Bruce Allen Hearn

University of Southampton

University Rd.

Southampton SO17 1BJ, Hampshire SO17 1LP

United Kingdom

SCHOLARLY PAPERS

45

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58

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Scholarly Papers (45)

1.

The Role of the Stock Market in the Provision of Islamic Development Finance: Evidence from Sudan

Emerging Markets Review, Vol. 12, No. 3, 2011
Number of pages: 32 Posted: 20 Nov 2008 Last Revised: 04 Jun 2011
Bruce Allen Hearn, Roger Strange and Jenifer Piesse
University of Southampton, University of Sussex and University of Stellbosch
Downloads 832 (27,631)

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North Africa, Sudan, Islamic Finance, Emerging Financial Markets

2.

Islamic Finance and Market Segmentation: Implications for the Cost of Capital

International Business Review, Forthcoming
Number of pages: 24 Posted: 15 Apr 2010 Last Revised: 12 Jan 2011
Bruce Allen Hearn, Roger Strange and Jenifer Piesse
University of Southampton, University of Sussex and University of Stellbosch
Downloads 437 (64,162)

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Islamic Finance, Segmentation, Sudan

3.

Market Liquidity and Stock Size Premia in Emerging Financial Markets: The Implications for Foreign Investment

International Business Review, Vol. 19, No. 5, 2010
Number of pages: 29 Posted: 23 Jul 2008 Last Revised: 12 Jan 2011
Roger Strange, Jenifer Piesse and Bruce Allen Hearn
University of Sussex, University of Stellbosch and University of Southampton
Downloads 358 (81,214)

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Africa, Capital Asset Pricing Model, Liquidity, Emerging Financial Markets

4.

Barriers to the Development of Small Stock Markets: A Case Study of Swaziland and Mozambique

Journal of International Development, Forthcoming
Number of pages: 24 Posted: 23 Aug 2008 Last Revised: 20 May 2009
Jenifer Piesse and Bruce Allen Hearn
University of Stellbosch and University of Southampton
Downloads 327 (90,100)

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Sub-Saharan Africa, Swaziland, micro-markets, regional integration

5.

Sector Cost of Equity in African Financial Markets

Emerging Markets Review, Vol. 10, No. 4, 2009
Number of pages: 38 Posted: 24 Mar 2009 Last Revised: 02 Nov 2009
Jenifer Piesse and Bruce Allen Hearn
University of Stellbosch and University of Southampton
Downloads 257 (116,638)

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Africa, Capital Asset Pricing Model, Liquidity, Emerging Financial Markets

6.

Overcoming Financing Constraints in an Emerging Islamic Market: Evidence from the Sudan Telecommunications Company

Transnational Corporations (UNCTAD), Vol. 18, No. 3, (2009)
Number of pages: 31 Posted: 13 Nov 2008 Last Revised: 20 Nov 2012
Bruce Allen Hearn, Jenifer Piesse and Roger Strange
University of Southampton, University of Stellbosch and University of Sussex
Downloads 251 (119,563)

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Islamic finance, emerging market finance, Sudan

7.

The Impact of Corporate Governance Measures on the Performance of West African IPO Firms

Emerging Markets Review, Vol. 12, 2011
Number of pages: 35 Posted: 20 Jun 2010 Last Revised: 07 Aug 2011
Bruce Allen Hearn
University of Southampton
Downloads 211 (141,858)

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IPO, Underpricing, Cost of Equity, West Africa, Agency Theory

8.

The Limited Role of Small Stock Exchanges in Economic Development: A Case Study of Mozambique and Swaziland

Development Southern Africa, Forthcoming
Number of pages: 34 Posted: 23 Jul 2008 Last Revised: 24 Apr 2009
Jenifer Piesse and Bruce Allen Hearn
University of Stellbosch and University of Southampton
Downloads 203 (147,059)

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Sub-Saharan Africa, Mozambique, Swaziland, micro-markets, regional integration

9.

Pricing Southern African Shares in the Presence of Illiquidity: A Capital Asset Pricing Model Augmented by Size and Liquidity Premiums

Kings College London Department of Management Research Paper No. 47
Number of pages: 33 Posted: 05 Sep 2008
Bruce Allen Hearn and Jenifer Piesse
University of Southampton and University of Stellbosch
Downloads 202 (147,714)

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Sub-Saharan Africa, Capital Asset Pricing Model, Liquidity, Emerging Financial Markets

10.

Size and Liquidity Effects in Asia-Pacific Equity Markets

Number of pages: 48 Posted: 12 Jan 2010 Last Revised: 29 Nov 2010
Bruce Allen Hearn
University of Southampton
Downloads 198 (150,441)

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Liquidity, CAPM, Emerging Financial Markets, Asia, Australia

11.

Market Liquidity and Stock Size Premia in African Emerging Financial Markets: The Implications for Foreign Investment

Cairo and Alexandria Stock Exchange Occasional Paper Series
Number of pages: 33 Posted: 19 Nov 2008
Bruce Allen Hearn, Jenifer Piesse and Roger Strange
University of Southampton, University of Stellbosch and University of Sussex
Downloads 189 (157,080)

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Africa, Capital Asset Pricing Model, Liquidity, Emerging Financial Markets

12.

Size, Liquidity and Value Effects in African Frontier Equity Markets

Applied Financial Economics, 2011
Number of pages: 37 Posted: 12 Jan 2010 Last Revised: 04 Jun 2011
Bruce Allen Hearn
University of Southampton
Downloads 176 (167,471)

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Liquidity, CAPM, Kalman filter, Emerging Financial Markets, Sub Saharan Africa

13.

The Effects of Business Angels, Private Equity and Lead Managers on the Performance of North African IPO Firms

Number of pages: 24 Posted: 25 May 2010
Bruce Allen Hearn
University of Southampton
Downloads 163 (179,040)

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IPO, Underpricing, Family Firms, North Africa, Agency Theory

14.

Equity Market Integration Versus Segmentation in Three Dominant Markets of the Southern African Customs Union: Cointegration and Causality Tests

Applied Economics, Vol. 14, No. 1, 2002
Number of pages: 34 Posted: 23 Jul 2008
Jenifer Piesse and Bruce Allen Hearn
University of Stellbosch and University of Southampton
Downloads 159 (182,890)

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Financial market Integration, causality, SACU, African markets

15.

Stock Market Finance and Gross National Happiness: An Institutional Fit? Evidence from Bhutan

Journal of Bhutan Studies, 22, 1-36, (2010)
Number of pages: 36 Posted: 15 Jun 2010 Last Revised: 19 Nov 2012
Bruce Allen Hearn and Michael Givel
University of Southampton and University of Oklahoma
Downloads 150 (192,038)

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South Asia, Bhutan, Buddhist Finance, Gross National Happiness

16.

Modelling Stock Returns in Southern Africa's Equity Markets

Journal for the Study of Economics and Econometrics, Forthcoming
Number of pages: 19 Posted: 20 Oct 2008
Bruce Allen Hearn and Jenifer Piesse
University of Southampton and University of Stellbosch
Downloads 145 (197,426)

Abstract:

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Portfolio Choice, Asset pricing, International Financial Markets, Sub-Saharan Africa

17.

Costs of Equity in North Africa’s Equity Markets: An Industrial Sector Study

Emerging Markets Review, Forthcoming
Number of pages: 45 Posted: 12 Jan 2010 Last Revised: 12 Jan 2011
Bruce Allen Hearn
University of Southampton
Downloads 134 (210,340)

Abstract:

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Liquidity, CAPM, Kalman filter, Emerging Financial Markets, North Africa

18.

Time Varying Size and Liquidity Effects in South Asian Equity Markets: A Study of Blue-Chip Industry Stocks

International Review of Financial Analysis, Vol. 19, 2010
Number of pages: 35 Posted: 06 Mar 2010 Last Revised: 19 Nov 2012
Bruce Allen Hearn
University of Southampton
Downloads 132 (212,969)

Abstract:

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Liquidity, CAPM, Kalman Filter, Emerging Financial Markets, South Asia

19.

The Performance and the Effects of Family Control in North African IPOs

International Review of Financial Analysis, Vol. 20, No. 1, 2011
Number of pages: 31 Posted: 14 Feb 2010 Last Revised: 07 Aug 2011
Bruce Allen Hearn
University of Southampton
Downloads 132 (212,969)

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IPO, Underpricing, Family Firms, North Africa, Agency Theory

20.

An Examination of Price Integration Between Stock Market and International Crude Oil Indices: Evidence from China

Applied Economics Letters, 18(16), 1595-1602, (2011)
Number of pages: 15 Posted: 13 Dec 2010 Last Revised: 20 Nov 2012
Bruce Allen Hearn and Shuk Yin Man
University of Southampton and University of Leicester
Downloads 123 (224,713)

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Financial market Integration, causality, Oil, China

21.

Liquidity and Stock Size Premia in Japanese Regional Financial Markets: An Industry Level Analysis

Number of pages: 32 Posted: 12 Jan 2010 Last Revised: 27 Sep 2010
Bruce Allen Hearn, Byoung Youp Lee, Roger Strange and Jenifer Piesse
University of Southampton, University of London, King's College London, Department of Management, University of Sussex and University of Stellbosch
Downloads 115 (236,331)

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Japan, Capital Asset Pricing Model, Liquidity, Regional Financial Markets

22.

A Test of the Law of One Price: An Examination of Price Integration between Europe and Regional Markets in Africa

Kings College London Department of Management Research Paper No. 46
Number of pages: 26 Posted: 18 Jan 2009 Last Revised: 25 Aug 2009
Jenifer Piesse and Bruce Allen Hearn
University of Stellbosch and University of Southampton
Downloads 113 (239,283)

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Financial market Integration, causality, Sub Saharan Africa

23.

The Contrasting Effects of Board Composition and Structure on IPO Firm Underpricing in a Developing Context

International Review of Financial Analysis, Vol. 21, 2012
Number of pages: 29 Posted: 12 Dec 2010 Last Revised: 20 Nov 2012
Bruce Allen Hearn
University of Southampton
Downloads 109 (245,505)

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Corporate Governance, IPO, Underpricing, Agency Theory, Africa

24.

The Impact of Stock Market Integration on Small Developing Countries: A Namibian Perspective

Number of pages: 47 Posted: 15 Apr 2010
Bruce Allen Hearn
University of Southampton
Downloads 101 (258,814)

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Financial Integration, Emerging Stock Markets, Namibia

25.

Size and Liquidity Effects in Japanese Regional Stock Markets

Journal of Japanese and International Economies, Vol. 25, No. 2, 2011
Number of pages: 39 Posted: 12 Jan 2010 Last Revised: 19 Nov 2012
Bruce Allen Hearn
University of Southampton
Downloads 101 (258,814)

Abstract:

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Liquidity, Portfolio Diversification, Regional Financial Markets, Japan

26.

The Effects of Banking Relationship, Private Equity and Lead Managers on the Performance of West African IPO Firms

South African Journal of Economics, 79(4), 430-451
Number of pages: 31 Posted: 30 May 2010 Last Revised: 20 Nov 2012
Bruce Allen Hearn
University of Southampton
Downloads 97 (265,770)

Abstract:

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IPO, Underpricing, Cost of Equity, West Africa, Agency Theory

27.

Size and Liquidity Effects in Nigeria

Number of pages: 34 Posted: 02 Jun 2010
Bruce Allen Hearn
University of Southampton
Downloads 95 (269,407)

Abstract:

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Liquidity, CAPM, Emerging Financial Markets, Nigeria

28.

Liquidity and Valuation in East African Securities Markets

South African Journal of Economics, Vol. 77, No. 4, 2009
Number of pages: 25 Posted: 22 Mar 2009 Last Revised: 05 Nov 2009
Bruce Allen Hearn
University of Southampton
Downloads 95 (269,407)

Abstract:

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Liquidity, Portfolio Diversification, Emerging Financial Markets, East Africa

29.

Integration and the Asymmetric Transmission of Volatility: A Study of Equity Markets in Sub-Saharan Africa

South African Journal of Economics, Vol. 73, No. 1
Number of pages: 46 Posted: 23 Jul 2008 Last Revised: 04 Sep 2008
Bruce Allen Hearn
University of Southampton
Downloads 93 (273,100)

Abstract:

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Volatility transmission, African financial market integration

30.

Modelling Size and Illiquidity in West African Equity Markets

Applied Financial Economics, 2010
Number of pages: 41 Posted: 13 Feb 2009 Last Revised: 21 Nov 2009
Jenifer Piesse and Bruce Allen Hearn
University of Stellbosch and University of Southampton
Downloads 92 (274,964)

Abstract:

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Liquidity, Emerging Financial Markets, Sub-Saharan Africa, West Africa

31.

The Costs and Opportunities for Portfolio Diversification in Southern Africa's Smallest Equity Markets

South African Journal of Economics, Vol. 76, No. 3
Number of pages: 36 Posted: 23 Jul 2008 Last Revised: 07 Aug 2011
Bruce Allen Hearn
University of Southampton
Downloads 86 (286,870)

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Portfolio Choice, Asset pricing, International Financial Markets, Sub-Saharan Africa

32.
Downloads 85 (288,998)

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Liquidity, CAPM, Emerging Financial Markets, Asia

33.

Legal Regime, Size, and Liquidity Factors in Asset Pricing

Cass Business School Emerging Markets Group Working Paper WP-EMG-13-2009
Number of pages: 41 Posted: 27 Mar 2009 Last Revised: 01 Jun 2011
Bruce Allen Hearn, Jenifer Piesse and Kate Phylaktis
University of Southampton, University of Stellbosch and City University London - Sir John Cass Business School
Downloads 83 (293,181)

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Portfolio Choice, Asset pricing, International Financial Markets, Sub-Saharan Africa

34.

The Impact of Firm Size and Liquidity on the Cost of External Finance in Africa

Number of pages: 31 Posted: 23 Mar 2009 Last Revised: 20 Nov 2012
Bruce Allen Hearn and Jenifer Piesse
University of Southampton and University of Stellbosch
Downloads 82 (295,337)

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Liquidity, Portfolio Diversification, Emerging Financial Markets, Africa

35.

The Institutional Determinants of Private Equity Involvement in Business Groups – The Case of Africa

Journal of World Business (Forthcoming), IFN Working Paper No. 1082
Number of pages: 47 Posted: 04 Oct 2015 Last Revised: 27 Oct 2016
Bruce Allen Hearn, Lars Oxelheim and Trond Randøy
University of Southampton, Research Institute of Industrial Economics (IFN) and University of Agder - School of Management
Downloads 68 (328,577)

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Business Group, Business Angel, Venture Capital, Africa, IPO, Ownership Structure, Institutional Voids, Property Rights Protection

36.

Is Good Governance Priced? An Examination of Listed Firms from OECD Equity Markets

Asian Finance Association (AsianFA) 2018 Conference
Number of pages: 76 Posted: 16 Jan 2018 Last Revised: 16 Feb 2019
Bruce Allen Hearn and Kate Phylaktis
University of Southampton and City University London - Sir John Cass Business School
Downloads 61 (347,473)

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Firm Governance, Legal Origin, Asset pricing, International Financial Markets

37.

The Role of Institutions in the Migration of Corporate Governance Practice into Emerging Economies – The Case of Africa

IFN Working Paper No. 1122
Number of pages: 54 Posted: 30 May 2016 Last Revised: 27 Feb 2018
Bruce Allen Hearn, Lars Oxelheim and Trond Randøy
University of Southampton, Research Institute of Industrial Economics (IFN) and University of Agder - School of Management
Downloads 60 (350,318)

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Disclosure; CEO Salary; Institutional Theory; Africa; Emerging Economies; IPO

38.

Firm Level Governance and Institutional Determinants of Liquidity: Evidence from Sub Saharan Africa

International Review of Financial Analysis, 2013
Number of pages: 48 Posted: 19 Mar 2013
Bruce Allen Hearn and Jenifer Piesse
University of Southampton and University of Stellbosch
Downloads 60 (350,318)

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Liquidity, Liquidity Determinants, Emerging Financial Markets, Africa

39.

The Influence of Institutions, Investor Protection and Corporate Block-Shareholders in Asset Pricing

Number of pages: 46 Posted: 22 Nov 2011
Bruce Allen Hearn, Kate Phylaktis and Jenifer Piesse
University of Southampton, City University London - Sir John Cass Business School and University of Stellbosch
Downloads 60 (350,318)

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Investor Protection, Legal Origin, Asset pricing, International Financial Markets

40.

The Determinants of Director Remuneration in West Africa: The Impact of State Versus Firm-Level Governance Measures

Number of pages: 36 Posted: 19 Nov 2012
Bruce Allen Hearn
University of Southampton
Downloads 58 (356,190)

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IPO, Board of Directors, Institutional Theory

41.

Development Strategy in Offshore Markets: Evidence from the Channel Islands

Journal of Economic Studies, 38(1), 30-51
Number of pages: 24 Posted: 20 Nov 2008 Last Revised: 19 Nov 2012
Bruce Allen Hearn
University of Southampton
Downloads 56 (362,266)

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Portfolio Choice, Asset pricing, International Financial Markets, Channel Islands

42.

The Impact of Board Governance on Director Compensation in West African IPO Firms

Research in International Business and Finance, 28, 82-104, (2013)
Number of pages: 31 Posted: 05 Oct 2011 Last Revised: 20 Nov 2012
Bruce Allen Hearn
University of Southampton
Downloads 54 (368,564)

Abstract:

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IPO, Board of Directors, Institutional Theory

43.

A Reassessment of Stock Market Integration in SADC: The Determinants of Liquidity and Price Discovery in Namibia

Applied Financial Economics, Vol. 23, 2013
Number of pages: 17 Posted: 19 Nov 2012
Bruce Allen Hearn and Jenifer Piesse
University of Southampton and University of Stellbosch
Downloads 51 (377,976)

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Integrated financial markets, institutions, Africa

44.

Expropriation Risk by Block Holders, Institutional Quality and Expected Stock Returns

Journal of Corporate Finance, Forthcoming
Number of pages: 63 Posted: 22 Jan 2016 Last Revised: 02 May 2017
Bruce Allen Hearn, Kate Phylaktis and Jenifer Piesse
University of Southampton, City University London - Sir John Cass Business School and University of Stellbosch
Downloads 46 (394,867)

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Investor Protection, Legal Origin, Asset pricing, International Financial Markets

45.

The Influence of Institutionally Embedded Ownership on Anglo-American Corporate Governance Migration into Emerging Economy IPO Firms

IFN Working Paper No. 1190, 2017
Number of pages: 43 Posted: 02 Dec 2017
Bruce Allen Hearn, Lars Oxelheim and Trond Randøy
University of Southampton, Research Institute of Industrial Economics (IFN) and University of Agder - School of Management
Downloads 19 (517,789)

Abstract:

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IPO; Corporate Governance Practice; Institutional Theory; Africa; Emerging Economies

Other Papers (1)

Total Downloads: 9    Citations: 0
1.

Ownership Concentration, Institutions and Expected Stock Returns

Number of pages: 55 Posted: 18 Feb 2014
Bruce Allen Hearn, Kate Phylaktis and Jenifer Piesse
University of Southampton, City University London - Sir John Cass Business School and University of Stellbosch
Downloads 9

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Investor Protection, Legal Origin, Asset pricing, International Financial Markets