This paper proposes an integrated and risk-based approach to the sequencing and coordination of reforms to develop domestic financial markets. The paper argues that there is a hierarchy of financial markets that reflects the complexity of risks in each market and the interlinkages among markets....

Purpose – The purpose of this paper is to determine whether corporate investment in real fixed assets in hot issue markets leads to higher income to shareholders than that in other equity market conditions. Design/methodology/approach -The authors address the research question in two steps:...

This paper uses a sequence of government budget constraints to motivate estimates of returns on the U.S. Federal government debt. Our estimates differ conceptually and quantitatively from the interest payments reported by the U.S. government. We use our estimates to account for contributions to...

Initial public offering (IPO) grading was introduced in India as an additional tool to help the retail investors in making the investment decisions. The primary objective of this article is to establish the relation between the assigned grade and the long-term performance of the IPO.With a few...

Este documento analiza la dinámica de los Recibos de Deposito Americanos (ADR) de un banco colombiano (Bancolombia) en relación con los factores que inciden en su precio (precio de las acciones (preferenciales) subyacentes, la tasa de cambio y el índice del mercado accionario de Estados...

This paper analyzes the dynamics ofthe American Depositary Receipt (ADR) of a Colombian bank (Bancolombia) in relation to its pricing factors (underlying (preferred) shares price, exchange rate and the US market index). The aim is to test if there is a long-term relation among these variables...

This paper examines online stock price effects of cross-listings American Depositary Receipts (ADRs) in Taiwanese companies. Specifically, decision tree and rule base systems were used to analyse the stock price variances of ADRs in the USA and those in Taiwan market to see if the ADR listed in...

This paper examines online stock price effects of cross-listings American Depositary Receipts (ADRs) in Taiwanese companies. Specifically, decision tree and rule base systems were used to analyse the stock price variances of ADRs in the USA and those in Taiwan market to see if the ADR listed in...

This paper explores whether American Depositary Receipts (ADRs) affect the underlying local index (LD) for Japanese market, and such a phenomenon is considered as an adverse influence. Nonlinear Granger causality and Bayesian factor analysis are employed to investigate the nonlinear relationship...

This paper finds that the growth and expansion of U.S. cross-listings by firms from emerging markets around the world facilitated an expansion of cross-border equity flows and overall development of their stock markets during the 1990s. However, these benefits have negative spillover effects;...