On October 5, 2001, when credit spreads were widening, the Chicago Mercantile Exchange CME de-listed the full menu of emerging market Brady bond futures contracts. This is intriguing because at a time when interest in hedging and speculating in emerging market sovereign credit risk should be at...

This paper identifies, and then examines, whether institutional structures can be used to explain the occurrence of accounts manipulation. Specifically, it investigates whether legal origin, level of corruption, the extent of press freedom, State's ownership of enterprises, and the State's...

This study examined the relationship between underperformance and takeover likelihood using stock-market and accounting-based financial measurements from companies in the UK, US and Canada over a period of 17 years (1988-2004), applying hierarchical binary logistic regression analysis. Despite...

This paper investigates three main issues related to accounts manipulation: (a) information content of news of accounts manipulation, (b) correlation between the amounts mentioned in the news and ex post cumulative abnormal stock returns, and (c) association between fall in share prices and the...