This paper provides an overview of the new Securities Law (“the Law”) of the People’s Republic of China, promulgated at the end of 1998. The analysis will be based on the objective of providing good quality control. The writer will ask whether the Law is sufficiently clear in setting up a...

Purpose – The purpose of this paper is to examine how investors and stockbrokers in Nigeria value shares and whether their approach to share valuation differs from that documented in other countries. In particular, the paper investigates whether the investors and stockbrokers use fundamental,...

Purpose – Previous academic literature indicates that the case of the banking crises recovery, in view of implemented regulations and policies, differs across times and countries. This is explained by varied institutional environments in which banking sectors operate, and in which financial...

Purpose – This paper examines the 2008 collapse of the US tax‐exempt auction rate securities (ARS) market, from the perspective of not‐for‐profit auction rate debt issuers. Design/methodology/approach – The authors use a multiple case study methodology to examine the financial and...

Purpose – The purpose of the study was to provide empirical support for the Miller model. The paper proposes the use of the ratio of individual to institutional holdings as a proxy for heterogeneous expectations of security returns. Design/methodology/approach – Both bivariate t‐tests and...

Purpose – The purpose of this paper is to investigate whether the special items (SI) mispricing reported in Burgstahler et al. is distinct from the accruals (ACC) mispricing documented in Sloan. Design/methodology/approach – This paper employs the control hedge‐portfolio test,...

Purpose – The purpose of this study is to investigate the value of analyst coverage on the covered firms. Design/methodology/approach – To isolate the value impact of analyst coverage, the study focuses on a unique set of firms that receive analyst coverage for the first time after having...