Ephraim Clark

Middlesex University Business School

Professor

The Burroughs

London, NW4 4BT

United Kingdom

  • Middlesex University Business School

SCHOLARLY PAPERS

43

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SSRN CITATIONS
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Top 10,608

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29

CROSSREF CITATIONS

89

Scholarly Papers (43)

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1.

Emerging Markets: Stock Market Investing with Political Risk

EFMA 2001 Lugano Meetings, Middlesex University Business School Discussion Paper No. 6, Cass Business School Research Paper
Number of pages: 21 Posted: 14 May 2001
Ephraim Clark and Radu Tunaru
Middlesex University Business School and University of Sussex
Downloads 1,423 (16,425)
Citation 1

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Portfolio investment, political risk, insurance policy, geometric Brownian motion, Poisson arrival process.

2.

Country Financial Risk and Stock Market Performance: The Case of Latin America

Number of pages: 31 Posted: 29 Mar 2001
Ephraim Clark and Konstantinos Kassimatis
Middlesex University Business School and Athens University of Economics and Business - Department of Business Administration
Downloads 786 (38,754)
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3.

The Determinants and Value Effects of Corporate Hedging: An Empirical Study of Hong Kong and Chinese Firms

Number of pages: 41 Posted: 11 Sep 2006
Ephraim Clark, Amrit Judge and Wing Sang Ngai
Middlesex University Business School, Middlesex University - Business School and Middlesex University
Downloads 734 (42,545)
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Corporate hedging, Foreign currency hedging, Derivatives, Financial distress, Debt capacity, Hong Kong, China

4.

Foreign Currency Derivatives versus Foreign Currency Debt and the Hedging Premium

Downloads 700 ( 45,345)
Citation 14

Foreign Currency Derivatives versus Foreign Currency Debt and the Hedging Premium

European Financial Management Journal, Forthcoming
Number of pages: 47 Posted: 17 Oct 2007 Last Revised: 13 May 2016
Ephraim Clark and Amrit Judge
Middlesex University Business School and Middlesex University - Business School
Downloads 697 (44,968)

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International Finance, Risk Management, Foreign Currency Hedging, Foreign Currency Derivatives, Foreign Currency Debt, Foreign Currency Swaps.

Foreign Currency Derivatives versus Foreign Currency Debt and the Hedging Premium

European Financial Management, Vol. 15, Issue 3, pp. 606-642, June 2009
Number of pages: 37 Posted: 27 May 2009
Ephraim Clark and Amrit Judge
Middlesex University Business School and Middlesex University - Business School
Downloads 3 (789,611)
Citation 3
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5.

Risk Management Disclosure Practices of UK Non-Financial Firms after Frs 13

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Risk Management Disclosure Practices of UK Non-Financial Firms after Frs 13

Number of pages: 30 Posted: 19 Jun 2002
Amrit Judge and Ephraim Clark
Middlesex University - Business School and Middlesex University Business School
Downloads 667 (47,714)

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Risk Management Disclosure Practices of UK Non-Financial Firms after Frs 13

Posted: 17 Jul 2003
Ephraim Clark and Amrit Judge
Middlesex University Business School and Middlesex University - Business School

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6.

Motives for Corporate Hedging: Evidence from the UK

Research in Financial Economics, Vol. 1, No. 1, pp. 57-78, 2005
Number of pages: 25 Posted: 14 May 2006
Ephraim Clark and Amrit Judge
Middlesex University Business School and Middlesex University - Business School
Downloads 639 (51,146)

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Corporate hedging, derivatives, financial distress costs.

7.

Constructing and Testing the 'World Market Portfolio' for Dollar Based Investors

EFA 2006 Zurich Meetings
Number of pages: 38 Posted: 15 May 2006 Last Revised: 03 Jun 2016
Ephraim Clark and Konstantinos Kassimatis
Middlesex University Business School and Athens University of Economics and Business - Department of Business Administration
Downloads 530 (64,748)

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World market portfolio, portfolio selection

8.

Hedging Mean-Reverting Commodities

Number of pages: 11 Posted: 06 Nov 2008
Udo Broll, Ephraim Clark and Elmar Lukas
Dresden University of Technology - Faculty of Economics and Business Management, Middlesex University Business School and Otto-von-Guericke University Magdeburg, Faculty of Economics and Management - Chair in Financial Management and Innovation Finance
Downloads 439 (81,733)
Citation 1

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Commodity risk, investment under uncertainty, hedging, mean-reverting

9.

The Effect of Floating Exchange Rates on SME Performance

Number of pages: 31 Posted: 27 Mar 2016 Last Revised: 10 Aug 2016
Yacine Belghitar, Ephraim Clark and Salma Mefteh-Wali
Middlesex University - Business School, Middlesex University Business School and ESSCA School of Management
Downloads 415 (87,050)
Citation 1

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SME, share price performance, asymmetric exchange rate exposure, good/bad exposures

10.

The Determinants of Foreign Currency Hedging: Does Foreign Currency Debt Induce a Bias?

Downloads 294 (127,812)
Citation 16

The Determinants of Foreign Currency Hedging: Does Foreign Currency Debt Induce a Bias?

European Financial Management Journal, Forthcoming
Number of pages: 37 Posted: 17 May 2006
Amrit Judge and Ephraim Clark
Middlesex University - Business School and Middlesex University Business School
Downloads 293 (127,596)
Citation 3

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Corporate hedging, foreign currency hedging, derivatives, financial distress, foreign currency debt

The Determinants of Foreign Currency Hedging: Does Foreign Currency Debt Induce a Bias?

European Financial Management, Vol. 14, Issue 3, pp. 445-469, June 2008
Number of pages: 25 Posted: 13 May 2008
Ephraim Clark and Amrit Judge
Middlesex University Business School and Middlesex University - Business School
Downloads 1 (813,698)
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11.

The Effect of CEO Risk Appetite on Firm Volatility: An Empirical Analysis of Financial Firms

International Journal of the Economics of Business, Forthcoming
Number of pages: 33 Posted: 12 Feb 2011 Last Revised: 10 Mar 2011
Yacine Belghitar and Ephraim Clark
Middlesex University - Business School and Middlesex University Business School
Downloads 194 (191,817)
Citation 1

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Executive Compensation, Stock Options, Risk Appetite, Firm Risk, Financial Institutions

12.

Political Connections and Corporate Financial Decision Making

Number of pages: 44 Posted: 12 Aug 2016
Yacine Belghitar, Ephraim Clark and Abubaker Saeed
Middlesex University - Business School, Middlesex University Business School and Comsats University Islamabad
Downloads 171 (214,293)
Citation 2

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political connection; Earnings management; Financial policies; Emerging market

13.

Sovereign Debt and the Cost of Migration: India 1990-1992

Number of pages: 55 Posted: 21 May 2003
Ephraim Clark and Geeta Lakshmi
Middlesex University Business School and University of Nottingham
Downloads 167 (218,589)

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Credit risk, market risk, term structure of interest rates, duration, ratings migration

14.

War and Emerging Market Default Risk: The Case of India and the Iraqi Invasion of Kuwait

Number of pages: 14 Posted: 06 Oct 2003
Ephraim Clark and Geeta Lakshmi
Middlesex University Business School and University of Nottingham
Downloads 121 (282,483)

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Term structure of interest rates, Duration, Spline

15.

Portfolio Rules for Conditional Stochastic Dominance: Applications to the Elliptical Distributions

Number of pages: 18 Posted: 08 May 2006
Ephraim Clark and Octave Jokung
Middlesex University Business School and EDHEC Business School
Downloads 107 (307,884)

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portfolio selection, elliptical distribution, stochastic

16.

Making Inefficient Market Indices Efficient

Number of pages: 24 Posted: 09 Feb 2009
Ephraim Clark, Octave Jokung and Konstantinos Kassimatis
Middlesex University Business School, EDHEC Business School and Athens University of Economics and Business - Department of Business Administration
Downloads 103 (315,898)
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Stochastic Dominance, Portfolio Efficiency

17.

Index Tracking with Utility Enhanced Weighting

Number of pages: 32 Posted: 22 May 2016 Last Revised: 16 Oct 2016
Ephraim Clark, Nitin Deshmukh, Barkan Guran and Konstantinos Kassimatis
Middlesex University Business School, Middlesex University - Business School, Istanbul Technical University - Department of Management Engineering and Athens University of Economics and Business - Department of Business Administration
Downloads 86 (354,223)

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Index Tracking, Cumulative Area Ratio, Analytic Hierarchy Process, Utility

18.

The Determinants of Sovereign Eurobond Spreads: India 1990-1992

Number of pages: 41 Posted: 04 May 2006
Ephraim Clark and Geeta Lakshmi
Middlesex University Business School and University of Lincoln (UK) - Lincoln Business School
Downloads 83 (361,996)

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Sovereign credit risk, Asymmetric information, Risk free term structure of interest rates, Credit ratings, Eurobond market structure

19.

New Development on the Third Order Stochastic Dominance for Risk-Averse and Risk-Seeking Investors with Application in Risk Management

Number of pages: 57 Posted: 06 Jan 2019 Last Revised: 01 May 2020
Raymond Honfu Chan, Ephraim Clark and Wing-Keung Wong
City University of Hong Kong, Middlesex University Business School and Asia University, Department of Finance
Downloads 71 (395,610)
Citation 1

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Third order stochastic dominance, expected-utility maximization, risk aversion, risk seeking, investment behaviors

20.

A Measure of Total Firm Performance: New Insights for the Corporate Objective

Number of pages: 34 Posted: 10 May 2016 Last Revised: 02 Sep 2016
Yacine Belghitar, Ephraim Clark and Konstantinos Kassimatis
Middlesex University - Business School, Middlesex University Business School and Athens University of Economics and Business - Department of Business Administration
Downloads 62 (424,647)

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Corporate Objectif; Utility Manimization; Firm Performance; Managerial Ownership; Agency Theory

21.

Emerging Markets: Investing with Political Risk

Multinational Finance Journal, Vol. 5, No. 3, p. 155-173, 2001
Number of pages: 19 Posted: 08 Jul 2015
Ephraim Clark and Radu Tunaru
Middlesex University Business School and University of Sussex
Downloads 56 (446,108)
Citation 1

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geometric Brownian motion; insurance policy; Poisson arrival process; portfolio investment; political risk

22.

International Equity Flows, Dominant Distributions and Diversification

Number of pages: 32 Posted: 07 Apr 2010
Ephraim Clark and Konstantinos Kassimatis
Middlesex University Business School and Athens University of Economics and Business - Department of Business Administration
Downloads 38 (521,823)

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equity flows, diversification, stochastic dominance

23.

Pricing the Cost of Expropriation Risk

Number of pages: 11 Posted: 15 Sep 2003
Ephraim Clark
Middlesex University Business School
Downloads 35 (536,797)
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24.

Heterogeneous Risk Behaviour of Bank Holding Companies after the Dodd–Frank Act

Number of pages: 45 Posted: 08 Jul 2020
Ephraim Clark, Marta Degl'Innocenti, Nemanja Radic and Si Zhou
Middlesex University Business School, University of Milan - Department of Economics, Management and Quantitative Methods (DEMM), Cranfield University - School of Management and Shanghai University
Downloads 29 (569,550)

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Dodd–Frank Act, Market Risk, Systemic Risk, Non-bank Subsidiaries, Lending, Borrowing

25.

Investor Valuation of the Abandonment Option: Empirical Evidence from UK Divestitures 1985-1991

Multinational Finance Journal, Vol. 14, No. 3/4, p. 291-317, 2010
Number of pages: 27 Posted: 26 Jun 2015
Ephraim Clark, Magid Gadad and Patrick Rousseau
Middlesex University Business School, The Academy of Graduate Studies and Institut d'Administration des Entreprises d'Aix-en-Provence (IAE Aix)
Downloads 20 (628,357)

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real options; abandonment; divestiture; premature abandonment; abnormal returns

26.

Theories of Risk: Testing Investor Behaviour on the Taiwan Stock and Stock Index Futures Markets

Number of pages: 29 Posted: 28 Nov 2017 Last Revised: 04 Dec 2017
Ephraim Clark, Zhuo Qiao and Wing-Keung Wong
Middlesex University Business School, University of Macau and Asia University, Department of Finance
Downloads 15 (663,896)

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stochastic dominance; risk aversion; risk seeking; prospect theory; behavioral economics; stock index futures

27.

Agency Conflict and the Signalling Snafu in the Mexican Peso Crisis of 1994

International Journal of Public Administration, vol. 23, n° 5-8, 2000
Number of pages: 29 Posted: 13 May 1998 Last Revised: 12 May 2016
Ephraim Clark
Middlesex University Business School
Downloads 12 (686,589)

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28.

Asymmetric Foreign Currency Exposures and Derivatives Use: Evidence from France

Journal of International Financial Management & Accounting, Vol. 22, No. 1, pp. 27-45, 2010
Number of pages: 19 Posted: 19 Dec 2010
Ephraim Clark and Salma Mefteh-Wali
Middlesex University Business School and ESSCA School of Management
Downloads 2 (766,320)
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29.

Theories of Risk: Testing Investor Behavior on the Taiwan Stock and Stock Index Futures Markets

Economic Inquiry, Vol. 54, Issue 2, pp. 907-924, 2016
Number of pages: 18 Posted: 26 Feb 2016
Ephraim Clark, Zhuo Qiao and Wing-Keung Wong
Middlesex University Business School, University of Macau and Asia University, Department of Finance
Downloads 0 (794,839)
Citation 3
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30.

Investors’ Preference Towards Risk: Evidence from the Taiwan Stock and Stock Index Futures Markets

Accounting & Finance, Vol. 54, Issue 1, pp. 251-274, 2014
Number of pages: 24 Posted: 04 Mar 2014
Zhuo Qiao, Ephraim Clark and Wing‐Keung Wong
University of Macau, Middlesex University Business School and Hong Kong Baptist University (HKBU)
Downloads 0 (794,839)
Citation 3
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Stochastic dominance, Stock index futures, Risk averter, Risk seeker, Utility maximization

31.

The Value Effects of Foreign Currency and Interest Rate Hedging: The UK Evidence

International Journal of Business, Vol. 13, No. 1, 2008
Posted: 10 Jun 2008
Yacine Belghitar, Ephraim Clark and Amrit Judge
Middlesex University - Business School, Middlesex University Business School and Middlesex University - Business School

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Firm value; Foreign currency hedging; Interest rate hedging; Derivatives; Debt capacity; Leverage; Financial distress.

32.

Water Management in France: Delegation and Irreversibility

Journal of Applied Economics, Vol. 3, No. 2, pp. 325-352, November 2000
Posted: 20 Jun 2004
Ephraim Clark and Gerard Mondello
Middlesex University Business School and CNRS, GREDEG CREDECO UMR 6227

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Water management, delegation, insurance mechanisms, technological changes, real options

33.

Pricing the Cost of Expropriation Risk

Review of International Economics, Forthcoming
Posted: 05 Apr 2001 Last Revised: 03 Sep 2013
Ephraim Clark
Middlesex University Business School

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34.

Strategic Parameters for Capital Budgeting When Abandonment Value is Stochastic

Posted: 19 Mar 2001
Ephraim Clark and Patrick Rousseau
Middlesex University Business School and Institut d'Administration des Entreprises d'Aix-en-Provence (IAE Aix)

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35.

Sovereign Debt Discounts and the Unwillingness to Pay

Finance, Vol. 20, No. 2, 1999
Posted: 19 Mar 2001
Ephraim Clark and Amel Zenaidi
Middlesex University Business School and Institut des Hautes Etudes Commerciales

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36.

Valuing Political Risk

Journal Of International Money And Finance, Vol. 16, No. 3, 1997
Posted: 23 May 2000
Ephraim Clark
Middlesex University Business School

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37.

A Note on Asset Proportions, Stochastic Dominance and the 50% Rule

Management Science, December 1999
Posted: 15 May 2000
Ephraim Clark and Octave Jokung
Middlesex University Business School and EDHEC Business School

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38.

Resource Management and the Mayor's Guarantee in French Water Allocation

Posted: 07 Mar 2000
Ephraim Clark and Gerard Mondello
Middlesex University Business School and CNRS, GREDEG CREDECO UMR 6227

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39.

Intervention in the Economy: Tradeoffs between Output and Volatility

Posted: 25 Jun 1998
Ephraim Clark and Octave Jokung
Middlesex University Business School and EDHEC Business School

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40.

Political Risk in Hong Kong and Taiwan: Pricing the China Factor

Journal of Economic Integration
Posted: 01 Jun 1998
Ephraim Clark
Middlesex University Business School

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41.

Capital Budgeting, Political Risk, and Prudence

International Journal of Finance, Vol.10, No. 1, 1998
Posted: 29 May 1998
Ephraim Clark and Octave Jokung
Middlesex University Business School and EDHEC Business School

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42.

Foreign Direct Investment: The Incentive to Expropriate and Expropriation Risk

Posted: 02 Apr 1998
Ephraim Clark
Middlesex University Business School

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43.

Risk Aversion, Wealth and International Capital Flows

Review of International Economics, January 1998
Posted: 26 Feb 1998
Ephraim Clark and Octave Jokung
Middlesex University Business School and EDHEC Business School

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