A5046416085- Corporate Finance and Governance
- Financial Markets and Investment Strategies
- Auditing, Earnings Management, Governance
- Banking stability, regulation, efficiency
- State Capitalism and Financial Governance
- Global Financial Crisis and Policies
- Corruption and Economic Development
- Migration and Labor Dynamics
- Migration, Ethnicity, and Economy
- Private Equity and Venture Capital
- Housing Market and Economics
- Financial Reporting and Valuation Research
- Corporate Taxation and Avoidance
- Innovations in Medical Education
- Market Dynamics and Volatility
- Financial Risk and Volatility Modeling
- Monetary Policy and Economic Impact
- COVID-19 Impact on Reproduction
- Corporate Social Responsibility Reporting
- Economic Growth and Development
- Health and Medical Research Impacts
- Economic Theory and Policy
- COVID-19 and Mental Health
- Patient Safety and Medication Errors
- Patient Satisfaction in Healthcare
University Hospitals of Leicester NHS Trust
2025
Georgetown University
2012-2023
European Corporate Governance Institute
2006-2023
University College London
2006-2022
University College Hospital
2022
Ariadne Diagnostics (United States)
2018-2021
Guy's and St Thomas' NHS Foundation Trust
2021
University College London Hospitals NHS Foundation Trust
2020
Whittington Health NHS Trust
2015-2016
Health Education North West
2015-2016
This study examines the kinds of events that cause large shifts in volatility emerging stock markets. We first determine when changes market returns occur and then examine global local (social, political, economic) during periods increased volatility. An iterated cumulative sums squares (ICSS) algorithm is used to identify points shocks/sudden variance each how long shift lasts. Both increases decreases are identified. around time period occur. Most tend be include Mexican peso crisis,...
Journal Article Differences in Governance Practices between U.S. and Foreign Firms: Measurement, Causes, Consequences Get access Reena Aggarwal, Aggarwal Georgetown University Send correspondence to Isil Erel, Fisher College of Business, Ohio State University, 832 Hall, 2100 Neil Avenue, Columbus, OH 43210; telephone: (614) 292-5174; fax: 292-2418; E-mail: erel_1@fisher.osu.edu. Search for other works by this author on: Oxford Academic Google Scholar Erel René Stulz, Stulz NBER, ECGI Rohan...
m Early research related to initial public offerings (IPOs) documented the tendency of IPOs provide abnormal returns investors who purchased them at offering (Reilly and Hatfield [27] Stoll Curley [33]). Refinements extensions followed, including efforts explain variation in across firms underwriters (Johnson Miller [16] Reilly [22]). Information asymmetry, legal liability, signaling theories have also been incorporated into IPO (Allen Faulhaber [1], Baron [4], Rock [30], Tinic [35]). In...
Prior research has assumed that underwriters post a stabilizing bid in the aftermarket. We find instead aftermarket activities are less transparent and include stimulating demand through short covering restricting supply by penalizing flipping of shares. In more than half IPOs, position an average 10.75 percent shares offered is covered 22 transactions over 16.6 days aftermarket, resulting loss 3.61 underwriting fees. Underwriters manage price support using combination covering, penalty...
This study extends the international evidence on initial public offerings (IPOs) and is first comprehensive analysis examining new issues in Latin American countries of Brazil, Chile, Mexico. These have been among best performing markets early 1990s are undergoing major modernization programs opening their economies. Since Chile uses an auction process to go public, while offered at a fixed price Brazil Mexico, interesting comparisons based method going emerge. Further, both Mexico involved...
ABSTRACT We analyze institutional allocation in initial public offerings (IPOs) using a new data set of U.S. between 1997 and 1998. document positive relationship day one IPO returns. This is partly explained by the practice giving institutions more shares IPOs with strong premarket demand, consistent book‐building theories. However, also contains private information about first‐day returns not reflected demand other information. Our evidence supports theories underpricing, but suggests that...
Abstract The “January effect” and the “weekend have proven to be persistent anomalies in U.S. equity markets. objective of this paper is examine seasonal daily patterns returns four emerging markets: Hong Kong, Singapore, Malaysia, Philippines. These markets are gaining importance with globalization business; therefore, it necessary efficiency functioning these capital Our analysis uses data for 12 years from September 1, 1976, June 30, 1988. results support existence a pattern Returns month...
ABSTRACT This paper investigates voting preferences of institutional investors using the unique setting securities lending market. Investors restrict lendable supply and/or recall loaned shares prior to proxy record date exercise rights. Recall is higher for with greater incentives monitor, firms poor performance or weak governance, and proposals where returns governance are likely higher. At subsequent vote, associated less support management more shareholder proposals. Our results indicate...
We examine whether institutional investors affect corporate governance by analyzing portfolio holdings of institutions in companies from 23 countries during the period 2003-2008. find that firm-level is positively associated with international investment. Changes ownership over time subsequent changes governance, but opposite not true. Foreign and strong shareholder protection play a crucial role promoting improvements outside U.S. Institutional only which mechanisms are place, also...
Journal Article Differences in Governance Practices between U.S. and Foreign Firms: Measurement, Causes, Consequences Get access Reena Aggarwal, Aggarwal Search for other works by this author on: Oxford Academic Google Scholar Isil Erel, Erel René Stulz, Stulz Rohan Williamson The Review of Financial Studies, Volume 23, Issue 3, March 2010, Pages 3131–3169, https://doi.org/10.1093/rfs/hhn107.ra Published: 23 December 2008
This study assesses the stock return performance of 131 firms emerging from Chapter 11. Using differing estimates expected returns, we consistently find evidence large, positive excess returns in 200 days following emergence. We also examine reaction our sample firms' equity to their earnings announcements after emergence The and significant reactions suggest that results are driven by market's expectational errors, not mismeasurement risk. provide an interesting contrast, but a...
It is not known which supplemental imaging technique most beneficial for women with dense breasts attending breast screening. This study compares abbreviated MRI, automated whole ultrasound (ABUS), and contrast-enhanced mammography versus standard of care in a negative mammogram. We report on interim results from the first round imaging. In this UK randomised controlled trial, at ten screening sites, (aged 50-70 years) were independently allocated by batches (day/mobile van) to either ABUS,...
We examine the price discovery process of initial public offerings (IPOs) using a unique dataset. The first quote entered by lead underwriter in five‐minute preopening window explains large proportion returns even for hot IPOs. Significant learning and continues to take place during these five minutes with hundreds quotes being entered. observes quoting behavior other market makers, particularly wholesalers, accordingly revises his own quotes. There is strong positive relationship between...
The extent and type of financial fraud committed by listed firms in China, stock market reaction to the detection announcement fraud, association between institutional ownership are subjects this article. Using data from period 2001 2011, authors find wide occurrences a strong negative on date, particularly cases serious fraud. Fraud is more likely occur at that have smaller proportion independent directors poorly performing firms. Firms with higher mutual fund subsequently fewer incidences...