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

{"title":"Daily Institutional Trades and Stock Price Volatility in a Retail Investor Dominated Emerging Market","authors":"Wei Li, Steven Shuye Wang","doi":"10.2139/ssrn.1625622","DOIUrl":"https://doi.org/10.2139/ssrn.1625622","url":null,"abstract":"We examine the short-run dynamic relation between daily institutional trading and stock price volatility in a retail investor-dominated emerging market. We find a significantly negative relation between volatility and institutional net trading that is mainly due to the unexpected institutional trading. The price volatility-institutional trade relation differs for institutional buys and institutional sells, and for small and large stocks. Institutional investors herd-trade in large stocks, but do not systematically engage in positive-feedback trading. We argue that the net impact of informational and noninformational institutional trades determines the relation between volatility and institutional trading, and that the relation is negative when informational trading by institutions prevails.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116356832","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":"How Important are Labor Market Institutions for Labor Market Performance in Transition Countries?","authors":"H. Lehmann, A. Muravyev","doi":"10.2139/ssrn.1530677","DOIUrl":"https://doi.org/10.2139/ssrn.1530677","url":null,"abstract":"This paper offers a first comprehensive study of the relationship between labor market institutions and policies and labor market performance in the countries of Eastern Europe and Central Asia, which in the last two decades experienced radical economic and institutional transformations. Based on a new and unique hand-collected dataset, the paper first documents the evolution of labor market institutions and policies in the transition region. The data show a clear trend towards liberalization of labor markets, especially in the countries of the former Soviet Union, but also substantial differences across the countries studied. Second, the paper takes advantage of the large variation in the key economic and institutional variables to test several predictions concerning the role of institutions and polices in explaining labor market outcomes. The results of our econometric analysis are generally consistent with the view that institutions matter for labor market outcomes, and that deregulation of the labor markets improves their performance. The analysis also suggests several significant interactions between different institutions, which are in line with the idea of reform complementarity and broad reform packages. We also show that there are important advantages of focusing on a broader set of labor market outcomes, and not only on the unemployment rate, which until now has been the main approach in the empirical literature.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"113 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121530987","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":"State Aid and Competition in Banking: The Case of China in the Late Nineties","authors":"Xiaoqiang Cheng, Patrick J. G. Van Cayseele","doi":"10.2139/ssrn.1536484","DOIUrl":"https://doi.org/10.2139/ssrn.1536484","url":null,"abstract":"Many contributions to the literature on competition in banking use the Panzar and Rosse test (1987). This test encompasses a variety of market outcomes assuming firms maximize profits. However, when applied to the banking industry, this assumption may not be always valid as banks sometimes may carry social objectives or aim to be systemic players so as to be \"too big to fail\". This then motivates different objective functions, departing from profit maximization. We present a reduced form model where banks can pursue other goals than profit maximization. This allows us to test for behavioral changes of banks over time. Our model provides a framework to evaluate whether moral hazard issues may plague banks receiving state aid, which concerns greatly the recent debate on government intervention in financial markets during the global financial crisis in 2008. To test the impact of state aid, we examine a natural experiment in the banking sector in China in the 1990s. We cannot reject that the possibility of receiving state aid triggers moral hazard prone conduct.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"95 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130225388","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":"Independent Directors’ Characteristics and Performance: Evidence from China","authors":"Jing Liao, M. Young, Qian Sun","doi":"10.2139/ssrn.1489088","DOIUrl":"https://doi.org/10.2139/ssrn.1489088","url":null,"abstract":"Chinese listed firms recruit independent directors in order to build up connections with people who can provide useful sources and/or protection rather than for their monitoring of top managements. It is found that Chinese listed firms particularly prefer two types of Guanxi provided by independent directors: 43.76% of the independent directors are university scholars or researchers; and 13.88% of them are politically connected. Moreover, the relationship between Tobin’s Q and the presence of scholars and politically connected independent directors on boards is significantly negative. Furthermore, scholars, commercial bankers and politically connected independent directors can add value to large and diversified firms, high leveraged firms, and firms without political connections, respectively. Finally, the recruitment of independent directors does not reduce the related party transactions between the listed firms and their controlling shareholders, but instead, firms with politically connected CEOs, and firms with a government bureaucrat as the largest shareholder engage in less related party transactions.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134634684","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":"Export and Benefits of Hedging in Emerging Economies","authors":"Udo Broll, J. Wahl, Christoph Wessel","doi":"10.2139/ssrn.1552351","DOIUrl":"https://doi.org/10.2139/ssrn.1552351","url":null,"abstract":"We study the impact of exchange rate risk upon export production within an emerging economy lacking in currency forward markets. However there exists a financial asset whose price is correlated with the relevant foreign currency. We present conditions under which export production is stimulated when the hedging device becomes more effective. In any case the exporting firm benefits from imperfectly hedging exchange rate risk.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126515009","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":"Impact of Irrigation on Food Security in Bangladesh for the Past Three Decades","authors":"Lovely Parvin, M. Rahman","doi":"10.4236/JWARP.2009.13027","DOIUrl":"https://doi.org/10.4236/JWARP.2009.13027","url":null,"abstract":"Bangladesh has made impressive progress in agriculture sector in the last three decades and has almost be-come self-sufficient in food grain production. This is a tremendous achievement owing to its small territory and huge population and this was achieved through agricultural mechanization and modernization. Irrigation is one of the leading inputs has direct influence to increase yield, food grains production and plays vital role for ensuring food security in Bangladesh. The present study examined the growth of irrigated area and its impact on food grain production during last three decades. Time series data were used for the study. Differ-ent statistical methods such as mean, percentage, linear and exponential growth model were applied for get-ting meaningful findings. Various technologies have been used for irrigating crops which have contributed to rapid expansion of irrigated area. The conventional irrigation methods (Low Lift Pump, Dhone, Swing Bas-ket, Treadle Pump etc.) were replaced by modern methods (i.e Deep Tube Well and Shallow Tube Well). In addition, surface water irrigation also sharply declined, losing its importance due to lack of new surface irri-gation project and the ineffectiveness of earlier project. Groundwater covered 77 percent of total irrigated area and major (62%) extractions occurred through Shallow Tube Wells (STWs). The rapid expansion of ground water irrigation in respect to STWs irrigation was due to government’s withdrawal on restrictions on tube well setting rule, encouraging private sector and the cost effectiveness of Chinese engine which have been affordable to the small and medium farmers. Irrigated area thus, increased by about three times and cropping intensity also increased from 154 to 176 percent. Boro rice, an irrigated crop, consumed 73 percent of the total crop irrigation and contributed to a greater extent in total rice production in Bangladesh. Boro rice alone contributed to 55 percent of total food grain and was also highest (3.44 MT per hectare) compared to aus rice (1.66 MT per hectare) and aman rice (1.99 MT per hectare) per unit production. Consequently, the cultivated area of boro rice increased by 1168 to 4068 thousand hectares. The higher productivity of boro rice has almost helped the nation to meet her food requirements (about 24 Million MT). Boro rice production was highly correlated (r = .978) with irrigated area. Expansion of one hectare of irrigated area added 3.22 MT of boro rice in Bangladesh. Finally, the study suggested for expansion of irrigated areas (ground water and surface water), adoption of modern technologies and formulation of farmers’ friendly policy.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133985698","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 Bank Concentration Increase Credit Risk-Taking Behaviour? Evidence from SADC","authors":"Kassim Hussein","doi":"10.2139/ssrn.1607706","DOIUrl":"https://doi.org/10.2139/ssrn.1607706","url":null,"abstract":"In this study, we assess whether banking system concentration is strongly linked to banks credit risk exposure. We use a sample of 138 commercial banks drawn from SADC countries between 1999 and 2005. The results exhibit no significant influence of concentration on four measures of credit risk-taking behavior using three different estimation methods. Furthermore, the study concludes that the SADC banking sector was relatively stable during the second phase of banking reforms. The research also identifies two categories of factors that impact on credit risk in the SADC banking system. The first category relates to bank specific factors mainly cost-to-income ratio (COIR) and prices for bank lending and deposit products. In general, we find that of the bank-specific factors NIM, COIR and prices for loans and deposits to be significantly related to credit risk-taking behaviour. The second category relates to the macro environment and the result identify inflation and credit demand as having a positive and significant influence on bank credit risk.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128612939","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":"Indian Premier League","authors":"V. Ramanna","doi":"10.2139/SSRN.1354534","DOIUrl":"https://doi.org/10.2139/SSRN.1354534","url":null,"abstract":"The Indian Premier League (IPL) conceived by the Board of control for cricket in India (BCCI) is a T20 format cricket competition. The case tracks the development of the plan and launch of the first season of play. The case asks how attractive the plan is to all the parties involved and requires students to assess the risk and reward of the plan. To help students gain familiarity with performing discounted cash flow analysis.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127499159","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":"Impact of Bankruptcy Law Reform on Capital Markets in Brazil","authors":"Padma Kadiyala","doi":"10.2139/ssrn.1345076","DOIUrl":"https://doi.org/10.2139/ssrn.1345076","url":null,"abstract":"New bankruptcy laws which give greater protection to creditors were signed into law in Brazil on Feb 9, 2005. The paper tests whether greater protection to creditors led to growth in capital markets in Brazil as predicted by La Porta, Lopez-de-Silanes, Shleifer and Vishny (1997, 1998, 2002 and 2006). Our analysis shows that the money market responded positively with a drop of 600 basis points in the Selic, the benchmark interest rate, after the new law went into effect. Aggregate stock market indexes reacted positively when the new rules were signed into law. Long-term returns to stock market indexes consisting of firms which offer greater protection to shareholders, are positive, which strongly supports the La Porta, et al predictions.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"7 2-3","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132119585","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 Foreign Banks Drive Foreign Currency Lending in Central and Eastern Europe?","authors":"P. Haiss, Andreas Paulhart, Wolfgang Rainer","doi":"10.2139/ssrn.1343557","DOIUrl":"https://doi.org/10.2139/ssrn.1343557","url":null,"abstract":"Foreign direct investment (FDI) by banks into Central and Eastern Europe (CEE) has increased considerably, resulting in foreign bank ownership of up to 90% in some countries in the region. Most CEE countries also recorded a substantial rise in foreign currency (FX) denominated credit, leading to concerns about the potential risks of asset deterioration in the domestic banking sector and of accusations about foreign banks \"exporting\" risks. While there is a lot of research on dollarization in emerging markets, empirical evidence about the role of foreign banks in promoting fx-lending in CEE is scarce. This paper aims at filling this gap, analyzing whether there exists a significant relationship between foreign banks' asset share and the level of fx-lending. Using a linear regression model with data on 16 transition countries for the period 1999 to 2006 we find that foreign banks do not increase the risk of foreign currency lending. Our results show that foreign currency denominated lending seems to be a function of the level of fx-deposits, changes in the real exchange rate and the concentration of the banking sector.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130964203","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}