This study focuses on financial (as distinct from operating or managerial) effects of mergers. It presents a formal expression for a capital-structure gain from mergers when there exist both corporate and personal taxes as well as bankruptcy costs. To test the hypothesis that financial effects...

Using futures traded on the Chicago Board of Trade, Chicago Mercantile Exchange and New York Board of Trade, we test six alternative models of the return-generating process (RGP) in futures exchanges that adopt a price-limit regime. We rank the six models according to their return-prediction...

This study presents an attempt to explain how international dual listing of securities can reduce the effects of segmented international markets. By applying the mean-variance model we show that, for a return generating process given by the maximum distribution, the expected return on the dually...