The production methods, financial requirements, and supply and demand characteristics of the contract clothing manufacturing sector are studied in order to determine why market exchange relationships within the sector are often untypical (in spite of low entry barriers and set-up costs).The...

This paper documents strong evidence for short term predictability of individual stocks in the London Stock Exchange. We find empirical evidence for price reversals after large price changes and price continuation after small price changes. Our results indicate that large companies seem to react...

Signaling theories of the pricing of initial public offerings are based on an equilibrium which separates high from low quality companies. In empirically testing these theories one issue which needs addressing is how to identify high and low quality companies. This paper develops a new test of...

The specific monitoring effect of boards of directors versus industry regulation is unclear. In this paper, we examine how the interaction between bank-level monitoring and regulatory regimes influences the announcement period returns of acquiring banks in the US and twelve European economies....

Investor protection regimes have been shown to partly explain why the same type of corporate event may attract different investor reactions across countries. We compare the value effects of large bank merger announcements in Europe and the US and find an inverse relationship between the level of...

Bank regulators across the world have recently lifted restrictions on where banks can operate and what type of activities they can perform. Following the deregulation of the sector, bank mergers and acquisitions have grown substantially. The purpose of this paper is to outline bank deregulation...

"Experts Versus the Evidence: A Practical Guide to Stock Investing brings together the ideas and successes of experts and the potential of data to give readers the opportunity to learn from the best and to put their insights into practice. Readers will learn two important aspects of financial...

We find that IPO firms engage in real and accrual earnings management during the IPO and that big-N audit firms constrain discretionary expenses-based and accrual-based manipulations. The restriction of these forms of earnings management leads IPO firms to resort to a higher level of sales-based...

While earnings management around IPOs has been researched in a number of settings, there has been a relative absence of work that analyses the impact of the regulatory environment on such activities. We find that the regulatory environment does impact the real and accrual earnings management...

Previous literature finds that anomalies are at least as prevalent in developed markets as in emerging markets; namely, the global anomaly puzzle. We show that while market development and information diffusion are linearly related, information diffusion has a nonlinear impact on anomalies. This...