In October 2014, the MICEX Index saw a downtrend caused by falling crude oil prices. The MICEX Index lost 1.4% in the period between October 1 thru October 24 . The MICEX capitalization amounted to Rb 22,0 trillion as of October 24 (34.0% of GDP). The acceleration of the average weighted yield...

In September 2014, the MICEX Index saw an uptrend starting at 1392 and reaching a month high of 1477 by September 16 but then went down to 1430 and stood still until the end of the month. The MICEX capitalization was Rb 22,8 trillion (35.2% of GDP) by September 25. At the same time, the share of...

In August 2014, the MICEX Index, after having risen to 1,460 points as of 21 August, over the next few days dropped by 4.1%, standing as of 29 August at 1,400.7 points. The MICEX's capitalization as of 29 August amounted to Rb 22.4 trillion (or 34.6% of GDP). In August, the main negative factor...

The MICEX Index, after having risen by 2% to 1,513 points over the first ten days of July, then dropped by 10% towards the month's end. By 28 July, MICEX Index stood at 1,361.9 points. The MICEX's capitalizati on by 28 July had amounted to Rb 21.8 trillion (or 32.0% of GDP). Russia's domestic...

Across 42 countries, I show that nonfinancial firms in more frugal countries tend to have shorter debt maturity, and when large natural disasters occur, they raise debt with a much shorter maturity structure and smaller amounts of equity. Additionally, firms in more frugal countries are more...

This paper examines the impact of cross-country variation in shareholders' and debt holders' rights on post-IPO performance and survival of newly listed stocks across the globe. Using a sample of 10,490 initial public offerings (IPOs) in 40 countries between 2000 and 2013, we find that post-IPO...

Stock pledged loans have become prevalent among large shareholders of listed firms in China. The largest shareholder pledges a greater fraction of her holdings as collateral for credit when the firm is in growth industries, less profitable, not state owned, and has higher leverage. Stock...

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...

European banking regulation has been harmonized to a high degree over the last few decades. Nevertheless, the European banking industry remains fragmented as shown by the relatively high market shares of banks in their home countries. In this paper we concentrate on the integration process of...

Systemic crises can largely affect asset allocations due to the rapid deterioration of the risk-return trade-off. We investigate the effects of systemic crises, interpreted as global simultaneous shocks to financial markets, by introducing an investor adopting a crisis ignorant or crisis...