We show, using data for 57 countries over the 1990–2015 period, that investors' risk perceptions are an important determinant of international stock market liquidity. Increased risk perception reduces liquidity around the world, and its impact is not subsumed by other well-documented...

We document Chinese effects on international residential property price growth. We show that faster growth of the housing prices is associated with larger declines in recent past growth of China's GDP, larger increases in China's savings rate, or stronger rise in China's risks. These results are...

We examine the interaction between market volatility, liquidity shocks, and stock returns in 41 countries over the period 1990–2015. We find liquidity is an important channel through which market volatility affects stock returns in international markets and we show this is distinct from the...

We investigate whether the capital structure of New Zealand firms influences their product-market performance in the period from 1984 to 2008. Our main findings are that the use of leverage by publicly listed New Zealand companies leads to an increase in relative-to-industry sales growth, but a...

Past research has revealed significant abnormal ex-date returns for stock dividends even though the ex-date is known in advance and the distribution contains no new information. Various researchers have suggested that odd-lot transaction costs faced by certain investors are the key driver in the...

This article examines the change from conventional pen-and-paper to computer-based formative assessment for a large second year Business Finance course. A brief history of the course's formative assessment, its weaknesses and challenges for the effective administration of the course are...

Time in the market substantially reduces the risk of loss resulting from holding both stocks and bonds. By focusing on a downside VaR risk proxy in 25 emerging and 24 developed markets we show that the downside risk of both stocks and bonds is greatly reduced as the investment horizon is...

<heading id="h1" level="3" format="inline" implicit="no">Abstract: </heading>Past research has revealed significant abnormal ex-date returns for stock dividends even though the ex-date is known in advance and the distribution contains no new information. Various researchers have suggested that the higher transaction cost of selling odd-lot share parcels...

This paper considers the link between ruling political parties and stock, property, and bond returns in Australasia. Australia and New Zealand provide an ideal setting as their political systems allow a precise examination of the influences of political parties. We find higher inflation under...