INTL: Managing in Emerging Markets (Topic)最新文献

Home Country Investor Protection, Ownership Structure and Cross-listed Firms’ Compliance with SOX-mandated Internal Control Deficiency Disclosures 母国投资者保护、股权结构与交叉上市公司对sox强制内部控制缺陷披露的遵从

INTL: Managing in Emerging Markets (Topic) Pub Date : 2012-08-18 DOI: 10.2139/ssrn.1624186

G. Gong, B. Ke, Yong Yu

{"title":"Home Country Investor Protection, Ownership Structure and Cross-listed Firms’ Compliance with SOX-mandated Internal Control Deficiency Disclosures","authors":"G. Gong, B. Ke, Yong Yu","doi":"10.2139/ssrn.1624186","DOIUrl":"https://doi.org/10.2139/ssrn.1624186","url":null,"abstract":"We examine whether home country investor protection and ownership structure affect cross-listed firms' compliance with SOX-mandated internal control deficiency (ICD) disclosures. We develop a proxy for the likelihood of cross-listed firms' ICD misreporting during the Section 302 reporting regime. For cross-listed firms domiciled in weak investor protection countries, we have three main findings. First, firms whose managers control their firms and have voting rights in excess of cash flow rights are more likely to misreport ICD than other firms during the Section 302 reporting regime. Second, there is a positive association between the likelihood of ICD misreporting and voluntary deregistration from the SEC prior to the Section 404 effective date. Third, for firms that chose not to deregister, there is a positive association between the likelihood of ICD misreporting and the reporting of previously undisclosed ICDs during the Section 404 reporting regime. We do not find similar evidence for cross-listed firms domiciled in strong investor protection countries. Our findings are consistent with the hypothesis that, for cross-listed firms domiciled in weak investor protection countries, managers who have the ability and incentive to expropriate outside minority shareholders are reluctant to disclose ICDs in order to protect their private control benefits. The results of our study should be of interest to regulators who wish to identify noncompliant firms for closer supervision, investors who wish to identify ex ante red flags for poor financial disclosure quality, and researchers who wish to understand the economic forces governing cross-listed firms' financial disclosure behavior.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117257589","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: 58

Quantifying the ECB’s Interest Rate Smoothing Behavior 量化欧洲央行的利率平滑行为

INTL: Managing in Emerging Markets (Topic) Pub Date : 2011-06-27 DOI: 10.2139/ssrn.1742306

Nicolas Pinkwart

引用次数: 1

Currency Risk Exposure of Chinese Corporations 中国企业的货币风险暴露

INTL: Managing in Emerging Markets (Topic) Pub Date : 2011-02-16 DOI: 10.2139/ssrn.1762818

Raj Aggarwal, Xiaoying Chen, Jasmine Yur-Austin

引用次数: 14

Immigration Policies and the Ecuadorian Exodus 移民政策和厄瓜多尔人外流

INTL: Managing in Emerging Markets (Topic) Pub Date : 2011-02-01 DOI: 10.1093/WBER/LHR004

Simone Bertoli, J. Moraga, Francesc Ortega

引用次数: 95

A Tale of Two Market Microstructures: Spillovers of Informed Trading and Liquidity for Cross Listed Chinese A and B Shares 两个市场微观结构的故事:中国A股和B股交叉上市的知情交易溢出效应和流动性

INTL: Managing in Emerging Markets (Topic) Pub Date : 2011-01-16 DOI: 10.2139/ssrn.1741959

J. Chen, Julian M. Williams, R. Buckland

引用次数: 1

Does Enforcement of Intellectual Property Rights Matter in China? Evidence from Financing and Investment Choices in the High Tech Industry 知识产权执法在中国重要吗?来自高技术产业融资与投资选择的证据

INTL: Managing in Emerging Markets (Topic) Pub Date : 2010-12-06 DOI: 10.2139/ssrn.1571392

James S. Ang, Chaopeng Wu, Yingmei Cheng

{"title":"Does Enforcement of Intellectual Property Rights Matter in China? Evidence from Financing and Investment Choices in the High Tech Industry","authors":"James S. Ang, Chaopeng Wu, Yingmei Cheng","doi":"10.2139/ssrn.1571392","DOIUrl":"https://doi.org/10.2139/ssrn.1571392","url":null,"abstract":"Financing of and investing in R&D are prone to risks of appropriation by competitors and the problem of information asymmetry. Although legal protection of intellectual property (IP) rights at the national level is necessary in encouraging financing of and investing in R&D, we show that the effective enforcement at the local level is critical. We focus on the impact of provincial level IP rights enforcement on the financing of and investing in R&D, using a unique and rich database of high technology firms. These firms are located in twenty-eight provinces/districts throughout China. The enforcement of IP rights differs at the provincial level, although the firms are under the same set of national and international laws. To identify the causal effect of provincial level IP rights enforcement on firm behavior, we use instrumental variable regressions to deal with the endogeneity issue. Controlling for provincial institutional factors such as economic development, banking system development, legal system performance, and local government corruption, we find that the enforcement of IP rights positively affects firms’ ability to acquire new external debt (including formal and informal financing). Firms in provinces with better enforcement of IP rights invest more in R&D, generate more innovation patents, and produce more sales from new products. The results confirm that enforcement of IP rights matters even in China. The evidence also suggests that facilitating financing and investing in R&D are the channels in which better IP rights enforcement could affect the growth of the economy.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130206063","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: 6

The Changing Nature of Household Demand and Housing Market Trends in China 中国居民需求性质的变化与住房市场趋势

INTL: Managing in Emerging Markets (Topic) Pub Date : 2010-08-31 DOI: 10.2139/ssrn.1669166

Chung Yim Edward Yiu

引用次数: 6

Assessing the Appropriateness of China’s Peg to the US Dollar 评估中国与美元挂钩的适当性

INTL: Managing in Emerging Markets (Topic) Pub Date : 2010-08-25 DOI: 10.2139/ssrn.1665062

Chee-Heong Quah, Patrick M. Crowley

引用次数: 0

Does Market Volatility Affects Hedge Effectiveness? An Empirical Investigation of Time-Invariant and Time-Varying Hedges During Period of Financial Crisis in Indian Futures Market 市场波动是否影响套期保值效果?金融危机时期印度期货市场定常与时变套期保值的实证研究

INTL: Managing in Emerging Markets (Topic) Pub Date : 2010-08-22 DOI: 10.2139/ssrn.1663373

S. N. Nageswara Rao, S. K. Thakur

{"title":"Does Market Volatility Affects Hedge Effectiveness? An Empirical Investigation of Time-Invariant and Time-Varying Hedges During Period of Financial Crisis in Indian Futures Market","authors":"S. N. Nageswara Rao, S. K. Thakur","doi":"10.2139/ssrn.1663373","DOIUrl":"https://doi.org/10.2139/ssrn.1663373","url":null,"abstract":"Financial derivatives are extensively used as hedging instruments worldwide, including emerging markets like Malaysian, Italian, and Portuguese equity markets. However, hedging one’s stock position through futures is still the road less traveled in India. This study is, therefore, an attempt to explore Indian futures market for hedging by equity holders in general as well as in period of financial crisis. We have estimated effectiveness of the optimal hedge ratio based on HKM [Herbst, Kare and Marshall (1993)] methodology with benchmark model JSE [Johnson (1960), Stein (1961) and Ederington (1979)] methodology for futures. Hedge ratio based on HKM methodology is a time-variant whereas hedge ratio based on JSE methodology is a constant and time-invariant. To bring the comparison of hedge effectiveness on equal level (from transaction cost point of view), time-varying hedge ratio estimated based on HKM methodology “time-invariant” and then Bases using the hedge ratios are estimated. For empirical validation of the Effectiveness of the optimal hedge ratios and their stability in normal as well in the period of financial crisis, the study of S&P Nifty Index {National Stock Exchange of India (NSE) – 50 Index and its futures is conducted using daily data for the year 2005 (representing normal period) and January 2007 to June 2009 (representing turbulent time period) based on the value of volatility index. Results suggest that hedge using HKM model is more effective than that of hedge based on JSE model. The results are statistically significant at 95% confidence level. An additional contribution of this study is to help the hedger to decide “when” to re-balance the hedge.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"273 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132848325","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

Corporate Governance in Transition and Developing Economies: A Case Study of Croatia 转型期和发展中经济体的公司治理:以克罗地亚为例

INTL: Managing in Emerging Markets (Topic) Pub Date : 2010-08-21 DOI: 10.2139/ssrn.1663110

Robert W. McGee

引用次数: 37