Intervention by the Reserve Bank of Australia on foreign exchange markets from 1993 to 1997 is conjectured to have been determined by exchange rate trend correction, exchange rate volatility smoothing and profitability considerations. Using Probit and friction models, we show that these factors...

Starting from the network of relationships between the participants on the financial market and the need to match the offer with the demand, the financial mechamism must work efficiently. Nowadays the concept of efficiency is a central issue of market research. Taking into account the real...

Capital markets perform two distinct functions: provision of capital and facilitation of good governance through information production and monitoring. I argue that the governance function has more impact on the efficiency with which resources are utilized within the firm. Based on industry...

During the recent financial crisis, governments in many countries around the world took on the role of an agency responsible for calming down market upheavals. This global trend has found expression in the adoption of measures designed to save systemically important financial institutions, in...

In the second half of 2012, against the background of the next round of "quantitative mitigation" in the U.S. and Eurozone countries, an upsurge of Russian issuers interest to public offerings was noted. The history of the Russian companies involved in IPO and SPO in this short time is different.

Using a large panel of firms across the world from 1991-2006, we show that the median foreign firm has lower idiosyncratic risk than a comparable U.S. firm. Country characteristics help explain variation in the level of idiosyncratic risk, but less so than firm characteristics. Idiosyncratic...

This book will be an important addition to the limited number of books that discuss finance and accounting issues in East Asian countries. While presenting recent empirical studies on finance and accounting in East Asian economies, it also reveals the underlying reasons for remarkable economic...

This paper sets out to quantify, with the use of a consumption-based CAMP, the risk premiums inherent in the Israeli market for index-linked and non-index-linked bonds. In contrast to what has appeared in the macroeconomics literature, this study, quantifies the size and dynamics of two such...

Latin America is volatile, about two or three times as volatile as the industrial economies , and more volatile than any region other than Africa and the Middle East. Latin America's access to international financial markets is sporadic, and often disappears just when it would be most valuable....