As the economic and financial characteristics of countries change, so would be their betas and correlations of their investment returns with that of the U.S. Such changes are expected to be particularly significant for emerging market nations as they strive for rapid industrialization and...

Reviews previous research on dividend policy, most of which is US‐based, and presents a worldwide study of the relationship between dividend payout, agency costs, market risk and investment opportunities. Finds that the dividend payout ratio is significantly negatively related to institutional...

Outlines previous research on the security analyst “superstar” phenomenon, including the stochastic model of Yule and Simon. Applies this to data on the 1986‐1997 selections for the Institutional Investor’s All‐British Research First Team (ABRT) and finds that it does not explain the...

Builds on the work of Damodaran (1993) and Brisley and Theobald (19967) on measuring the speed with which stock markets convert information into price changes by using a simpler model of the price adjustment coefficient and applying it to 1988‐1966 data from the Hong Kong, US and Japanese...

Outlines the reasons why increasing numbers of firms list their shares on more than one stock exchange, previous research on the effects of cross‐listing and inter‐ and intra‐day liquidity patterns. Describes the market making system of the stock exchange of Hong Kong and compares...

The Malaysian government is rushing banks to merge. The Central Bank has decided that there must be only 10 banks instead of a current total of 20. As a result, the local banks were being forced to merge with other banks. The problem lies in the non‐existence of a systematic means of...

The collapse of the Malaysian exchange rate and the stock market during the Asian financial crisis had elevated uncertainties in the financial market and increased the instability of the bank stock returns. Whilst it is commonly known that the crisis rooted from a complex interplay of various...