208 research outputs found
Stock price reactions to Sino-European joint ventures
No full textDo European investments in China create shareholders' value? The question is posed, but does not ask for a definite answer. Many factors have to be considered when analyzing the valuation effect of European direct investment in China and its determinants. The aim of this article is to better understand the real impact of the Sino-European joint venture announcements on the stock market value of the European partners. First of all, on the basis of an event study methodology, this article presents empirical observations of the share price reactions in different European stock markets to 68 Sino-European joint venture announcement.School of Accounting and Financ
Carbon nanotubes as a 1D template for the synthesis of air sensitive materials: about the confinement effect
No full textCobalt ferrite and cobalt iron nanowires with an average diameter of 50 nm and lengths up to several micrometers were synthesized inside multi-walled carbon nanotubes (MWNTs) under mild reaction conditions, i.e. 100 °C and atmospheric pressure, using an aqueous nitrate precursor salt filling the tubes. The concept of a confinement effect inside carbon nanotubes has been advanced to explain the formation of CoFe2O4 under such mild reaction conditions. The formation of caps near the tube tips at the beginning of the nitrate decomposition meant that each nanotube was considered as a closed nanoreactor, in which the reaction conditions could be very different to the macroscopic conditions outside the tube. The subsequent reduction of the CoFe2O4 allowed to obtain CoFe nanowires cast in the carbon nanotubes. These nanowires exhibit a high resistance towards oxidation, whereas bulk CoFe is known to undergo oxidation at room temperature and atmospheric pressure. This phenomenon was attributed to oxygen diffusion problems due to the confinement effect of the carbon nanotubes
Target Firm Returns: Does the Form of Payment Affect Abnormal Returns?
No full textResearch indicates that at the time of a takeover announcement, target firm shareholders receiving cash earn larger abnormal returns than those receiving stock. Our work confirms that cash targets receive larger direct payments from bidders and that the size of target firm abnormal returns is related to the relative size of this direct payment. Once we control for the size of the payment, however, we find the target firm abnormal returns to be unrelated to the payment method. Thus the relationship between payment method and target firm abnormal returns is indirect. This finding is important because it casts doubt on the signaling (asymmetric information) hypothesis. That is, cash offers do not seem to be valued by the market as a means of reducing this uncertainty. Something else, such as the tax implication differences between cash and stock offers, drives cash target firms to demand larger payments from bidding firms. Copyright Blackwell Publishers Ltd 1997.
The role of real options in the takeover premia in mergers and acquisitions
No full textThis paper applies a real option framework to suggest that the takeover premia in mergers and acquisitions can be influenced by (a) the pre-bid ownership of target and (b) the real option characteristics of both acquirer and target firms. Our findings show that pre-bid ownership reduces the takeover premia, which is consistent with the argument that pre-bid ownership reduces information asymmetry. However, we find that the takeover premia is higher when both the acquirer and target firms exhibit real option capacity as measured by positive risk-return sensitivity. As a result, an acquirer with real option capacity is willing to pay higher takeover premia for an option embedded in the target firm
Are There Hot Hands Among Mutual Fund Houses in Hong Kong?
No full textThis paper examines the short‐term performance persistence of thirty‐two fund houses in Hong Kong during January 1986 to December 1995. We compute fund house returns using averages of all equity funds in each house. Then we evaluate their hot hand performance using the median return as benchmark on a rolling monthly basis. The results show that there were only two ‘hot hand’ fund houses. Findings using annual returns confirm the non‐existence of a hot hand phenomenon. However, we find a strong correlation between conditional and unconditional probabilities of winning repeatedly in consecutive months
An examination of the determinants of stock price effects of US–Chinese joint venture announcements
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