The price discovery roles of a set of related markets or securities have been investigated in many different settings where trading costs effect is often commingled with other trading arrangement factors. In Hong Kong, regular futures and mini futures contracts as well as their underlying spot...

This article analyzes several IPO patterns in the framework of divergence of opinion. Considering a new industry with few publicly traded companies, the investors in this IPO market do not initially have complete knowledge about the industry, but may learn from other IPOs in the sector. Our...

We review 31 articles in leading accounting journals that performed a logistic regression analysis for a binary dependent variable. Our review shows that many of these articles have ambiguities and errors in the presentation of the logistic regression model. We explain that incorrect...

This paper investigates possible spillover effects on the spot market due to the initiation of derivatives markets. Although speculation, which is apparent because of the low transaction cost of derivatives markets, produces noise in the financial system, the speculative forces and the rational...