In this paper, we analyze hyper-return periods from 1976 to 1994 for 20 emerging stock markets. We define a hyper-return period as a calendar year during which a cumulative geometric return in excess of 70% is observed. According to this definition, the hyper-return periods represent 23% of the...

This paper documents the importance of testing for structural change in the context of emerging markets. Typically, asset pricing factor models for emerging markets are conditioned on world financial market factors such as world equity excess returns, risk and maturity spreads as well as other...

As investor and researcher interest in emerging markets increases, the question of the availability and reliability of financial information pertinent to these markets becomes more and more important. This paper examines the availability and quality of accounting information on Malaysian firms...

To enhance our understanding of emerging markets we study a data set containing all the transaction records over a long span. The market, which was included in 1996 in the International Finance Corporation (IFC) data base roughly three years after important market reforms, operated under a dual...

The following project report is the first of a sequence which will focus on integrated risk management. This report presents a conceptual model which goal is to define the concept of risk. This conceptual model integrates the definitions of multiple domains having an interest in risk management....

This paper explores several aspects of the vertical relationship between an upstream firm and a number of downstream firms that are Cournot rivals relying on the inputs provided by the upstream firm. We address the following questions: (i) if the upstream firm can charge different prices to...