Topic
Stock exchange
About: Stock exchange is a research topic. Over the lifetime, 39566 publications have been published within this topic receiving 612044 citations.
Papers published on a yearly basis
Papers
More filters
TL;DR: In this paper, the authors examined the association between corporate governance structures and incidences of listing suspension from the JSE Securities Exchange of South Africa and found that the likelihood of suspension is higher in firms with a smaller proportion of non-executive directors, without an audit committee, and with greater block-share ownership and higher gearing.
136 citations
TL;DR: In this case, a lot depends on considerable control of the interest rate, the degree of freedom permitted the exchange in dealing with pricing of securities, strict maintenance of professional standards and other purposeful innovations as mentioned in this paper.
Abstract: Obviously for the Nigerian capital market to enhance economic growth and development and compare favourably with those of developed market economies, investors will need to be abreast with the happenings and great benefits of the stock market. In this case a lot depends on considerable control of the interest rate, the degree of freedom permitted the exchange in dealing with pricing of securities, strict maintenance of professional standards and other purposeful innovations. NESG Economic Indicators Vol. 13 (2) 2007: pp. 36-47
136 citations
TL;DR: In this paper, a positive association between stock-for-stock acquirers' pre-merger abnormal accruals and postmerger lawsuits was found, and the probability of lawsuits was negatively associated with both the market reaction to the merger announcement and the post-mergers announcement long-term abnormal returns.
Abstract: There is a positive association between stock-for-stock acquirers' pre-merger abnormal accruals and post-merger lawsuits. The probability of lawsuits is also negatively associated with both the market reaction to the merger announcement and the post-merger announcement long-term abnormal returns, indicating that the market only partially anticipates the effects of post-merger announcement lawsuits. Not only are post-merger lawsuits associated with post-merger underperformance, but they are also likely drivers of the underperformance. The study suggests that it is important that investors not only undo the direct stock price effects of earnings management but also factor the contingent legal costs associated with earnings management.
136 citations
TL;DR: In this article, the authors examined whether firms' choices regarding alternative foreign stock exchange listings are influenced by financial disclosure levels and found that firms' decision to list their shares on foreign stock exchanges is influenced by disclosure requirements.
Abstract: Firms are increasingly listing their shares on foreign stock exchanges. However, not all exchanges have had equal appeal. Anecdotal evidence suggests that when firms are making foreign listing decisions, they are influenced by financial disclosure requirements. As a result, regulatory authorities around the globe are weighing increasing demands for foreign capital and investment opportunities against the desire to protect domestic investors from possibly misleading foreign financial disclosures. The competitiveness of domestic stock exchanges often hangs in the balance. This study examines a key question in this debate: whether firms' choices regarding alternative foreign stock exchange listings are influenced by financial disclosure levels. Examined are the listings of 302 internationally traded firms with at least one foreign listing, on one of nine major exchanges, as of year‐end 1987. Also examined are changes in listings between 1981 and 1987, an important design feature since these changes are more likely to have been influenced by differences across countries in financial disclosure levels during this period. Financial disclosure levels are obtained from a survey of 142 experts actively involved in the foreign listing process. Test results based on the cross‐section of listings at year‐end 1987 are consistent with the hypothesis that exchange choices are influenced by financial disclosure levels. However, they do not lend support to a second hypothesis suggesting that this effect should operate only for firms whose domestic disclosure levels are lower than those of a given foreign exchange. Tests based on changes in listings between 1981 and 1987 support both hypotheses. Overall, the results lend credence to concerns expressed by regulatory authorities and exchange officials that stringent disclosure levels could reduce access to foreign capital and foreign investment opportunities. Copyright © 1992, Wiley Blackwell. All rights reserved
136 citations
TL;DR: In this paper, the stock market's changing valuation of corporate patentable assets between 1910 and 1939 is examined, showing that the value of knowl? edge capital increased significantly during the 1920s compared to the 1910s as investors responded to the quality of technological inventions.
Abstract: This article examines the stock market's changing valuation of corporate patentable assets between 1910 and 1939. It shows that the value of knowl? edge capital increased significantly during the 1920s compared to the 1910s as investors responded to the quality of technological inventions. Innovation was an important driver of the late 1920s stock market runup, and the Great Crash did not reflect a significant revaluation of knowledge capital relative to physical capital. Although substantial quantities of influential patents were accumulated during the post-crash recovery, high technology firms did not earn significant excess returns over low technology firms for most of the 1930s.
135 citations