发布求助
文献互助 智能选刊 最新文献

International Corporate Finance eJournal最新文献

筛选
英文 中文
What Value Added in the Trade Balances of Euro Area Financial Centres? 欧元区金融中心的贸易余额增加了什么价值?
International Corporate Finance eJournal Pub Date : 2020-12-01 DOI: 10.2139/ssrn.3750713
Virginia Di Nino, Anna Ekstam
{"title":"What Value Added in the Trade Balances of Euro Area Financial Centres?","authors":"Virginia Di Nino, Anna Ekstam","doi":"10.2139/ssrn.3750713","DOIUrl":"https://doi.org/10.2139/ssrn.3750713","url":null,"abstract":"Beside large capital flows, euro area financial centres feature important and growing trade surpluses. We investigate the composition of their gross trade flows and disentangle (i) domestic and foreign production content that is (ii) directly traded with final absorbing economies or embedded in intermediates that are carried to final destination by partner countries. This accounting exercise uncovers that foreign production transiting through their borders accounts for most of the surpluses of financial centres but also that the net surplus in domestic value added traded directly with final consumers is twice as large as in other euro area economies. MNEs allocate the value created globally to financial centres. They do so through transfer pricing practices which undermine the correct representation of the external position of these countries with a bearing also on the external position of the euro area. Their participation in production chains also appears oddly large. When we replace the official trade statistics with predictions based on the gravity law of trade, the surpluses of main euro area financial centres disappear.","PeriodicalId":13701,"journal":{"name":"International Corporate Finance eJournal","volume":"69 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86441826","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: 0
Spillover Effects between Greece and Cyprus: A DCC Model on the Interdependence of Small Economies 希腊和塞浦路斯之间的溢出效应:小型经济体相互依赖的DCC模型
International Corporate Finance eJournal Pub Date : 2020-11-24 DOI: 10.2139/ssrn.3737253
Aristeidis Samitas, Elias Kampouris, Stathis Polyzos, Anastasia Ef. Spyridou
{"title":"Spillover Effects between Greece and Cyprus: A DCC Model on the Interdependence of Small Economies","authors":"Aristeidis Samitas, Elias Kampouris, Stathis Polyzos, Anastasia Ef. Spyridou","doi":"10.2139/ssrn.3737253","DOIUrl":"https://doi.org/10.2139/ssrn.3737253","url":null,"abstract":"This paper discusses the volatility spillovers between the Greek debt crisis and the Cypriot financial crisis. Cyprus was in the spotlight of financial markets due to significant problems stemming from the banking sector, which were dealt with by EU regulators with a bail-in on bank deposits. The current analysis aims to shed light on the reasons behind implementing this novel approach to bank distress. The study uses a Dynamic Conditional Correlation model on the returns of the stock markets of the two countries, which shows strong spillover effects during the period leading up to the 2013 Cypriot crisis, but a significant decrease of these effects from then on. The results confirm the close interdependence of the Greek and Cypriot economies before 2013 and show that this interdependence was limited from that point onwards. This would indicate that since the risk of contagion to the Eurozone had diminished, regulators could test the bail-in solution in Cyprus in 2015. The current work contributes to the discussion on the interdependence of European economies. The paper’s findings can also be applied to other emerging European economies.","PeriodicalId":13701,"journal":{"name":"International Corporate Finance eJournal","volume":"37 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73157501","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: 12
Does corruption shape firm centralization? Evidence from state-owned enterprises in China 腐败是否塑造了企业的集权?来自中国国有企业的证据
International Corporate Finance eJournal Pub Date : 2020-11-23 DOI: 10.2139/ssrn.3832870
Dongmin Kong, Ling Zhu
{"title":"Does corruption shape firm centralization? Evidence from state-owned enterprises in China","authors":"Dongmin Kong, Ling Zhu","doi":"10.2139/ssrn.3832870","DOIUrl":"https://doi.org/10.2139/ssrn.3832870","url":null,"abstract":"This study investigates the causal effects of corruption on firm centralization. Based on a unique setting in China that both parent firms’ and the whole group’s financial statements are mandatorily disclosed, we construct a novel proxy of centralization exploiting the allocation decision rights within group firms. We then verify the reliability of our measure and introduce a quasi-natural experiment (i.e., China’s anti-corruption campaign) to present that the reduction of corruption significantly enhances state-owned enterprises’ (SOEs’) centralization. A plausible mechanism is that the anti-corruption campaign reshapes firms’ external business environment and internal governance. Our findings are particularly pronounced for SOEs located in areas with high economic development/openness, low government intervention, better financing conditions, intensive industry concentration, and low ownership concentration.","PeriodicalId":13701,"journal":{"name":"International Corporate Finance eJournal","volume":"92 11 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87744146","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
Optimal Quantitative Easing in a Monetary Union 货币联盟中的最优量化宽松
International Corporate Finance eJournal Pub Date : 2020-11-19 DOI: 10.2139/ssrn.3737379
Serdar Kabaca, R. Maas, K. Mavromatis, Romanos Priftis
{"title":"Optimal Quantitative Easing in a Monetary Union","authors":"Serdar Kabaca, R. Maas, K. Mavromatis, Romanos Priftis","doi":"10.2139/ssrn.3737379","DOIUrl":"https://doi.org/10.2139/ssrn.3737379","url":null,"abstract":"Les caracteristiques du marche obligataire jouent un role cle dans la transmission des mesures d’assouplissement quantitatif au sein d’une economie ouverte. Les marches obligataires des Etats peripheriques et des Etats du centre de la zone euro presentent de grandes differences. Par exemple, les Etats peripheriques preferent avoir dans leurs portefeuilles des obligations d’Etat a long terme emises sur leur marche national et misent moins sur les instruments a court terme pour reequilibrer leurs portefeuilles a la suite d’achats de titres dans le cadre d’un programme d’assouplissement quantitatif. Dans ces pays, la dette publique represente aussi une proportion plus importante du produit interieur brut. \u0000 \u0000Nous construisons un modele a deux pays avec effets de reequilibrage des portefeuilles. Cette demarche nous permet d’etudier la politique monetaire optimale (ajustements de taux d’interet et programme d’assouplissement quantitatif) au sein d’une union monetaire. Le modele est caracterise par l’heterogeneite des portefeuilles entre les differentes regions. Dans le modele, la politique optimale en matiere d’assouplissement quantitatif est determinee non seulement par la taille de la region, mais aussi par les caracteristiques du portefeuille. \u0000 \u0000Nous constatons qu’une politique monetaire optimale mettant a profit les ajustements de taux d’interet et l’assouplissement quantitatif eloigne l’union monetaire de la borne zero plus rapidement que ne le feraient les ajustements de taux d’interet seuls, qui necessitent des indications prospectives. En calibrant notre modele pour la zone euro, nous constatons que, idealement, la banque centrale racheterait davantage d’obligations d’Etats peripheriques que d’obligation d’Etats du centre. Ce choix s’explique par le fait que les portefeuilles des Etats peripheriques subissent de plus fortes frictions. Enfin, notre modele predit que les achats de la banque centrale qui refletent la pratique de la Banque centrale europeenne imposent une pression indesirable sur les Etats peripheriques.","PeriodicalId":13701,"journal":{"name":"International Corporate Finance eJournal","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78603659","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: 3
Dissecting the Listing Gap: Mergers, Private Equity, or Regulation? 剖析上市差距:并购、私募股权还是监管?
International Corporate Finance eJournal Pub Date : 2020-11-10 DOI: 10.2139/ssrn.3329555
G. Lattanzio, W. Megginson, A. Sanati
{"title":"Dissecting the Listing Gap: Mergers, Private Equity, or Regulation?","authors":"G. Lattanzio, W. Megginson, A. Sanati","doi":"10.2139/ssrn.3329555","DOIUrl":"https://doi.org/10.2139/ssrn.3329555","url":null,"abstract":"The abnormal decline in the number of US public firms is often blamed on merger activity, private equity investments, and stock market regulations. We compare and quantify the effects of these channels on the evolution of the US listing gap. In the US, an extra 100 mergers is associated with 41.56 additional missing public firms, whereas an extra 100 private equity deals is associated with 7.83 fewer missing listings. Regulatory changes, particularly the Sarbanes–Oxley Act of 2002, are also estimated to have a significant role in the decline of US listings. We then specify the types of mergers and private equity deals that most strongly affect listings in the US. Finally, we document that listing gaps emerge in other developed economies, with a few years of delay. The non-US listing gaps are driven by similar forces as in the US.","PeriodicalId":13701,"journal":{"name":"International Corporate Finance eJournal","volume":"12 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74673664","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
CONFIRMING THE OBVIOUS: WHY ANTIQUE CHINESE BONDS SHOULD REMAIN ANTIQUE 这证实了一个显而易见的事实:为什么中国古董债券应该保持古董
International Corporate Finance eJournal Pub Date : 2020-11-01 DOI: 10.2139/ssrn.3735597
Brenda Luo, A. Xiao
{"title":"CONFIRMING THE OBVIOUS: WHY ANTIQUE CHINESE BONDS SHOULD REMAIN ANTIQUE","authors":"Brenda Luo, A. Xiao","doi":"10.2139/ssrn.3735597","DOIUrl":"https://doi.org/10.2139/ssrn.3735597","url":null,"abstract":"As the Sino-U.S. relationship goes on a downward spiral, increasingly more strange things have come out to haunt the two biggest economies in the world. One of these things involves the idea to make China pay for the sovereign bonds issued by its predeceasing regimes almost a century ago. This paper takes the idea seriously and maps out the possible legal issues surrounding the revival of these bonds. Although two particular bonds show some potential for being revived – the Hukuang Railways 5% Sinking Fund Gold Bonds of 1911 and the Pacific Development Loan of 1937 – the private bondholders would likely not be able to toll the statute of limitations on the repayment claims based on these bonds. Even in the unlikely scenario that they succeed in doing so, the Chinese government would have an arsenal of contract law arguments against the enforcement of these bonds, most notably the duress and impracticality defense. By going into the details of the legal arguments and history of these bonds, we seek to confirm the obvious, that is, the idea of making China pays for these bonds is as far-fetched as they sound like and would not be taken seriously by the court.","PeriodicalId":13701,"journal":{"name":"International Corporate Finance eJournal","volume":"2 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89978110","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: 0
Firms&Apos; Exposures to Geographic Risks Firms&Apos;地理风险暴露
International Corporate Finance eJournal Pub Date : 2020-11-01 DOI: 10.3386/w28185
B. Dumas, Tymur Gabuniya, R. Marston
{"title":"Firms&Apos; Exposures to Geographic Risks","authors":"B. Dumas, Tymur Gabuniya, R. Marston","doi":"10.3386/w28185","DOIUrl":"https://doi.org/10.3386/w28185","url":null,"abstract":"The distinction between domicile and place of business is becoming more and more relevant as a growing number of firms have activities abroad. In most statistical studies of international stock returns, a firm is included in a country’s index if its headquarters are located in that country. This classification scheme ignores the operations of the firm. We propose, instead, to measure the firms’ exposures to “geographic zones” according to the place where they conduct business. As a representation of “geographic risks”, we synthesize zone factors from all firms in the dataset, be they domestic firms or multinationals. And we show the properties of the exposures to the zone factors.","PeriodicalId":13701,"journal":{"name":"International Corporate Finance eJournal","volume":"9 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78705871","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: 0
Fiat Money, Cryptocurrencies, and the Pure Theory of Money 法定货币、加密货币和纯粹货币理论
International Corporate Finance eJournal Pub Date : 2020-10-29 DOI: 10.2139/ssrn.3724007
David Glasner
{"title":"Fiat Money, Cryptocurrencies, and the Pure Theory of Money","authors":"David Glasner","doi":"10.2139/ssrn.3724007","DOIUrl":"https://doi.org/10.2139/ssrn.3724007","url":null,"abstract":"This paper attempts to account for the rising value of cryptocurrencies using basic concepts of monetary theory. A positive value of fiat money is itself problematic inasmuch as that value apparently depends entirely on its expected resale value. A current value entirely dependent on expected future resale value seems inconsistent with backward induction. While fiat money can avoid the backward-induction problem if it is made acceptable in payment of taxes, acceptability for tax payments is unavailable to cryptocurrencies. Is the rising value of bitcoin and other cryptocurrencies a bubble? The paper argues that network effects may be an alternative mechanism for avoiding the logic of backward induction. Because users of any good subject to substantial network effects incur costs by switching to an incompatible alternative to the good currently used, users of a bitcoin for certain transactions may be locked into continued use of bitcoin despite an expectation that its future value will eventually go to zero. Thus, even if bitcoin and other cryptocurrencies are bubble phenomena, network effects may lock existing users of bitcoin into continued use of bitcoin for those transactions for which bitcoins provide superior transactional services to those provided by conventional currencies. Nevertheless, the prospects for bitcoin’s expansion beyond its current niche uses are dim, because its architecture implies that a significant expansion in the demand for its transactional services would lead to rapid appreciation that is incompatible with service as a medium of exchange.","PeriodicalId":13701,"journal":{"name":"International Corporate Finance eJournal","volume":"59 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80623110","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: 0
The Effects of IMF Conditional Programs on the Unemployment Rate 国际货币基金组织有条件计划对失业率的影响
International Corporate Finance eJournal Pub Date : 2020-10-14 DOI: 10.2139/ssrn.3515996
M. Chletsos, Andreas Sintos
{"title":"The Effects of IMF Conditional Programs on the Unemployment Rate","authors":"M. Chletsos, Andreas Sintos","doi":"10.2139/ssrn.3515996","DOIUrl":"https://doi.org/10.2139/ssrn.3515996","url":null,"abstract":"Investigating how lending conditional programs of the International Monetary Fund (IMF) affect the unemployment rate. We apply four different empirical approaches accounting for the selection bias issue using a panel of 96 countries for the period of 1971-2015. We find that IMF loan programs have detrimental effects on the unemployment rate. Our results remain robust across alternative specifications and using alternative measures of IMF arrangements. There is evidence that significant short-run effects hold robust in the long-run. Lastly, our results indicate that the conditions – policy reforms included within the program increases the unemployment rate.","PeriodicalId":13701,"journal":{"name":"International Corporate Finance eJournal","volume":"17 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83450480","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
Financial Contagion During Stock Market Bubbles 股市泡沫期间的金融传染
International Corporate Finance eJournal Pub Date : 2020-10-10 DOI: 10.2139/ssrn.3747334
Diego Escobari, S. Sharma
{"title":"Financial Contagion During Stock Market Bubbles","authors":"Diego Escobari, S. Sharma","doi":"10.2139/ssrn.3747334","DOIUrl":"https://doi.org/10.2139/ssrn.3747334","url":null,"abstract":"We investigate the role of bubbles on financial contagion using a set of developed economies. First, using the recursive flexible window right-tailed ADF-based procedure, we date stamp bubble periods in stock index series. Second, we capture contagion with a DCC multivariate GARCH framework. In a third step, we construct a panel by pooling across the time-series dynamic conditional correlations and bubbles to estimate various dynamic panel specifications that consider the endogenous nature of bubbles. We find statistically significant decreases in the dynamic correlations during periods of bubbles, which shows that the financial contagion between pair of countries diminishes when any of the two countries in the pair is going through a bubble period. This implies that during bubble periods investors are looking for an investment opportunity within their economy and rely less on international diversification. However, decrease in contagion between two economies could provide ample diversification opportunities for portfolio managers.","PeriodicalId":13701,"journal":{"name":"International Corporate Finance eJournal","volume":"22 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83315390","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: 0
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：481959085
Book学术官方微信