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We study the relation between initial IPO underpricing and two-tier board structure in the Vienna Stock Exchange of Austria, where a two-tier board is mandatory for listed companies. The board ratio, defined as the size of the supervisory board to the management board, is used to capture the...
Persistent link: https://www.econbiz.de/10013032971
This paper examines transmission of shocks between the U.S. and foreign markets to delineate interdependence from contagion of the U.S. financial crisis by constructing shock models for partially-overlapping and non-overlapping markets. There exists important bi-directional, yet asymmetric,...
Persistent link: https://www.econbiz.de/10013037982
Using unique trading data for investor classes from Sri Lanka, this study finds asymmetric investor behavior between buyside and sellside in large trades. Investors are positive feedback traders on the buyside and contrarians on the sellside. Domestic investors exhibit more feedback and...
Persistent link: https://www.econbiz.de/10013139829
This study investigates the relation between equity flows and returns in Sri Lanka using daily trade data categorized by investor classes. The results show that purchases and sales of domestic and foreign investors, both institutional and individual, are positively related with past returns,...
Persistent link: https://www.econbiz.de/10013139922
This study investigates underpricing of IPOs in Sri Lanka. On average, IPOs are underpriced by 34%. Small issues are more underpriced than large issues, and privatization issues are more underpriced than conventional issues. Investor sentiment is positively related with underpricing and affects...
Persistent link: https://www.econbiz.de/10013140112
This study investigates the ability of three versions of Altman's Z-Score model (Z, Z', and Z”) of distress prediction developed in the U.S. to predict the corporate distress in the emerging market of Sri Lanka. The results show that these models have a remarkable degree of accuracy in...
Persistent link: https://www.econbiz.de/10013152873
This paper examines long-horizon predictability of stock prices in Sri Lanka using 1-4 year real returns on indices for market and industry portfolio during the 1985-97 period. In a model of prices, which contains a random walk component and a slowly decaying transitory price component, which...
Persistent link: https://www.econbiz.de/10013152877
This study investigates the ability of market beta, book-to-market equity, leverage, and earnings-price ratio to explain the cross-sectional variation in expected returns in the stock market of Sri Lanka. The sample of the study consists of a total of 88 companies which are listed on the Colombo...
Persistent link: https://www.econbiz.de/10013154054