In this study, we examine the impact of concentrated ownership on cash valuation and the level of cash holdings in firms the emerging nations of China and India. Agency theories suggest that firms with high levels of concentrated ownership are subject to greater extraction of private benefits...

In 1991, the Chinese government started the privatization process. A distinguishing feature of this privatization process is the presence of the government as a major shareholder in the privatized SOEs which creates a unique ownership structure that affects the firm performance, and, in turns...

In 1991, the Chinese government started the privatization process. A distinguishing feature of this privatization process is the presence of the government as a major shareholder in the privatized SOEs which creates a unique ownership structure that affects the firm performance, and, in turns...

We report the results of a 2004 survey from managers of dividend-paying Norwegian firms listed on the Oslo Stock Exchange about their views on dividend policy. Specifically, we identify the most important factors in making dividend policy decisions and managers’ views about various...

India has a growing economy that can support high-income levels and in turn sustain higher real estate prices. The high prices of Indian real estate seem to be in harmony with its fast growing economy. However, there are concerns about speculative bubble behavior in the Indian real estate...

This article examines the short-term market and the long-term operating performance of Chinese seasoned equity issues (Seasoned Equity Offerings (SEOs)). Employing data for 596 rights offerings and 181 private placements for the period 1998 to 2004, we find significant positive short-term market...

This study looks for the presence of rational speculative bubbles in Real Estate Investment Trusts (REITs) using unit-root, variance ratio, duration dependence and regime switching regression tests. The regime switching method provides weak evidence of speculative bubble behaviour in both the...