Purpose – The purpose of this paper is to investigate the lead-lag relationships between three major stock markets (Tokyo, London, and New York) over the period 1997-2007, using the return-volatility variable. The study aims to use new data to test how one national stock market affects another...

This paper studies how one currency market affects another currency market in a different time zone, using various contracts of the opening and closing yen-dollar exchange rates traded in Tokyo, London, and New York. We find strong and consistent evidence that the three major currency markets...

Using probability distribution techniques, this article explores whether any differences exist between the returns and volatility of yen/dollar spot markets in Tokyo, London and New York. After the intraday returns were fit into probability distributions, New York is found to have the highest...

We study the dynamics of market entry following mergers and acquisitions (M&As) using banking industry data. The findings suggest that M&As are associated with statistically and economically significant increases in the probability of entry. The data suggest that M&As affect the proportion of...

AbstractThe following sections are included:IntroductionBackground1Three Usual SuspectsCredit Default SwapsStructured Investment VehiclesSecuritizationConclusionsReferences

In this study, we analyze why U.S. commercial banks failed during the recent financial crisis. We find that proxies for commercial real estate investments, as well as traditional proxies for the CAMELS components, do an excellent job in explaining the failures of banks that were closed during...