Besides market risk, stock market investments in emerging markets are also exposed to political phenomena that are not generally present in the more developed economies. This problem is well known to banks and multinational companies as country or political risk. Assessment techniques in these...

In this paper we analyze the trading patterns of a large number of institutional investors in the UK. We expect these investors to time their trades and the buy (sell) trades to lead to positive (negative) post-event returns. On average, share prices increase significantly on the announcement of...

This paper addresses the valuation of firms by cash flow discounting. The first part shows that the four most commonly used discounted cash flow valuation methods (free cash flow discounted at the WACC; cash flow for equityholders discounted at the required return to equity; capital cash flow...