Firms that change their listing from the less regulated AIM to the more regulated main section of the London Stock Exchange exhibit positive abnormal returns on the announcement day. For firms moving in the opposite direction, both announcement and implementation day abnormal returns are...

This study analyzes the forecasting accuracy of the implied volatility of options on futures contracts for the delivery of CO2 emission allowances (carbon options) traded on the European Climate Exchange. We demonstrate that option implied volatility is highly informative about the variance of...

Many studies have examined the impact of various characteristics of the board of directors on firm value. However, little attention has been paid to the impact of female board membership on firm value, with the exception of a number of U.S. studies. The aim of this paper is to investigate this...

This paper investigates the long run share price performance of 454 Malaysian IPOs during the period 1990 to 2000. In contrast with developed markets, significant "over"performance is found for equally-weighted event time CARs and buy-and-hold returns using two market benchmarks, though not for...

We find evidence of income-increasing earnings management in Malaysian IPOs, which occurs primarily for IPOs during a period of severe economic stress (the East Asian crisis). Within the high-ownership-concentration Malaysian market, post-IPO control concerns also appear to constrain IPO...

This study tests for long-term reversals in the abnormal returns of UK companies classified as 'winners' and 'losers' over the period from January 1979 to December 1990 using publicly available data from the London Business School (LBS) Risk Measurement Service. In the first part of the study we...

Purpose – The purpose of this paper is to examine whether stock dividend announcements create value for companies traded on the Nigerian stock market and to ascertain the nature of the information such announcements convey. Design/methodology/approach – A standard event study methodology,...

This paper uses firm-level data on 162 large Hungarian enterprises to analyse the relationship between ownership structure and corporate performance in 1998 and 1999. Cross-sectional regressions are run for each of these years using the return on assets (ROA) as the measure of performance. Both...