In this study, a model is introduced to explain the relation between the speed of market reaction to accounting earnings information and the precision of an individual's expectations prior to the earnings announcement. The model predicts that the relationship is negative. A method of estimating...

Based on data on publicly traded insurance firms, the first essay examines questions about the effect of large catastrophic events on insurance firms. Rather than looking at a single event, thirty catastrophic events were aggregated into quintiles and the cumulative abnormal returns around these...

This study investigates whether alternative cash flow measures have an incremental information content over accounting measure. This study employes the arbitrage argument to establish an economic model which makes it possible to incorporate raw accounting variables into a return generating...

This research uses the Cox proportional hazard model and bank cash flow information to determine whether adding cash flow information will improve current bank failure prediction methods. In two published papers it has been shown that the Cox model performs as well as other models with respect...

The first essay examines the determinants of returns for bidding firms' stocks in mergers and tender offers using cross-sectional micro-firm data. First, we find that potential overpayments to target shareholders are important for explaining cross-sectional differences in bidders' returns upon...

This study contributes to the issue of bank product deregulation by examining whether cost synergies, measured by economies of scope, exist in the production of banking services. Using the multiproduct cost economies approach, the existence of overall and product-specific economies of scope and...

Currency risk in the pricing of international equity returns is analyzed from an empirical viewpoint. The significance of other factors, such as the domestic market index, world index, and industry index is also analyzed.

The Introductory chapter briefly describes the unintended emergence of the seconday market for developing country loans after protracted and unsuccessful negotiations between lending bankers and the indebted countries. The innovative Brady plan presented the banks involved in this market with...

The main purpose of the thesis is to investigate the link between financial policy and economic growth by focusing on the link between financial intermediation and capital accumulation. The investigation strategy is to examine the effect of recent reform in financial markets in Taiwan on its...