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 …

Stock markets in emerging economies are often surrounded by a fast-pace real and monetary
growth. The high returns typical of those markets continue to attract foreign investors who …

Much resources have been expended over the years debating the tax treatment of insurance
versus self insurance. This article reviews and analyzes the principal concepts and …

Free Cash Flow (FCF) was adopted in the late 1980s as a financial tool to evaluate the firm
and its individual projects. We question the procedure of calculating the FCF where a …

Static tradeoff theories, which do not explicitly treat the impact of transaction costs, do not
explain the policy of asymmetry between frequent small debt transactions and infrequent large …

Lacking examples of initial public offering (IPO) mechanisms that are open to the public and
priced competitively, previous studies could not determine what size discount, if any, is …

The term structure of default-free interest rates is not directly observable in a market where
government obligations of various maturities bear coupons at different rates, and where …

This paper examines accepted methods of calculating the effect of deferred realization on the
effective rate of capital gains tax paid by common shareholders. These methods are shown …

Traditional models of corporate interior optimum leverage rely on institutional schemes such
as taxes, bankruptcy, and agency costs. Theories of leverage indifference in the presence of …

Margin requirements are designed to control the default risk inherent to commitments
undertaken by option traders. Much like similar institutions, the Tel Aviv Stock Exchange (TASE) …