This paper examines the distinct types of modified auditor opinions and the non-compliance with the legal certification of accounts, to assess whether they provide different relevant informational content on the risk of impending bankruptcies. The study also addresses the signalling effects when...

This study examines the motives of corporations in the Gulf Cooperation Council (GCC) countries to hold cash with a focus on institutional characteristics related to the threat of political extraction. Using firm-level financial data and macro-level and institutional data and applying the GMM...

The resumption of strong capital flows into emerging markets in mid-2009 brought back the debate over whether pull or push factors are the main determinants. This paper, using panel specifications with alternative measures of global liquidity, asks the question whether G-4 liquidity expansion...

What is global liquidity and how does it affect an economy? The paper addresses that question by looking at liquidity from two different perspectives: global liquidity as availability of funds in safe and risky asset markets. This distinction between safe and risky asset markets is important due...

This paper provides an overview of indicators that can be used to illustrate and analyze liquidity developments in financial markets. The measures include bid-ask spreads, turnover ratios, and price impact measures. They gauge different aspects of market liquidity, namely tightness (costs),...

This paper attempts to predict the incidence of arrears to the International Monetary Fund (IMF) by modifying and applying two of the major early warning systems for currency crises: the ""signals"" approach proposed by Kaminsky, Lizondo, and Reinhart (1997) and the probit-based alternative...