California dreaming: Venture Capital Performance reviewed

A recently published research paper by ICMA Centre Professor Adrian Bell, Professor Chris Brooks and PhD researcher Tom Markham is gaining national attention in both the finance sector and the football industry. The paper titled "The performance of football club managers: skill or luck?" is now available online and freely downloadable in an open access Journal.

ICMA Centre PhD student Satchit Sagade recently published a working paper for the Bank of England together with Research Economist for the Bank of England, Evangelos Benos. The paper entitled “High-frequency trading behaviour and its impact on market quality: evidence from the UK equity market”, studies the behaviour of high-frequency traders in the UK equity market and analyses its impact on market quality.

"Institutional Cross-ownership and Corporate Strategy: The Case of Mergers and Acquisitions" by Professor Chris Brooks, Dr Yeqin Zeng, and PhD Zhong Chen has been awarded Best Corporate Finance Paper at the 2016 Southern Finance Association annual conference. About the paper: The paper provides new evidence on the important role of institutional investors in affecting corporate strategy. We study institutional investors who hold stocks of both acquirers and targets before the announcements of mergers and acquisitions (M&As). The existence of these institutional cross-owners not only increases the probability of two firms merging, but also affects the outcomes of M&As. Institutional cross-ownership reduces target firm prices, lowers completion probabilities of deals with negative acquirer announcement returns, and increases the use of stock payment in M&A transactions. Furthermore, deals with high institutional cross-ownership have lower transaction costs and disclose more transparent financial statement information.