Our original research not yet submitted to a peer-reviewed journal; doctoral dissertations.
This paper finds that EPS accretion has a positive and statistically significant effect on acquirer abnormal performance, both at announcement and for the period up to 18 months following completion of the deal.
In the post–1992 period, we find strong evidence of a switch from upward-biased to downward-biased forecasts of annual earnings as the announcement date approaches.
We explain why large market-timing bets rational only for investors who truly have a large amount of net skill (a presumably rare beast).
This paper uses commercial aircraft transactions to assess the degree to which bankruptcy court protection alleviates costs of financial distress associated with asset sales.
The volatility of expected growth in the money supply greatly influences the negative relation between expected stock returns and inflation.
We find that Kothari and Shanken’s proxies for changes in expected future cash flow growth and changes in discount rates explain a substantial amount of annual returns in 26 markets.
We have uncovered the strong explanatory power of past returns for the cross-section of current returns.