The privileges of integration with the global economy have led developingcountries to embark on a path of liberalisation and globalisation. This resulted in rapidgrowth of inward and outward foreign direct investment from developing countries. Inthe last two decades there is an increasing trend...

Emerging equity markets have attracted foreign investor by their higher returns and prospect ofsuperior risk diversification benefits. In light of increasing flow of equity portfolio investmentsinto these economies and their subsequent integration with equity markets of developed world,studies...

The paper investigates hedging effectiveness of dynamic and constant models in the emerging market of Malaysia where trading information is not readily available and market liquidity is lower compared to the developed equity markets. Using daily data from December 1995 to April 2001 and...

Ferguson and Shockley (2003. Equilibrium 'anomalies'.Journal of Finance 58:2549-2580) develop a theoretical model and argue that size and book-to-market(B/M) effects in stock returns derive their cross-sectional explanatory powerbecause they proxy for leverage and financial distress. Using UK...

Evidence on long-run and short-run relationship among the major stock indexes inthe highly concentrated Athens stock exchange (ASE) is provided utilizing dailydata for the period 01/01/96 to 31/12/03. The findings suggest that even thoughthe sector indexes do not show a consistent and strong...

In contrast to the double taxation system prevailing in the U.S., Australian firms operate within an imputation tax environment with respect to dividend payments. We argue that the dividend imputation tax system increases the signaling potential of dividend reductions and our empirical findings...

Australian companies can choose among three different types of rights offerings: full standby (also known as “fully underwritten”); uninsured (or “non-underwritten”); and partial standby (“partly underwritten”). At the same time, each of these three kinds of rights offerings can be...