International Political Economy: Investment & Finance eJournal最新文献_第8页

The Emerging Asia Pacific Capital Markets: Cambodia 新兴亚太资本市场:柬埔寨

International Political Economy: Investment & Finance eJournal Pub Date : 2021-03-18 DOI: 10.2139/ssrn.3807454

Chakara Sisowath, Seng Chan Thoeun, Varabott Ho

{"title":"The Emerging Asia Pacific Capital Markets: Cambodia","authors":"Chakara Sisowath, Seng Chan Thoeun, Varabott Ho","doi":"10.2139/ssrn.3807454","DOIUrl":"https://doi.org/10.2139/ssrn.3807454","url":null,"abstract":"The Cambodian capital markets have come a long way considering that the Paris Peace Agreements, which ended the nation’s civil war, were signed only in 1991. Strong GDP growth (10.8% annually between 2000 and 2018), a dollarized economy with free movement of capital, and a policy consensus favoring investments should have spurred the rapid development of a securities exchange in Cambodia. The first equity listing on the Cambodian Stock Exchange (CSX), however, did not take place until 2012. Currently in Cambodia, seven companies are listed on the main board, and another six companies have issued eight bonds. The CSX is still small in size compared with its Asian neighbors’ bourses. Its development is also behind schedule given the urgent need of local corporations to find cheap and convenient sources of funding. Stocks and bonds on the CSX have had comparatively low returns historically when compared with less risky bank deposits or higher returns from real estate. Mindful of these challenges, the Royal Government of Cambodia has implemented a broad range of measures to support faster capital market development. Educating both investors and corporations, introducing accounting standards and audit requirements, and licensing such market actors as fund management companies, securities brokers, and custodian banks, to name a few, will provide the infrastructure and support Cambodia needs for long-term growth. Listing private companies with exciting growth prospects will be key in renewing interest among potential investors in Cambodia. Likewise, new investment choices such as REITs, private equity, and mutual funds should spur further interest. The creation of a government bond market will be critical as well in order to attract institutions that crave safe and long-dated assets for asset–liability management purposes. All of these factors combine for a constructive view of the prospects for Cambodian capital markets.","PeriodicalId":284021,"journal":{"name":"International Political Economy: Investment & Finance eJournal","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133014950","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 Emerging Asia Pacific Capital Markets: Mongolia 新兴亚太资本市场:蒙古

International Political Economy: Investment & Finance eJournal Pub Date : 2021-03-18 DOI: 10.2139/ssrn.3807442

Bayarsaikhan Davaadorj, Bujinlkham Boldbaatar

{"title":"The Emerging Asia Pacific Capital Markets: Mongolia","authors":"Bayarsaikhan Davaadorj, Bujinlkham Boldbaatar","doi":"10.2139/ssrn.3807442","DOIUrl":"https://doi.org/10.2139/ssrn.3807442","url":null,"abstract":"The Mongolian Stock Exchange was established in 1991, primarily to assist with the privatization of state-owned entities in the early stages of transition from a Soviet-led centrally planned economy to a market economy. At the end of 2019, 200 companies were listed on the MSE with 54 licensed brokerage firms. Total equity market capitalization was US$984 million — approximately 73% of GDP — and the annual equity trading volume was US$79.5 million. The low trading activity is considered to result from heavy concentration of shares, generally poor corporate governance, and lack of institutional investor base. Mongolia’s fixed-income market consists mostly of government bonds. The latest government bonds issued had maturities of one to three years and coupon rates of 14%–18%, attracting both local and international investors. To speed development of the Mongolian capital market, the government, often with help from international organizations, has been taking measures to improve governance practices of listed companies, develop the corporate bond market, introduce an institutional investor base, and list major state-owned mining companies. The timing for developing the capital market is also appropriate, because interest rates are on a downward trend in the past several years, pushing investors to seek higher returns that can no longer be gained from term deposits at banks.","PeriodicalId":284021,"journal":{"name":"International Political Economy: Investment & Finance eJournal","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115901957","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

Financial Crises and Human Development 金融危机与人类发展

International Political Economy: Investment & Finance eJournal Pub Date : 2021-03-11 DOI: 10.2139/ssrn.3802418

Thanh Cong Nguyen, Vítor Castro, Justine Wood

引用次数: 6

Dilemma and Global Financial Cycle: Evidence from Capital Account Liberalization Episodes 困境与全球金融周期:来自资本账户自由化时期的证据

International Political Economy: Investment & Finance eJournal Pub Date : 2021-03-10 DOI: 10.2139/ssrn.3942080

Xiang Li

引用次数: 0

Cross-Border Credit Derivatives Linkages 跨境信用衍生品联系

International Political Economy: Investment & Finance eJournal Pub Date : 2021-03-01 DOI: 10.2139/ssrn.3804830

B. Bianchi

引用次数: 0

Corporate Wealth Over Public Health? Assessing the Resilience of Developing Countries' COVID-19 Responses Against Investment Claims and the Implications for Future Public Health Crises 企业财富重于公众健康?评估发展中国家应对COVID-19投资要求的复原力及其对未来公共卫生危机的影响

International Political Economy: Investment & Finance eJournal Pub Date : 2021-02-28 DOI: 10.2139/ssrn.3858446

T. Hagemann

{"title":"Corporate Wealth Over Public Health? Assessing the Resilience of Developing Countries' COVID-19 Responses Against Investment Claims and the Implications for Future Public Health Crises","authors":"T. Hagemann","doi":"10.2139/ssrn.3858446","DOIUrl":"https://doi.org/10.2139/ssrn.3858446","url":null,"abstract":"In the wake of the COVID-19 pandemic, states around the world swiftly enacted a multitude of far-reaching emergency responses to contain the viruses’ spread and to cope with the economic repercussions of the ensuing crisis. However, these measures detrimentally impacted the operating conditions of many businesses or otherwise decreased their profitability. As this inevitably affected foreign investments, investors could be tempted to invoke ISDS clauses in International Investment Agreements to initiate proceedings before arbitral tribunals and seek compensation for loss of profit caused by states’ COVID-19 responses. Due to the specific circumstances in most developing countries, they were hit particularly hard by the crisis and are especially vulnerable to the threat of investment claims. It is therefore important to enable developing countries to realistically anticipate the risk of investment arbitration by assessing the chances of success of foreign investment claims against those policies that were most frequently adopted by them amidst the crisis. Against this background, this paper assesses how likely developing countries’ COVID-19 responses breached substantive standards of investor treatment under typical IIAs and which defence strategies states may invoke to justify their regulatory action. Based on this analysis, this paper concludes by formulating policy recommendations on how developing countries may enhance the resilience of their emergency responses against foreign investors amidst future public health crises.","PeriodicalId":284021,"journal":{"name":"International Political Economy: Investment & Finance eJournal","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116021937","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: 2

How do investors learn as data becomes bigger? Evidence from a FinTech platform 随着数据变大，投资者如何学习?来自金融科技平台的证据

International Political Economy: Investment & Finance eJournal Pub Date : 2021-02-15 DOI: 10.2139/ssrn.3708476

Ahmed Guecioueur

{"title":"How do investors learn as data becomes bigger? Evidence from a FinTech platform","authors":"Ahmed Guecioueur","doi":"10.2139/ssrn.3708476","DOIUrl":"https://doi.org/10.2139/ssrn.3708476","url":null,"abstract":"Prior findings suggest that investors learn with experience. We study the complementary channel of learning from data, particularly the effects of making additional predictive signals available to investors. We analyse a panel of systematic traders' investment outcomes, sourced from a FinTech platform that organises trading contests under highly-controlled conditions that allow us to identify learning effects. Investor outcomes improve with experience, and this is also apparent when counterfactually assessing their trading decisions on historical data, suggesting that they make use of historical data to attain their objectives. Importantly, when additional predictive variables are added to the common part of investors' information sets, the individual-level dispersions of investors' performance outcomes narrow, while their relative performance outcomes improve at higher experience levels. To explain why this widening of their common dataset benefits experienced investors, we model an investor as choosing a portfolio by learning from historical data while also taking model uncertainty into account. The robust learner therefore ignores predictive signals with historical predictive contributions below a subjective model uncertainty threshold; we conjecture this threshold varies with experience.","PeriodicalId":284021,"journal":{"name":"International Political Economy: Investment & Finance eJournal","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121741156","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

CreditMetrics Methodology and Credit Value at Risk (Credit VaR) 信用计量方法和风险信用价值(Credit VaR)

International Political Economy: Investment & Finance eJournal Pub Date : 2021-02-10 DOI: 10.2139/ssrn.3783490

Y. Malhotra

{"title":"CreditMetrics Methodology and Credit Value at Risk (Credit VaR)","authors":"Y. Malhotra","doi":"10.2139/ssrn.3783490","DOIUrl":"https://doi.org/10.2139/ssrn.3783490","url":null,"abstract":"Described by Hull (2011, 2012) as ‘a procedure for calculating credit value at risk’, CreditMetrics methodology (RiskMetrics Group 2007) is used for assessing portfolio risk due to changes in bond or debt value caused by credit quality changes including credit migration (upgrades and downgrades), as well as, default. It measures the uncertainty in forward value of the bond portfolio at the risk horizon caused by such credit events. Changes in debt value could be small in case of credit quality ratings change; however, they could be enormous, 50% to 90%, in case of default. Characterized by a long downside tail, credit-returns are highly-skewed and fat-tailed and thus far from the Gaussian normal distribution assumptions about market risk in VaR (Fig. 1). In the portfolio context, based upon correlation of credit quality moves across obligors, CreditMetrics assesses both value-at-risk (VaR), i.e., the volatility of value, as well as expected losses (EL). By distinguishing high quality well-diversified portfolios from low-quality concentrated portfolios, it offers better understanding of credit risk in terms of diversification benefits and concentration risk compared to mandated standard capital adequacy measures.","PeriodicalId":284021,"journal":{"name":"International Political Economy: Investment & Finance eJournal","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128870144","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

Connecting Expected Stock Returns to Accounting Valuation Multiples: A Primer 连接预期股票收益会计估值倍数:入门

International Political Economy: Investment & Finance eJournal Pub Date : 2021-01-27 DOI: 10.2139/ssrn.3774442

Akash Chattopadhyay, Matthew R. Lyle, Charles C. Y. Wang

引用次数: 3

Exports vs. Investment: How Political Discourse Shapes Popular Support for External Imbalances 出口与投资:政治话语如何塑造公众对外部失衡的支持

International Political Economy: Investment & Finance eJournal Pub Date : 2021-01-22 DOI: 10.2139/ssrn.3298742

F. Ferrara, Jörg Stefan Haas, Andrew Peterson, T. Sattler

引用次数: 8