The rapid increase in South African electricity prices in the past eight years has been overseen by a proactive, policy-oriented regulator, NERSA. Regulatory governance theory proposes that regulation is most effective when the roles of different organisations are clearly defined. While the laws...

One challenge when examining the links between macroeconomic risks and the size (SMB), value (HML) and momentum (WML) factors is the difficulty of obtaining direct measures of macroeconomic expectations. We examine these relations using changes in macroeconomic forecasts and surprises to proxy...

Extant theory suggests that foreign ownership of shares of emerging-market (investable) firms may insulate them from local shocks. Examining 24 emerging markets, we find that the returns of both investable and non-investable firms are sensitive to local monetary policy shocks. Surprisingly, in...

We examine the impact of rivals' competitive activities on firms' quantity-of-capital constraints in 60 countries. Prior work shows that competition increases the costs of debt and equity, which reduce the economic profit from investment. Capital constraints, however, may prevent firms from...

Using a novel measure of own-investor secrecy, we find that non-disclosure to investors, unlike non-disclosure to public, does not signal hedge fund skill. Own-investor secretive funds do not significantly outperform transparent funds through an up market, and they significantly underperform...

Complaints and disciplinary processes play a significant role in health professional regulation. Many countries are transitioning from models of self-regulation to greater external oversight through systems including meta regulation, responsive (risk–based) regulation, and “networked...