scholarly journals Hedging and the Paradoxical Acquirer Announcement Effects in International Mergers

2018 ◽  
Author(s):  
J. Barry Lin
Keyword(s):  
Announcement Effects ◽  
International Mergers

scholarly journals Discount, transparency and announcements effects of equity rights offerings: international evidence

2021 ◽  
Author(s):  
Nils-Christian Bobenhausen ◽  
Astrid Juliane Salzmann
Keyword(s):  
Financial Markets ◽  
Information Asymmetry ◽  
Capital Market ◽  
Announcement Effect ◽  
Announcement Effects ◽  
Market Transparency ◽  
International Evidence ◽  
Negative Effect ◽  
Rights Offering ◽  
High Information

AbstractEquity rights offerings and their respective announcement effects have been studied extensively in the literature. Our study expands upon these studies and focuses on those announcement effects and the relation between the discount of an equity rights offering and the announcement effect. Previous theoretical and empirical analyses show that firms can signal their quality via the discount in an equity rights offering and demonstrate a negative relation between the discount and the announcement effect. We argue that this link is only relevant in environments where signalling is possible and necessary. These are financial markets with a particularly low level of capital market transparency, i.e. high information asymmetry. We calculate announcement effects for an international sample of equity rights offerings and show that the negative effect of the discount on announcement effects can only be observed in environments with a low capital market transparency. Hence, our study estimates announcement effects across several different countries and is thus among the first to analyse signalling considerations for equity rights offerings in different transparency environments.

Measuring the Short-Term Effects of the ECB’s Unconventional Monetary Policy on Financial Markets: A Review

2021 ◽  
Vol 54 (1) ◽  
pp. 37-77
Author(s):  
Lisa-Maria Kampl
Keyword(s):  
Monetary Policy ◽  
Financial Markets ◽  
Event Studies ◽  
Empirical Literature ◽  
Unconventional Monetary Policy ◽  
Short Term ◽  
Comprehensive Overview ◽  
Announcement Effects ◽  
Policy Measures ◽  
Short Term Effects

Following the financial crisis in 2008, the ECB implemented various unconventional policy measures to respond to the tensions on the market. These measures had a significant impact and short-term effects on financial markets. This literature review provides a extensive overview of the empirical literature dealing with the short-term effects of this unconventional monetary policy using event studies. Furthermore, a methodological analysis of conducted event studies is carried out. First, we review empirical event studies focusing on the effects on the bond market, the stock market, as well as on international spill-over effects. Secondly, we carry out a methodological analysis of event studies that estimate the announcement effects of the ECB’s unconventional measures. In this context, the analysis provides insight into the process of determining relevant events, the categorization of those, measuring the surprise component, and determining control variables. By comparing the different approaches applied, we give a comprehensive overview of similarities as well as differences in the methodology used.

scholarly journals HR Managers’ Roles & Contributions in Merger Processes

2011 ◽  
Vol 1 (1) ◽  
pp. 64 ◽  
Author(s):  
Khalil Al Jerjawi
Keyword(s):  
Organizational Change ◽  
Global Financial Crisis ◽  
Human Resource Managers ◽  
Resource Managers ◽  
Merger Process ◽  
Strategic Role ◽  
Merging Process ◽  
International Mergers ◽  
Research Gap ◽  
Hr Managers

As companies have engaged in domestic and international mergers over the last few years in order to match the macroeconomic trends operating on a worldwide and more recently to cope with the current global financial crisis, human resource managers have been encouraged to play a more strategic role in their organizations, especially in the case of extensive and radical organizational change such as merging process. This study addresses and works on the existing research gap by investigating the roles of HR managers among the different roles which were defined at the fist by Dave Ulrich. This paper demonstrates that HR managers are an essential part of merger and that HR practices should be given an extensive emphasizing throughout such organizational change “the merger process”.

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