The Chinese economy has posted an average annual growth rate of around 10% for at least a decade now. The boom in real estate is one of the most visible symbols of China's steps to become an economic and political giant in this century. This paper examines empirically the determinants of capital...

We investigate the determinants and consequences of compliance with the Dey Committee recommendations encouraging greater board independence in Canada. Companies that acted on this recommendation appear to have done so to improve their performance and not for cosmetic purposes. Poorly performing...

Initial public offerings underperform in the long run; however, there is very little evidence on their cross-sectional variation. Using a random sample of IPOs from 1987 through 1991 and gathering their prospectus data, we show that financial and operating characteristics as well as offering...

We document the existence of another seasonality in stock returns: A November effect. The uniqueness of this study is that the November effect is observed only after the passage of the Tax Reform Act of 1986. The impact of the Act resides in the treatment and distribution of capital gains and...

We document the existence of another seasonality in stock returns: A November effect. The uniqueness of this study is that the November effect is observed only after the passage of the Tax Reform Act of 1986. The impact of the Act resides in the treatment and distribution of capital gains and...

We examine the stock price reaction to announcements of the intention to pursue a program of external acquisitions. Using a 1977-92 sample of 65 firms that have announcement dates which (i) can be explicitly identified and (ii) are uncontaminated by other firm-specific events, we confirm the...