Using comprehensive financial and accounting data on China's listed firms from 1998 to 2002, augmented by unique data on CEO turnover, ownership structure and board characteristics, we estimate Logit models of CEO turnover. We find consistently for all performance measures including both stock...

This article examines the relationship between aggregate earnings and returns (ERC) in a global context. We examine a broad international sample of countries which encompass markets with different levels of stock market development, shareholder protection and legal origin. Recent literature...

Firms changing their listing from the less regulated AIM to the more regulated main section of the London Stock Exchange exhibit positive returns on the day the decision is announced, while for firms moving in the opposite direction both announcement and implementation day returns are negative....

This study examines empirically the role of financial information in explaining long return windows in three major capital markets, UK, USA and France. We hypothesize that the relationship between financial information and security returns improves the longer the return window, and that this...

We examine the impact of mutual fund ownership on stock price informativeness in China. Existing evidence shows that stock price informativeness is low in China, and attributes this to firms' lack of disclosure incentives under the weak investor protection institutional environment. Mutual funds...

In modern world, financial industry has a major influence on human's life. Most of people invest their money on equity market and they expect more return in compare of other markets. Stock market is one of the most attractive markets among equity markets which, because of high return, people...

We examine the impact of state ownership on share price informativeness by using the unique setting of the Split Share Structure Reform in China. This reform abolishes the trading restriction of shares held mainly by state shareholders, which in turn renders their wealth more sensitive to share...

The signaling hypothesis suggests that firms have incentives to underprice their initial public offerings (IPOs) to signal their quality to the outside investors and to issue seasoned equity (SEO) at more favorable terms. While the initial empirical evidence on the signaling hypothesis was weak,...

We examine the NYSE and NASDAQ listing and delisting decisions of German companies in the context of the market segmentation and bonding theories. Both theories explicitly or implicitly assume that cross listing resulted in lower costs of capital and higher market valuations for the firms....

Previous studies have investigated the argument that corporate governance structures in emerging markets affected firms' stock price performance during the East Asian economic crisis. In this chapter, we analyze how corporate governance structures in an industrial country (Japan) affect firms'...