This research considers the strategies on the initial public offering of company equity at the stock exchanges in the imperfect highly volatile global capital markets with the nonlinearities. We provide the IPO definition and compare the initial listing requirements on the various markets. We...

We document the negative effect of stock liquidity on default risk for a sample of 46 countries. We further find that default risk declines following the introduction of the Directive on Markets in Financial Instruments (MiFID)—an exogenous shock that increases liquidity. The effect of...

This study provides critical observations on the state of key global equity markets as recent developments have put into question their efficiency and effectiveness in facilitating capital formation. It covers the top 26 initial public offering (IPO) producing nations, with a particular focus on...

Several theories like optimal trading range hypothesis, liquidity hypothesis, signaling hypothesis have been advanced in relation to this non-economic corporate event. But still there is need to study the investors' optimizing behavior after stock split. With this focus on optimization of the...

We derive and develop a simple and intuitive model that shines fresh light on the relentless debate over whether corporate ownership converges to the Berle-Means modern corporation with high stock ownership dispersion. Our model takes into account the importance of both protective legal...

Exit theory predicts a governance role of outside blockholders' exit threats; but this role could be ineffective if managers' potential private benefits exceed their loss in stock-price declines caused by outside blockholders' exit. We test this prediction using the Split-Share Structure Reform...

This paper offers in-depth analysis of the determinants and features of voluntary disclosure based on information in the annual reports of 1066 Chinese firms listed on the Shanghai and Shenzhen Stock Exchanges. This extensive sample represents about 80% of all public companies in China. Our...

This paper is the first long-run historical analysis of stock market development and minority shareholder protection in France (1852-2007). For this purpose, we constructed a unique time series of shareholder protection indices (anti-director rights and securities law) and relied on triangulated...

Foreign firms terminate their SEC registration in the aftermath of the Sarbanes-Oxley Act (SOX) because they no longer require outside funds to finance growth opportunities. Deregistering firms' insiders benefit from greater discretion to consume private benefits without having to raise higher...

In Finance, it is widely accepted that its main objective is the shareholder value creation. To achieve this objective, the shareholder return must be higher than its cost of capital. We calculated the annual realized return (ARR) in the Argentinean Stock Market for a sample of 60 firms during...