Actual investment performance reflects the underlying strategy of the portfolio manager and the execution costs incurred in realizing those objectives. Execution costs, especially in illiquid markets, can dramatically reduce the notional return to an investment strategy. This paper examines the...

We document international changes in bankruptcy law pertaining to personal liabilities. Implications are investigated within a theoretical model, focusing on interest rates, employment, and bankruptcy incidence. Small-firm employment rises as bankruptcy law becomes more stringent, but interest...

Automation of the trade execution process transforms the industrial structure of the trading services industry, changing the context within which trade execution services are regulated. We provide a short history of the US equity market experience as a case study of regulatory reaction and...

We ask whether foreign equity ownership affects the stability of share prices in an emerging economy. We address the effect of ownership restrictions exogenously imposed on stock ownership and the impact of introducing or widening foreign ownership through cross-listing. A methodology for...