We extend the feedback trader model by including a cross-market feedback trader. Our analysis of eighteen emerging markets suggests that there exists both positive and negative feedback traders in the markets and their activity is related to stock index return volatility. For cross-market...

This article empirically investigates the exposure of country-level conditional stock return volatilities to conditional global stock return volatility. It extends the results found in the quot;volatility spilloverquot; literature by providing evidence that conditional stock market return...

The purpose of this paper is to examine the propensity, characteristics and performance of directors' trades. Consistent with prior research we show that on average, directors outperform the market. However, we also find that there exist a large number of trades which do not share these abnormal...