Introduction / Andrew H. Chen -- Corporate ownership is not always the best policy / John W. Kensinger, Stephen L. Poe -- The information content of corporate investment announcements : the case of joint ventures / Arthur J. Keown, Paul Laux, John D. Martin -- An expanded study on the stock market temperature anomaly / Melanie Cao, Jason Wei -- Value and growth investing in Asian stock markets 1991-2002 / Joseph Kang, David Ding -- An analysis of stock participation accreting redemption quarterly-pay securities / K.C. Chen, Friderica Widyasari Dewi, Lijie Zhu -- Investment incentives in project finance in the presence of partial loan guarantees / Van Son Lai, Issouf Soumaré-- Pricing options with price limits and market illiquidity / Chuang-Chang Chang, Huimin Chung, Tin-I Wang -- The increasing integration and competition of financial institutions and of financial regulation / James A. Wilcox -- A model of liquidity and bank reserves / Stephen A. Kane, Mark L. Muzere -- An investigation of the mid-loan relationship between bank lenders and borrowers / Aron A. Gottesman, Gordon S. Roberts -- Zero-non-zero patterned vector error correction modelling for I / T.J. Brailsford, J.H.W. Penm, R.D. Terrell -- Exchange rate cointegration across central bank regime shifts / Jose A. Lopez.

This volume contains contributions on important topics in current finance research. Topics include the impact of recent reform in corporate governance, the stock price reactions to the joint venture announcements, the temperature, and the financial signals, the pricing of SPARQs, the incentive effects in project finance with government financial guarantees, the option pricing models with price limits and market liquidity, the benefits of financial competition and regulation, the banking theories on the required reserves and the impact of mid-loan bank lending, and the new tests PPP and the cointegration test of foreign exchange rates with regime shifts.