Our study of 531 Initial Public Offerings (IPOs) on the two Chinese Stock Exchanges during the period 1999 to 2004 indicates initial returns to investors of approximately 114.04 per cent and these earnings were sustained through the first month of trading. High initial returns on IPOs are most...

An attempt is made to verify the exchange rate regime that China has been following since 21 July 2005 when a policy shift was implemented, presumably taking China from a dollar peg to a basket peg. The results show that while a regime of simple and strict dollar peg has indeed been abandoned,...

This paper investigates the relationship between firm performance and corporate governance in China. Firm performance is measured by Tobin's "Q", while corporate governance is determined based on ownership structure and concentration. Prior research, in both China and elsewhere, indicates that...

Board characteristics have not been a significant area of study in the IPO literature. We focus on the emerging corporate governance reform in China to investigate the relationship between a range of board characteristics and IPO initial returns and long-term performance. We find evidence that...

We demonstrate, using Extreme Bounds Analysis (EBA), that some of the firm-specific determinants of the capital structure of Chinese firms reported as important in previous studies may be fragile, in the sense that the sign and/or significance of the coefficients on these variables change...

This study provides an analysis of 163 operational loss events experienced by a variety of British firms over the period 1999--2008. 10 different hypotheses are tested to examine the distribution of loss severity and frequency with respect to business line, event type and corporate entity type....

We examine the proposition that cross-country differences in the factors determining the frequency and severity of operational losses lead to cross-country differences in the distribution and incidence of operational loss events in terms of frequency and severity. For this purpose, we consider...

The cross-sectional technique of extreme bounds analysis (EBA) is used to identify the determinants of capital structure in a sample of Indonesian shareholding companies. Additional results are presented based on variable deletion and nonnested model selection tests. The results of traditional...

Sovereign wealth funds (SWFs) are investment portfolios and savings funds that are controlled and actively managed by a sovereign government. In this paper, we document the investment behaviour of a specific fund, Temasek Holdings, which is the Singapore government’s SWF. Using a sample...

Time-series and panel data are used to provide empirical evidence on technical and fundamental trading in the Chinese stock market. An econometric model is used to differentiate between the effect on stock prices of the actions of traders who act on the basis of fundamental analysis (financial...