Emerging Markets: Regional Perspective eJournal最新文献

{"title":"Factor models for Chinese A-shares","authors":"M. Hanauer, M. Jansen, L. Swinkels, Weili Zhou","doi":"10.2139/ssrn.3918833","DOIUrl":"https://doi.org/10.2139/ssrn.3918833","url":null,"abstract":"We compare the pricing ability of popular asset pricing models for the cross-section of U.S. equities on a large, liquid, but mostly segmented equity market of Chinese A-shares. The q-factor model performs well among factor models developed for the U.S. equity market, but is outperformed by a modified Fama-French six-factor model and by a four-factor asset pricing model adapted to the Chinese A-shares market. A data-driven method to detect the preferred asset pricing model results in the same four factors, plus three additional ones. However, these three additional factors do not reduce the pricing errors to a set of test assets. When taking transaction costs into account, the ranking of asset pricing models changes. The preferred model from both the direct and data-driven model comparison methods now consists of a three-factor model comprising the market, size, and an earnings-based value factor.","PeriodicalId":213910,"journal":{"name":"Emerging Markets: Regional Perspective eJournal","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133434617","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":"Making a Mundane Ceremony Into a Meaningful Organizational Ritual –Some Suggestions for Re-Design of Ribbon-Cutting Ceremonies of Overseas Manufacturing Projects","authors":"I. Gurkov","doi":"10.2139/ssrn.3676716","DOIUrl":"https://doi.org/10.2139/ssrn.3676716","url":null,"abstract":"The overall number of newly installed oversea factories is counted in thousands. In many developing and emerging markets, especially in South-East Asia, Latin America and Russia, ribbon-cutting ceremonies for new facilities opened by foreign investors are mandatory. We ran a study identifying all videoed ribbon-cutting ceremonies for new facilities opened by foreign investors in Russia in 2012-2018. Using a detailed analysis of the content of speeches delivered by representative of foreign investors and representative of local authorities at those ceremonies, and information obtained through personal observations and interviews, we were able to discover the surface and deeper level meaning attaching to these ceremonies, to propose the definition of efficient plant-opening ceremonies and to demonstrate how it is possible to amend the design of such ceremonies to increase their effectiveness and also to increase mental coherence between the corporate center and oversea subsidiaries.","PeriodicalId":213910,"journal":{"name":"Emerging Markets: Regional Perspective eJournal","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120994817","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":"Exporting and Productivity: Evidence for Egypt and Morocco","authors":"I. Martínez‐Zarzoso","doi":"10.2139/ssrn.2045538","DOIUrl":"https://doi.org/10.2139/ssrn.2045538","url":null,"abstract":"This paper investigates the link between exporting and importing activities and firm performance using a rich dataset on Egyptian and Moroccan firms. We test the export premium, self-selection and learning-by-exporting hypotheses using a number of firm characteristics. Our analysis also includes importing activities as a source of learning and considers their effects on productivity changes. A differences-in-differences matching estimator is used to address the endogeneity bias of target variables. The main results for Egyptian firms echo those reported for other countries using firm-level data, namely exporters are larger and more productive than non-exporters. In contrast, Moroccan exporters and non-exporters are strikingly similar. More specifically, no evidence is found of pre or post-entry differences in labour productivity for Moroccan firms.","PeriodicalId":213910,"journal":{"name":"Emerging Markets: Regional Perspective eJournal","volume":"217 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128430366","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 Cointegration Relationship and Causal Link of Internet Penetration and Broadband Subscription on Economic Growth: Evidence from ASEAN Countries","authors":"Aileen L. Camba, Abraham C. Camba, Jr.","doi":"10.31014/aior.1992.03.01.173","DOIUrl":"https://doi.org/10.31014/aior.1992.03.01.173","url":null,"abstract":"This study explores the cointegration relationship and causal link of internet penetration and broadband subscription to economic growth from the 10 countries of ASEAN for the period 2000-2016. A pooled multiple regression model with GDP growth as a function of internet penetration and broadband subscription was developed. The Johansen-Fisher panel cointegration was applied to determine the presence of a long-run equilibrium relationship among the three variables and the direction of causality was identified by estimating the panel-based vector error correction model (VECM). Results from cointegration test indicate a long run equilibrium relationship between internet penetration, broadband subscription and economic growth. The causality test reveals there is long run causality running from internet penetration and broadband subscription to economic growth. In the short-run, broadband subscription causes economic growth in the ASEAN countries. However, internet penetration has no causal link with economic growth in the short-run during the period 2000-2016. The findings are supportive of the claim that internet penetration and broadband connections are engine of economic growth and are rapidly transforming ASEAN economies. Based on these findings, this study recommends that ASEAN governments should be supportive on policies that promotes better internet and broadband infrastructure to achieved short and long-run economic growth.","PeriodicalId":213910,"journal":{"name":"Emerging Markets: Regional Perspective eJournal","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129272488","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 Digital Economy in Southeast and South Asia: Towards Mutually Beneficial Cooperation with Korea","authors":"Jeong-gon Kim","doi":"10.2139/ssrn.3889119","DOIUrl":"https://doi.org/10.2139/ssrn.3889119","url":null,"abstract":"Southeast and South Asian countries are actively promoting digital economy policies and strategies. They have a great potential in the digital economy: they generally maintain high economic growth rates, have large markets, young population, and decent ICT utilization levels, etc. The conditions for trade investment are also being improved. Though there are deviations between countries, they have strong incentives to promote digital innovation in order to achieve the qualitative advancement of industries and economy as a whole. Moreover, some countries already possess great competitiveness in digital innovation. Demands related to the digital economy are expected to grow in Southeast and South Asian countries. For example, these nations are undergoing rapid urbanization and experiencing a sharp increase in demand for electricity supply, logistics, finances, etc. with the combination of digitalization. Some countries are struggling with a lack of digital skills and technologies, and looking for cooperation with external partners. Korea is a potentially intimate partner that can contribute to substantial leapfrogging in Southeast and South Asian countries. Korea, in terms of both businesses and government policy (the New Southern Policy), is now trying to diversify its areas of cooperation with these countries beyond the manufacturing sectors. Geographic and cultural proximity, as well as the various bilateral economic relationships already established, is the foundation for cooperation in the digital economy. Because the digital economy bears relation to society and culture as well as economic and industrial areas, cooperation in the field of the digital economy can supplement the typical pattern of relationships between Korea and South East and South Asian economies, mainly centered in manufacturing production networks. Korea and Southeast and South Asian countries need to establish a comprehensive cooperation platform. Through this, they can inform partners about their various agenda and interests in digital economy-related areas and discuss ways for cooperation. Innovative small businesses and start-ups should be the focus of cooperation. Korean start-ups are now showing an increasing amount of interest in Southeast Asia. Meanwhile, Southeast and South Asian countries are keen to welcome foreign start-ups and professionals that possess innovative digital technologies and business models. Korea also has to actively participate in multilateral cooperation initiatives covering Southeast and South Asia.","PeriodicalId":213910,"journal":{"name":"Emerging Markets: Regional Perspective eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130933901","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 Political Economy of the FATF & IMF in Pakistan During 2019 (Part 2)","authors":"Usman W. Chohan","doi":"10.2139/ssrn.3514332","DOIUrl":"https://doi.org/10.2139/ssrn.3514332","url":null,"abstract":"This paper presents a series of perspectives on the political economy of the FATF and IMF in Pakistan for the calendar year 2019 (Vol 2.). It raises concerns about the excess politicization of the financial task force and how this impedes the fairness and efficiency of the international financial supervisory system. This then draws attention to the endogenous limitations of developing countries in coping with exogenous impositions of a political-economic nature.","PeriodicalId":213910,"journal":{"name":"Emerging Markets: Regional Perspective eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128043999","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 Impact of Host-Country Political Risk on Multinationals’ Political Strategy Development","authors":"Dorottya Sallai, Gerhard Schnyder","doi":"10.2139/ssrn.3374216","DOIUrl":"https://doi.org/10.2139/ssrn.3374216","url":null,"abstract":"The paper investigates how high levels of political risk in a host market’s institutional context influences MNE subsidiaries’ corporate political activity (CPA) strategy. Existing studies have found that subsidiaries facing high-risk contexts prefer a non-engaged approach to CPA, by exercising ‘no exit’ and ‘no voice’ strategies. Based on interviews with business leaders in post-socialist Hungary – a context characterised by high political risk – we present contradictory evidence. We find that subsidiaries – do not limit their strategic responses to non-engagement but use a variety of different engaged and non-engaged strategies to maintain their position in the high-risk host market, but these strategies differ from the traditional ‘voice’ strategies used in low-risk contexts. The paper identifies five different strategic choices: 1. Active responsiveness, 2. Passive responsiveness, 3. A non-responsive strategy of ‘dormancy’, 4. Restructuring to avoid being ‘bought up’ or pushed out of the market and 5. Exit, when firms leave the country. We theorise about the determinants of non-market strategic choices in high-risk environments and suggest that existing theories need to be expanded by applying an institutional legitimacy perspective to political risk.","PeriodicalId":213910,"journal":{"name":"Emerging Markets: Regional Perspective eJournal","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121672765","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":"M&A Motives and Home Country Institutions: Evidence from Asian-Pacific Acquisitions in Europe","authors":"Matthew F. Larsen, Peter Zámborský","doi":"10.2139/ssrn.3687480","DOIUrl":"https://doi.org/10.2139/ssrn.3687480","url":null,"abstract":"With cross-border acquisitions on the rise, especially by multinationals from the Asia-Pacific region, it is important to better understand their motives. Using the Marketline Advantage data on over 700 cross-border acquisitions of European firms by Asian-Pacific multinationals in 2007-2017, we analyse 11 types of rationales for these deals and how they relate to income levels and institutional development of the acquirers’ home countries. We find that the home country development mostly does not affect propensity to invest with a particular motive. However, the quality of the home country’s regulatory environment is significantly and positively related to M&A motives. We conclude with implications for the research on emerging market multinationals, international M&A strategy and outward FDI policies of emerging economies.","PeriodicalId":213910,"journal":{"name":"Emerging Markets: Regional Perspective eJournal","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115248754","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 RCEP Negotiations and Asian Intellectual Property Norm Setters","authors":"Peter K. Yu","doi":"10.5040/9781509922802.ch-005","DOIUrl":"https://doi.org/10.5040/9781509922802.ch-005","url":null,"abstract":"This chapter closely examines the negotiations on the Regional Comprehensive Economic Partnership (RCEP) and the Asian countries' recent efforts to set regional intellectual property norms. The RCEP negotiations are particularly important to Asian intellectual property developments because the RCEP remains the first and only mega-regional agreement that Asian countries have negotiated without the participation of either the European Union or the United States. \u0000 \u0000The chapter begins with a brief discussion of the evolution of the RCEP negotiations, noting the initial rivalry between the Trans-Pacific Partnership (TPP) and the RCEP, the United States' withdrawal from the former and the adoption of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). \u0000 \u0000The chapter then highlights the different intellectual property provisions in the draft RCEP intellectual property chapter, focusing on the four main branches of intellectual property law as well as the areas of intellectual property enforcement and pro-development measures. Although this chapter analyses the only publicly available text of that chapter, which was dated October 2015, it also takes into account the CPTPP partners' suspension of select TPP intellectual property provisions as well as the time elapsed since the preparation of the draft RCEP text. \u0000 \u0000The chapter concludes by outlining the role of each Asian norm setter in the RCEP negotiations – namely, the Association of Southeast Asian Nations (ASEAN), China, India, Japan and South Korea. Except for China, all of these negotiating parties have advanced draft negotiating texts for the development of the RCEP intellectual property chapter.","PeriodicalId":213910,"journal":{"name":"Emerging Markets: Regional Perspective eJournal","volume":"60 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124190261","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":"Regional Integration vs. Globalization: A Social Network Analysis of the Trade Within and Outside the Southern African Development Community (SADC)","authors":"Adrien M. Ratsimbaharison","doi":"10.2139/ssrn.2745744","DOIUrl":"https://doi.org/10.2139/ssrn.2745744","url":null,"abstract":"According to its treaty, one of the main objectives of the Southern African Development Community (SADC) is to achieve “development and economic growth” through regional integration. However, by the time it was created in 1992, the powerful wind of globalization was already blowing across the continent and the whole world, removing or lowering trade barriers everywhere. Analyzing the trade within and outside SADC, the purpose of this study is to find out whether the SADC member states are integrated more to their regional organization than to the global economy (or globalized), and whether they are forming among themselves a single community or different clusters. Using basic statistical analysis along with social network analysis, this study finds that the SADC member states trade more with partners outside their organization than among themselves; and, that South Africa, the European Union, and -- to a lesser extent -- China, occupy the central position in the trade network within and outside SADC. Finally, this study also reveals that instead of forming a single community, the SADC member states are actually divided into two major clusters revolving around South Africa and the European Union.","PeriodicalId":213910,"journal":{"name":"Emerging Markets: Regional Perspective eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130256390","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}