This paper has three objectives. First, using a richer and more comprehensive set of IMF-related news than previous studies, we examine the impact of IMF-related news on both financial and real stock sector returns in Indonesia during the Asian crisis. Second, we draw lessons about financial and...

The systematic risk of IPO’s in the thinly traded Istanbul Stock Exchange (ISE) are estimated using Empirical Bayes Estimators (EBE). The sectors that the firms belong to, provide the priors. Comparisons are made with OLS estimators across different estimation and forecasting periods. Two...

Purpose – The purpose of this paper is to examine two contrasting financially distressed companies in China and their restructuring strategies. Chinese firms are selected as providing a context where bankruptcy law is in its infancy and where the state is still heavily involved as a...

We investigate the market impact of restructuring announcements made by distressed firms in China. We show that ownership structure is an important determinant of the strength of firms and their survival following distress. For example, mergers and acquisitions are value-enhancing only for...

Purpose – The purpose of this paper is to examine two contrasting financially distressed companies in China and their restructuring strategies. Chinese firms are selected as providing a context where bankruptcy law is in its infancy and where the state is still heavily involved as a...

Purpose – The purpose of this paper is to compare the short‐term trading behaviour of A shares owned by domestic investors and their dually‐traded B shares owned by foreign investors, after a period of significant price change. Design/methodology/approach – Given that the fundamentals of...