This paper compares the comovement of individual stock returns across emerging markets. Campbell et al. (2001) and Morck et al. (2000) show that the US in the post war period saw rising firm specific stock return variations and thus declining comovement. We detect a similar, albeit weaker,...

This paper compares the comovement of individual stock returns across emerging markets. Campbell et al. and Morck et al. have shown that the United States saw rising firm-specific stock return variations, and thus declining comovement, over the second half of the twentieth century. We detect a...

The efficient markets hypothesis implies that passive indexing should generate as high a return as active fund management. Indexing has been a very successful strategy. We document a large value premium in the average q ratios of firms in the S&P 500 index relative to the q ratios of other...

The remote inland province of Shanxi was late Qing dynasty China's paramount banking center. Its remoteness and China's almost complete isolation from foreign influence at the time lead historians to posit a Chinese invention of modern banking. However, Shanxi merchants ran a tea trade north...

Objective: Expose the weak loops in the Chinese medical insurance coverage and uncover hospitals' role of over-pricing hospitalized insured patients compared with those non-insured. <P>Methods: A multi-linear regression method was used to analyze hospitalization expense for insured and uninsured...</p>

Purpose–This paper aims to study the monetary transmission mechanism of China from January 1996 to December 2009 under endogenous structural breaks. Design/methodology/approach–The study constructs a benchmark VAR model and then adds the proxy variables for four channels of monetary policy...

The suggestion to create a "socialist market economy" was the inevitable result of fifteen years of reform and opening up. It signifies that China's reform, opening up, and development is reaching a new stage. It has taken fully fifteen years of logical and historical progression for the...

The Thai financial crisis was touched off by the fact that Thailand became intoxicated with its achievements in economic growth, that it hoped to replace Hong Kong as an international center of finance, and opened up its capital market too quickly, with the result that international speculative...

This study explores how the ethnicity of small business owners affects the influences of family ownership on their willingness to borrow. While the willingness issue is fundamental in the literature on small business debt financing, it has been understudied. We introduce an indirect measure of...

The ability of corporations to raise external equity finance varies with macroeconomic conditions, suggesting that the cost of equity issuance is time-varying. Using cross sectional data on U.S. publicly traded firms, we construct an empirical proxy of an aggregate shock to the cost of equity...