This study investigates the association between the unique characteristics of microfinance institutions and board structure. The agency and resource dependence theories provided the theoretical guidance for this study. Using a panel dataset of 63 microfinance institutions in East Africa, we...

This study addresses the simultaneous and diverse effects of differences in informal and formal institutions on cross-border alliances’ financial performance. We utilize data from 405 microfinance institutions (MFIs), based in 74 developing countries, that have alliances with partners from...

This analysis reveals the restricted scope of approaches which utilise arbitrage based arguments toprice contingent claims whose payoffs are determined by the outcome of non-zero-sum valuationgames between financial market participants. Many examples of such model formulations can befound, for...

This paper examines the price impact of trading intensity on an emerging futures market. Utilizing anovel volume-augmented duration model of price discovery, the intensity effect is decomposed intoliquidity and information components for the MexDer 28-day interest rate futures contract. We...

This paper examines the effects of changes in bank regulatory environment on the risk, return, and liquidity characteristics of equity portfolios of U.S. bank holding companies between 1997 and 2016. Using a comprehensive sample of bank and hedge fund holdings data we examine the impact of the...

We propose methods for estimating the effective bid-ask spread and classifying trades without access to quotes compatible with the conceptual framework for uncovering trading intentions outlined in Easley, Lopez de Prado, and O'Hara (2016). Our state-space approach accommodates informational...

This paper finds that the implementation of the Volcker Rule (section 619 of the 2010 Dodd-Frank Act) profoundly impacts overall equity market liquidity, the funding liquidity of hedge funds, and their liquidity provision to the market. Analysis of a sample of 8,686 hedge funds reveals that...

Recommendations of financial advisory firms have become increasingly influential in the allocation of pension fund assets in many countries. Such recommendations often elicit large, coordinated portfolio readjustments involving a reallocation of pension fund holdings across asset classes. Using...

This paper examines the impact of investment banks' prime brokerage connections to hedge funds on the choice of an advisor and the deal outcome in M&As. Acquirers are more likely to choose advisors connected to hedge funds that hold equity in the target before the deal announcement. Such...