Current conflict of laws rules contained in European Community securities laws mainly bundle the choice of applicable securities laws with the issuer's registered office, while leaving some regulatory aspects to the law of the market where the issuer's securities are admitted to trading. Our...

In this paper we present a parsimonious multivariate model forexchange rate volatilities based on logarithmic high-low ranges ofdaily exchange rates. The multivariate stochastic volatility modeldivides the log range of each exchange rate into two independentlatent factors, which are interpreted...

We review the theory and statistical evidence concerning the causes and effects of seasoned public offerings of common stock. We focus in particular on results and findings that post-date the well known survey by Smith (1986). In fact, recent studies now provide at least partial answers to...

This paper uses a natural experiment to measure market response to the adoption of the Sarbanes-Oxley Act (SOX). Because SOX applies to all US public companies, US-based studies have difficulty separating the effects of contemporaneous events. However, controlled analysis is available: SOX...

We examine competing explanations, based on risk and behavioral models, for the profitability ofstock selection strategies in emerging markets. We document that both emerging market risk and global risk factors cannot account for the significant excess returns of selection strategies based on...

We examine the impact of the COVID-19 pandemic on firm borrowing behavior across 31 countries. We exploit the quasi-experimental properties of this pandemic to investigate how national culture, government preparedness, and response to the pandemic affect corporate borrowing and the structure of...

The MICEX Index in the period between 27 October and 26 November 2015 increased 6.8% to 1712 points as oil prices fell. Sberbank reported two consecutive months of return on equity higher than other blue chips. The Moscow Exchange trade turnover and overall capitalization continued to increase....

The Bank of Russia medium-run monetary policy course is to remain unchanged: the regulator will continue its efforts to bring the inflation rate down to 4% in 2017. This follows from the draft of the Guidelines for the Single State Monetary policy in 2016 and for 2017 and 2018. For this goal to...

Using a cross-country sample, we examine the CEO tournament structure (measured alternatively as the ratio and the difference of pay between the CEO and other top executives within a firm). We find the tournament structure to vary systematically with firm and country cultural characteristics. In...