This study examines the managers' motives for cashing their ESOs when they are able to sell them. Investigating the managers' selling behavior instead of their exercising behavior is advantageous, since when selling their ESOs, managers do not sacrifice the time value component of the ESO as in...

This study examines how the U.S. macroeconomic news releases affect uncertainty in domestic and foreign stock exchanges. For that purpose, the behavior of the implied volatilities from the U.S. and Finnish markets is investigated around the employment, producer price index (PPI) and consumer...

This study examines international equity market integration regarding uncertainty. For that purpose implied volatilities calculated from the market prices of stock index options from the U.S., U.K., German and Finnish markets are analyzed. The results suggest a high degree of integration among...

This study provides a new and economically plausible explanation for turn‐of‐the‐month and intramonth anomalies. It is suggested that these anomalies arise from clustered information, namely from important macroeconomic news announcements, which are released systematically at a certain...

Only ten years ago, there were more internet users in countries like France or Germany than in all of Africa put together. But much has changed in a decade. The year 2018 marks the first year in human history in which a majority of the world's population are now connected to the internet. This...

The hope and hype about African digital entrepreneurship, contrasted with the reality on the ground in local ecosystems. In recent years, Africa has seen a digital entrepreneurship boom, with hundreds of millions of dollars poured into tech cities, entrepreneurship trainings, coworking spaces,...

Stock brokers are entrepreneurs who incur switching costs when the change brokerage houses. We use Helsinki Stock Exchange data to investigate these costs by examining whether investors are loyal to their brokers when brokers move. We find that investors who have extant relationships with the...