When subjects can make non-binding announcements of possible contributions to a public good numerically, there is no effect on average level of contributions in a public goods experiment relative to play without announcements. But a detailed analysis of this experiment shows that pre-play announcements increased the variance of achieved cooperation among groups, leading both to more highly coop...

Article history: Received 18 March 2009 Received in revised form 26 June 2009 Accepted 25 August 2009 Available online 4 November 2009 This study investigates whether prior experience of share repurchases matters in the market reactions to the subsequent repurchase announcements. Specifically, we study the prior record on actual buybacks and post-announcement stock performance. We find that upo...

This study integrates research on strategic alliances and security analysts by focusing on the extent to which alliance announcements affect the amount of coverage firms obtain from security analysts. Adopting the perspective that alliance announcements constitute important market signals, I argue that they increase analyst coverage at a decreasing rate, but also that the strength of the relati...

The increase in globalization in the markets has driven firms to adopt online technologies and to cross-list their stocks. Recent studies have consistently found that the announcements of information security breaches (ISBs) are negatively associated with the market values of the announcing firms during the days surrounding the breach announcements. Given the improvement in firms’ information e...

Both the UK spot and futures markets in short term interest rates are found to react strongly to surprises in the scheduled announcements of the repo rate and RPI. Therefore these announcements should also affect the market for options on short term interest rates. Because the repo rate and RPI announcements are scheduled, the options market can predict the days on which announcement shocks may...

Confronted with public concerns about health and obesity, food companies are taking several measures. However, it is unclear to what extent they should communicate these policies. This article explores reactions in the blogosphere to health-related announcements by large food companies. Results show that taste-related announcements generate not only more reactions, but also more positive buzz t...

Confronted with public concerns about health and obesity, food companies are taking several measures. However, it is unclear to what extent they should communicate these policies. This article explores reactions in the blogosphere to health-related announcements by large food companies. Results show that taste-related announcements generate not only more reactions, but also more positive buzz t...

This paper examines the stock price effect in New Zealand of announcements of increases in dividends and of share repurchases from 1993 to 2009. The results are related to the soft substitution hypothesis on Australian data. Dividend-increase announcements provoke a greater positive effect on the stock price than buyback announcements. The preference of the marginal investor is also examined wh...

Previous empirical studies have documented that equity prices react to announcements of unexpected dividend changes. The most promising hypothesis forwarded as an explanation of this phenomenon is the dividend signalling hypothesis. Building on a foundation of dividend signalling models, this study employs an expanded set of explanatory variables to explain excess returns documented around divi...

Our goal is to formalize what "having the permission to say" means. We adapt the dynamic logic of permission considered by van der Meyden in the particular case where atomic actions are public and truthful announcements. Hence, we extend the logic of public announcements introduced by Plaza, that enables us to express the ways agents update their knowledge after public and truthful announcement...