Between June 2005 and October 2007, when it peaked, the Chinese stock market rose five-fold. It then went into free fall losing 70% of its value over the following year, more than China’s total GDP. A similar trajectory played out between July 2014 and January 2016.This paper describes the...

This paper brings together the evidence on two asset pricing anomalies - continuation of prior returns (momentum) and the market pricing of distressed firms. Our empirical analysis demonstrates both these effects are driven by market underreaction to bad news, and that momentum is largely...

Recently developed corporate bankruptcy prediction models adopt a contingent-claims valuation approach. However, despite their theoretical appeal, tests of their performance compared with traditional simple accounting-ratio-based approaches are limited in the literature. We find the two...

IR professionals argue that good investor relations contributes to the “fair valuation of firms”. We test the proposition that effective communication of accounting and other firm-specific information enhances firm value directly employing a unique and large database of firms nominated for...

We analyze the relationship between the proportion of women directors on the boards of UK listed firms and their financial performance and risk. We find that firms with greater gender diversity are more profitable and enjoy higher market valuations. However, consistent with prior research, we do...

This research concerns relationships between effective IR and stock pricing andstock liquidity and analyst coverage. This thesis develops the IR literature byusing an original and focused measure of IR performance, numbers of firms'nominations for the Investor Relations Magazine IR awards...

The finance literature suggests that analysts’ stock recommendations have negligibleimpact on market prices. Some studies suggest this lack of market impact may be partlydriven by the affiliations between investment banks and the firms their brokerage armscover (conflicts of interest)....