Purpose – The purpose of this paper is to investigate how the announcement and implementation of short sales and margin trading regulation affects Chinese stock returns and trading volume. On 31 March 2010, the Chinese regulators launched a pilot programme, allowing short sales and margin...

We investigate the performance of the 'Permanent Portfolio' in the United States and international markets. This simple approach to asset allocation involves investors splitting their portfolio equally between stocks, bonds, gold and cash. The Permanent Portfolio does not consistently generate...

Time in the market substantially reduces the risk of loss resulting from holding both stocks and bonds. By focusing on a downside VaR risk proxy in 25 emerging and 24 developed markets, we show that the downside risk of both stocks and bonds is greatly reduced as the investment horizon is...

We show that investor protection legislation is an important determinant of the returns of target companies that are subject to takeovers within Europe. Announcement and post-announcement returns are higher in strong investor protection countries, which indicates that bidders are forced to offer...

We investigate the impact that stronger regulation has on takeover returns in New Zealand. This is an ideal laboratory as New Zealand moved from an environment of relatively weak takeover regulation to one governed by a prescriptive Takeovers Code in several defined steps. The effect of New...

This paper considers the link between ruling political parties and stock, property, and bond returns in Australasia. Australia and New Zealand provide an ideal setting as their political systems allow a precise examination of the influences of political parties. We find higher inflation under...

Since the late 1980s New Zealand (NZ) has often been heralded for its free-market approach and laissez-faire attitude towards regulations in the financial market. We find that private placements issued at a premium to current market price exhibit a permanent positive impact on firm value. In...

A key question in asset pricing is the extent to which tax effects are passed through market prices or are capitalised in them. New Zealand stock dividends provide a useful window into this debate because of (1) the existence of both taxable and non-taxable stock dividends, and (2) the...