We present an asymmetric information model to examine private placements of equity. Our main conclusion is that allowing private placements to owner-managers can mitigate, if not eliminate, the underinvestment problem. Our model predicts that announcement period returns for private placements...

Using 169 and 215 Public Private Partnerships (PPP) projects from China (1986-2012) and India (1991-2013), respectively, we find that politically connected PPP firms, on average have higher access to bank loans compared to competing and matched non-PPP firms. Our further analysis reveals that...

Commissions-motivated agents have historically helped the development of many markets, but research suggests brokers motivated by commissions sometimes steer consumers towards inappropriate products. This issue is particularly important in household financial markets where consumers may be...

We document the effects of group affiliation on the initial performance of the 2,713 Initial Public Offerings (IPOs) in India under three regulatory regimes during the period 1990-2004. We distinguish between two competing hypotheses regarding group affiliation and a firm's initial stock market...

We document the effects of group affiliation on the initial performance of the 2,713 Initial Public Offerings (IPOs) in India under three regulatory regimes during the period 1990-2004. We distinguish between two competing hypotheses regarding group affiliation and a firm's initial stock market...

We document the effects of group affiliation on the initial performance of the 2,713 Initial Public Offerings (IPOs) in India under three regulatory regimes during the period 1990-2004. We distinguish between two competing hypotheses regarding group affiliation and a firm's initial stock market...

We document the effects of group affiliation on the initial performance of the 2,713 Initial Public Offerings (IPOs) in India under three regulatory regimes during the period 1990-2004. We distinguish between two competing hypotheses regarding group affiliation and a firm's initial stock market...

We extend the widely used Merton (1981) market-timing model with a more realistic assumption on the information structure of the fund manager. Using a theoretically derived logistic smooth transition market (LSTM) model that incorporates duration dependence of market conditions in the transition...

The existing two-regime asset pricing models do not reach a consensus, neither in the definition of bull and bear market conditions nor in modelling the non-stationarity of the beta. We propose a new logistic smooth transition regression model to address the beta non-stationarity issue. Using...

Using a translog cost function, we examine the extent to which economies of scale exist for retail superannuation funds in Australia for 1999 and 2000. We find that the average cost elasticity for Australian retail superannuation funds is equal to 1.0. This means that percentages cost increases...