The paper argues that bond investors (and, implicitly large creditors in general), may not necessarily demonstrate the “Investors' Smartness” that some previous studies attributed to large institutional holders, when it comes to pricing-in for economic shocks likely to occur in future. This...

There are few things more constant in life than the rise and fall of financial markets. When markets crash, however, we are forced to restore them while learning from our mistakes. In the wake of the recent subprime mortgage crisis, Congress has drastically but deservedly overhauled the...

Using the inventory components of spreads as a measure of inventory holding-risk, we test the hypothesis of Hanley, Kumar, and Seguin (1993) that price supports reduce market makers' inventory holding-risk in the aftermarket of initial public offerings (IPO). We find that both spreads and their...

We investigate whether the sale of secondary shares in the IPO process is affected by an issuing firm’s market-timing and window-dressing activities. We find that secondary share offerings in IPOs exhibit positive autocorrelation, and the positive autocorrelation is mainly affected by the...

In this study, we examine characteristics of Specified Purpose Acquisition Companies (SPACs) used as a financing tool for companies from China in period 2004-2011. We offer the evidence that, similarly to evidence from studies on reverse mergers focusing on China, SPACs that focus on China are...

In this note we demonstrate that in affine models for bilateral exchange rates, the nature of return interdependence during crises depends on the tail properties of the fundamentals' distributions. We denote crisis linkages as either strong or weak, in the sense that the dependence remains or...

The rapid transformations and developments experienced today have increased the importance of energy resources and sustainable energy. In this context, the success and profitability of the activities of companies engaged in energy production and distribution is an important topic. This study,...

Using a comprehensive database of corporate news, we find that bond funds trade against the direction of news sentiment. The trading against news phenomenon is concentrated in funds selling on positive news and in the post-financial crisis period when dealer liquidity provision is constrained....

Using 4-dimensional panel data (time, industry, country, companies) we examine the differences between European quoted and non-quoted companies at the level financial performance and some financial ratios. We find that quoted companies perform significantly better not only in terms of profit,...

Presentation to the Singapore Shipping Association and at Nanyang Technological University. Basics of financial statements, what is valuation, valuation ratios, cash flow, asset-based, other issues and metrics