This paper examines the relation between information asymmetry, capital structure and the cost of capital across countries, particularly focusing on how the relation is influenced by the various aspects of the institutional environment. Results show that firms with high levels of information...

We examine whether the probability of informed trading (‘PIN’) is a determinant of stock returns in Australia, an alternative market with considerably different information attributes to the U.S. Uniquely, we contrast PIN's price effect for the country's historically dichotomous sectors,...

This paper addresses the information asymmetry between Chinese local A-share and foreign B-share markets and its impact on the B-share discount puzzle, contingent upon Chinese stock market liberalization reforms in 2001 and 2002. In contrast with the widespread notion that domestic investors are...