Corruption has significant effects on a nation’s financial markets through its adverse impact on foreign portfolio investment (FPI). Yet, the effects of corruption on FPI are nonlinear and reverse J-shaped, with intermediate levels of corruption ...

This article analyzes the effect on firm value of having former government officials as lobbyists. The results suggest that the number of “revolving door” lobbyists is negatively correlated with firm value. The authors find that ...

Executive Summary Despite lump-sum investing’s superior performance, dollar-cost averaging continues to be popular among investors. Much of the previous literature has used behavioral reasoning, seasonality, conditional expected returns, and mean reversion in stock prices to ...

This article examines the implications of corporate fraud on stock liquidity. We find that the revelation of corporate fraud has an adverse effect on liquidity not only in the short term but also in the ...

We investigate how firm‐specific certification practices through corporate governance can reduce perceived ambiguity and thus enhance liquidity of a firm in the stock market. We show that better corporate governance helps reduce ambiguity. In addition, ...

This article investigates the impact of political uncertainty and abnormal market conditions on institutional trading behavior. The study finds that institutional investors are net buyers during abnormal market decreases and net sellers during abnormal market ...

Even though financial markets have become more integrated and international capital now moves more freely across borders, we argue that access to foreign equity investments still remains a political decision, and this policy decision is ...