Two pairs of proxy variables are used to capture the possible impact of H shares and red-chip stocks on the price premium: the number of H-share ®rms and red-chip ®rms listed in

For instance, the National Bank of Hungary (1995) states, ``several hundred thousand citizens who have been given compensation vouchers have virtually been forced to pay attention

When we analyzed the combined abnormal returns of bidder and target for di€erent types of deals, we uncover that there is a positive and signi®cant market reaction around the

Thus, if notwithstanding the noise-free data the price-based rules still do better than the regression-based hedging ratios, then we can safely conclude that: (a) the

In Corporate Governance and Financial Performance: A Study of German and UK Initial Public O€erings, Goergen studies the combined e€ects of international governance structures,

Although the main issue of the text is to get the manager to think in a real- options framework, a second aspect extends this notion to developing corpo- rate strategy by using

After a brief remark on the role of ®nancial system design during economic transition, the paper focuses on the role of stock mar- kets in the process of ®nancial intermediation

In the light of disciplining actions undertaken by industrial companies (who are often in the same industry as the target com- pany), the lack of active corporate control in the wake

®nancial market integration: Evidence from co-integration analyses 24 (2000) 1005 Klumpes, P.J.M. Shackleton, Valuing the strategic option to

(Note: The values of a prepayment option on a VRP loan for various initial maturities with an interest rate ranging from 1% to 15% are plotted. As can be seen, the option has a

a Directorate Economics, European Central Bank, Frankfurt am Main, Germany b Research Department, Bank of Italy, Via Nazionale 91, Roma 00184, Italy.. The Publisher regrets that in

Utilizing an alternative approach to Brown and Schaefer (1994), this study estimates the after-tax term structure of real interest rates from information contained in both the UK

Consistent with the information- signaling hypothesis, the stock price response of target rival ®rms is more favorable for relatively small rivals, for rivals with stock returns

There are several reasons why the study of price reversals in the index futures market is meaningful: (1) While abnormal returns due to an overreaction in a longer time horizon

The ®rst of the empirical tests to identify the impact, if any, of relationship banking on the terms and outcomes of debt contracts ascertains whether, in accordance with

®ndings suggest that banks acquire other banks to diversify and smooth out earnings ¯uctuations (i.e., managerial interest).. indicate the likelihood that banks with high

However, when competition is in price and products are di€erentiated, the strategic choice of incentives by bank's shareholders implies higher asymmetry between the two banking

Test results from serial correlations, unit root tests, and variance ratio tests provide overwhelming evidence that the random walk hypothesis cannot be rejected for these