Studies in Economics and Finance: Volume 21 Issue 1

OWNERSHIP STRUCTURE, UNDERPRICING, AND MARKET LIQUIDITY OF NEW EQUITY ISSUES

SHANTARAM P. HEGDE, SANJAY B. VARSHNEY

We argue that uninformed subscribers to an initial public offering (IPO) of common stocks are exposed to greater ex ante risk of trading against informed traders in the secondary…

BILATERAL AND MULTILATERAL COINTEGRATION PROPERTIES BETWEEN THE GERMAN AND CENTRAL EUROPEAN EQUITY MARKETS

CLAIRE G. GILMORE, GINETTE M. McMANUS

This paper examines bilateral and multilateral cointegration properties of the German stock market and the three most credible Central European candidates for membership in the…

EXECUTIVE INCENTIVE COMPENSATION SCHEMES AND THEIR IMPACT ON CORPORATE PERFORMANCE: EVIDENCE FROM NEW ZEALAND SINCE COMPENSATION DISCLOSURE REQUIREMENTS BECAME EFFECTIVE

FAYEZ A. ELAYAN, JAMMY S.C. LAU, THOMAS O. MEYER

Incentive‐based executive compensation is regarded as a mechanism for alleviating agency problems between executives and shareholders. Seventy‐three New Zealand (NZ) listed…

THE CAUSALITY BETWEEN STOCK MARKET DEVELOPMENT AND ECONOMIC GROWTH: EVIDENCE FROM THE UNITED STATES

M. IMAM ALAM, TANWEER HASAN

The present study investigates the direction of causality between stock market development and economic growth in the case of the United States. We use the Johansen‐Juselius…

FOREIGN DIRECT INVESTMENT IN BANGLADESH: AN ANALYSIS OF PERCEPTIONS OF PROSPECTIVE INVESTORS

WALI I. MONDAL

Bangladesh achieved its independence in 1971. Since that time, the country has gone through several major policy changes regarding the ownership and control of industries with a…