Purpose: Using a data set of Taiwanese listed firms from 2002 to 2015, this paper aims to examine the determinants to voluntarily appoint independent directors. Design/methodology/approach: This study uses panel estimation to exploit both the cross-section and time-series nature of the data....

Purpose: Using a data set of listed firms domiciled in Taiwan, this paper aims to empirically assess the effects of ownership structure and board of directors on firm value. Design/methodology/approach: Using a sample of Taiwanese listed firms from 1997 to 2015, this study uses a panel...

Evidence in financial markets of an opportunity for pure arbitrage, and therefore a violation of the law of one price, is considered an anomaly to be noted. This paper reports an apparent violation of the law of one price between UK government gilts and their separately traded principal and...

This paper utilizes out-of-sample forecasting experiments to examine whether the yield spread or returns on stock indices provide information content for future real activity in Italy, the UK, USA and Germany. A variable is said to provide information content if it improves the quality of the...

Frank and Jagannathan (1998) compare ex-dividend drop in share price to the dividend paid in a tax-free environment and argue that market microstructure effects may explain a ratio of less than one. This study examines whether the results are supported in the UK gilt market where tax effects are...