Exploring staggered quasi-exogenous regulatory changes in China, we find that banking sector FDI significantly reduces the likelihood of stock price crashes of domestic listed firms. The effect is more pronounced among firms with ex-ante lower disclosure quality and worse performances, which...

We provide evidence for a causal link between the US economy and the global financial cycle. Using intraday data, we show that US macroeconomic news releases have large and significant effects on global risky asset prices. Stock price indexes of 27 countries, the VIX, and commodity prices all...

Building on Vinhas de Souza (and Vinhas de Souza and Tudela), this chapter briefly describes the historical process of financial liberalization and integration of Baltic and Central European Countries (BCECs) since the 1990s. It investigates the hypotheses that the type of financial integration...