The goal of the present paper is to investigate the degree of convergence in tax revenues for a panel of 11 ASEAN, Asia Pacific and Oceania countries spanning the period 1990–2012. We apply the methodology of Phillips and Sul (2007) to various categories of tax revenues to assess the presence...

We study the impact of political institutions on foreign firms’ choice of their U.S. cross-listing venue. Using two measures of the quality of political institutions (the political rights index and the political constraint index) and controlling for various firm-level and country-level...

This paper constructs a model of the performance of Chinese (Mainland) owned banks operating in Hong Kong, compared to Hong Kong (SAR) owned banks and Foreign owned banks. In general the proposed model performs well under diagnostic tests for net interest margin, non-interest expense, impaired...

Do financial development, domestic interest rates, and interest-rate differentials simultaneously affect the underpricing of initial public offerings (IPOs) in emerging market countries? Using a sample of 187 IPOs in Thailand between 2000 and 2012, I show that financial development, stock market...

The relation between financial markets development and bank risk in Thailand during 1990–2012 is examined. After controlling for macro-level and firm-level variables, stock market development is positively associated with banks’ capitalization ratio, and is negatively related to their beta....

We examine the relation between corporate diversification, real earnings management, and firm value. Our analysis indicates that industrial diversification and the combination of industrial and global diversification exacerbate real activities manipulation, whereas global diversification...

The insignificance of currency risk in emerging markets is particularly puzzling, given a lack of hedging instruments and volatile currency movements in these markets. In this paper, we conjecture that this puzzle may be due to the comovement between exchange rates and the market factor in these...

We investigate the cross-market differential relations of U.S. stock market uncertainty (VIX) with U.S. and European stock market returns before and during the European equity market crisis. Also, we examine whether VIX has predictive ability with respect to short-run European stock market...

This study investigates the associations among bank risk-taking, ownership concentration, and the recently proposed standard for capital stability (Basel III). Consistent with theory, the evidence shows that a rise in ownership concentration by one standard deviation increases the extent of...