The objective of the paper is to analyze whether U.S. investors can achieve diversification benefits from American Depository Receipts (ADRs) beyond what is achievable through investing directly in country indices. Our findings show substitutability between ADRs and country indices in developed...

This paper examines the stability, predictability, volatility, time varying risk premiums and persistence of shocks to volatility in the ten Middle Eastern and African (ME&A) emerging stock markets. Although the majority of ME&A markets only recently gained emerging status, one finds that five...

Purpose: The purpose of this paper is to determine if the failure of the Securities and Exchange Commission (SEC) to persecute Madoff is, in fact, an ethical failure. The authors turn to the extension of Aristotelian theory of moral values, virtue epistemology, to identify specific failures....