PSN: International Finance & Investment (Topic)最新文献

{"title":"Brave New World? The Politics of International Finance in Brazil and India","authors":"Leslie Elliott Armijo, John Echeverri-Gent","doi":"10.2139/ssrn.2135323","DOIUrl":"https://doi.org/10.2139/ssrn.2135323","url":null,"abstract":"The financial reputations of Brazil and India have undergone remarkable transitions since the early 1990s. At that time, Brazilian inflation soared beyond a thousand percent annually following a decade of increasingly desperate, and ultimately failed, emergency stabilization plans. In 1991, India suffered its worst monetary crisis in decades. Panicked investors tried to take money out of the country, very tight capital controls notwithstanding, while the government was forced to devalue the rupee by almost 19 percent. Only 20 years later, much had changed. By the time of the global financial crisis (GFC) of 2008–2009, both countries were acknowledged as significant global economic and political players, and in November 2008 Brazilian President Lula da Silva and Indian Prime Minister Manmohan Singh joined a select group of other senior world leaders at the first G20 Summit.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116920629","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":"Does 'Paper Oil' Matter? Energy Markets’ Financialization and Equity-Commodity Co-Movements","authors":"Bahattin Buyuksahin, Michel A. Robe","doi":"10.2139/ssrn.1855264","DOIUrl":"https://doi.org/10.2139/ssrn.1855264","url":null,"abstract":"We construct a uniquely detailed, comprehensive dataset of trader positions in U.S. energy futures markets. We find considerable changes in the make-up of the open interest between 2000 and 2010 and show that these changes impact asset pricing. Specifically, dynamic conditional correlations between the rates of return on investable energy and stock market indices increase significantly amid greater activity by speculators in general and hedge funds in particular (especially funds active in both equity and energy markets). The impact of hedge fund activity is markedly lower in periods of financial market stress. Our results support the notion that the composition of trading activity in futures markets helps explain an important aspect of the distribution of energy returns, and have ramifications in the debate on the financialization of energy markets.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"62 6","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120894766","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":"Sources of Return in the Index Futures Markets","authors":"Adam Zaremba","doi":"10.5709/CE.1897-9254.12","DOIUrl":"https://doi.org/10.5709/CE.1897-9254.12","url":null,"abstract":"The paper concerns an issue of existence of a risk premium in equity and index futures markets. The paper consists of four parts. The first part describes the basic hypotheses of forward curves in the futures market. In the second section, I formulate 5 hypotheses concerning a risk premium in the equity futures market, its forecastability, and its dependence on a market segment and development stage. The third part includes an empirical study, which confirms the existence of timedependent and partially predictable risk premium. The research was based on the Polish futures market in the years 2000-2010. The last section of the paper discusses potential implications for the financial market practice and indicates areas for further research.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125502819","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":"Do Financial Crises Make War More Likely?","authors":"Piero. Cinquegrana","doi":"10.2139/ssrn.1825485","DOIUrl":"https://doi.org/10.2139/ssrn.1825485","url":null,"abstract":"Financial crises precede deep and prolonged recessions. Political leaders face enormous challenges when confronting such dire economic situation, and they frequently have to face the possibility of losing power. In order to avoid this outcome, democratic and autocratic leaders may use war as a diversionary instrument to distract audiences at home. This empirical study enquires on the political consequences of financial crises. Using data from Rogoff and Reinhart (2009) including 66 developed and developing countries over the years 1800-2008, we compiled a panel to test the hypothesis that financial crises increase the likelihood of the onset of international conflict. We look at political instability, defined as turnover of the political leader, and we find that leaders can use war as a tool for political survival.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"186 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114744398","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 Persistence of Equity Funds in Hungary","authors":"Dariusz Filip","doi":"10.5709/CE.1897-9254.2","DOIUrl":"https://doi.org/10.5709/CE.1897-9254.2","url":null,"abstract":"This study examines the phenomenon of performance persistence of equity funds in Hungary in two time perspectives: 1-year and 6-month perspectives. The empirical results confirm the occurrence of performance dependence in consecutive periods. There is also a strong evidence of short-term persistence in the total horizon of the study (from the beginning of 2000 to the end of 2009), and in several sub-periods. The 1-year persistence was also found in the tested sample and, in general, depended on the measure applied. Furthermore, I observed performance reversal, which can be partly explained by trend changes in the financial markets. The persistence of equity funds performance in Hungary is shaped by market factors rather than the diversity of managerial characteristics.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"65 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126470604","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":"Dear Leaders, We Need Better Governance","authors":"L. Maggio","doi":"10.2139/ssrn.1701048","DOIUrl":"https://doi.org/10.2139/ssrn.1701048","url":null,"abstract":"The fourth document prepared by The Group of Lecce. Dear Leaders, We continue to solicit your attention, as we have done since your first summit in 2009, with ideas and proposals on what, in our view, should be done by the G20 to bring the world back on the road to authentic and effective multilateralism. We reiterate our strong persuasion that a globalized world requires that each and every nation be recognized – and be willing to take on itself – a fair share of responsibility vis-a-vis the global community of peoples and nations. For this very reason, we still hold onto our hope that your will use the G20 as a conduit to a governance framework where, not just twenty-some nations, however important, but all the nations that aim to be part of the global community have a right to a voice and for their voice to be heard. The world economy is still plagued by formidable disequilibria. It is not an exaggeration to fear that new severe crises might erupt, prompted by the perverse incentives triggered by those disequilibria, which could result in renewed human hurdles, further diffusion of instability and insecurity, and rising social and political tensions. Growing international macroeconomic inconsistencies, unresolved problems in financial markets and institutions, unaddressed fundamental governance issues, and questions of social justice still demand serious attention and resolute action on your side. More than that: they demand that you, as your forefathers did some sixty-five years ago when the world was emerging from the chasm of war, take the opportunity of the recent crisis to overhaul the way in which our global place is governed. Our global place needs a strong and genuinely multilateral governance framework, providing for rules by which all nations should feel obliged to abide in the interest of their peoples. Our global place should be one where nations felt responsible for considering the impact that their policy decisions exert on one another, and where national policies with potentially systemic consequences were agreed on internationally, before being acted upon. In other words: our global place needs better governance.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123059281","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":"Rescue of Financial Institutions: An Overview of European Commission Frameworks and Practice on State Aids to Financial Sector in the Current Global Crisis","authors":"José Antonio Rodriguez-Miguez","doi":"10.2139/ssrn.1615324","DOIUrl":"https://doi.org/10.2139/ssrn.1615324","url":null,"abstract":"This paper refers to the analysis of state aids granted by member states to financial institutions in the European Union, in the context of the current worldwide financial crisis. In order to test the present framework established by the European Commission from 2008 and its real practice, we start from the Decision adopted by the European Commission in the 1995 Credit Lyonnais case, which was an individual act, showed some interesting Commission general considerations about state aid to the banking sector, many of them are today included in current Commission communications.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"96 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122027068","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":"The Geographical Composition of National External Balance Sheets: 1980-2005","authors":"Chris Kubelec, F. Sá","doi":"10.2139/ssrn.1577143","DOIUrl":"https://doi.org/10.2139/ssrn.1577143","url":null,"abstract":"This paper constructs a data set on stocks of bilateral external assets and liabilities for a group of 18 countries, including developed and emerging economies. The data set covers the years 1980 to 2005 and distinguishes between four asset classes: foreign direct investment, portfolio equity, debt, and foreign exchange reserves. A number of stylised facts emerge from it. There has been a remarkable increase in interconnectivity over the past two decades. Financial links have become larger and more frequent and countries have become more open. The global financial network is centred around a small number of nodes, which have many and large links. In addition, the network exhibits ‘small-world’ properties, such as high clustering and low average path length. The combination of high interconnectivity, a small number of hubs, and ‘small-world’ properties makes for a robust-yet-fragile system, in which disturbances to the key hubs would be rapidly and widely transmitted. The global financial network is centred around the United States and the United Kingdom, which have large links and are connected to most other countries. This contrasts with the global trade network, which is arranged in three clusters: a European cluster (centred on Germany), an Asian cluster (centred on China), and an American cluster (centred on the United States).","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116501097","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":"Foreign Investment in Latin-America: Between Love and Hatred","authors":"Magnus Jesko Langer, J. Viñuales","doi":"10.1142/9781848168473_0014","DOIUrl":"https://doi.org/10.1142/9781848168473_0014","url":null,"abstract":"The political independence of Latin-American countries from European colonial powers, and particularly from the Spanish empire, in the early 19th century, signaled the beginning of another important struggle, namely the quest for economic emancipation. Much like the quest for political independence, the fight for economic emancipation was carried out on many fronts, including the front of ideas. Within the intellectual front itself, one of the most important struggles took place in the arena of legal concepts, and more specifically, in connection with the protection of the economic interests of aliens residing in the newly independent countries. The purpose of this article is to shed light on such struggle through a concise analysis of its legal manifestations over time. We focus on two types of legal concepts. The first concerns the methods for solving investment conflicts, such as diplomatic consultations, submission to a judicial body or armed intervention. The second relates to the rules potentially applicable to solve such disputes, which may be derived from the municipal law of the investor’s home State or from the host State’s legal system or, still, from international law. The evolution of these two types of concepts is analyzed by reference to four historical phases. These phases must be understood as analytical categories rather than as historical processes, as neither such processes nor the evolution of legal concepts have followed a clear-cut trajectory. They remain however useful analytical tools in order to understand the evolution of the legal concepts governing foreign investment as well as, more generally, to grasp the realities underlying such legal developments.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"234 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121377259","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":"Is Buy and Hold Investing Really Dead?","authors":"William F. Johnson","doi":"10.2139/ssrn.1569683","DOIUrl":"https://doi.org/10.2139/ssrn.1569683","url":null,"abstract":"The objective of this paper is to create a metric, called the MT-BH indicator (Market timing- Buy and Hold) to determine when conditions are favorable for the opposing investing strategies of buy and hold or market timing. Macro-economic variables of GDP growth rate and inflation growth rate are then regressed to explain the favorability of buy and hold or market timing investing strategies. Using MSCI returns from 44 countries for the period of 1995 thru 2008, I found that high levels of inflation rate and GDP growth rate were both significant and favored a buy and hold investing strategy. Conversely, a market timing strategy was favorable when GDP and inflation rates were low or negative. These results were robust to country level of development and negative market return years within each country. The MT-BH indicator gives investors and brokers a metric which provides a signal when to adjust investing strategies from a buy and hold strategy to a market timing strategy.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116986242","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}