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The virtual absence of insolvencies among EU life insurers precludes a direct analysis of insolvency risk based on a large sample of insolvent European insurers.. Yet, the
In this study, the theoretical European option value is obtained according to the Black and Scholes (1973) formula, while the early exercise premium is determined using the
A statistically significant value for f2 , f3 and f4 indicates that the past returns of other indices correlates with the current and future return of the HSCEI, a result indicative
as the firm’s distribution of taxable income and its ability to absorb tax losses and carry them forward and back and (ii) the firm’s reported value of derivatives is a
These rules concern decentral- ized risk taking in a bank, the role of limits, competition across local branches, and balanced incentives if the local branch manager faces
Unlike Berry and Howe (1994) who use the number of news articles released during the nontrading period, or other researchers who use close-to-open return volatility, we infer
For example, the first row shows the cross-section average return variation of size portfolios for stocks that have book-to-market value below the 10th percentile of the
the first vector occurs in two exchanges, but for different types of stocks, the foreign investors seem to use the same information to price B shares in Shenzhen as domestic
