This paper focuses on the effect of mergers and acquisitions (M&As) announcements stocks Latin American banks their rivals between 2000 2019. We evaluate two impacts M&A announcements: cumulative abnormal returns (CAR) event-induced variance (EIV). use GARCH-based event-study method, finding that acquirers target have a statistically significant CAR targets are not affected by announcements. ob...

a r t i c l e i n f o This paper aims to examine the intra-industry effects of confirmation of a reorganization plan. Using unique Taiwanese data on announcements of reorganization confirmation, I find evidence that such announcements elicit positive stock price reactions for the announcing firms and negative stock price reactions for other firms within the same industry. Specifically, negative...

Motivated by the structure of social networks, this paper initiates a study of distributed algorithms in networks that exhibit a core-periphery structure. Such networks contain two distinct groups of nodes: a large and sparse, group identified as the periphery, which is loosely organized around a small, and densely connected group identified as the core. We identify four basic properties that a...

We model alternating-announcements cheap talk, while discussing the efficiency consequences of explicitly allowing the ‘no-agreement’ outcome of the game with communication to vary with players’ cheap talk announcements. Our results give further consistency to the argument that a cheap talk extension does not necessarily imply efficiency in the play of the original game. Moreover, we characteri...

Two currently active strands of research on logics for multi-agent systems are dynamic epistemic logic, focusing on the epistemic consequences of actions, and logics of coalitional ability, focusing on what coalitions of agents can achieve by cooperating strategically. In this paper we make a first attempt to bridge these topics by considering the question: “what can a coalition achieve by publ...

PRESIDENT e DR. WILLIAM F. GEE, 3204 Hobcaw Lane, Lexington, Kentucky 40502-3523 PAST PRESIDENT e DR. WILLIAM W. BOHNERT, 3500 E. Lincoln Drive, Lot #33, Phoenix, Arizona 85018 PRESIDENT-ELECT e DR. RICHARD K. BABAYAN, 725 Albany St., Ste 3 B, Boston, Massachusetts 02118 SECRETARY e DR. MANOJ MONGA, 2842 Fontenay Rd., Shaker Heights, Ohio 44120-3403 TREASURER e DR. STEVEN M. SCHLOSSBERG, 1400 T...

With increasing demand for Cloud Computing services, a growing number of firms are citing business agility and cost savings as motivators for adopting Cloud Computing services. Extant literature does not provide any empirical evidence of value of announcements made regarding the Cloud Computing environment. This paper examines impact of Cloud Computing announcements on firm valuation, using eve...

This study focuses on the market reaction to information transfers from economically linked customers. I examine whether investors have limited attention with respect to the information contained in customer earnings announcements for suppliers. Using 1083 unique customer–supplier relationships for the period 1983–2011, I find that the cumulative abnormal returns of a supplier surrounding and f...

C to the common view that analysts are important information agents, intraday returns evidence shows that announcements of analysts’ forecast revisions release little new information, on average. Further cross-sectional evidence from returns around the announcements confirms that revisions are virtually information free. Daily announcement returns used in the literature appear to overstate the ...