This study examines the relationship between cross-listing and managerial compensation of Chinese firms that concurrently issued A- & B-shares or A- & H-shares during 2001-2010. The results show that executive compensation is a positive factor to motivate Chinese A-share firms to cross-list as...

This paper analyses a longitudinal dataset on legal protection of shareholders over a 36 year period, 970-2005 for four advanced countries, UK, France, Germany and the US. It examines two aspects of the legal origin hypothesis - whether shareholder protection is higher in the common law...

The availability of intraday data led to the development of new concepts and models. In the paper we focus on the jumps observed in the stock and index returns. These abnormal returns should be linked to information on the market. Here we detect jumps in equally spaced 15-minute intraday returns...

The vast of literature concerning the reaction to macroeconomic announcements focus on American releases and their impact on returns and volatility. We are interested if the news from the German and the Polish economy are significant for the stock exchanges in these two countries. Using...

This paper investigates the interaction between stock price movement and REIT earnings management. We examine whether information generated from stock trading influences managers' incentives to engage in earnings management. We first test if stock investors are able to detect earnings management...

In this article, we are going to attempt to explain the origin, function, purpose and relation of the Stock Market to the modern financial system in India with the help of government documents, journals and valuable books for meaningful conclusion

While the importance of equity markets as a vehicle for capital formation is well recognized, their role in providing economically valuable governance services, particularly to small and medium enterprises (SME), has not received much attention. The paper examines the role of public policy in...

Using trading information of a comprehensive sample of relisted Chapter 11 firms in the past few decades, we find that the one-year market-adjusted buy-and-hold returns of post-reorg equity are over 50%. An equal-weighted calendar-time portfolio generates 7.2% annualized excess returns over a...

The paper documents evidence regarding the asymmetric short-term market reactions to analysts' recommendations, in which the favorable recommendations consistently underperform the corresponding unfavorable recommendations across ratings and revisions. This market reaction asymmetry is...

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...