The paper examines the question whether the economic convergence brought about by the European Monetary Union resulted in increased correlations across EMU equity market returns, which subsequently lead to a reduction in the benefits for investors in these markets. The study employs data from...

The purpose of this paper is to examine the impact of sovereign rating changes on international financial markets using a comprehensive database of 42 countries, covering the major regions in the world over the period 1995-2003. In general, we find that rating agencies provide stock and foreign...

Equity market liberalizations are like IPOs, but they are IPOs of a country's stock market rather than of individual firms. Both are endogenous events whose benefits are limited by poor investor protection, agency costs, and information asymmetries. As for stock prices following an IPO, there...

This paper examines the effect of the initial spinoff announcement on shareholder wealth by means of an ex ante study. The event study is based on a sample of 210 worldwide spinoff announcements in the period 1990 to 1998. A Positive return of 2.6 % (3-day Cumulative abnormal return) is...

The paper addresses two core questions: do recommendations have an impact on the allocation of flows in the asset class? Above all, are we facing in this asset class major problems of asymmetries of information? In order to answer these questions, we used untapped and rich datasets. We...

This paper examines the efficiency in the stock markets of India, Sri Lanka, Pakistan and Bangladesh. The Augmented Dickey Fuller (ADF-1979, 1981), the Phillips-Perron (PP-1988), the Dicky-Fuller Generalized Least Square (DF-GLS-1996) and Elliot-Rothenberg-Stock (ERS – 1996) tests are used to...

The paper addresses two core questions: do recommendations have an impact on the allocation of flows in the asset class? Above all, are we facing in this asset class major problems of asymmetries of information? In order to answer these questions, we used untapped and rich datasets. We...

The electronic trading system Xetra of the German Security Exchange provides a unique data source on the equity trades of 451 large traders located in 23 different cities and 8 European countries. We explore informational asymmetries across the trader population: Traders located outside Germany...

Many interdisciplinary studies of the 2007–2008 global financial crisis examine the causes of crisis, corporate governance and firm value, stock market efficiency, new firm registration, macroeconomic performance, and compare this crisis to previous crises. However, we do not find conceptual...

We examine the domestic stock price response to foreign capital issuance by Indian firms. Firms have extensively used foreign equity and convertible foreign debt sources since 1994. The role of foreign investment bankers, size of the issue, firm's growth opportunities, and other factors are...