Econometric Modeling: International Financial Markets - Emerging Markets eJournal最新文献_第6页

Israel's Triumph Over Inflation: The Long and Winding Road 以色列战胜通货膨胀:漫长曲折的道路

Econometric Modeling: International Financial Markets - Emerging Markets eJournal Pub Date : 2017-01-01 DOI: 10.3386/w23061

A. Razin

引用次数: 1

An Empirical Literature Survey of Islamic Banking 伊斯兰银行实证文献综述

Econometric Modeling: International Financial Markets - Emerging Markets eJournal Pub Date : 2016-12-07 DOI: 10.2139/ssrn.2980516

M. Hassan, Aliyu Sirajo

引用次数: 2

Importance of Judicial Efficiency in Capital Structure Decisions of Small Firms: Evidence from Pakistan 司法效率在小企业资本结构决策中的重要性:来自巴基斯坦的证据

Econometric Modeling: International Financial Markets - Emerging Markets eJournal Pub Date : 2016-12-01 DOI: 10.30541/V55I4I-IIPP.361-394

Attaullah Shah, Z. Khan

{"title":"Importance of Judicial Efficiency in Capital Structure Decisions of Small Firms: Evidence from Pakistan","authors":"Attaullah Shah, Z. Khan","doi":"10.30541/V55I4I-IIPP.361-394","DOIUrl":"https://doi.org/10.30541/V55I4I-IIPP.361-394","url":null,"abstract":"Empirical evidence to identify factors that are responsible for the sluggish development of bond and capital markets in Pakistan remains scanty. This paper is a step forward in this direction. Specifically, this paper draws on the recent developments in the area of law and finance to formulate several propositions on how judicial efficiency can have a differential impact on corporate capital structures of small and large firms. These propositions are tested using data of 370 firms listed at the Karachi Stock Exchange (KSE) and 27 districts high courts of Pakistan. The results indicate that leverage ratio decreases, when judicial efficiency decreases; however, this relationship is not statistically significant. This is due to the composition effect. Allowing judicial efficiency to interact with the included explanatory variables, the results show that worsening judicial efficiency increases leverage ratios of large firms and decreases leverage ratios of small firms, which is an indication of the fact that creditors shift credit away from small firms to large firms in the presence of inefficient judicial system. Results also indicate that the effect of inefficient courts is greater on leverage ratios of firms that have fewer tangible assets as percentage of total assets than on leverage ratios of firms that have more tangible assets. The results indicate that under inefficient judicial system creditors reduce their lending to small firms and firms with little collateral and redistribute the credit to large firms. This is why judicial inefficiency does not change volume of credit, but changes distribution of the credit. These results highlight the importance of judicial efficiency for small firms in the determination of their capital structures.","PeriodicalId":108284,"journal":{"name":"Econometric Modeling: International Financial Markets - Emerging Markets eJournal","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125828506","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 5

Reviewing Trade Policy in China During the Transition to Balanced Economic Growth 中国经济向平衡增长转型过程中的贸易政策回顾

Econometric Modeling: International Financial Markets - Emerging Markets eJournal Pub Date : 2016-12-01 DOI: 10.1111/twec.12476

José R. Sánchez-Fung

引用次数: 4

Resumption of Single Stock Futures (SSFs) with Stringent Regulations and Their Impact on the Risk Characteristics of the Underlying Stocks 监管严格的单股期货复牌及其对标的股票风险特征的影响

Econometric Modeling: International Financial Markets - Emerging Markets eJournal Pub Date : 2016-10-01 DOI: 10.22547/BER/8.2.1

I. Malik, Attaullah Shah

{"title":"Resumption of Single Stock Futures (SSFs) with Stringent Regulations and Their Impact on the Risk Characteristics of the Underlying Stocks","authors":"I. Malik, Attaullah Shah","doi":"10.22547/BER/8.2.1","DOIUrl":"https://doi.org/10.22547/BER/8.2.1","url":null,"abstract":"During the stock market turmoil and later on in the year 2008, the Securities and Exchange Commission of Pakistan (SECP) suspended trading in futures products at the Karachi Stock Exchange (KSE) due to their proven destabilizing role in Global Financial Crises (GFC). On July 27th 2009, the Single Stock Futures (SSFs) were re-launched with stringent regulations for their trading in stock market. In this study, an attempt is made to identify changes in the volatility dynamics of underlying stocks after resumption of SSFs in KSE with tighter regulations than before and whether stringent regulations are justified or not. Specifically, the study decomposes volatility into systematic and unsystematic risk components and investigates the inherent changes in the underlying stocks’ volatility subsequent to the resumption of SSFs. The findings suggest that the decrease in the systematic and unsystematic risk cannot be attributed to the firms’ contract listing, but contemporaneous market, industry or macroeconomic changes. The findings may imply that stringent regulations are unjustified, which may reduce the liquidity and efficiency of the market and do no good to the market","PeriodicalId":108284,"journal":{"name":"Econometric Modeling: International Financial Markets - Emerging Markets eJournal","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125419545","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 4

Modelling the Return of Shariah with Underlying Indices of National Stock Exchange of India: A Case of 3SLS and GMM Estimation 印度国家证券交易所基础指数对伊斯兰教法回归的建模:以3SLS和GMM估计为例

Econometric Modeling: International Financial Markets - Emerging Markets eJournal Pub Date : 2016-06-04 DOI: 10.24191/JEEIR.V4I2.9082

Saif Siddiqui, S. Sheikh

引用次数: 9

Regulatory Institutions and Chinese Outward FDI: An Empirical Review 监管制度与中国对外直接投资:实证研究

Econometric Modeling: International Financial Markets - Emerging Markets eJournal Pub Date : 2016-06-03 DOI: 10.2139/SSRN.2551236

V. Z. Chen, Yuanyuan Li, S. Hambright

{"title":"Regulatory Institutions and Chinese Outward FDI: An Empirical Review","authors":"V. Z. Chen, Yuanyuan Li, S. Hambright","doi":"10.2139/SSRN.2551236","DOIUrl":"https://doi.org/10.2139/SSRN.2551236","url":null,"abstract":"Purpose: This paper seeks to review the effects of home regulatory institutions on outward FDI (OFDI) in the context of China and discuss the extent to which they can be extended to other emerging markets. We especially compare these empirical studies with theoretical discussions in each category, identify research gaps, and suggest future research ideas. Practical implications are discussed. Design/methodology/approach: It focuses specifically on three categories of regulatory institutions, including overall institutional development, liberalization of OFDI policies, and state ownership (and its closely approximate forms). Using a systematic review, this paper has reviewed 26 empirical studies (23 quantitative and 3 qualitative studies) published in peer-reviewed journals. Findings: These studies suggest that overall institutional development towards a market economy in general leads to increased OFDI, but this effect is contingent on the stage of such development and the capabilities of Chinese multinationals. Liberalized and supportive OFDI policies also facilitate OFDI activities, but only into selective areas. Findings on state ownership have been mixed. Originality/value: This review offers a full picture of empirical evidence on how multiple levels of regulatory institutions affect OFDI from China. In this way, we can identify the research gaps between theoretical discussions on home institutions and OFDI and empirical evidence. Thus we make suggestions for future directions of studies.","PeriodicalId":108284,"journal":{"name":"Econometric Modeling: International Financial Markets - Emerging Markets eJournal","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131498327","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 14

Theoretical and Empirical Asset Pricing: Evidence of Korean Economy. 资产定价理论与实证:韩国经济的证据。

Econometric Modeling: International Financial Markets - Emerging Markets eJournal Pub Date : 2016-04-11 DOI: 10.2139/ssrn.2762048

Tasoh Martin Toh

引用次数: 0

Türkiye’De Hisse Senedi Ile Döviz, Mevduat, Altın, Konut Piyasaları Arasındaki Eşbütünleşme İlişkilerinin Analizi (Cointegration Analysis between Stock Exchange and TL/FX Saving Deposits, Gold, Housing Markets in Turkey)

Econometric Modeling: International Financial Markets - Emerging Markets eJournal Pub Date : 2016-04-01 DOI: 10.20409/BERJ.2016116804

Yener Coskun, Oznur Umit

{"title":"Türkiye’De Hisse Senedi Ile Döviz, Mevduat, Altın, Konut Piyasaları Arasındaki Eşbütünleşme İlişkilerinin Analizi (Cointegration Analysis between Stock Exchange and TL/FX Saving Deposits, Gold, Housing Markets in Turkey)","authors":"Yener Coskun, Oznur Umit","doi":"10.20409/BERJ.2016116804","DOIUrl":"https://doi.org/10.20409/BERJ.2016116804","url":null,"abstract":"The paper asks whether the return of Borsa Istanbul100 index has long term relations with U.S. Dollar to Turkish Lira (TL) exchange rate, London Bullion Market Association (LMBA) gold fixing price, interest rate on TL saving deposit, and real house price index over the period of 2000:01-2014:07 in Turkey. We first test stationary of time series through Augmented Dickey Fuller, Phillips-Perron, Zivot-Andrews, and Lee-Strazicich unit root tests. Then, we perform Johansen cointegration test and multiple structural breaks cointegration test of Maki (2012). Johansen cointegration test suggests that there is a long term relationship among the variables, but Maki cointegration estimation do not provide evidence for the existence of cointegration. According to the latter result, we may argue that TL/FX saving deposits, gold, and housing markets in Turkey, having probably different investment dynamics and investor profile, may not integrate or compete with stock market under the impacts of structural breaks. This outcome may also imply that the policies on the development of stock market and contributions of stock market to the growth may have some structural limitations.","PeriodicalId":108284,"journal":{"name":"Econometric Modeling: International Financial Markets - Emerging Markets eJournal","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132754209","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 17

Euro ve ABD Doları Kurları ile Pay Senedi Endeksleri Arasındaki İlişkinin İncelenmesi: Borsa İstanbul Verileri Üzerine Ampirik Bir Çalışma (Examining the Relationship between Euro/TL, USD/TL and Equity Indexes: An Empirical Study on Borsa İstanbul)

Econometric Modeling: International Financial Markets - Emerging Markets eJournal Pub Date : 2016-03-01 DOI: 10.20525/IJFBS.V5I2.269

Ayben Koy, Hicabi Ersoy

{"title":"Euro ve ABD Doları Kurları ile Pay Senedi Endeksleri Arasındaki İlişkinin İncelenmesi: Borsa İstanbul Verileri Üzerine Ampirik Bir Çalışma (Examining the Relationship between Euro/TL, USD/TL and Equity Indexes: An Empirical Study on Borsa İstanbul)","authors":"Ayben Koy, Hicabi Ersoy","doi":"10.20525/IJFBS.V5I2.269","DOIUrl":"https://doi.org/10.20525/IJFBS.V5I2.269","url":null,"abstract":"Bu calismada Turkiye’de pay senetleri fiyatlari ile doviz kurlari arasindaki iliski, VAR metodu (vektor oto regresyon modeli) kullanilarak arastirilmistir. Doviz kurlari ve pay senedi fiyatlarindan olusan degiskenler arasinda dogrusal bir baginti olup olmadiginin tespiti amaciyla bu model kullanilmistir. Bu amacla, doviz kurlari, BIST Banka ve BIST Sinai endeksleri ele alinmistir. Veriler Ocak 2011’den Aralik 2014’e kadar olan doneme ait gunluk degismeleri icermektedir. Turkiye’de en fazla islem yapilan doviz kurlari ABD dolari ve Euro oldugu icin, bu kurlar tercih edilmistir. This paper examines the linkages between the exchange rates and equity indexes including the diversity of sector. We use VAR model (the vector auto regression model) which is an econometric model used to capture the linear interdependencies among variables, exchange rates and equity indexes. The sample of the study consists of USD/TL, Euro/TL, BIST Bank and BIST Industry. The data of the study includes the January 2011 and December 2014with daily data range.","PeriodicalId":108284,"journal":{"name":"Econometric Modeling: International Financial Markets - Emerging Markets eJournal","volume":"931 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126628610","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1