How stock markets react to news is an established area of research. We examine the behaviour of the Saudi Stock Market (SSM) in response to quarterly earnings announcements where there are no analysts' forecasts, with the aim of examining the efficiency of the market. The SSM seems to underreact...

The rise of neoliberal reforms of the provision of public services has been extensively researched in representative democracies. Less attention has been paid, instead, to explaining them in countries whose institutions have been characterized as neo-patrimonial systems. This study aims to...