The paper examines three hypotheses about the effect of insider trading on the market response to new financing announcements (NFAs) using a sample of disclosures made by UK firms between 1989 and 1991. The study demonstrates first that no systematic relationships exist between the market...

A substantive literature examines the short- and long-run performance of share returns following an Initial Public Offering (IPO). However, the related issue of why companies seek to raise money through an IPO, or the factors that are important in this equity-issuing process, have attracted very...

This paper analyses the effects of off-balance sheet (OBS) activities and various types of risks on the cost and profit efficiencies of banks in seven East Asian countries between 2001 and 2008. Cost and profit efficiency scores are estimated using the data envelopment analysis approach. The...

This exploratory study analyses the factors that affect the selection of a contract, alliance or joint venture for collaborative activity. The findings, based on a sample of 441 announcements made by UK firms, reveal that although no unequivocal support exists for either the agency- or...

In recent years, the validity of the weak form efficient market hypothesis (EMH) has been called into question as several studies have uncovered evidence that technical trading rules have predictive ability with respect to both developed and emerging stock market indices. This study analyses the...