Research Question/Issue: This study seeks to understand both how hierarchical business groups configure the structure of the boards of directors of subsidiary firms, and what is the effect of the institutional context on this configuration.Research Findings/Insights: We find that the proportion...

This paper analyzes the price discovery process of securities that trade at multiple markets with trading sessions that totally or partially overlap. Building on Hasbrouck (1995) information share approach, we introduce a methodology that distinguishes two sources of information asymmetries...