This paper investigates foreign investors’ behaviors in the Thai stock market during the late 1990s. The statistical data demonstrates the difference in trading behaviors of foreigners relative to other groups of investors. During the crisis, local investors were discouraged and their market...

This paper investigates the dynamics of capital structure of Japanese firms since the early 1990s to shed light on how far the reduction of excess leverage has progressed so far in Japan. Our main findings are as follows. First, the trade-off theory provides an appropriate framework to assess...