We determine the operating efficiency of business entities in six emerging Gulf countries, and examine whether the disciplinary and monitoring roles of capital markets can improve firm's operating efficiency in the region. By using stochastic frontier approach, we find that firm efficiency level...

This study aims to survey the effects of economic globalization on the firm's stock that is measured by the index of the stock market by using panel data in selected countries in Asia (Iran, Saudi Arabia, India, China, Singapore, Malaysia, Indonesia, South Korea, Russia, Pakistan, Philippines,...

Although there exists a wide array of literature regarding almost every aspect of globalization at macro level, surprisingly, the micro level of the subject area seems to be a little ignored and consequently, almost nothing is known about the impact of globalization on firm performance/value. In...

This study evaluates the capital-structure determinants of Latin American firms using a comprehensive sample covering seven countries. Firms in the region have debt levels similar to those of U.S. firms, which is puzzling, given that Latin American firms experience relatively lower tax benefits...

This paper studies whether the volume and composition of capital flows affect the degree of credit crunch during the 2007-2009 crisis. Using data on 3823 firms in 24 emerging countries, we find that, on average, the decline in stock prices was more severe for firms that are intrinsically more...

We document the prevalence around the world of increased stock price comovement experienced by companies when added to major indices, and shed new light on the causes of this phenomenon. Using newly-constructed and extensive data covering forty developed and emerging markets over the last...

Motivated by the literature on the finance – growth nexus, this paper explores the mechanisms through which finance affects corporate investments and capital accumulation. We separate the effects of financial conditions from those of financial development. Based on a sample of firms from five...

The study raises the question of the existence of size effect and, consequently, size premium of companies from emerging markets, exemplified by the Russian market. Lack of such studies on the Russian market, as well as a paucity of them on emerging markets on the whole prompted me to study this...

Changing economic environments, geopolitical instability, and the explosive growth of emerging markets, compounded by the recent turbulence in the world's capital markets, has posed new challenges for the study of asset pricing. The following study raises questions about the existence (lack of...

We examine how political connections impact the process of going public. Specifically, we test how political connections impact the pricing of newly offered shares, the magnitude of underpricing, and the fixed cost of going public. Based on experiences of the new public firms in the Chinese...