We examine whether acquisitions by overconfident managers generate superior abnormal
returns and whether managerial overconfidence stems from self‐attribution. Self‐attribution …

We consider whether sentiment affects the profitability of momentum strategies. We hypothesize
that news that contradicts investors’ sentiment causes cognitive dissonance, slowing the …

This paper examines the agency conflicts between shareholders and bondholders of
multinational and non-multinational firms and provides an explanation for the puzzle that …

This study uses a comprehensive European dataset to investigate the role of family control
in corporate financing decisions during the period 1998–2008. We find that family firms have …

The security market line accords with the capital asset pricing model by taking on an upward
slope in pessimistic sentiment periods, but is downward sloping during optimistic periods. …

In this study we present evidence that geographic diversification increases shareholder
value and improves long-term performance when firms engage in core-related foreign direct (…

Several empirical studies show that investment strategies that favor the purchase of stocks
with low prices relative to conventional measures of value yield higher returns. Some of these …

In this paper, we examine the relation between stock returns and analysts' heterogeneous
expectations. We find that stock returns are positively associated with divergence of opinion. …

We appraise the monitoring activity of security analysis from the perspective of the manager–shareholder
conflict. Using a data set of more than 7,000 company-year observations for …

In this paper we conduct an out‐of‐sample test of two behavioural theories that have been
proposed to explain momentum in stock returns. We test the gradual‐information‐diffusion …