Stock returns in emerging markets are to some extent predictable on the basis of selected instrument variables. We show that local information is more important than global information to capture emerging stock market returns. This is an indication for at least partial segmentation of emerging...

This paper addresses the relationship between aggregate dividend payments and maiket capitalization as related to the firm's dividend decision. Most previous work concentrates on the US; we extend these studies to the different institutional framework represented by West Germany, France, the UK,...

Asymmetric portfolio insurance strategies have become increasingly popular in practice. We show that a combination of investments in bonds and call options allows for more flexible strategies than the traditional portfolio insurance based on investments in put options and their underlying...

None

None

None

None

None

None

We investigate the impact of options listings on the variance of the underlying stock returns in the Swiss equity market using a non-parametric approach. The emergence of multiple share categories in most Swiss firms, combined with the fact that (listed) options are typically not introduced on...