Relying on the market to provide incentives that would bring about optimal information quality is potentially a cost effective alternative to regulatory oversight. However, this depends on the ability of the market to recognize and price this attribute. In this article, we gain insights into the...

Black and official foreign exchange rates have co-existed for many years in a number of major Pacific Basin countries. In this paper, a framework is developed for examining the relationship between the two types of exchange rates in the cointegration and error correction context for both the...