The reform process in India was initiated with the aim of accelerating the pace of economic growth and eradication of poverty. These reforms were imperative for increasing the efficiency of resource mobilization, allocation in the real economy and for the overall macroeconomic stability. The...

This paper employs a natural experiment research design to analyze the differences in the effects of the 2002 notice concerning private securities litigation issued by the Supreme People's Court on stock price performance in A/B-share markets. Using a sample of 162 twin A/B-shares issued by 81...

Does economic uncertainty promote the implementation of structural reforms? We answer this question using one of the most exhaustive cross‐country panel data sets on reforms in six major areas and measuring economic uncertainty with stock market volatility. To identify causality, we exploit...

This paper provides an analysis of the link between the oil market and the U.S. stock market returns at the aggregate as well as industry levels. We empirically model oil price changes as driven by speculative demand shocks along with consumption demand and supply shocks in the oil market. We...

The profitability of analysts' recommendations is documented in numerous studies from all over the world. However, the evidence from the Polish market is relatively modest. The primary aim of this study is to fill this gap. The paper contributes to the economic literature in four ways. First, it...

We document using the ZEW panel of German stock market forecasters that weak forecasters tend to be overconfident in the sense that they provide extreme forecasts and their confidence intervals are less likely to contain eventual realizations. Moderate filters based on forecast accuracy over...