Outlines the special characteristics of preferred shares in Germany, notes that ordinary shares are valued at substantially higher figures and presents a study of the pricing of both types for 58 German companies 1990‐1993. Refers to previous research to develop hypotheses on reasons for the...

Explains the concept of the investment set (IOS: i.e. chances to invest for expansion, new products, cost reduction etc.) and its effects on firm value. Reviews previous research on the theoretical relationships between IOS and optimal contracting resulting from shareholder/debtholder conflict,...

Outlines previous research on the capital asset pricing model and its extensions; and fluctuations in the Greek economy and capital market between 1980 and 1992. Develops a mathematical, multi‐factor, risk‐return model and applies it to Greek data for this period, split into two...

Outlines previous research on cointegration between capital markets and assesses the degree of cointegration between liberalized Eastern European markets (the Czech Republic, Poland and Hungary) and the German and UK markets in the context of increasing foreign investment in Eastern Europe. Uses...

Outlines the three theories which link multinationality to share value (internalization, imperfect capital markets and managerial objectives), reviews the relevant research and hypothesizes that a multinational’s degree of internalization is positively related to its accounting value...

Summarizes three theories on the value of multinational companies: internalization, imperfect capital markets and managerial objectives (agency costs); and reviews a comprehensive selection of previous studies of the effects of multinationality and international diversification on firm value....

Reviews previous research based on event study methodology, pointing out that events can influence returns in many ways, and applies the method to a sample of mergers and acquisitions in the thinly traded Norwegian market 1983‐1994. Explains how the classic market model can be adjusted to...

The degree of integration among different economies is an important issue in international economics and finance. This article employs daily stock market data for the period 1988 through 1999 to investigate the return dynamics and the extent of the stock market linkages across six newly...

The existence of weak‐form efficiency in the equity markets of the three main Central European transition economies (the Czech Republic, Hungary, and Poland) is examined for the period July 1995 through September 2000, using weekly Investable and Comprehensive indexes developed by the...

This study adds to the ongoing analysis of the long‐term impact of Asian financial crisis on the stock markets of eight Asian‐Pacific countries. Using current data to capture postcrisis behavior of returns, multivariate cointegration analysis reveals that a cointegrating relationship exists...