This paper accounts for informational frictions when modelling the time-varying relationship between crude oil prices, traditional fundamentals and expectations. Informational frictions force a wedge between oil prices and supply and/or demand shocks, especially during periods of elevated risk...

This study examines if the prospectus disclosure of the motives for an initial public offering (IPO) explains the longrun performance of equity issuers. It uses hand-collected data for 245 IPOs from the Stock Exchange of Thailand (SET), and also the Market for Alternative Investments (MAI),...

Using a unique data set from the Thai stock market about the so-called, ‘Turnover List (TOL)' of speculative stocks spanning the period 2004–2012, we investigate and provide new evidence on the relationship between IPOs' pricing effects and subsequent classification as speculative...

By allowing large classes of movable assets to be used as collateral, the Property Law reform trans-formed the secured transactions in China. Difference-in-differences tests show firms operating with ex-ante more movable assets expand access to bank credit and prolong debt maturity. However, the...

This paper investigates if informational monopolies resulting from relationship lending and bank market concentration allow for rent extraction through collateral. Our identification strategy hinges on the notion that informational equalization shocks (such as equity IPOs) erode rent seeking...

Since the 1980s, important and progressive reforms have profoundly reshaped the structure of the Chinese banking system. Many empirical studies suggest that financial reform promoted bank competition in most mature and emerging economies. However, some earlier studies that adopted conventional...

Since the 1980s, important and progressive reforms have profoundly reshaped the structure of the Chinese banking system. Many empirical studies suggest that financial reform promoted bank competition in most mature and emerging economies. However, some earlier studies that adopted conventional...

The use of collateral is one of the defining characteristics of loan contracts. This paper investigates if relationship lending and market concentration allow for informational rent extraction through collateral. We use equity IPO data as informational shocks that erode rent-seeking...

When Contracting Parties finally signed the Uruguay Round GATT Agreements, then EC Members were split on reform of the EC banana import regime. An ambiguous legal outcome allowed EC States to sign the GATT accords while reserving the right to challenge the EC banana regime, defended adamantly by...

By allowing large classes of movable assets to be used as collateral, the Property Law reform transformed the secured transactions in China. Difference-in-differences test show firms operating with ex-ante more movable assets expand access to bank credit and prolong debt maturity. However, the...