While mature capital markets in Western economies suffer from a significant drop in listed companies for two decades, the number of listings at stock exchanges on the African continent is increasing and the importance of stock exchanges for equity issues is growing. This not only raises...

Insider trading and the effectiveness of regulatory actions trying to detect and prevent it are of great interest to traders, regulators, prosecutors and the public. This paper develops an intraday estimation procedure for the sequential trading model initially proposed by Easley et al. (1987,...

Recent empirical evidence raises doubt about the ability of financial market participants to generate information efficient valuations for capital market instruments whose cash flows are related to residual claims and dependent on real estate income. We contribute to this literature with the...

This paper analyzes how convertible debt is used in a high-risk, emerging industry setting. We argue that there is a lifecycle component to the design and market impact of convertible debt securities. Contrary to prior cross-industry research findings, we show that convertible debt in the...

The collapse of the collateralized debt obligation (CDO) market brought attention to the soundness of the involved banks. We infer equity price reaction from rating announcements that are either negative rating outlooks or rating downgrades of CDO. To explain the market reactions, we consider...

We study whether growth in the capital share (KS) of aggregate income (GDP) can explain equity portfolio returns in international stock markets as proposed by Lettau et al. (2019) for the U.S. market. We find that growth in local capital share has positive explanatory power for equity portfolio...