Over the last two decades there has been a notable increase in the number of corporate governance codes and principles, as well as a range of improvements in structures and mechanisms. Despite this, corporate governance failed to prevent a widespread default of fiduciary duties of corporate...

The aim of the elaboration is to draw attention to selected aspects of investor relations importance for capital market functioning to increase the quality of communication with investors in the global financial market. The article presents the importance of investor relations from a...

Spain´s sovereign crisis has many sides and causes. An unviable economic model and an insolvent financial sector generated a private sector crisis that rapidly spread to the Government´s balance sheet. The public sector itself had –and continues to have- its own serious dysfunctions. One of...

We examine the impact of the COVID-19 pandemic on firm borrowing behavior across 31 countries. We exploit the quasi-experimental properties of this pandemic to investigate how national culture, government preparedness, and response to the pandemic affect corporate borrowing and the structure of...

Using a cross-country sample, we examine the CEO tournament structure (measured alternatively as the ratio and the difference of pay between the CEO and other top executives within a firm). We find the tournament structure to vary systematically with firm and country cultural characteristics. In...

The MICEX Index slid down 2.5% at the beginning of January 2014, however Gazprom's stock and Norilsk Nickel's stock went up in the second half of the month, thereby having a positive effect on the MICEX Index which was pushed up to 1494.6 points. The annual dynamics of blue chips has been...

Having experienced a sharp drop in March, Russia's stock market was steadily recovering throughout April. Over the period from 1 April through 23 April, the MICEX Index stood at an average of 1,350.17 points. The growth leader among highly liquid shares were Norilsk Nickel securities – over...

Foreign political events that took place in March 2014 had an extremely adverse impact on the Russian stock market. It took the MICEX Index just one day to tumble by 10.8% on March 3, 2014. Stock market capitalization lost Rb 1,72 trillion in March 2014, while total capitalization amounted to Rb...

The MICEX Index skyrocketed in January 2015, gaining 16.44% in the period between the 5th and 26th of January. The Index hit its highest 1671.8 points on the 23th of January. At the same time, the crude oil Brent futures price dropped to 48,1 US dollars a barrel in the same month. The stock...

We analyze foreigners' and domestic institutional investors' positions in U.S. equities. Controlling for many factors, we uncover a common preference for large firms and firms that are diversified internationally. The domestic preference for internationally diversified firms implies that...