This paper examines the effect of sovereign credit rating change announcements on the CDS spreads of the event countries, and their spillover effects on other emerging economies' CDS premiums. We find that positive events have a greater impact on CDS markets in the two-day period surrounding the...

Herein, we examine whether changes in closed-end country fund premiums lead and/or lag management performance. Using a sample of 46 country funds and a time period of 11 years, we find evidence of a significant negative relationship between past performance and current fund premiums, but no...

Extreme events affect both the real economy and financial markets, and it is valuable to understand their interrelationship. We analyze the likelihood of crises in the macroeconomy and in financial markets. We compare rare disaster data from Barro and Jin (2011), crisis data from Reinhart and...

With recent trends toward globalization and capital market integration, emerging markets have increasingly become the target of many investors in search for higher returns. Before placing their money abroad, however, investors need to bear considerable challenges in mind. While investments in...

Purpose: This paper aims to investigate the relation between the creditworthiness of US institutions of higher education and their student selectivity (i.e. demand and quality). Design/methodology/approach: The authors study whether the impact of student selectivity differs across public vs...

In this paper, we analyze the determinants and effects of credit default swap (CDS) trading initiation in the sovereign bond market. CDS trading initiation is associated with a 30–150 basis point reduction in sovereign bond yields, with greater yield reductions accruing to higher default risk...