This paper investigates world trends in financial supervision, including the separation of treasury and finance and the shift from departmental regulation to functional regulation. Based on the trend toward integration in financial supervision and examination, this paper proposes the adoption of...

In this paper we examine the price transmission effect between ADRs or GDRs and their respective underlying stocks. This linkage is investigated for Granger causality using difference form and VECM. Results reveal unidirectional causality from Taiwan's capital market to the foreign market. This...

Statistical tests for multivariate event studies--exact or asymptotic--are derived based on multivariate normality. As it has been previously documented that the performances of these tests are not satisfactory, because stock returns are far from normally distributed (especially for daily...