This study's objective is to provide new empirical capital market evidence on the impact of a unique natural experiment on a stock split policy which was decreed several years ago by the Saudi Arabian government. First, the capital market reaction to the government decreed stock…
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This study examines the valuation of corporate diversification in three emerging countries: Thailand, Indonesia and the Philippines. Over the period of study (1992–2001 for Thailand and 1994–2001 for Indonesia and the Philippines), it is found that there is evidence of diversifi…
I investigate the impact of analyst following on real activity manipulation. Because analysts follow firms and serve as information intermediaries, analyst following should reduce earnings management through real activity manipulation. However, given the negative ramifications o…
While average levels of inflation have been constantly declining in the industrial countries, developing countries have been plagued with higher levels of inflation and inflation uncertainty. The adverse effects of inflation uncertainty on financial markets (Mexico 1986–89, Turk…
This paper analyzes the impact of foreign direct investment on domestic financial markets—more specifically on the credit constraints of domestic firms. It has been argued that FDI has a negative impact by crowding out domestic firms or by reducing profitability via product mark…
This dissertation assesses two important aspects of capital markets in East Asia: (a) financial integration and its volatility and (b) feasibility of forming an optimum currency area. The first aspect focuses on the impact of the financial regime on real activity. It examines th…
This dissertation examines overreaction, seasonality, and relationship among Middle East and North Africa (MENA) stock markets. The dissertation is organized in five chapters. The first chapter is introduction to the dissertation and its importance. The second chapter will discu…
This dissertation develops a regulatory framework for employee equity-based compensation at start-up companies. At first glance, equity-based compensation represents a break from the zero-sum game that typically characterizes the relationship between the "labor share" and the "c…