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Revisiting Wealth Effects And Merger Premium Determinants In The U.S. Financial Services Industry, Paul Vita
Revisiting Wealth Effects And Merger Premium Determinants In The U.S. Financial Services Industry, Paul Vita
Financial Analyst
The U.S. financial services industry’s gains are generally soaring these days in light of impending deregulation and lower taxes for their clients as well as for themselves, but have they really emerged from the long shadow cast by the global financial crisis? This paper attempts to examine this issue focusing on two aspects of mergers and acquisitions in the U.S. financial services industry: the wealth effects and the merger premiums. Based on a sample of over 2,500 mergers and acquisitions deals completed during the period 2004 through 2016 and using the event study methodology, this study finds that target shareholders …
The Impact Of Labor Rights On Equity Returns: A Cross-Country Analysis, Robin Lieb
The Impact Of Labor Rights On Equity Returns: A Cross-Country Analysis, Robin Lieb
Financial Analyst
There is ample evidence that financial market development leads to economic growth. If improving labor rights can be shown to positively influence equity markets, then that, in turn, will lead to economic growth. The finance literature has examined the impact of a broader metric, namely, the Economic Freedom Index, on equity returns worldwide and the evidence is mixed. This study focuses on one dimension of economic freedom: labor rights. Specifically, the study analyzes the impact of labor rights on national equity market indexes, using the Labor Rights Index developed by the Organization for Economic Co-operation and Development (OECD) and the …
Relation Between Inward Fdi Flows And Stock Market Development: Evidence From Emerging Economies, Luis Ramirez
Relation Between Inward Fdi Flows And Stock Market Development: Evidence From Emerging Economies, Luis Ramirez
Financial Analyst
Foreign Direct Investment (FDI) flows have grown rapidly in size and importance in recent decades. They are an important source of capital in emerging markets and make up a significant proportion of GDP in many countries around the world. The international investment literature provides an extensive list of the impact of such capital flows, ranging from an increase in technological spillovers to a reduction in the market capitalization of the destination country’s stock market. This paper looks at one aspect of this broader research question. It examines the impact of FDI inflows on the size and liquidity of 14 developing …