Trading in non-deliverable forwards on Asian currencies has grown in recent years. The offshore interest rates implied by these contracts differ significantly from onshore interest rates and suggest upward pressure on most Asian currencies

We analyse carry trades involving the Australian dollar, Indonesian rupiah, Indian rupee, New Zealand dollar and Philippine peso as target currencies. We find evidence supporting the view that downside risk is an important feature of such strategies and propose ways of measuring this risk

Capital controls have resulted in the creation of numerous offshore non-deliverable forward (NDF) markets for Asian currencies. The Australian experience in the 1970s and early 1980s indicates that an NDF market may facilitate a smooth transition to a fully convertible currency

The paper looks at bookbuilding mechanism as it existed in India from the time of creation of regulatory structure facilitating book-building to September 2005. The author has proprietory data of about 100 books and allocations schedules as well as flipping behaviour of the QIBs which were...

This Article maps financial crisis containment - extraordinary measures to stop the spread of financial distress - as a category of legal and policy choice. I make three claims.First, containment is distinct from financial regulation, crisis prevention and resolution. Containment is brief; it...

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 paper provides several statistics concerning cancellation latency that would be helpful to regulators as they consider policies to establish a minimal quote life. We find that cancellation latency is related to market quality and is not constant. Rather, it varies depending upon the time of...

Recent events in China provide a historical opportunity to study the expropriation of minority shareholders. In this paper, we document the use of inter-corporate loans by controlling shareholders to extract funds from Chinese listed firms. Using accounting information from public sources, we...

This paper introduces the concept of false and misleading statements or omissions regarding companies in the bio-pharmaceutical industry, based on court decisions. Due to essential problem of stock market, “asymmetry of information,” if company’s public statements about material...

Developing markets like China, Pakistan and India are becoming extremely important for investments. Therefore, this article attempts to determine if the exchange rates for these countries can be forecasted successfully using existing exchange rate models. This is done by analysing the in sample...