This study examines the market-wide relations between the U.S. stock market and the credit default swap (CDS) market for the period of 2001-2007. Results indicate that the lead-lag relationship between the U.S. stock market and the CDS market depends on the credit quality of the underlying...

In this paper we study the development of the most successful futures market in China, the Zhengzhou Commodity Exchange (ZCE). The lack of an active cash market forced ZCE to first establish a cash market prior to the trading of the first successful futures contract; the mungbean futures....

The main objectives of the Sarbanes-Oxley Act of 2002 are to improve the accuracy and reliability of corporate disclosure. Under Section 404 of the Sarbanes-Oxley Act, the external auditor has to report an assessment of the firm's internal controls and attest to management's assessment of those...

We examine the effects of credit ratings on IPO pricing. The evidence from U.S. common share IPOs during 1986-2004 shows that when firms go public, those with credit ratings are underpriced significantly less than firms without credit ratings. Credit rating levels, however, do not have a...

Section 404 of Sarbanes-Oxley Act requires firms to report on the effectiveness of their internal control over financial reporting. The Securities and Exchange Commission requires foreign large accelerated filers to provide both management and auditor Section 404 reports starting for fiscal...

In order to outperform his peers, a mutual fund manager may decide to invest in stocks that are considerably different from his competitors. By investing in a unique portfolio, the fund manager has a greater chance of either outperforming or underperforming his peers than those managers who...

Using a vector autoregressive (VAR) model with monthly data from 1988 through 2001, this study investigates factors that drive the excess returns on a widely followed mortgage-backed securities (MBS) index. We find that eight important economic variables (industrial productions, new home sales,...

Using transaction level data, we present the first analysis of the way that foreign investors choose among different types of United States real estate. Our findings based on the conditional logit model analysis for the 1980-91 period are consistent with the hypothesis that foreign investors...