Ming Dong

TL;DR: In this paper, the authors used pre-offer market valuations to evaluate the misvaluation and Q theories of takeovers and found that the evidence for the Q hypothesis is stronger in the pre-1990 period than in the 1990-2000 period.

TL;DR: In this article, the authors developed the probability scaling method, which rescales announcement date returns; and the intervention method which uses returns at intervening events, and found that the combined bidder-target stock returns are higher for hostile offers, lower for equity offers, and lower for diversifying offers.

TL;DR: In this article, the authors test the hypothesis that irrational market misvaluation affects firms' takeover behavior by employing two contemporaneous proxies, namely, pre-takeover book/price ratios and pre- takeover ratios of residual income model value to price.

TL;DR: In this paper, the question of why individual investors want dividends was investigated by submitting a questionnaire to a Dutch investor panel, and the respondents indicated that they want dividends partly because the cost of cashing in dividends is lower than the cost for selling shares.

TL;DR: In this article, the authors analyzed the relationship between the quality of underwriters and the long-run performance of IPOs in the light of underwriter marketing, certification and screening, and information production, and found that higher underwriter quality (measured by the number of managing underwriters, underwriter reputation and absolute price adjustment) predicts better long run performance.