This paper examines the importance of exchange rate exposure in the return generating process for a large sample of non-financial firms from 37 countries. We argue that the effect of exchange rate exposure on stock returns is conditional and show evidence of a significant return impact to...

Commodity prices are more volatile than exchange rates and interest rates. Hence, a priori, commodity price risk represents a more important source of risk to corporations. This paper presents a comprehensive analysis of the economic commodity price exposure of a large sample of nonfinancial...

We develop a simple measure of international ownership linkages and show that this measure is of similar importance as the traditional effects coming from country and industry fundamentals. International ownership linkages are not explained by omitted country/industry variations, wealth effects...

The paper studies risk mitigation associated with capital regulation, in a context when banks may choose tail risk assets. We show that this undermines the traditional result that higher capital reduces excess risk-taking driven by limited liability. When capital raising is costly, poorly...

Abstract This paper examines from the developing countries perspective important analytical and policy issues arising from: a) the current international discussions about corporate governance in relation to the New International Financial Architecture; b) changes in the international competitive...

This paper aims at accomplishing three objectives while drawing attention to the speed of adapting international management practices in emerging markets. Firstly, we summarize 67 extant review studies on entry-mode/internationalization, mergers and acquisitions (M&A) and diversification....

Several pioneering studies have established that the effect of exchange rate exposure to corporate entities in periods of the financial crisis is no longer linear. To this end, this study explores the position of this argument in a developing country like Nigeria and investigates if the...

Several pioneering studies have established that the effect of exchange rate exposure to corporate entities in periods of the financial crisis is no longer linear. To this end, this study explores the position of this argument in a developing country like Nigeria and investigates if the...

While referring to the recent study on the 2007-2008 global financial crisis, and cross-border mergers and acquisitions in 26 countries (Reddy, Nangia, & Agrawal, 2014b), this paper aims to further examine the impact of financial crisis on the later form of market in 13 sub-continentals, three...

We study the effect of derivatives use for both trading and hedging on firm value and financial and market performance using a hand-collected data sample from UK financial firms. We show that the use of derivatives for foreign exchange and interest rate risk hedging enhances value, and that...