Purpose – The purpose of this study is to test the validity of Fisher effect for four South Asian and two oil‐producing countries, namely India, Bangladesh, Pakistan, Sri Lanka, Kuwait and Saudi Arabia. Design/methodology/approach – The autoregressive distributed lag‐bound testing...

Purpose – The paper aims to investigate if the inflow of foreign direct investment to China is not a new phenomenon but one which is directly associated to the country's economic history. Design/methodology/approach – The question is approached by studying the current FDI inflows and...

Purpose – The purpose of this paper is to investigate the international information transmission of return and volatility spillovers from US and Japan markets to Asia‐Pacific markets using daily stock market return data covering the period (1991‐2004). Design/methodology/approach – This...

Purpose – The purpose of this paper is to use the recent development in unit root tests and cointegration as applied to panel data and dynamic time series, to estimate the relationship between financial liberalization, financial development and growth. Design/methodology/approach – The paper...

Purpose – This paper seeks to examine whether the market values the monitoring activity undertaken by a quality bank in the presence of a credit rating agency. Specifically, the question is asked whether the quality of a lead lending bank influences a market reaction to adverse rating...

Purpose – The purpose of this paper is to examine the existence of rational speculative bubbles in the Middle East and North African (MENA) stock markets. Design/methodology/approach – To complement shortcomings of the traditional bubble tests, such as unit root tests and cointegration...

Purpose – The purpose of this paper is to disentangle the driving force of pyramidal firms' capital structure from nine East Asian economies. Design/methodology/approach – To disentangle the driving force, this paper develops a new theoretical framework for the pyramidal firms'. Using panel...

Purpose – The purpose of this paper is to examine the applicability of data envelopment analysis (DEA) as a basis of value portfolio selection criterion. Design/methodology/approach – The portfolios are composed of the comprehensive sample of Finnish non-financial stocks based on their DEA...

Purpose – The purpose of this paper is to distinguish the economic foundations of post-Communist capitalism and to examine the key economic problems of this type of society in the context of the modern financial crisis. Design/methodology/approach – This question is approached by studying...

Purpose – The purpose of this paper is to investigate the effects of investment opportunities and corporate finance on dividend payout policy. Design/methodology/approach – This issue is tested with a sample of 34 emerging market countries covering a 17-year period, 1990-2006. Fixed effects...