We investigate the link between analyst forecast characteristics and the cost of debt financing in international markets, and the influence of country-level institutions. Using a sample of 3,768 bond issues from 42 non-U.S. countries from 1996 to 2014, we find statistically and economically...

In this paper we investigate how privatization affects stock return volatility. We show that privatization is related to volatility via political risk. In particular, a privatization program that is maintained over time signals credibility, which reduces political risk and in turn volatility. We...

In this paper, we examine the relation between government ownership and stock price informativeness around the world. Using a sample of privatized firms from 41 countries between 1983 and 2007, we find strong and robust evidence that state ownership is associated with lower firm-level stock...