This study explores how information costs in host countries affected foreign expansion of the top 100 multinational banks from 2001 to 2007. Indices representing characteristics of credit reporting systems are used to proxy for banks' information costs in 103 host countries. We find that banks...

This study explores how information costs, proxied by characteristics of credit reporting systems, affect the foreign expansion of the top 100 multinational banks. We find that banks prefer to expand operations in countries where private credit bureaus exist or where the credit reporting system...

The astonishing collapse of the largest financial institutions managed by repulsively high-paid Wall Street executives led to the Say-on-Pay rules in the Dodd-Frank legislation. However, the shareholders of S&P 500 firms do not seem to exercise their newly granted right as anticipated by the...

With the implementation of NASD Rule 2711 in 2002, each brokerage firm is now required to publicly disseminate the distribution of stock ratings in each research report. Hence, this paper investigates the relationship between the percentage of buy recommendations and probability of deciding to...

This paper represents the first attempt to apply a stochastic dominance (SD) approach to examine the efficiency of the UK covered warrants market. Our empirical analyses reveal that neither covered warrants nor their underlying shares stochastically dominate the other, indicating the...

Since their inception in 2000, employee stock options (ESOs) in Taiwan have grown in popularity and captivated market stakeholders. Previous studies have explored how ESOs serve as an incentive to stimulate both employees and management, and hence lead to better performance. If this is true,...