This study examines whether changes in the frequency of market clearing or changes in trading hours on competing exchanges that use different auction systems affect the volatility of futures prices. In particular, this study exploits a natural experiment in the frequency of market clearing of...

This paper examines the differential impact of leverage on investment across firms with varying levels of growth opportunities in both advanced and developing countries. Contradictory research findings on the strength of this relationship for firms with low or high growth opportunities are...

We explore the prevalence of asset-price bubbles in Australian listed industrial equities and A-REIT markets. In contrast to the US listed stock markets, we find little evidence of asset-price bubbles in historical returns of Australian markets (1992-2016). Our findings are robust to the choice...

Using a sample of firms from 8 East Asian countries, we document the corporate policy (cash holding, investment, financing, and payout) response to the Asian Financial Crisis of 1997-1998. Following the crisis, we find significant evidence of a build-up of cash holdings, a fall in capital...

This study examines the relationship between price movements of target firms' stocks and behaviors of local individual, local institutional, and foreign investors in trading target firms' stocks around mergers and acquisitions announcements in Korea. Results reveal that the average abnormal...

Our study investigates the true valuation motive for increasing share repurchases. To do so, we analyze the contemporaneous trading dynamics between short sellers, institutional investors and the firm itself around the actual share repurchases. We regress quarterly changes in share repurchases...

The extent to which financial analysts provide ‘herd' rather than ‘bold' (or anti-herd) earnings forecasts has important implications for market efficiency. Identifying any contributing factor(s) for financial analyst herding behavior can lead to policies to help reduce such harmful conduct....

This study examines foreign investors' trading behaviors around merger and acquisition (M&A) announcements in the Korean stock market (both KOSPI and KOSDAQ markets). We find evidence that foreign investors are more likely to buy target stocks with larger wealth effects on the KOSPI market. In...

This paper examines the impact of ESG ratings on a firm's cost of equity (COE) and challenges the assumption that higher ESG ratings always lead to a reduction in equity costs. While previous research suggests that firms can benefit from improved ESG ratings, recent evidence raises doubts about...