---------------------------------------------------------------------Abstract------------------------------------------------------------------Now a day’s investors invest money in financial products. Financial operations are not local but wide-ranging to all the countries in the world. Stock Market is the market for security where organized issuance and trading of Stocks take place either thro...

We test whether equity overvaluation affects corporate financing decisions using an ex ante misvaluation measure that filters firm scale and growth prospects from market price. We find that equity issuance and total financing by firms increase with equity overvaluation; but only among overvalued stocks. Also consistent with behavioral theories, we find that the sensitivity of equity issuance to...

We provide evidence that the financing decisions of companies that are audited by a Big Six auditor are less affected by information asymmetry. Specifically, these companies enjoy greater financial flexibility and depend less on favorable market conditions for their equity issuance decisions than those not audited by a Big Six firm. As a consequence, their debt ratios are less affected either b...

Until recently, public-key certiicate issuance has involved verifying users' identities and public keys over a separate|and presumably secure|channel, such as in person or over the phone. However, the recent draft SET speciication has changed that with a protocol for issuing public-key certiicates to credit card holders in an interaction that takes place entirely over the Internet. We describe ...

We draw on stylized facts from the finance literature to build a model where altering the relative costs of bank and bond financing changes the entire distribution of firm size, with implications for the aggregate capital stock, output, and welfare. Reducing transactions costs in the bond market increases the output and profits of mid-sized firms at the expense of both the largest and smallest ...

In this study, we examine the relation between pre-offering demand and aftermarket performance of IPO firms in the Hong Kong stock market. We find that IPOs with high investor demand realize large positive initial returns but negative long-run excess returns, while IPOs with low investor demand realize negative initial returns but positive long-run excess returns. This result suggests that (1) ...

In recent years, we have observed an increase in low-income countries’ (LICs) access to international capital markets, especially after the Global Financial Crisis (GFC). This paper investigates what factors—country-specific macroeconomic fundamentals and/or external variables—have contributed surge bond issuance by these LICs, which refer our as ‘frontier economies’. Using data on public and p...

The stock market is a common feature of a modern economy and it is reputed to perform some necessary functions, which promote the growth and development of the economy. This study examines whether stock market promotes economic growth in Nigeria. To achieve this objective, ordinary least squares regression (OLS) was employed using the data from 1980 to 2000. The results indicated that there is ...

In 1994, Marine Mammal Protection Act (MMPA) section 101(a)(5) was amended to establish an expedited process by which citizens of the US can apply for an authorization to incidentally take (harass, hunt, capture, kill or collect, or attempt to harass, hunt, capture, kill or collect) small numbers of marine mammals by "harassment," referred to as Incidental Harassment Authorizations or IHAs. As ...