This study investigates whether and how the amount of firm-specific information incorporatedinto stock prices changes when there is more quarterly, rather than semi-annual, reporting inthe peer group. Using a sample of 33,338 European firm-year observations from 2004 to 2017,we find a...

In this study, we document, for a number of emerging markets, that positive returns can be obtained using a short-term reversal strategy. Further, as expected, these returns are higher for small and illiquid firms, and the highest for more volatile firms. Overall, the reversal strategy-based...

In this study we propose a new measure of illiquidity for small, open stock markets; dollar zero-returns. Compared with other commonly used measures of illiquidity, the dollar zero-return produces the highest anomalous return across all four Nordic markets. In testing the pricing implication of...

The paper revisits the issue of robustness of fund performance by evaluating European large-cap equity funds. For this fund category traditional market risk factor adjusted performance measures are expected to be fairly robust. However, for the sample of 65 European large-cap mutual equity...

We explore the idea that a firm's financing behavior depends crucially on how its ownership structure affects the cost differential between internal and external equity. If ownership is dispersed, the cost differential is relatively small. By issuing public offers when market-to-book values are...

Not despite but because of persistent Social Democratic political influence since the Great Reversal in 1932 have a few families and banks controlled the largest listed firms in Sweden. The Social Democrats have de facto been the guarantor rather than the terminator of private capitalism since...

Not despite but because of persistent Social Democratic political influence since the Great Reversal in 1932 have a few families and banks controlled the largest listed firms in Sweden. The Social Democrats have de facto been the guarantor rather than the terminator of private capitalism since...