The benchmarks of a Sovereign Wealth Fund (SWF) should take into account the economic and political context behind the creation of the SWF and the role the SWF plays as one part of a government's overall policy. The first benchmark of legitimacy ensures that the capital of the SWF is not...

Prior research shows that financial reporting quality (FRQ) is positively related to investment efficiency for large U.S. publicly traded companies. We examine the role of FRQ in private firms from emerging markets, a setting in which extant research suggests that FRQ would be less conducive to...

Market liberalization may not result in global pricing or full market integration if implicit barriers are important. We use the conditional version of the Errunza and Losq (1985) model to estimate pricing of investable indices for 22 emerging markets and test this proposition. Our results show...

Contracting parties (e.g., the firm and its supplier) have cost-reducing incentives to make investments which support the unique transactions between them. However, to the extent that one party may renege on its contractual obligations, the other party incurring the cost of the...

Twenty years ago the Soviet Union was dismantled and the Cold War ended. With enlarged markets and peaceful economic co-operation the world seemed to be embarking on a path of uninterrupted development. In reality, however, we experienced two worst decades in the post WWII history in terms of...

The integrity and proper functioning of security markets are considered to be important perquisites for the economic growth of a country as stated by European Commission (EC Directive 2003/6/EC). Accordingly, regulators remain cautious of the operations of the security markets and bring in new...

The article presents the results of working capital management efficiency in the food industry in Poland and selected countries of the Eurozone. The research was conducted on the basis of the unpublished data by the Polish Central Statistical Office in the trade structure and dimension of food...

This study examines the effect of cultural differences (CD) between knowledge-based MNCS and their foreign subsidiaries on the firm value measured by financial ratios: ROA and ROE and Equity Multiplier. The projected findings are a nonlinear U-shaped effect with an initial negative impact on...