Recent evidence suggests that announcements of bank holding company acquisitions result in wealth transfers from the bidding to target shareholders. Empirically, this is demonstrated through ®ndings of negative average abnormal returns to bank holding company acquirers and positive average abnormal returns to targets on announcement. Using a sample of acquisitions from the early 1990sÐa period ...

Financial holding companies in Taiwan play an important role in the process of economic development. Facing the financial globalization and market liberalization, competition between financial holding companies is growing. In data envelopment analysis (DEA) studies, the efficiency measurement can have a two-stage structure. A common approach to the two-stage problem is to apply a standard DEA m...

OBJECTIVES The purpose of this study is to analyze the influence of the corporate governance of pharmaceutical companies on research and development (R&D) investment. METHODS The period of the empirical analysis is from 2000 to 2012. Financial statements and comments in general, and internal transactions were extracted from TS-2000 of the Korea Listed Company Association. Sample firms were th...

A company frequently decides on location and design for new facilities in a sequential way. However, for a fixed number of new facilities (in this study we restrict ourselves to the case of two new facilities), the company might improve its profit by taking its decisions for all the facilities simultaneously. In this paper a profit maximization problem is considered, where the market share capt...

I test the market discipline of bank risk hypothesis by examining whether banks choose risk management policies that account for the risk preferences of subordinated debt holders. Using around 500,000 quarterly observations on the population of U.S. insured commercial banks over the 1995–2009 period, I document that the ratio of subordinated debt affects bank risk management decisions consisten...

In this paper the performance of a sample of German companies is measured by comparing the initially invested capital adjusted for cost of capital, dividends paid, share repurchases and equity raised with the market value at the end of the holding period. All possible holding periods between 1987 and 2000 are covered. The sample is subdivided into companies listed in the DAX-, MDAXand SMAX-inde...