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Stock Payment Acquirer's Pre-Acquisition Earnings Management and Its Post-Acquisition Performance
For an M&A context, this paper investigates stock payment acquirers' trade-off strategy between accruals-based earnings management (AM) and real earnings management (REM) and it impacts on firm's post-acquisition performance during the period before and the period after the Sarbanes-Oxley Act (SOX). We find that stock payment acquirers, in addition to using pre-acquisition AM, are likely to use REM. Additionally, “mixed-stock” acquirers (stock payments greater than 50% but less than 100%) show more significant AM behaviors than the stock-for-stock acquirers, as shown in the literature, possibly because the disclosure of this strategy involves the latter firms but not for the former. This...
Gas Journal
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Gestion de portefeuille et marchés financiers
L'ensemble des principes et des concepts fondamentaux de l'évaluation des actifs financiers et de la gestion de portefeuille. Ce livre rigoureux et pédagogique aborde les trois types de titres financiers en un seul volume en alternant théorie et pratique.
Mispricing Persistence and the Effectiveness of Arbitrage Trading
This article examines whether mean reversion in stock index basis changes is actually induced by arbitrage trading, using intra-day arbitrage trade data. The empirical evidence suggests that arbitrage trading alone cannot account for all of the mean reversion in basis changes, even when infrequent trading is controlled for. This general mean reversion is consistent with mean reversion in liquidity and partial adjustment in the cash market. The behavior of arbitrageurs appears highly competitive. We find that on average the net arbitrage profit is at the competitive level of zero. Furthermore, it is suggested that some mispricing persistence may be related to time-varying liquidity. Accordingly, the results indicate that arbitrageurs pay attention to the depth of the market and value the early unwinding option.
The Harvard Classics Shelf
DigiCat presents to you this meticulously edited and formatted collection of Dr. Eliot: The Harvard Classics: V. 1: Franklin, Woolman & Penn V. 2: Plato, Epictetus & Marcus Aurelius V. 3: Bacon, Milton, Browne V. 4: Poems by John Milton V. 5: R. W. Emerson V. 6: Poems by Robert Burns V. 7: St Augustine & Thomas á Kempis V. 8: Nine Greek Dramas V. 9: Cicero and Pliny V. 10: The Wealth of Nations V. 11: The Origin of Species V. 12: Plutarch's Lives V. 13: Æneid V. 14: Don Quixote V. 15: Bunyan & Walton V. 16: Thousand and One Nights V. 17: Folklore & Fable V. 18: Modern English Drama V. 19: Goethe & Marlowe V. 20: The Divine Comedy V. 21: I Promessi Sposi V. 22: The Odyssey V. 23: Two Years ...
The Complete Harvard Classics - ALL 71 Volumes
The original Harvard Classics Collection contains 51 volumes of the essential works of world literature, showing the progress of man from antics to modern age. In this edition, the original collection is supplemented with the 20 volume Harvard Shelf of Fiction, a selection of the greatest works of fiction. Content: The Harvard Classics: V. 1: Franklin, Woolman & Penn V. 2: Plato, Epictetus & Marcus Aurelius V. 3: Bacon, Milton, Browne V. 4: John Milton V. 5: R. W. Emerson V. 6: Robert Burns V. 7: St Augustine & Thomas á Kempis V. 8: Nine Greek Dramas V. 9: Cicero and Pliny V. 10: The Wealth of Nations V. 11: The Origin of Species V. 12: Plutarchs V. 13: Æneid V. 14: Don Quixote V. 15: Buny...
