This study examines the hedging effectiveness of the emerging Greek options market before and after the financial crisis of 2008. We test the hypothesis of market efficiency by analyzing violations of FTSE/ASE-20 index option returns with respect to standard option theory, estimating option...

We investigate whether cross-listing in the US contributes to impound more earnings information into stock prices. Our results indicate that US exchange cross-listings are not associated with more future earnings news reflected in current prices, in accord with the view that such mechanism does...

We examine the role of cross-listing in alleviating domestic market constraints and facilitating mergers and acquisitions. Our results show that cross-listing allows shareholders of target firms to extract higher takeover premiums relative to their non-cross-listed peers. Moreover, shareholders...

Since the Sarbanes-Oxley Act was enacted in U.S., there has been a general tendency to globally harmonize regulations and practices of board governance. The purpose of this study is to compare among countries how well the board of directors constrains earnings management. Using a sample of firms...

We test the impact of corporate governance effects on the stock price volatility of the DAX100 and find that these variables increase the volatility and decrease the error terms statistically significant. In addition, controlling for contemporaneous and next period's movements, we find that...

Canadian financial restatements announced during 1997–2006 lower market quality and signal to market participants that expected future cash flows and their uncertainty are diminished and increased, respectively. Abnormal returns are related to downward revisions in consensus earnings...

This paper examines how cultural differences influence cross-sectional variation in IPO underpricing across 39 countries. We conjecture that cultural difference across geographic boundaries will influence the acceptance of and the expectations for IPO underpricing. Cross-sectional differences in...

We examine the impact of mutual fund ownership on stock price informativeness in China. Existing evidence shows that stock price informativeness is low in China, and attributes this to firms’ lack of disclosure incentives under the weak investor protection institutional environment. Mutual...