Publisher Summary This chapter provides a selective review of recent work in behavioral
finance. Modern finance assumes that the study of substantively rational solutions to …

We propose a cross‐sectional time‐series model to assess the impact of market
liberalizations in emerging equity markets on the cost of capital, volatility, beta, and …

Emerging markets have long posed a challenge for finance. Standard models are often ill
suited to deal with the specific circumstances arising in these markets. However, the interest …

Much has been learned about emerging markets finance over the past 20 years. These
markets have attracted a unique interdisciplinary interest that bridges both investment and …

We study a new class of unconditional and conditional mean‐variance spanning tests that
exploits the duality between Hansen‐Jagannathan bounds (1991) and mean‐standard …

Closed-end country funds can trade at large premiums and discounts from their foreign
asset values (NAVs). Investigating this anomaly, we find that individual fund premiums move …

We study the effects of barriers to capital flows using data from the Stock Exchange of
Thailand, which segments local and foreign trading of securities that have reached foreign …

Although in some respects, exchange traded funds (ETFs) do resemble conventional index
mutual funds, they also differ in two important ways. First, shares of ETFs can be created by …

We study the impact of barriers to international capital flows with stock price data from 11
countries whose stock markets feature shares restricted to locals and otherwise identical …

This survey reviews the evolving literature on closed‐end fund discounts. Many studies have
attempted to explain the existence and the behavior of the discount to net asset value …