This paper assesses the relative merits and demerits of different East Asian models by placing them in a historical perspective. It re-interprets Gerschenkron's model of late industrialization, and extends it to compare East Asian economies in view of substituting and complementing models. It...

This paper investigates the time-varying relationship between the oil price and disaggregated stock market of India using dynamic conditional correlation multivariate GARCH and continuous wavelet transformation modelling approaches. Our findings reveal the evolving relationship between the oil...

This paper contributes to the GDP-consumption comovement puzzle literature investigating the role of tax evasion in explaining the consumption path after a Marginal Efficiency of Investment shock. We use an otherwise standard medium-scale New Keynesian DSGE model combining tax evasion with...

A unified framework is presented to characterise the capital structure of firms that face borrowing restrictions - which extends the classic theory of capital by incorporating elements from actuarial and agency theory. It is demonstrated that the bankruptcy and agency costs afforded by these...

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...

The extant literature on trade credit emphasizes its financing role wherein financially sound firms provide trade credit to ease the credit constraints of weaker trading partners. We offer an alternative, though not mutually exclusive, perspective in which trade credit serves as a commitment...

Taxation can be considered central to corporate finance theory, where it contributes to the determination of capital structure, dividend policy and valuation of the firm. However, it plays little role in the developments of market finance theory, financial investment analysis or asset and...

We argue that the number of firms going public changes over time in response to time variation in market conditions. We develop a model of optimal IPO timing in which IPO waves are caused by declines in expected market return, increases in expected aggregate profitability, or increases in prior...

Corporate-level fraudulent activity has instilled a state of concern and heightened awareness in investors, the media and employees alike as perceived sensitivity to illegal behavior continues to increase. With corporate giants such as Enron, Tyco and Health South being prime examples of this...