The proper identification of the risk variables that explain the cross section of returns in emerging markets has many and far-reaching implications for both companies and investors. We examine this risk-return relationship by focusing on three families of models, over 25 years of data, and over...

Although liquidity and informational efficiency, among others, are important characteristics of a securities market, they are not, or should not be, ends in themselves. From a normative point of view, the ultimate goal is to maximize the welfare of society. Therefore, the critical question about...

This paper provides evidence on abnormal returns of Portuguese privatization public offerings for the period from 1989 to 2001. Previous empirical studies report the existence of underpricing for privatized firms in the short-run and positive abnormal returns in the long run. This study explores...