This paper examines the differences in volume, volatility and liquidity in the underlying market between intervals when futures trade and intervals when there is no futures trading using high frequency proprietary data. We find that although the bid-ask spreads decrease, this is not due to a...

This paper investigates the extent to which financial markets in the Pacific Basin Region have become more integrated, by analyzing the comovements of real interest rates. The paper uses cointegration and error correction models and draws inferences on the degree of capital market integration by...

This paper investigates auditor choice in Greece in the five years subsequent to the 1992 liberalization of the audit market. We analyze auditor choices by 205 companies which, by 1997, represented almost 90% of the companies listed on the Athens Stock Exchange. We find that the level of...

This paper investigates choice of statutory auditor in Greece in the five years subsequent to the 1992 liberalization of the audit market. We analyse auditor choices by 205 companies which, by 1997, represented almost 90% of companies listed on the Athens Stock Exchange. We find that the level...