This article attempts to characterize the pattern of information flows between the stock markets by determining mean and variance causal relationships. A two-step procedure proposed by Cheung and Ng (1996) is used. Stock market returns are specified as Autoregressive-Generalized Autoregressive...

This paper employs a VAR-GARCH model to investigate the return links and volatility transmission between the S&P 500 and commodity price indices for energy, food, gold and beverages over the turbulent period from 2000-2011. Understanding the price behavior of commodity prices and the volatility...

Our work provides an analysis of the role of internal mechanisms of governance in explaining the long run performance after IPO. Our study examined a sample of 85 IPO French companies, between 2005-2008. Our results show that the governance structure before the IPO does not affect very...

The objective of this paper is to examine the relation between share repurchases and stock options. In fact, certain studies demonstrate that the development of stock option plans since the beginning of the 1990s is also considered one explanation for the increase in equity programs for...

The application of simultaneous equation regressions on a sample of 110 FrenchIPO firms between 2005-2010, allowed us to say that the initial return issignificantly influenced by the under / overpricing. The results of our studyshow that the underpricing can improve the initial return. On the...

The purpose of this paper is to test the hypothesis of the financial market efficiency. Thus, the evolution of the daily informational efficiency is measured for Tunisian stock market index (TUNINDEX) by using the Shannon entropy, over the period [2007 ñ2009]. After that, a logit model is...

In this paper, we show how capital structure decisions made by non-financial firms listed in the Tunis Stock Exchange are affected by the predictions of the so-called market timing theory. Using a set of some relevant variables which reflect the market-timing signals, the firm fundamentals, and...

This paper examines the impact of corporate diversification and firm size on the value creation over the 1997-2005 period for twenty-five non-banking firms listed on Tunis Stock Exchange. Our results confirm previous studies in that shares of diversified firms sell at a discount. Moreover, value...

This paper employs a VAR-GARCH model to investigate the return links and volatility transmission between the S&P 500 and commodity price indices for energy, food, gold and beverages over the turbulent period from 2000 to 2011. Understanding the price behavior of commodity prices and the...

This paper examines the impact of corporate diversification and firm size on the value creation over the 1997-2005 period for twenty-five non-banking firms listed on Tunis Stock Exchange. Our results confirm previous studies in that shares of diversified firms sell at a discount. Moreover, value...