We examine theories of IPO underpricing using unique data from Israel where the allocation
to subscribers is by equal proration. This enables us to simulate the return earned by …

This paper extends one aspect of the US stock market study of Fama (1990) and Schwert (1990).
We examine the relationship between industrial production (IP) growth rates and …

The purpose of this paper is to examine the effect of illiquidity on the value of currency
options. We use a unique dataset that allows us to explore this issue in special circumstances …

We study 84 dual-class stock unifications, where superior vote shareholders gave up their
superior voting status (all firm stocks became “one share one vote”) and received (in most …

The purpose of this study was to investigate dominant-satellite relationships of dually listed
stocks. It deals with the interrelations between stocks listed and traded in two international …

The study examines a sample of 895 stocks that moved from Nasdaq to the New York Stock
Exchange or to the American Stock Exchange (Amex) between 1971 and 1994. We show …

International multiple listing offers a unique opportunity to study the efficiency of information
transmission across national markets. The knowledge gained from observing a stock of the …

This study investigates differences in expert valuations of private versus public firms conducted
for transactions outside the exchange. First, we provide evidence for extreme reliance of …

The article examines the price linkages of three major United States-traded country funds--Germany,
Japan and Great Britain--with their own national and the United States stock …

This paper examines the contribution of market makers to the liquidity and the efficiency of the
options market in a unique setup of an order-driven computerized trading system, in which …