In this study, we construct a set of monthly de jure indexes that measure the on-going changes in capital controls in 190 countries from 1999 to 2019. The information about policy changes on capital accounts is extracted from the International Monetary Fund’s Annual Report on Exchange...

The rise of FDI from emerging markets has become a focus of attention since the turn of the century. Over the past few years, firms from these markets have become major investors abroad, complementing their home countries‘ traditional role as recipients of FDI. To help understand this...

In a “perfect” market, Miller and Modigliani's celebrated dividend irrelevance argument holds, whereby a dividend payment or omission is identical in impact to changes in a firm's share structure. Consequently, the dividend payment itself is irrelevant to valuation; what matters is the...