Asset market efficiency fosters rational decisions on allocating resources, both individually and socially, and thus helps determine individuals' wealth accumulation and nations' economic growth. To date, however, there are little systematic data available for, and even less analysis of, US...

In the pre-World-War I period, lacking regulatory restrictions allowed ‘hidden' mergers however, some companies disclosed information voluntarily. I analyze insider gains by investigating the share price behavior prior to merger announcements. When companies hid information, stocks...

In the pre-World-War I period, lacking regulatory restrictions allowed ‘hidden' mergers however, some companies disclosed information voluntarily. I analyze insider gains by investigating the share price behavior prior to merger announcements. When companies hid information, stocks exhibited...

This study measures the speed with which the aggregate stock market in 49 countries responds to global market-wide public information. Our empirical results show that there are wide variations in the aggregate price delay values over time and across countries. Subsequent panel analysis confirms...

China's Shanghai and Shenzhen stock markets have been on a bullish run since the end of the split-share reform. The sharp gains are raising worries about stock overvaluations. We investigate the determinants of booming stock markets in modelling PER (price-earning ratio) over the available...

China's Shanghai and Shenzhen stock markets have been on a bullish run since the end of the split-share reform. The sharp gains are raising worries about stock overvaluations. We investigate the determinants of booming stock markets in modelling PER (price-earning ratio) over the available...

This study examined the Efficiency Market hypothesis in its weak form using run tests, unit root tests and the Ljung-Box Q-statistics. The motivation was to determine whether foreign exchange rate returns follow a random walk. The data covered the period starting January 1994 to June 2007 for...

This study examined the Efficiency Market hypothesis in its weak form using run tests, unit root tests and the Ljung-Box Q-statistics. The motivation was to determine whether foreign exchange rate returns follow a random walk. The data covered the period starting January 1994 to June 2007 for...

The dominance of conglomerates accords urgency to the need to develop a more consolidated approach to supervising the financial system. Modifications to the legal framework, including passage of a proposed Omnibus Banking Bill, would enable the supervisory authorities to better implement...

This paper documents the co-evolution of social capital, measured as generalized trust, and financial development over the twentieth century. I use cross generations inherited trust of Americans with foreign ancestors to track trust in their home country in 1913 and 1990. The paper documents a...