This paper explores the behavior of emerging market mutual funds using anovel database covering the holdings of individual funds over the periodJanuary 1996 to March 1999. An examination of individual crises shows that,on average, funds withdrew money one month prior to the events. Thedegree of...

Ensuring the free movement of capital is a crucial element of European integration, which has to rely on the political will of countries on the one hand, and their respective infrastructure - on the other. Reasoning of the assessment methods to evaluate the progress on integration of securities...

Dominant investors can influence the publicly available information about firms by affecting the cost of information collection. Under strategic competition, transparency results in higher variability of profits and output. Thus lenders prefer less transparency, since this protects firms when in...