International Political Economy: Investment & Finance eJournal最新文献_第7页

Challenges Faced by Minority Shareholders in Commercial Companies in Cameroon: A Legal Analysis 喀麦隆商业公司中小股东面临的挑战:法律分析

International Political Economy: Investment & Finance eJournal Pub Date : 2021-05-20 DOI: 10.2139/ssrn.3887581

Ntoko Ntonga Rene, M. Tanyi

{"title":"Challenges Faced by Minority Shareholders in Commercial Companies in Cameroon: A Legal Analysis","authors":"Ntoko Ntonga Rene, M. Tanyi","doi":"10.2139/ssrn.3887581","DOIUrl":"https://doi.org/10.2139/ssrn.3887581","url":null,"abstract":"The protection of minority shareholders in Cameroon is an ancient weakness recognized of plaguing the Cameroon commercial scene from the existence of the concept itself. The situation under English law was regulated by the received English law under the Common law regime. This application was by virtue of section 11 of the Southern Cameroon High Court Law (SCHCL) of 1955. What upheld in Nigeria was hitherto applied in the then West Cameroon since it was administered as an integral part of Nigeria. In French Cameroon, the received business laws from France were applicable. These laws were relevant within the territory until later appealed with the coming of the Organisation for the Harmonisation of Business Laws in Africa known by its French acronym OHADA. Those earlier laws accorded very little attention to protection of the minority shareholders in commercial companies. That was due to slow commercial development at that moment. The ensuing results of this research reveals that, the raison d’être of low performance of some companies in Cameroon, is due to the fact that, there has been inadequate measures as well as ineffective Implementation of the laws regulating the protection of minority shareholders owing to the fact that there exist several challenges and difficulties in the Implementation of these laws. The challenges faced by the minority have worsened because even the protection provided by the laws is difficult to implement and at times very expensive to undertake, reducing the shareholders’ proprietary rights. In all these, this paper has proffered recommendations that ameliorate the conditions of minority shareholders in commercial companies if taken into consideration.","PeriodicalId":284021,"journal":{"name":"International Political Economy: Investment & Finance eJournal","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130070754","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

Optimal Scenario-Dependent Multivariate Shortfall Risk Measure and its Application in Capital Allocation 最优情景依赖的多元短缺风险测度及其在资本配置中的应用

International Political Economy: Investment & Finance eJournal Pub Date : 2021-05-19 DOI: 10.2139/ssrn.3849125

Wei Wang, Huifu Xu, Tiejun Ma

{"title":"Optimal Scenario-Dependent Multivariate Shortfall Risk Measure and its Application in Capital Allocation","authors":"Wei Wang, Huifu Xu, Tiejun Ma","doi":"10.2139/ssrn.3849125","DOIUrl":"https://doi.org/10.2139/ssrn.3849125","url":null,"abstract":"In this paper, we consider a multivariate shortfall risk measure with scenario-dependent allocation weights and examine its properties such as convexity and quasi-convexity. For fixed allocation weights, we show that the resulting risk measure is a convex systemic risk measure in which case the property of translation invariance is dependent on the allocation weights. However, if the allocation weights are chosen optimally on a feasible set, then the resulting risk measure is a quasi-convex systemic risk measure. To evaluate the systemic risk of a financial system with the proposed risk measure computationally, we reformulate it as a two-stage stochastic program which is a finite convex program when the underlying uncertainty is discretely distributed. In the case when the uncertainty is continuously distributed, we propose a polynomial decision rule to tackle the semi-infinite two-stage stochastic program which restricts the scenario-dependent allocation weights to be a class of polynomials of the underlying uncertainty parameters and subsequently reformulate the evaluation problem as a tractable optimization problem. Some convergence results are established for the approximation scheme. Moreover, we apply the proposed risk measure to capital allocation problem and introduce scenario-dependent allocation strategy and deterministic allocation strategy. Finally, we carry out some preliminary tests on the proposed computational schemes for a continuous system, a discrete system and a capital allocation example for a life insurance company.","PeriodicalId":284021,"journal":{"name":"International Political Economy: Investment & Finance eJournal","volume":"87 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132022058","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: 7

Navigating Investments in Central Asia as Chinese Investors: A Case Study of Kyrgyzstan 中国投资者在中亚投资:以吉尔吉斯斯坦为例

International Political Economy: Investment & Finance eJournal Pub Date : 2021-05-05 DOI: 10.2139/ssrn.3851415

Boguang Yang

引用次数: 0

Catching Up and Falling Behind: Cross-country Evidence on the Impact of the EU ETS on Firm Productivity 追赶与落后:欧盟排放交易体系对企业生产率影响的跨国证据

International Political Economy: Investment & Finance eJournal Pub Date : 2021-04-26 DOI: 10.2139/ssrn.3834075

Michael Themann, Nicolas Koch

{"title":"Catching Up and Falling Behind: Cross-country Evidence on the Impact of the EU ETS on Firm Productivity","authors":"Michael Themann, Nicolas Koch","doi":"10.2139/ssrn.3834075","DOIUrl":"https://doi.org/10.2139/ssrn.3834075","url":null,"abstract":"This paper assesses the potential impact of the European Union Emissions Trading System (EU ETS) on firm productivity. We estimate a stylized version of the neo-Schumpeterian model, which incorporates innovation and productivity catch-up as two potential sources of firm’s productivity growth, while at the same time accounting for persistent productivity dispersion within industries. This dynamic model allows us to differentiate the potential effects of the EU ETS on total factor productivity (TFP) depending on the level of firms’ technological advancement. The identification approach is based on a difference-in-difference approach exploiting the incomplete participation requirements of the EU ETS and the rich panel structure of firm-level data for eight EU countries from 2002 to 2012. We find evidence that the policy effects on TFP are highly heterogeneous and depend on the distance to the technological frontier, measured as the highest TFP in each year-industry. Productivity effects are positive for firms that are close to the frontier, but they turn negative for firms operating far behind the frontier.","PeriodicalId":284021,"journal":{"name":"International Political Economy: Investment & Finance eJournal","volume":"70 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133650706","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: 8

UIP: A Partial Reconciliation from Event Studies UIP:来自事件研究的部分调和

International Political Economy: Investment & Finance eJournal Pub Date : 2021-04-20 DOI: 10.2139/ssrn.3830716

L. Ceballos, Elı́as Albagli, S. Claro, Damián Romero

引用次数: 0

Tracking Global Economic Uncertainty: Implications for the Euro Area 追踪全球经济不确定性:对欧元区的影响

International Political Economy: Investment & Finance eJournal Pub Date : 2021-04-01 DOI: 10.2139/ssrn.3834416

Alina Bobașu, André Geis, Lucia Quaglietti, Martino Ricci

引用次数: 4

Foreign Banks and the Doom Loop 外国银行和恶性循环

International Political Economy: Investment & Finance eJournal Pub Date : 2021-04-01 DOI: 10.2866/44105

Ugo Albertazzi, Jacopo Cimadomo, Nicolò Maffei-Faccioli

引用次数: 1

Is Democracy Good for Corporate Investment? 民主有利于企业投资吗?

International Political Economy: Investment & Finance eJournal Pub Date : 2021-04-01 DOI: 10.2139/ssrn.3818257

Yan Li, Youan Wang, Zigan Wang, Q. Yin

引用次数: 0

New Determinants of Sovereign Risk Premia: Identification through Asset Price Shocks, Credit Premia, and Financial Cycle Synchronization 主权风险溢价的新决定因素:通过资产价格冲击、信贷溢价和金融周期同步进行识别

International Political Economy: Investment & Finance eJournal Pub Date : 2021-03-30 DOI: 10.2139/ssrn.3815676

Sabri Boubaker, D. K. Nguyen, Nikos Paltalidis

{"title":"New Determinants of Sovereign Risk Premia: Identification through Asset Price Shocks, Credit Premia, and Financial Cycle Synchronization","authors":"Sabri Boubaker, D. K. Nguyen, Nikos Paltalidis","doi":"10.2139/ssrn.3815676","DOIUrl":"https://doi.org/10.2139/ssrn.3815676","url":null,"abstract":"Do asset price shocks and credit premia affect sovereign risk premia? Sovereign credit risk in developed countries was essentially non-existent prior to 2009. We find new factors suggesting that a part of sovereign risk premia is exogenously determined. We capture a novel phase synchronization among asset prices and credit premia that is associated with an increase in the cost of public debt. We start by showing that the financial and economic impact of credit premia, and asset price shocks have changed over time, even though the magnitude of the shocks is similar across different episodes. To explain this change, we suggest that the magnitude of the effect is different in 2008 because there is “phase synchronization” where financial cycles (à la Claessens, Kose, and Terrones, 2012) and credit cycles are synchronized in an unprecedented boom and bust episode. To test this hypothesis, we propose a novel econometric procedure, by introducing a Markov-Switching VAR model, and matching it with estimated asset shock episodes (à la Blanchard and Galí, 2009) and credit booms (Jordà, Schularick, and Taylor, 2013). Once we establish the relationship between the cycles and the financial and economic aggregates, we estimate impulse response functions to find that only during the phase synchronization the magnitude of the effect is strong with a clear sign across the whole time period and transmits to the sovereign credit market.","PeriodicalId":284021,"journal":{"name":"International Political Economy: Investment & Finance eJournal","volume":"107 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128603892","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

The Souk Al-Manakh: The Anatomy of a Pure Price-Chasing Bubble 马纳克市场:对纯粹价格追逐泡沫的剖析

International Political Economy: Investment & Finance eJournal Pub Date : 2021-03-22 DOI: 10.2139/SSRN.3809955

F. Veneroso, M. Pasquali

{"title":"The Souk Al-Manakh: The Anatomy of a Pure Price-Chasing Bubble","authors":"F. Veneroso, M. Pasquali","doi":"10.2139/SSRN.3809955","DOIUrl":"https://doi.org/10.2139/SSRN.3809955","url":null,"abstract":"It is widely agreed that the Nasdaq during the dot-com era 20 years ago was a full-fledged stock market bubble. Recently, the US stock market according to many metrics has become significantly more speculative and overvalued than it was at the dot-com peak 20 years ago. In both instances, a very broad subset of stocks became so highly valued that speculation in them had to be untethered from all fundamentals: the essence of what we call a “pure price-chasing bubble.” \u0000 \u0000This paper, drawn from a book in progress, examines the history of stock markets for comparable pure price-chasing bubbles, finding nine or so which have ever reached such a speculative extreme, with an over-the-counter market in Kuwait in the early 1980s called the “Souk al-Manakh” representing the most extreme example. Based on my personal exposure to this Souk al-Manakh almost 40 years ago, I describe this anatomy and thereby make transparent the recurrent dynamics—on the way up and on the way down—of these greatest asset bubbles in human history. When one applies this framework to the current US stock market, one sees that the stock market in the US today will likely follow the disastrous path of the dot-com market.","PeriodicalId":284021,"journal":{"name":"International Political Economy: Investment & Finance eJournal","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122013697","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