Foreign investors generally underperform domestic investors in trading activities. This study shows that their inferior performance is attributable to non-initiated orders. Foreign investors actually perform better than domestic investors in initiated orders. In addition, their performance is...

This paper investigates Japanese banks' earnings management behavior under three distinct economic environments: (1) high-growth with asset price bubble economy (1985-1990); (2) stagnant growth with financial distress economy (1991-1996); and (3) severe recession with credit crunch economy...

In this study, we examine the relationship between investor demand for IPOs prior to offerings and aftermarket performance of IPO firms during the period from 1993 to 1997 in the Hong Kong stock market. The paper finds that IPOs with high investor demand have large positive initial returns but...

In this study, we examine the relation between investor demand for IPOs prior to offerings and aftermarket performance of IPO firms in the Hong Kong stock market. The paper finds that IPOs with high investor demand have large positive initial returns but negative long-run excess returns, while...

This paper investigates Japanese banks' earnings management behavior under three distinct economic environments: (1) high-growth with asset price bubble economy (1985-1990); (2) stagnant growth with financial distress economy (1991-1996); and (3) severe recession with credit crunch economy...