Comparable company analysis (CCA) has become the standard tool for measuring the beta of a non-traded firm or division. The average beta of the comparable companies is taken as the estimate for the non-traded company. We apply a framework for testing the usefulness of CCA in estimating beta to a...

There is growing evidence that economic crises are transmitted across economies and equity markets. This motivates two questions. First, can the direction and magnitude of a country's stock market reaction during an extreme case (quot;contagionquot;) be explained by economic fundamentals?...

The primary objective of this research is to investigate aspects of the length of time between a LBO and a subsequent IPO (reverse LBO). Short LBO times benefit from the relevance of pre-LBO information, and long LBO times benefit from less uncertainty about future performance. A sample of 251...

We investigate whether the newly introduced outside director system affected firm ownership structure in South Korea, where the governance system changed significantly after the 1997 financial crisis. Using a unique dataset, we conduct panel data analyses for publicly traded Korean non-financial...

This study provides evidence of common bivariate jumps (i.e., systematic cojumps) between the market index and style-sorted portfolios. Systematic cojumps are prevalent in book-to-market portfolios and hence, their risk cannot easily be diversified away by investing in growth or value stocks....

We suggest, on the basis of empirical research into the implementation of recent legal reforms, that Japan is not moving inexorably towards a 'global standard' in corporate governance, based on external monitoring and a market for corporate control. Japanese corporate governance is nevertheless...