P. Hietala

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We present a framework for determining the information that can be extracted from stock prices around takeover contests. In only two types of cases is it theoretically possible to use stock price movements to infer bidder overpayment and relative synergies. Even in these two cases, we argue that it is practically difficult to extract this information. We(More)
The views expressed are those of the authors and do not necessarily correspond to the views of the Bank of Finland Abstract The purpose of this paper is to provide an explanation for relative pricing of futures contracts with respect to underlying stocks using a model incorporating short sales constraints and informational lags between the two markets. In(More)
and Haoxiang Zhu. In addition, comments and feedbacks from participants at the 2015 NBER Market Microstructure Meeting are greatly appreciated. The numerical estimation of the structural model receives great help from discussions with Marcin Zamojski. There are no competing financial interests that might be perceived to influence the analysis, the(More)
Shareholder approval of equity issuances varies considerably. When shareholders must approve issuances, average announcement returns are positive. When managers unilaterally issue stock, returns are 4% lower and negative. The closer the vote is to the issuance or the greater is the required plurality, the higher are the returns for public offers, rights(More)
We would like to thank Rob Gertner for suggesting that this acquisition would have theoretical interest. Erik Stafford provided helpful comments. The views expressed herein are those of the authors and not necessarily those of the National Bureau of Economic Research. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted(More)
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