International momentum strategies

Article Abstract:

International equity markets exhibit medium-term return continuation. Between 1980 and 1995 an internationally diversified portfolio of past medium-term Winners outperforms a portfolio of medium-term Losers after correcting for risk by more than 1 percent per month. Return continuation is present in all twelve sample countries and lasts on average for about one year. Return continuation is negatively related to firm size, but is not limited to small firms. The international momentum returns are correlated with those of the United States which suggests that exposure to a common factor may drive the profitability of momentum strategies. (Reprinted by permission of the publisher.)

Analysis, Foreign investments, Stock-exchange, Stock exchanges, Portfolio management

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Public Offerings of State-Owned And Privately-Owned Enterprises: An International Comparison

Article Abstract:

The pricing of Initial public offerings of state-owned companies is discussed, based on data from Canada, France, Hungary, Japan, Malaysia, Poland, Thailand and the United Kingdom. Topics include the privatization process, the theory of initial offer prices, empirical tests, and initial privatization returns.

Statistical Data Included, Privatization, Privatization (Business), Going public (Securities), Initial public offerings

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Is the international convergence of capital adequacy regulation desirable?

Article Abstract:

Research shows that the absence of complementary variation between regulatory forbearance and minimum bank capital requirements promotes a shift from more forbearing economies to less forbearing ones, and decreases bank competitive advantages in the latter type of economies.

Legal issues & crime, Government regulation (cont), Government regulation, Legal/Government Regulation, Economic aspects, Laws, regulations and rules, Economic conditions, Industry regulations, Government regulation of business, Trade regulation, Bank capital

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