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A New Approach to Measuring Financial Contagion
This paper proposes a new approach to evaluate contagion in financial markets. Our measure of contagion captures the co-incidence of extreme return shocks across countries within a region and acrossExpand
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Tunneling or Value Added? Evidence from Mergers by Korean Business Groups
We examine whether firms belonging to Korean business groups (chaebols) benefit from acquisitions they make or whether such acquisitions provide a way for controlling shareholders to increase theirExpand
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International GAAP Differences - The Impact on Foreign Analysts
This paper investigates the relation between differences in accounting standards across countries and foreign analyst following and forecast accuracy. We develop two measures of differences inExpand
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Creditor Rights, Enforcement, and Bank Loans
We examine whether differences in legal protection affect the size, maturity, and interest rate spread on loans to borrowers in 48 countries. Results show that banks respond to poor enforceability ofExpand
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International GAAP Differences - The Impact on Foreign Analysts
This paper investigates the relation between differences in accounting standards across countries and foreign analyst following and forecast accuracy. We develop two measures of differences inExpand
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Limit Orders, Depth, and Volatility: Evidence from the Stock Exchange of Hong Kong
We investigate the role of limit orders in the liquidity provision in a pure order-driven market. Results show that market depth rises subsequent to an increase in transitory volatility, andExpand
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Do Local Analysts Know More? A Cross-Country Study of the Performance of Local Analysts and Foreign Analysts
This paper examines whether analysts resident in a country make more precise earnings forecasts for firms in that country than analysts who are not resident in that country. Using a sample of 32Expand
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Employee Treatment and Firm Leverage: A Test of the Stakeholder Theory of Capital Structure
We investigate the stakeholder theory of capital structure from the perspective of a firm's relations with its employees. We find that firms that treat their employees fairly (as measured by highExpand
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Investibility and return volatility
Abstract Unlike previous studies that examine how emerging market return volatility changes subsequent to stock market liberalization, this paper investigates the impact of investibility, or theExpand
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Good news, bad news and international spillovers of stock return volatility between Japan and the U.S.
Abstract We study the joint dynamics of overnight and daytime return volatility for the Nikkei Stock Average in Tokyo and the Standard and Poor's 500 Stock Index in New York over the recent 1988–92Expand
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