We examine whether insiders systematically exploit their private information before exchange listings and delistings about which they are likely to know before outsiders/investors. Analyzing a comprehensive sample of over-the-counter (OTC) firms, which list on the New York Stock Exchange (NYSE)...

US banks making prime rate revisions are known to suffer stock price declines, which is consistent with the Stiglitz–Weiss adverse selection theory, given the relative stickiness of interest rates. If banks suffer price declines, then why are some banks consistent leaders when revising prime...

Do changes in the legal and regulatory environment of a country affect companies' financing/investment decisions? In this paper, we address this question by examining the market's reaction to announcements of share buybacks in Australia. Before 1989, Australian companies were prohibited from...

In this paper, I conduct a detailed, large sample analysis of the short- and long-run relationships between the South Asian markets of India, Pakistan and Sri Lanka and the major developed markets during July 1997 - December 2003. Using a multivariate cointegration framework and vector...

There is growing interest in trying to explain differing corporate ownership structures in different countries. La Porta, Lopez-de-Silanes, Shleifer and Vishny (1998) find that the quality of legal protection of shareholders helps determine ownership concentration: in countries with relatively...

Studies of share repurchases, or share buy-backs as they are referred to in Australia, have been an important part of financial research. In addition, there is increasing interest in the relationship between legal regulation and finance. In this Research Report, we combine these areas of...

This paper provides the first comprehensive analysis of the dynamic relationships between the South African and major world equity markets during May 1988 - May 2000. Using a multivariate cointegration framework and vector error-correction modeling the results indicate that there is a long-run...