Results 91 to 100 of about 35,089 (197)
From Regression to Reasoning: Predicting M&A Announcement Returns With Large Language Models
European Financial Management, EarlyView.ABSTRACT This study investigates whether large language models (LLMs) can predict short‐term market reactions to M&A announcements. We prompt OpenAI's latest reasoning models (o3, GPT‐5, and GPT‐5.1) to forecast whether the combined market value of acquirer and target will increase or decrease, drawing on deal‐, firm‐, and macroeconomic data for large ...
Maximilian Schreiter +2 more
wiley +1 more source
Climate Regulation and ESG Disclosure in Maritime Transport
European Financial Management, EarlyView.ABSTRACT This paper investigates whether climate policy signals influence ESG disclosure quality in maritime transport, a capital‐intensive industry responsible for roughly 3% of global CO₂ emissions. Using panel data from 126 listed shipping firms between 2009 and 2023, we construct an author‐based disclosure quality index and treat the IMO's 2018 ...
Xakousti Afroditi Merika +1 more
wiley +1 more source
How Regulatory Costs Impede Financial Technology Gains
European Financial Management, EarlyView.ABSTRACT While financial technology innovation lowers intermediation costs, regulatory frictions may prevent these gains from reaching long‐term investors and borrowers. Using variation in retail investor participation driven by state securities registration lapses in peer‐to‐peer lending, we demonstrate that regulatory frictions are associated with ...
Shyam Venkatesan +2 more
wiley +1 more source
European Financial Management, EarlyView.ABSTRACT Using the staggered adoption of the Inevitable Disclosure Doctrine (IDD) across U.S. states, this study examines whether legal protection of trade secrets granted to a firm's rivals affects the firm's trade credit when it is not similarly protected.
Yi Shi, Haiyan Jiang
wiley +1 more source
Changes in the Turnover Ratio and Liquidity in International Equity Markets
European Financial Management, EarlyView.ABSTRACT We examine global trading activity over 15 years and compare trends across countries. We find that European volume has grown, but less than in other countries, while turnover ratios have declined. However, the decline is exaggerated in standard volume data, which focuses on primary market trading, and becomes comparable after adjusting North ...
Jose S. Penalva, Mikel Tapia
wiley +1 more source
European Financial Management, EarlyView.ABSTRACT Sponsors are the key value‐generating resource for special purpose acquisition companies (SPACs). We identify a subgroup of sponsors—repeat sponsors—who have formed and managed multiple SPACs. Repeat sponsors identify target companies faster, and their SPACs merge with private companies of higher quality. However, these benefits are attenuated
Gustav Finne, Jesper Haga
wiley +1 more source
Dual‐Class Firms and Voluntary Disclosure of Earnings Guidance
Financial Management, EarlyView.ABSTRACT This paper shows that dual‐class firms issue more quarterly management earnings guidance, particularly when the guidance contains negative news. This effect is driven by the fact that insiders in dual‐class firms maintain sufficient control to be isolated from market pressure and disciplinary outcomes following disclosure.
Arash Dayani
wiley +1 more source
Choosing Startup Investors: Does Gender Matter?
Financial Management, EarlyView.ABSTRACT We investigate whether startups respond differently to male and female investors during outbound origination, a setting where female investors often report being marginalized by male founders. Using a randomized field experiment, we examine gender differences in startups' responses to investor outreach.
Ofir Gefen, David Reeb, Johan Sulaeman
wiley +1 more source
IPO Pricing and the Relative Importance of Investor Sentiment: Evidence from Germany [PDF]
The underpricing phenomenon of Initial Public Offerings (IPOs) has been widely studied across different stock markets around the world and has often been explained to be as a result of asymmetrically distributed information and ex-ante uncertainty ...
Smith, Peter N. +2 more
core
Labor Demand Similarity and Mergers and Acquisitions: Evidence From 3 Million Job Postings
Financial Review, EarlyView.ABSTRACT Using a job‐posting‐based measure of labor market competition, we show that firms tend to acquire companies that are their labor market competitors. Cross‐sectional evidence indicates that these acquisitions are more likely in industries with similar corporate cultures, more binding noncompete agreements, and among firms that are not rivals in
Mingming Ao +4 more
wiley +1 more source