Employing a new method of industry tests we examine investment bank governance. Most of the findings reject the view that banks are governed suboptimally over a sample period from 1990 through 2003. CEO pay is large and significantly sensitive to stock price performance, and stock price...

We examine the role of sell-side financial analysts in generating commission revenues. Using a data set from 1997-2002 for America, Europe and Japan, we find that both the quality and quantity of equity research contribute to sell-side firm revenues. The perceived quality of investment bank...

We extend our prior work on how both supply (including the emergence of OTC equity derivatives and growth in share lending) and demand (including the growth of hedge funds) factors now facilitate the large-scale, low-cost decoupling of shareholder voting rights from shareholder economic...

This paper examines the impact of Nasdaq Listing Standards on the composition of new listings in the late 1990s. The Nasdaq has two types of listing standards: one based on profitability and the second based explicitly or implicitly on market capitalization. Specifically, unprofitable firms are...

This paper studies the impact of a regulatory change of listing rules on the long-term IPO performance in the Hong Kong stock market. This regulatory change, introduced in 1994, imposed a three-year prelisting earning requirement on new issues. Our sample includes 287 IPOs registered on the Hong...

Many articles have been written on the art of reviewing appraisal reports by professional real estate appraisers for bank lending and litigation purposes. This article explains why attorneys, Judges, IRS, assessors and other individuals that obtain appraisal reports from third parties should...

This paper probes into the recent bull run of the Indian equity markets. Using capital market data and facts it is found that the recent equity markets bull run is a shallow one, especially during the last two years. It is observed that this shallowness is due to - (a) Index rally being driven...

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...

We develop a search model of venture capital where the number of successful matches of entrepreneurs and venture capitalists (VCs) at any moment in time is a function of the number of entrepreneurs searching for funds, the number of VCs searching for entrepreneurs, and the number of vacancies...