Employing a non-parametric frontier method, we investigate the technical X-efficiency and productivity growth of de novo banks vis-à-vis established banks in Turkey. The purpose of the paper is to study the performance pattern of de novo banks upon establishment. Overall results suggest that de...

This paper investigates the relationship between seven mood-proxy variables and a global equity dataset using a variety of group tests. The mood-proxy variables are constructed from weather data (precipitation, temperature, wind, geomagnetic storms) and biorhythm data (seasonal affective...

This article examines whether there exists any relationship between individual U.S. multinationals' stock returns and fluctuations in Latin American exchange rates. By using a disaggregated dataset of weekly stock returns and real exchange rate movements, it appears that the apparent lack of...

In this paper we study the dependence structure of extreme realization of returns between seven Asia-Pacific stock markets and the U.S. Methodologically we apply the multivariate extreme value theory that best suits to the problem under investigation. The evidence we obtain indicates that...

The aim of this study is to examine the relationship between momentum profitability and the stock market trading mechanism and is motivated by recent changes to the trading systems that have taken place on the London Stock Exchange. Since 1975 the London stock market has employed three different...

This paper examines the effect of risk management incentives resulting from managerial bonus plans on firms' derivatives usage. Partitioning the sample into firms whose managers are more likely to face convexity or concavity in the bonus payoff function, we find a negative relation between bonus...

This study investigates the effects of a country's financial system on current R&D investments and the future profitability of the firm. My paper explores the association between R&D investments and the firms' future profitability in different financial environments. Empirical results from 10...

This article investigates propping in Turkish business group firms for the period 1991-2003. We claim that patterns in the use of offering cash rights share issues may indicate that controlling shareholders prop up funds in firms. The results of our empirical analysis provide indicative evidence...

This paper investigates two important relationships using the sovereign issues made by major Latin American economies in the international bond market: the determinants of credit spread changes using variables derived from structural and macroeconomic theory and the impact of a default episode...