Uncertainty Triggers Overreaction: Evidence from Corporate Takeovers

Behavioural finance models suggest that under uncertainty, investors overweight their private information and overreact to it. We test this theoretical prediction in an M&A framework. We find that under high information uncertainty, when investors are more likely to possess firm-specific information, acquiring firms generate highly positive and significant gains following the announcement of private stock and private cash acquisitions (positive news) while the market heavily punishes public stock (negative news) deals. On the other hand, under conditions of low information uncertainty, when investors do not possess private information, the market reaction is complete (i.e. zero abnormal returns) irrespective of the type of acquisition. Overall, we provide empirical evidence that shows that information uncertainty plays a significant role in explaining short-run acquirer abnormal returns

Bergmann-Thomson energy-momentum complex for solutions more general than the Kerr-Schild class

In a very well-known paper, Virbhadra's research group proved that the Weinberg, Papapetrou, Landau and Lifshitz, and Einstein energy-momentum complexes ``coincide'' for all metrics of Kerr-Schild class. A few years later, Virbhadra clarified that this ``coincidence'' in fact holds for metrics more general than the Kerr-Schild class. In the present paper, this study is extended for the Bergmann-Thomson complex and it is proved that this complex also ``coincides'' with those complexes for a more general than the Kerr-Schild class metric.Comment: RevTex, 12 page

Tunnelling, Temperature and Taub-NUT Black Holes

We investigate quantum tunnelling methods for calculating black hole temperature, specifically the null geodesic method of Parikh and Wilczek and the Hamilton-Jacobi Ansatz method of Angheben et al. We consider application of these methods to a broad class of spacetimes with event horizons, inlcuding Rindler and non-static spacetimes such as Kerr-Newman and Taub-NUT. We obtain a general form for the temperature of Taub-NUT-Ads black holes that is commensurate with other methods. We examine the limitations of these methods for extremal black holes, taking the extremal Reissner-Nordstrom spacetime as a case in point.Comment: 22 pages, 3 figures; added references, fixed figures, added comments to extremal section, added footnot

Quasinormal Modes in Noncommutative Schwarzschild black holes

We investigate the quasinormal modes of a massless scalar field in a Schwarzschild black hole, which is deformed due to noncommutative corrections. We present the deformed Schwarzschild black hole solution, which depends on the noncommutative parameter $\Theta$, and we extract the master equation as a Schr\"odinger-like equation, giving the explicit expression of the effective potential which is modified due to the noncommutative corrections. We solve the master equation numerically and we find that the noncommutative gravitational corrections ``break" the stability of the scalar perturbations in the long time evolution of the massless scalar field. The significance of these results is twofold. Firstly, our results can be related to the detection of gravitational waves by the near future gravitational wave detectors, such as LISA, which will have a significantly increased accuracy. In particular, these observed gravitational waves produced by binary strong gravitational systems have oscillating modes which can provide valuable information. Secondly, our results can serve as an additional tool to test the predictions of general relativity, as well as to examine the possible detection of this kind of gravitational corrections.Comment: 16 pages, 12 figure

On the energy of charged black holes in generalized dilaton-axion gravity

In this paper we calculate the energy distribution of some charged black holes in generalized dilaton-axion gravity. The solutions correspond to charged black holes arising in a Kalb-Ramond-dilaton background and some existing non-rotating black hole solutions are recovered in special cases. We focus our study to asymptotically flat and asymptotically non-flat types of solutions and resort for this purpose to the M{\o}ller prescription. Various aspects of energy are also analyzed.Comment: LaTe

Complex Effective Path: A Semi-Classical Probe of Quantum Effects

We discuss the notion of an effective, average, quantum mechanical path which is a solution of the dynamical equations obtained by extremizing the quantum effective action. Since the effective action can, in general, be complex, the effective path will also, in general, be complex. The imaginary part of the effective action is known to be related to the probability of particle creation by an external source and hence we expect the imaginary part of the effective path also to contain information about particle creation. We try to identify such features using simple examples including that of effective path through the black hole horizon leading to thermal radiation. Implications of this approach are discussed.Comment: 20 pages; no figures; to appear in Phys.Rev.

Radiation via Tunneling from a de Sitter Cosmological Horizon

Hawking radiation can usefully be viewed as a semi-classical tunneling process that originates at the black hole horizon. The same basic premise should apply to de Sitter background radiation, with the cosmological horizon of de Sitter space now playing the featured role. In fact, a recent work [hep-th/0204107] has gone a long way to verifying the validity of this de Sitter-tunneling picture. In the current paper, we extend these prior considerations to arbitrary-dimensional de Sitter space, as well as Schwarzschild-de Sitter spacetimes. It is shown that the tunneling formalism naturally censors against any black hole with a mass in excess of the Nariai value; thus enforcing a ``third law'' of Schwarzschild-de Sitter thermodynamics. We also provide commentary on the dS/CFT correspondence in the context of this tunneling framework.Comment: 19 pages, Latex; citation added; Eqs.(36,37) correcte

Quasi-normal modes, area spectra and multi-horizon spacetimes

We suggest an interpretation for the highly damped QNM frequencies of the spherically symmetric multi-horizon spacetimes (Reissner-Nordstrom, Schwarzschild-deSitter, Reissner-Nordstrom-deSitter) following Maggiore's proposal about the link between the asymptotic QNM frequencies and the black hole thermodynamics. We show that the behavior of the asymptotic frequencies is easy to understand if one assumes that all of the horizons have the same equispaced area spectra. The QNM analysis is then consistent with the choice of the area spectra to be the one originally proposed for the black hole's horizon by Bekenstein: A=8\pi n (in Planck units). The interpretation of the highly damped QNM frequencies in the multi-horizon case is based on the similar grounds as in the single horizon (Schwarzschild) case, but it has some new features that are discussed in the paper.Comment: 8 pages, v2: no physics changed, some references added, few sentences added in the discussion part