Emerging Markets: Finance eJournal最新文献

{"title":"Interbank Liquidity Risk Transmission to Emerging Markets Amidst Financial Crises","authors":"I. Sifat, A. Zarei","doi":"10.2139/ssrn.3702117","DOIUrl":"https://doi.org/10.2139/ssrn.3702117","url":null,"abstract":"We construct synthetic spreads representing funding liquidity risk in BRICS economies and examine whether stress in the interbank and financial markets in the US spread to emerging markets during the Global Financial Crisis, European Sovereign Debt Crisis, and COVID-19 pandemic. We rely on a time-varying-parameter model with shrinkage priors on daily data of varied lengths and reach two conclusions: the stock market and corporate debt channels in BRICS economies are not risk transmitters, and (b) government debt (local and sovereign) channels are regular vectors of funding liquidity risk. Deeper analysis of the results’ temporal patterns shows key central banking decisions to precede or coincide with spillover attenuation, which, too, progressively waned with each crisis. In fact, with the understandable exception of China, spillover phenomenon is inert during the COVID-19 pandemic.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"238 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123282418","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}

{"title":"Ownership Structure, Corporate Governance Reform and Firm Performance in Kuwait","authors":"Abdullah Alajmi, A. Worthington","doi":"10.2139/ssrn.3884662","DOIUrl":"https://doi.org/10.2139/ssrn.3884662","url":null,"abstract":"This paper examines the link between ownership structure and firm performance in Kuwaiti firms in the context of recent corporate governance reform. Panel data robust regressions of firm performance against ownership structure specify variously the former using the returns on assets and equity, the debt to equity ratio, leverage, and Tobin’s Q and the latter as family, government and local and foreign institutional ownership. We find family ownership has the most influence on firm performance followed by government ownership, but disproportionately to their actual shares of ownership. Importantly, corporate governance reform appears to have had little effect in moving to a first voluntary then compulsory corporate governance code and guidelines, suggesting many firms had either adopted good governance principles under market pressure or exited the industry in anticipation of the more stringent regulatory controls.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"193 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121903958","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}

{"title":"Financial Inclusion Strategy and Access to Credit by Micro Small and Medium Scale Enterprise (MSMEs) in Nigeria","authors":"Uju Akpunonu","doi":"10.2139/ssrn.3902043","DOIUrl":"https://doi.org/10.2139/ssrn.3902043","url":null,"abstract":"Financial inclusion avails all economic units the opportunity to access financial services needed to boost economic activities. One of the objectives of financial inclusion is to provide access to finance for the poor majority who initially do not use formal financial services. The MSMEs requirement for funds is hampered by their limited access to the financial market. This study however investigated the effect of financial inclusion strategies on access to credit by micro, small and medium scale enterprises (MSMEs) in Nigeria. Data for the study were collected from the CBN Statistical bulletin for the period of 1991 to 2019. The explanatory variables used to develop a multiple regression model captured the market capitalization, pension account, insurance account, microfinance account and e-banking as strategies to financial inclusion. The Autoregressive Distributive Lag model was developed and analyzed for long and short-run dynamics of financial inclusion on access to loan and advances by the MSMEs in Nigeria. The bound test showed that financial inclusion strategies had a long-run relationship with loan and advances of the MSMEs. The coefficient of determination explained 99% of access to loans and advances by the MSMEs in Nigeria. The coefficients of regression revealed that lags of Loan and Advances to MSMEs had adverse endogenous effects on the model. More so, activities in the capital market (MKTC) and pension accounts (PA) at lag 1 have positive and significant effects on credit to MSMEs (LA) in Nigeria; but insurance accounts (IA), microfinance account (MFA) and e-banking innovations (EBDUM) creates unstable significant effects on credit to MSMEs in Nigeria. The study posits that financial inclusion strategies have a long-run impact on MSMEs with the capital market and pension funds the major enhancers of MSME funding.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128699209","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}

{"title":"Comparative Study of NPA’s of Private and Public Sectors Banks in Nepal","authors":"Sandesh Bohora, Eliza Sapkota","doi":"10.2139/ssrn.3883156","DOIUrl":"https://doi.org/10.2139/ssrn.3883156","url":null,"abstract":"Non-Performing assets have become a significant issue for the banking and financial sector in Nepal. The asset quality of the bank has become crucial for the development of the banking sector. The motive of the study is to compare the NPA of public and private banks of Nepal as well as to study the relationship between NPA and the profitability of the selected banks. This study is based on secondary data, which are collected from annual reports and official websites of the banks. The study covers the period of 2016 to now in which three government-owned banks and three private banks are taken for the sample of the study. It is found that the NPA of private sector banks is relatively low than the public banks. In recent times the NPA of private sector banks is raising due to several factors like Covid-19 and an economic crisis but the NPA of public banks seems fine and not much affected.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"2021 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125746143","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}

{"title":"Performance Analysis of Mobile Banking During the COVID-19 Pandemic Period Comparing with the Pre-Pandemic Period of COVID-19: An Empirical Study on Bangladesh","authors":"Md. Ruhul Amin, M. Nahiduzzaman","doi":"10.35609/afr.2021.6.1(2)","DOIUrl":"https://doi.org/10.35609/afr.2021.6.1(2)","url":null,"abstract":"Objective - Mobile banking is a growing activity to engage the non-banking people in the banking system in Bangladesh, so researchers of this paper try to find out how much it is affected by the Coronavirus (COVID-19). Basically, this study is developed to assess the performance of mobile banking during the COVID-19 pandemic period comparing with the pre-pandemic period.\u0000\u0000Methodology/Technique - Authors use descriptive statistics to evaluate the performance of mobile bank during the study period from 2014 to August 2020.\u0000\u0000Findings - This paper finds that during the COVID period the average change of monthly number of active accounts & registered clients have increased, on the other hand the average change of monthly number of agents have decreased at the same time. Except cash in & cash out, all other types of transactions proportion of mobile banking have increased during the COVID-19 period.\u0000\u0000Novelty - As the mobile banking is a key resource for banking people as well as non-banking people to transact financial things at setting at the house, so this paper will be beneficial for mobile banking service provider organization to assess the whole things of mobile banking at this ongoing period, and they can take necessary action.\u0000\u0000Type of Paper - Empirical.\u0000\u0000Keywords: Mobile Banking, COVID-19, Financial Performance, Bangladesh.\u0000\u0000JEL Classification: G21, G22.\u0000\u0000URI: http://gatrenterprise.com/GATRJournals/AFR/vol6.1_2.html\u0000\u0000DOI: https://doi.org/10.35609/afr.2021.6.1(2)\u0000\u0000Pages 54 – 68","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"786 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125157087","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}

{"title":"Not All Bonds Are Created Equal - As Benchmarks for Corporate Bonds","authors":"Keqi Chen, Yi Huang, Kathy Yuan, Hao Zhou","doi":"10.2139/ssrn.3872425","DOIUrl":"https://doi.org/10.2139/ssrn.3872425","url":null,"abstract":"We find among government and quasi-government bonds, municipal corporate bonds (MCB) act as regional benchmarks and improve the quality of the nascent but fast-growing corporate bond market in China by facilitating price discovery and expanding investment opportunity sets. The benchmark effects of MCBs are more pronounced in corporate bonds with similar maturity, from the same region, in industries directly affected by government spending or traded on the exchange market. Furthermore, we find the supply of long-term MCBs encourages local corporations to issue long term bonds, indicating the possibility of complementarity between government and corporate bonds when bond market quality is poor.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134455172","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}

{"title":"Government Policies, Financial Scopes and Technological Usages for Agricultural Development and Post-Harvest Loss Reduction in Algeria","authors":"Tria Djihad, Abdelkader Alghorbany, Md. Mahmudul Alam, Azim Izzuddin Bin Muhamad","doi":"10.1504/ijpti.2020.10032958","DOIUrl":"https://doi.org/10.1504/ijpti.2020.10032958","url":null,"abstract":"Agriculture is considered to be a vital aspect of Algeria’s national economy and rural development. Achieving sustainable agricultural production, generating employment, reducing imports and minimising post-harvest crops losses are the major objectives of the Algerian government. However, based on the evaluation of existing policies, this study found that poor governance is hampering the agriculture sector, particularly in terms of management of financial resources, where most financial investments are made only for short-term gains. The lack of awareness about the importance of post-harvest practices and lack of using modern technology threaten the growth of this sector. Adopting sound post-harvest methods can reduce food losses and wastage in every stage of the food supply chain, and integration of modern techniques, skilled labour, and education training systems are very important if agriculture in Algeria is to progress.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131043038","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}

{"title":"¿Exuberancia de los precios de la vivienda en Colombia? (Exuberance of Housing Prices in Colombia?)","authors":"Juan Camilo Pardo Niño","doi":"10.2139/ssrn.3873532","DOIUrl":"https://doi.org/10.2139/ssrn.3873532","url":null,"abstract":"<b>Spanish Abstract:</b> El presente documento evidencia la existencia de burbujas en el precio de la vivienda en Colombia (a nivel nacional y de ciudades) entre el periodo 1995-2019. Para comprobar su presencia se utiliza la prueba de detección de burbujas propuesta por Phillips et al. (2015) al ratio precio-renta y a una medida del componente no fundamental del precio de la vivienda, encontrando varios periodos de comportamiento exuberante. Además, se demuestra la existencia de migración de burbujas desde Medellín hacia siete ciudades receptoras (entre nueve posibles), cuyas intensidades son cambiantes en el tiempo. Los resultados tienen importantes implicaciones para el diseño de políticas publicas dado que utiliza un mecanismo de detección en tiempo real.<br><br><b>English Abstract:</b> This document report evidence of the existence of house price bubbles in Colombia (as a country and several cities) between 1995-2019. To verify its presence, I apply the bubble detection test proposed by Phillips et al. (2015) to the price-to-rent ratio and a measure of the non-fundamental component of housing prices, finding several episodes of exuberant behavior. In addition, I show evidence of the existence of bubble migration from Medellín to seven cities (out of nine possible) whose intensities are time-varying. The results have important implications for the design of public policies since it uses a real-time detection mechanism.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"200 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124245601","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}

{"title":"Влияние информации в пресс-релизах на финансовые показатели российских компаний (Impact of Information in Press Releases on the Financial Performance of Russian Companies)","authors":"E. Fedorova, N. Lapshina, Mikhail L. Lazarev, A. Borodin","doi":"10.2139/ssrn.3901932","DOIUrl":"https://doi.org/10.2139/ssrn.3901932","url":null,"abstract":"Russian Abstract:При публикации пресс-релизов о доходах компания может как достоверно раскрывать дополнительную информацию, так и вводить в заблуждение инвестора, скрывая или, наоборот,приукрашивая факты. В работе оценивается влияние тональности пресс-релизов на финансовые показатели компании. Эмпирическая база включает поквартальные финансовые показатели отечественных компаний и ежеквартальные пресс-релизы (на русском и английском языках) за 2015–2019 годы. В рамках исследования для оценки влияния раскрытия в пресс-релизах перспектив деятельности компании на финансовые результаты авторами исследования создан словарь, окончательный вариант которого состоит из 373 слов. Позитивная и негативная тональности текста на английском языке оценивались по двум словарям: Loughran-McDonald Financial Dictionary и словарю Национального научно-исследовательского совета Канады (National Research Council), на русском языке — по словарю для экономических и финансовых текстов EcSentiThemeLex, сложность текста рассчитывалась через Bog Index. Для выявления влияния финансовых и текстовых факторов на финансовые показатели компании применялась панельная регрессия. Было выявлено, что в рассматриваемый период пресс-релизы становились длиннее и сопровождались более подробными комментариями менеджеров. Этот результат является значимым и для менеджеров, и для инвесторов.Отечественные менеджеры в пресс-релизах довольно правдиво описывают положение дел в компании и не манипулируют информацией. Инвесторы доверяют заявлениям менеджеров и пресс-релизам о будущих результатах компании и склонны положительно реагировать на позитивную тональность публикаций English Abstract:When publishing press releases on earnings, a company can either reliably disclose additional information, or mislead the investor, hiding or, conversely, embellishing the facts. In this study, the authors assess the impact of the press release tone on a company’s financial performance. The empirical base of the study includes quarterly financial indicators of Russian companies as well as semantic, linguistic and substantive features of quarterly press releases (in English and Russian)for 2015–2019. As part of this work, to assess the impact of disclosing a company’s prospects in press releases on its financial results, an authors’ dictionary was created, designed as a library in the R environment; the final list consists of 373 words. The positive and negative coloring of the text in English was assessed by two dictionaries, namely Loughran and McDonald (LM), and Mohammad and Turney (NRC); the assessment of the sentiment of press releases in Russian was assessed by EcSentiThemeLex dictionary for assessing economic and financial texts; and complexity of the text was graded via the Bog Index. Panel regression was used to assess the impact of financial and textual factors on a company’s financial performance. It was found that press releases are getting longer, accompanied by comments from managers and, in general, ","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116775895","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}

{"title":"Reaction of The Indian Stock Market to Corona Pandemic and Lockdown","authors":"Dhananjay Ashri, B. P. Sahoo","doi":"10.5958/0973-9343.2020.00028.9","DOIUrl":"https://doi.org/10.5958/0973-9343.2020.00028.9","url":null,"abstract":"Purpose: The present paper tries to probe the COVID-19 breakout effect on the stock markets by drawing shreds of evidence from India Design/methodology/approach: Secondary data has been used and retrieved from the BSE and NSE portal in this study The study covered the period July 1, 2019, to March 11, 2020, as \"pre-COVID period\" and March 12, 2020, to July 9, 2020, as \"post-COVID period\" Welch's t-test, popularly known as unequal variance t-test, and non parametric Mann-Whitney U test are used to compare the opening, highest, lowest, and closing prices across the two periods of the major stock indices;Nifty 50, Nifty 500, Nifty 100, Nifty Midcap 150, S&P BSE Sensex, S&P BSE 500, S&P BSE Midcap, and S&P BSE All Cap We further extended our study by employing a multiple regression model for the post-COVID period to identify the repercussions of the spread of the virus and lockdown on the stock indices' prices Findings: Both Welch's t-test and Mann-Whitney U-test indicated a significant (I% significance level) negative impact of the Covid-19 pandemic on the Indian stock market Multiple regression model confirmed a significant (significant at I%) positive effect of a rise in the COVID-19 cases on the stock market, and COVID-19 related deaths do not significantly impact even at 10% level Furthermore, the results revealed a significant (at I% level of significance) fall in the prices due to an increase in the lockdown days Originality/value: These outcomes contribute to the literature by looking at Coronavirus's economic consequences by drawing evidence from the Indian stock market This study provides insights into the policymakers and corporates into the economic repercussions of COVID-19","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127530299","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}