This paper examines the financing choices made by New Zealand firms and the factors that influence those choices over the period 1984 to 2009. New Zealand firms are faced with relatively thin capital markets that lack scale and participation. The paper therefore provides an alternative...

We investigate the specification and power of intraday event study test statistics. Both the mean and market models generate well-specified return results for one- to thirty- minute intervals. Moreover, they detect return shocks equivalent to one spread in one- and five-minute interval data and...

We consider the effectiveness of trailing stop-loss rules which, unlike traditional stop-loss rules, involve the sell trigger price being moved higher to protect profits as prices rise. Our results indicate that while these rules have inferior mean returns to a simple buy-and-hold strategy, they...

Frontier markets, sometimes referred to as “emerging emerging markets,” have high transaction costs so investors who rebalance their portfolios monthly do not receive diversification benefits. However, diversification gains can be achieved by investors rebalancing every three months or...