Using a sample of 156 monthly returns over the period of 1996–2008, we find a positive relation between the monthly issuing size and prior market returns, suggesting that the government decides the timing and the size of issuances based on prior market conditions. Different from previous...

This paper uses dynamic panel estimators to test whether there are differences in the speed of capital structure adjustment between US-based multinationals and domestic corporations, and why such differences may occur. Prior literature attributes the differences in leverage between MNCs and DCs...

Non-U.S. firms can converge toward U.S. capital market and legal regulations by cross-listing in the U.S. or by being acquired by a U.S. bidder. We show companies that are smaller, have lower growth opportunities, are capital intensive, and benefit from bonding through compliance with U.S....

We examine stock market reaction to IPO lockup expiration for a sample of 60 companies in the Middle East and North Africa (MENA) region. Lockups in the MENA are set by regulators as opposed to being negotiated between firms and their underwriters, and are typically longer but vary less than...

This study examines the impact of managerial entrenchment on non-shareholding stakeholders. We find that managers tend to focus different levels of attention on specific non-shareholding stakeholders relative to their level of entrenchment. When managers have greater protection, they tend to...

Debt may help to manage type II corporate agency conflicts because it is easier for controlling shareholders to modify the leverage ratio than to modify their share of capital. A sample of 112 firms listed on the French stock market over the period 1998–2009 is empirically tested. It supports...

The aim of this study is to assess the characteristics of the hot and cold IPO markets on the Stock Exchange of Mauritius (SEM). The results show that the hot issues exhibit, on average, a greater degree of underpricing than the cold issues, although the hot issue phenomenon is not a significant...

Thailand was at the origin of the Asian financial crisis of 1997. Our research seeks to understand what economic and political factors contributed to the collapses of Thailand's financial institutions during the crisis. The distinctive feature of our model is that it incorporates variables for...

We reexamine the announcement returns for a sample of 4215 U.S. frequent acquirers making 3299 domestic and 916 cross-border acquisitions of public, private and/or subsidiary targets between 1999 and 2010. We find that the market has a much stronger reaction to fifth or higher bids and that...

This paper investigates financial contagion of three emerging market crises of the late 1990s, as well as the subprime crisis of 2007, focusing on financial markets of emerging economies, USA and 2 global indices. Conventional cointegration and vector error correction analysis show long and...