Capital Market Efficiency states that stock prices cannot be predicted based on the information set containing past price movements, publicly available information and even inside information. In addition to this, it is impossible to attain returns higher than the market return. On the other...

This article aims to investigate the web-based disclosure choices andpractices among Romanian companies listed on Bucharest Stock Exchange. Web-based disclosure offers advantages that are absent in paper-based voluntarydisclosure: it can be accessed globally at much lower costs and it can be...

This paper introduces the topic of Europe's changing financial landscape and highlights the findings of the contributions to this volume of the EIB Papers. Key points emerging from this overview include: (i) a variety of factors are reshaping Europe's finance, notably the Single Market, EMU,...

This article focuses on the value relevance of financial statements in Norway over the 40-year period from 1964 to 2003. Since Norwegian generally accepted accounting principles are based on an earnings-oriented conceptual view rather than a balance-oriented conceptual framework, like the ones...

In this paper, we compute financial intermediation ratios for Japan (1970-2003) on a book value basis. According to our results, the intermediation ratio has remained quite stable, at around 85%. However, this stability is the result of two opposing trends : a decrease in credits and an increase...

Capital Market Efficiency states that stock prices cannot be predicted based on the information set containing past price movements, publicly available information and even inside information. In addition to this, it is impossible to attain returns higher than the market return. On the other...

Over the last decade we have witnessed an increasing process of globalisation in economic activity, in which the capital markets have inevitably been involved. Against this background, this paper presents a comparative study of the relevance of earnings and their components (operating, financial...

This paper reports the findings of Granger causality tests on the relationship between foreign direct investment (henceforth, FDI) and local financial market development across 62 countries from 1996 to 2007. In this paper we explore whether local financial market development is important in...

The Warsaw Stock Exchange is one of Europe’s largest exchanges by the number of IPOs, although it retains features of a market in post-transition countries, including a relatively small size, shallowness and a weak institutional framework. In this study, we use a large dataset to explore...