There are two strands in the empirical literature on economic growth in transition economies. One focuses on the impact of reforms, while the other emphasizes sustainability issues and the growth prospects these economies face. The most common strategy, in the latter, has been to use...

A framework is developed for examining the price and welfare effects of the introduction of genetically modified (GM) crops. In the short run, non-GM grain generally becomes another niche product. However, more profound market effects are observed under some reasonable parameterizations. In the...

This paper examines the information content of stock option exercises versus regular insider share trades by corporate executives. We argue that the asymmetric payoff structure of options makes managerial wealth - compared to holdings of shares - relatively more sensitive to stock price changes...

Insider trading may convey information to the market and promote accuratepricing of stocks. In this dissertation, I investigate insider trading at the turn of thecentury.In the first essay, I investigate insider trading activity in technology stocks duringthe high price - high volatility period...

This dissertation investigates insider trading around significant corporate information events. Chapter 1 tests the prediction of standard option pricing models that there is no relation between past stock returns and stock option prices. Using individual stock options data, we show that puts...

Šiame darbe yra tiriama „NASDAQ OMX Vilnius“ biržoje kotiruojamų įmonių susijusių asmenų akcijų pirkimo ir pardavimo sandorių įtaką akcijų rinkos grąžai 2005-2008 m. Pirmoje darbo dalyje yra analizuojama prekybos, remiantis vidine informacija, samprata bei jos poveikis...

This dissertation contains three essays that examine the interaction between informedand uninformed parties in securities markets. Given the influential role that informed traders have in shaping securities prices, trading activity, market-wide and even economy wide outcomes, this research...

This thesis contributes to the literature by providing new insights into the patterns and market implications of insider trading. The inferences presented here are based on the insider trading reports filed with the Polish Securities and Exchange Commission and the New Zealand Exchange. First,...

Corporate governance aims to reduce expropriation of investors by managers. This thesis identifies and empirically examines three corporate governance mechanisms: cross-listing in the United States, close bank-firm relationships in Germany and corporate ownership structure in an emerging market....

Recent univariate seasoned equity offering (SEO) research investigates the valuation impact from the change in inside ownership levels that occurs when insiders use SEOs to lower their ownership levels. We extend this research by investigating if the change in inside ownership levels is a...