This study examines the impact of crises caused by modern health pandemics on price efficiency, proxied by measures of stock price delay. We analyze 381,688 firm-year observations across 39 countries during six recent pandemic crises: SARS (2003), H1N1 (2009), MERS (2012), Ebola (2014), Zika...

Research Questions/Issue: This study investigates the relationship between equity-based CEO risk-taking incentives and information asymmetry as indicated by stock price delay.Research Findings/Insights: Based on a panel of firms listed in the United States from 1990 to 2018, this study reveals...

This paper examines the relationships among liquidity, earnings management, and stock expected returns by using a sample of Chinese listed firms to investigate 22,022 firm–year observations from 1998 to 2018. Our study reveals that an increase in stock liquidity is associated with a decrease...

This paper takes a perspective from foreign exchange (FX) to investigate the daily trading behavior and price impact of foreign investors in six Asian emerging equity markets over the past two decades. It exploits the unsolved interrelationship between capital flows and equity returns, and it...

This paper examines the role played by cross-border equity, bond and bank credit flows versus international trade in the transmission of the U.S. financial crisis to equity markets worldwide. We estimate vector autoregressive models with exogenous global factors using monthly data on 36 emerging...

The portfolio-rebalancing theory of Hau and Rey (2006) yields the uncovered equity parity (UEP) prediction that local-currency equity return appreciation is offset by currency depreciation. Vector autoregressive model estimation and tests for eight Asian emerging markets using daily data reveal...

This research study investigates the influence of hot money in equity flows from the United States to twelve emerging-market (EM) countries on the local stock markets during January 1993 to December 2013, including both crisis and non-crisis periods. The study identifies de facto hot money as...