This paper studies the correlation between output growth and lagged stock returns in a panel of emerging market economies and advanced economies. It finds that the correlation is as strong in emerging market economies as in advanced economies. Asset prices therefore contain valuable information...

The terms of stock option contracts are adjusted in the event of unexpected corporate actions, and the nature of the adjustments may result in windfall gains or losses to open option positions. This paper evaluates the fairness of the two different procedures used for special cash dividends. We...

Purpose – The purpose of this research is to contribute to the development of an effective incentive policy implementation model, through an in-depth analysis of the stock option and/or stock grant schemes adopted by the major Italian banking groups. Design/methodology/approach – Out of the...

In reaction to the recent financial crisis, increased attention has recently been given to financial transaction taxes (FTTs) as a means of (1) raising revenue for a variety of possible purposes and/or (2) helping to curb financial market excesses. This paper reviews existing theory and evidence...

The major purpose of this article is to analyze the most important financial participation programs in Poland in order to increase the knowledge on the subject and to show the occurring relations between the programs applied and the socioeconomic results of enterprises. Efforts have been made to...

The major purpose of this article is to analyze the most important FP programs in Poland in order to increase knowledge on the subject and to show the occurring relations between the programs applied and the socioeconomic results of enterprises. The emphasis has been put on showing the...

Stock option plans are probably one of the most controversially discussed compensation elements of the past few years. I look at stock option plans issued by German companies between 1996 and 2002. In addition to a descriptive analysis of 44 launched plans, I perform an event study covering 17...

This paper presents a factual update of the International Organization of Securities Commissions (IOSCO) Objectives and Principles of Securities Regulation for Switzerland. Overall, there has been substantial progress in implementing Financial Sector Assessment Program recommendations in various...