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Volume 5, Number 2 / June 2001 , Pages 87-154
Multinational Finance Journal, 2001, vol. 5, no.2, pp. 87-112 |
Nickolaos Travlos , ALBA, Greece, and Cardiff Business School, U.K.    Corresponding Author
Lenos Trigeorgis , University of Cyprus, Cyprus, and University of Chicago, U.S.A.
Nikos Vafeas , University of Cyprus, Cyprus

This article examines the stock market reaction to announcements of cash dividend increases and bonus issues (stock dividends) in the emerging stock market of Cyprus. Both events elicit significantly positive abnormal returns, in line with evidence from developed stock markets. This study contends that special characteristics of the Cyprus stock market delimit applicability of most traditional explanations for cash and stock dividends in favor of an information-signaling explanation. The empirical results are generally inconsistent with these contentions

Keywords : cash dividends; emerging markets; stock dividends
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Multinational Finance Journal, 2001, vol. 5, no. 2, pp. 113-128 |
Yin-Wong Cheung , University of California Santa Cruz, U.S.A.    Corresponding Author
Frank Westermann , University of Munich, Germany

Daily data from the German and U.S. equity markets before and after the introduction of the Euro are used to study the effect of exchange rate regime choices on equity markets. It is found that, since the introduction of the Euro, the volatility and the persistence of the German stock index have fallen significantly relative to those of the U.S. index. However, the switch in exchange rate arrangement appears to have no significant implication for the causal relationships – both the mean and variance causalities between the two equity markets

Keywords : n/a
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Multinational Finance Journal, 2001, vol. 5, no. 2, pp. 129-148 |
Jussi Nikkinen , University of Vaasa, Finland    Corresponding Author
Petri Sahlström , University of Vaasa, Finland

This study examines how the U.S. macroeconomic news releases affect uncertainty in domestic and foreign stock exchanges. For that purpose, the behavior of the implied volatilities from the U.S. and Finnish markets is investigated around the employment, producer price index (PPI) and consumer price index (CPI) reports. The results confirm the hypothesis that implied volatility increases prior to the macroeconomic news release and drops after the announcement in both markets. This implies that uncertainty associated with the U.S. macroeconomic news releases is reflected in foreign stock markets as well. Of the macroeconomic news releases, the employment report has the largest impact on uncertainty

Keywords : implied volatility; index options; macroeconomic news; uncertainty
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Multinational Finance Journal, 2001, vol. 5, no. 2, pp. 149-154 |
Adam Steen , Monash University, Australia    Corresponding Author
Petko Kalev , Monash University, Australia
Keith Turpie , Swinburne University of Technology, Australia

This article builds on an earlier study by Choi and Nam (1998) on the initial price performance of Public Sector Initial Public Offerings PIPOs in 30 countries. They report that, in general, PIPOs are more underpriced than private sector IPOs. Our study of the Australian market suggests the opposite is the case. The difference in the underpricing between their study and the evidence presented here is most likely due to the characteristics of Australian PIPOs. These characteristics include the tender process adopted, the extensive marketing employed and the dominant position of many of the issuers

Keywords : initial public offerings; initial return; privatization
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