This study evaluates the implications of three of the extant IPO models relating underpricing and aftermarket liquidity. Using hand collected data from a sample of bookbuilt Hong Kong IPOs, this study tests the predictions of the aforementioned models by evaluating not only the direction and...

In this paper, we present a set of specific measures to quantify the state and evolution of financial integration in the euro area. Five key markets are considered, namely the money, corporate bond, government bond, credit and equity markets. Building upon the law of one price, we developed two...

This paper examines the impact from changing the trading mechanism at the Riga Stock Exchange (RSE). All three trading lists that once traded in a daily call auction followed by fixed price trading were transferred to a mechanism where the call auction is followed by continuous variable price...

International cross-listing should subject stocks involved to ameliorated information environment in the host market, resulting in more information being revealed, fed back, and impounded into their prices at home and, thus, higher home-market pricing efficiency. Employing a simple nonparametric...

This study investigates for the first time the effects of involuntary foreign delistings from the U.S. stock exchanges. Upon announcement of delisting, prices drop a significant 4.5% permanently. The price effects do not seem to differ significantly by various measures of differential market...

A stock market liberalization is a decision by a country's government to allow foreigners to buy securities in that country's capital market. This study examines how the liberalization of the Korean stock market affected stock price behavior and changed the role accounting information for...

This paper investigates the market reaction to banks' overseas listing, employing a sample of 68 foreign banks from 30 countries, which have cross-listed in the US between 1983 and 2006. We find that cross-listed banks experience market revaluation when they cross-list on the US market via ADR...

This paper provides evidence on the significant impact of illiquidity or non-marketability on security valuation. A typical listed company in China has several types of share outstanding: (i) common shares that are only tradable on stock exchanges, (ii) restricted institutional shares (RIS) that...

We investigate possible reasons for voluntary delistings by U.S. firms from the Tokyo Stock Exchange from 1982 to 2005. We find that the small shareholder base, as measured by low turnover, for U.S. stocks in Japan helps to explain the voluntary foreign delistings. This finding is consistent,...

The Aix-Marseille School of Economics (AMSE) and the Banque de France have organised their second labour market conference, bringing together academics and representatives of international organisations and central banks. Discussions focused on the linkages between the housing and labour...