Showing 1 - 10 of 88
This paper examines the impact of increased pre-close transparency on the effectiveness of stock closing call. On January 1, 2003, the Taiwan Stock Exchange increases pre-close transparency by disclosing the best five bid and ask prices and related unexecuted orders before market closing. At the...
Persistent link: https://www.econbiz.de/10010938513
This study reports how country risk and macroeconomic conditions influence the wealth gains of U.S. financial firms involved in international mergers and takeovers. The findings suggest that U.S. financials experience weakly significant wealth gains around announcement date. The wealth gains are...
Persistent link: https://www.econbiz.de/10010938517
This paper examines the price discovery and volatility spill-over relationship for Indian commodity markets. We cover twelve actively traded commodities including agriculture, metal and energy and four commodity indices. Price discovery is confirmed for eight commodities and three indices with a...
Persistent link: https://www.econbiz.de/10010938525
The study tests prominent equity market anomalies for six emerging markets - Brazil, China, India, Indonesia, South Korea and South Africa. We find that using the Fama French model (FFM) as performance benchmark the size anomaly is present in India, South Korea and Brazil, value anomaly in South...
Persistent link: https://www.econbiz.de/10010960338
This paper examines the impact of earnings announcements and earnings forecast revisions on stock returns across markets with different levels of maturity. In each market, the objects of interest are the effects of backward-looking earnings announcement information and forward-looking earnings...
Persistent link: https://www.econbiz.de/10011212209
In this paper, we identify long-term prior return patterns in stock returns for Brazil, Russia, India, China, South Korea, and South Africa (BRICKS) markets from January 1993 to February 2008. While Brazil, Russia and South Africa report momentum behavior, India, China and South Korea exhibit...
Persistent link: https://www.econbiz.de/10011143924
Based on the cost efficiency of individual banks, this paper constructs an indicator to clarify Chinese regional banking system’s credit allocation efficiency in accordance with the panel data of the provinces and central-government-administered cities of China. When applying this...
Persistent link: https://www.econbiz.de/10011206044
This study examines empirically the role of financial information in explaining long return windows in three major capital markets, UK, USA and France. We hypothesize that the relationship between financial information and security returns improves the longer the return window, and that this...
Persistent link: https://www.econbiz.de/10011206080
Literature suggests that dividend has no impact on shareholders value in the absence of taxes and market imperfections. Hence, companies invest excess funds in positive net present value projects instead of paying out as dividends. Literature also suggests that market valuation of stocks depends...
Persistent link: https://www.econbiz.de/10011206097
This paper studies the value of a callable bond and the bond issuer’s optimal financial decision regarding whether to continue the investment on the market or call the bond. Assume the market investment return follows a stochastic model, the value of contract is formulated as a partial...
Persistent link: https://www.econbiz.de/10011206140