Using a sample of 260 initial public offerings (IPOs) listed on the Korea Stock Exchange during the January 1985 – March 1990 period, this paper investigates the role of information disclosed through the prospectus in the new issues market. The evidence indicates that the market price is...

In this paper, we empirically investigate Korean initial public offerings (IPOs) to provide one case of the international evidence on the long-run performance of IPOs. Our sample consists of 169 firms listed on the Korea Stock Exchange during the period 1985–1989. Unlike previous international...

The first author is at Concordia University, Montreal, Quebec and The Hong Kong Polytechnic University. The second author is at McMaster University, Hamilton, Ontario and The Hong Kong Polytechnic University. The third author is at Concordia University. They have received very helpful comments...

This paper empirically examines the incremental relation between trading volume surrounding quarterly earnings announcements and institutional holdings. Consistent with Cready (1988) and Lee (1992), we find a significant positive relation between abnormal trading volume and the fraction of...

In this paper, we report the result of investigation into the impact of institutional characteristics on return–earnings associations in Japan. It is found that the strength of return–earnings associations in Japan is inversely affected by the extent to which a firm's shares are cross-held,...

The aim of this study is to provide a systematic analysis of the effect of information technology (IT) reputation (i.e., the accumulation of public recognition of the quality of a firm's IT capability) on bank loan contracting. More specifically, we are interested in the effect of IT reputation...

We investigate the effect of board governance and takeover protection on real earnings management. Four types of real earnings management are considered: sales manipulation, overproduction, the abnormal reduction of research and development (R&D) expenses, and the abnormal reduction of other...

We study the effects of cross-listings on audit fees. We first develop a model in which legal environments play a crucial role in determining the auditor's legal liability. Our model and analysis predict that auditors charge higher fees for firms that are cross-listed in countries with stronger...

The last two decades have witnessed a growing trend of traditional onshore banks establishing affiliates and subsidiaries offshore, along with increased globalization and competition in international financial markets. We examine whether subsidiary operations in offshore financial centers (OFCs)...

This paper examines the impact of press freedom on stock price informativeness in a sample of firms from 50 countries. We find a significant relation between more press freedom and lower stock price synchronicity. Our results suggest that the freedom of the press can enhance the information...