Securities class actions play a crucial, if contested, role in the policing of securities fraud and the protection of securities markets. The theoretical understanding of these private enforcement claims needs to evolve to encompass the broader set of goals that underlie the securities...

This paper investigates the incremental information content of earnings and other macroeconomic variables for share prices within the ‘prices leading earnings' framework. We find evidence supporting the phenomenon of ‘prices leading earnings' for the Kuwait Stock Exchange (KSE) after...

In theory, financial markets promote innovation by selectively allocating capital to high-quality projects. In this paper, I show that secondary markets can inhibit innovation by permanently delaying option exercise and reducing a firm's ability to allocate capital efficiently. I find that...

Since the 2008 global financial crisis, exchange traded funds (ETF) have exploded in popularity. An ETF is an investment product that tracks an underlying index or basket of assets, like securities, bonds or commodities, but unlike mutual funds it trades like a stock. Many view ETFs as superior...

This paper provides the first evidence of a moral hazard in signaling in an entrepreneurial finance context by examining token offerings or initial coin offerings (ICOs). Entrepreneurs' ability to signal quality is crucial to succeeding in the competition for growth capital. However, the absence...

A strong trend towards the implementation and use of International Financial Reporting Standards (IFRS) changes the accounting reporting model and replaces cost-based measures with market-based measures. Based on the decision-making usefulness, the fair value has become a dominant measurement...

This article examines the impact of share capital on companies' performance as well as the effect of accounting information on companies' market performance and the impact of pre-IPO information on the predictive power of companies' performance after an initial public offering (IPO). The...

In this paper stock market development as proxied by market capitalisation is examined. The study period is January 2010 to May 2019. The data frequency is monthly. The paper concentrates on the Zimbabwe Stock Market, but briefly walks through Stock Markets in Africa. Examining stock market...

We analyze the debt origination process in which a lender offers prospective borrowers a microcredit product alongside a traditional bank loan, and the impact anti-usury mandates can cause within this credit market. This is a paper about the prospects of financial liberalization following a more...

We provide evidence of the impact of Auditing Standard No. 2 (“AS 2”), issued pursuant to the Sarbanes-Oxley Act of 2002 (“SarBox”), on the outcome of auditors in financial reporting litigation. Specifically, we focus on the existence of financial restatements and how and why they...