This is the first paper that directly tests the cost of transparency. More precisely, we examine whether a willingness to offer transparency to investors is beneficial or costly in terms of hedge fund returns. We measure a fund's willingness to offer transparency by whether it accepts managed...

Despite the growing international importance of Chinese economy, the currency risk of Chinese firms has received little attention. This paper documents Chinese exporters are exposed to significant currency risk to ASEAN countries and firms in three industries are adversely affected when Yuan...

The relationship between trading volume and volatility in foreign exchange markets continues to be of much interest, especially given the higher than expected volatility of returns. Allowing for non-linearities, this paper tests competing hypotheses on the possible relationship between...