• Publications
  • Influence
Individualism and Momentum Around the World
This paper examines how cultural differences influence the returns of momentum strategies. Cross-country cultural differences are measured with an individualism index developed by Hofstede (2001) ,Expand
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Underpricing and long-term performance of IPOs in China
Abstract We study the underpricing and long-term performance of A- and B-share initial public offerings (IPOs) issued in China during the 1993–1998 period. The average underpricing for A- and B shareExpand
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Legal Protection of Investors, Corporate Governance, and the Cost of Equity Capital
This study examines the effect of firm-level corporate governance on the cost of equity capital in emerging markets and how the effect is influenced by country-level legal protection of investors. WeExpand
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Book-to-market, firm size, and the turn-of-the-year effect: Evidence from Pacific-Basin emerging markets
Abstract This paper investigates the relationship between expected stock returns and market beta, book-to-market equity, and size in five Pacific-Basin emerging markets: Hong Kong, Korea, Malaysia,Expand
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Agency Costs of Free Cash Flow and the Effect of Shareholder Rights on the Implied Cost of Equity Capital
In this paper, we examine the effect of shareholder rights on reducing the cost of equity and the impact of agency problems from free cash flow (FCF) on this effect. We find that firms with strongExpand
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The investment and operating performance of Japanese initial public offerings
Abstract This paper studies long-run stock returns and the operating performance of 180 initial public offerings (IPOs) listed on the Tokyo Stock Exchange during the 1971–1992 period. The aftermarketExpand
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Corporate finance and governance in emerging markets: A selective review and an agenda for future research
There are important organizational and behavioral differences between firms in emerging markets and those in developed markets. We propose a top-down approach to understand how key institutionalExpand
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The determinants of corporate cash management policies: Evidence from around the world
We examine the determinants of corporate cash management policies across a broad sample of international firms. We document that firms in countries with strong legal protection of minority investorsExpand
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Limits-to-arbitrage, investment frictions, and the asset growth anomaly
We empirically evaluate the predictions of the mispricing hypothesis with limits-to-arbitrage suggested by Shleifer and Vishny (1997) and the q-theory with investment frictions proposed by Li andExpand
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Institutional Ownership and Changes in the S&P 500
Several recent articles have provided new evidence for the existence of price pressures by examining the price and volume effects associated with changes in the S&P 500. The present study extendsExpand
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