), including
hypothesis testing, the use of different benchmarks for the normal rate of return, the power of …

We test the empirical implications of several models of IPO underpricing. Consistent with the
winner's-curse hypothesis, we show that in markets where investors know a priori that they …

Share-price responses to 95 announcements of increased research and development (R &
D) spending are significantly positive on average, even when the announcement occurs in …

We empirically analyze the information hypothesis that the separation of a firm's divisions
into independently traded units through a spin-off enhances value because it mitigates …