In this paper, we investigate how investment banks determine the gross spreads paid by American Depositary Receipts (ADRs) during 1981 to 2004. We then compare the gross spreads of ADRs to those of matching U.S. IPO and SEO firms to see if there are differences in gross spreads across types of...

This short paper discusses the factors affecting corporate communication of stock exchanges including globalization, competition and regulation. Next, it discusses some corporate communications strategies used by three diverse exchanges, namely; Toronto, Hong Kong and Warsaw. The paper then...

This study uses bivariate extremal dependence measures, based on the number of equity return co-exceedances in two markets, to quantify both negative and positive equity returns contagion in mature and emerging equity markets during the past decade. The results indicate (a) higher contagion for...

In recent years the application of kernel smoothing methods in nonparametric regression framework to financial time-series analysis has become widespread. Kernel smoothing methods have not been applied, however, to a wide range of problems arising in time-series simulations and forecasting....

This study investigates Swedish non-financial firms' use of derivatives in 2003 and compares the results with an earlier study investigating Swedish firms in 1996. The results show among other things that: (1) 59% of the Swedish firms use derivatives today compared to 52% in 1996; (2) this...

In September 2007, China established the China Investment Corporation (CIC) as a vehicle to invest its foreign exchange reserves. The CIC reports directly to the State Council, and is led by its Chairman, Lou Jiwei, the former Deputy Secretary-General of the State Council. The CIC's US$200...

This paper will attempt to provide a comprehensive review and introduce the concept of international financial integration. In addition, it provides a review on the available indicators used as proxies for international financial integration in empirical studies. It also proposes a more detailed...

The study investigates the interdependence of the stock markets in the following countries; Hong Kong, Japan, Korea, Taiwan, Indonesia, Malaysia, Philippines, Singapore, Thailand, and the advanced stock markets of Australia, Germany, United Kingdom and the United States. Using data from 1994 to...

It has become a truism that the pressures of the capital markets will improve the governance of corporations; equally, that improvements in corporate governance will promote development of the capital markets. However, the relationship of the capital markets to the governance of corporations is...

This study investigates Swedish non-financial firms' use of derivatives in 2003 and compares the results with an earlier study investigating Swedish firms in 1996. The results show among other things that: (1) 59% of the Swedish firms use derivatives today compared to 52% in 1996; (2) this...