We explore whether pioneering advantages exist for early‐mover acquirers in industry
acquisition waves by examining both combined (target and acquirer) and acquirer stock returns. …

We analyzed the consumer’s payment option to use debit, general purpose credit cards,
gasoline credit cards, or cash. Based on the results from a nested multinomial logit model, we …

Previous studies of event returns surrounding bank mergers show that banks gain value in
megamergers and additional value when they absorb in-market competitors. A portion of …

… Kenneth A. Carow is assistant professor of finance at the Kelley School of Business of
Indiana University, Indianapolis. He is grateful for the valuable suggestions of Randall Heron, …

The Citicorp–Travelers Group merger increased the prospects for new legislation to remove
the barriers between banking and insurance, resulting in a positive wealth effect for …

… Carow segregates the insurance companies in his sample and shows that the stock prices of
life … Carow attributes the gains to anticipated synergies resulting from future combinations of …

… Carow and Heron study the returns surrounding seven 2-day … Consistent with Carow and
Lee, both studies find that IBBEA … Carow and Heron also observe higher returns for banks …

In a typical IPO, insiders are “net sellers” of IPO shares; however, in a demutualizing thrift,
insiders are “net buyers” of IPO shares. Using a sample of mutual depository IPOs, we find …

… For their sample of 271 banks, Carow and Lee show that banks located in both the passage
… In their cross-sectional analysis of returns surrounding the passage date, Carow and Lee …

I use a sample of 2370 public security offerings, comprising 64 financial security innovations
and 4 traditional securities, to examine how investment banks are compensated for bearing …