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Gender Gap in Personal Bankruptcy Risks: Empirical Evidence from Singapore 个人破产风险的性别差异:来自新加坡的经验证据
Capital Markets 3 Pub Date : 2016-06-10 DOI: 10.2139/ssrn.2340371
Sumit Agarwal, Jia He, T. Sing, Jian Zhang
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引用次数: 22
Currency Appreciation Shocks and Shareholder Wealth Creation in Cross-Border Mergers and Acquisitions 跨境并购中的货币升值冲击与股东财富创造
Capital Markets 3 Pub Date : 2014-09-01 DOI: 10.2139/ssrn.2303630
Chen Lin, Micah S. Officer, Beibei Shen
{"title":"Currency Appreciation Shocks and Shareholder Wealth Creation in Cross-Border Mergers and Acquisitions","authors":"Chen Lin, Micah S. Officer, Beibei Shen","doi":"10.2139/ssrn.2303630","DOIUrl":"https://doi.org/10.2139/ssrn.2303630","url":null,"abstract":"Using a comprehensive sample of cross-border mergers, we find that acquirers from countries experiencing large currency appreciations realize higher abnormal announcement stock returns during both the announcement period and the post-merger period. Importantly, this shareholder wealth creation effect mainly comes from those acquirers in countries with strong shareholder rights and those acquirers with better corporate governance. We further find that acquirers from countries with weak shareholder rights tend to overpay a foreign target following a currency appreciation. Collectively, this evidence suggests that the interaction of currency appreciation and agency conflicts plays an important role in acquirer shareholder value creation.","PeriodicalId":291168,"journal":{"name":"Capital Markets 3","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127196486","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: 10
Asset Allocation: Analysis of Theory and Practice in the Australian Investment Management Industry 资产配置:澳大利亚投资管理业的理论与实践分析
Capital Markets 3 Pub Date : 2014-08-18 DOI: 10.2139/ssrn.2482173
Lujer Santacruz
{"title":"Asset Allocation: Analysis of Theory and Practice in the Australian Investment Management Industry","authors":"Lujer Santacruz","doi":"10.2139/ssrn.2482173","DOIUrl":"https://doi.org/10.2139/ssrn.2482173","url":null,"abstract":"Asset allocation is the decision on how much of the investment portfolio to place in each of the broad asset classes (e.g. cash, fixed interest securities, property, equities). It is a key decision area in the investment management industry, where professional investors manage pooled investments. The present research aims to examine any dichotomy between theory and practice of asset allocation in the Australian investment management industry. Studying asset allocation theory and practice in relation to one another may lead to finding ways to improve both. The present research identifies gaps between theory and practice and the reasons for their existence and make recommendations that may help reduce the gap. It surveys the available body of research on Modern Portfolio Theory from the seminal Markowitz mean-variance formulation to subsequent research strands. The present research utilises a combination of qualitative and quantitative methods to examine the level of awareness and usage of asset allocation theories and theory-based methods among investment management industry practitioners.","PeriodicalId":291168,"journal":{"name":"Capital Markets 3","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121213933","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: 1
Empirical Evidence of Co-Movements between China and Global Stock Markets 中国与全球股市联动的实证研究
Capital Markets 3 Pub Date : 2013-08-17 DOI: 10.2139/ssrn.2311706
T. Chiang, L. Lao, Qingfeng Xue
{"title":"Empirical Evidence of Co-Movements between China and Global Stock Markets","authors":"T. Chiang, L. Lao, Qingfeng Xue","doi":"10.2139/ssrn.2311706","DOIUrl":"https://doi.org/10.2139/ssrn.2311706","url":null,"abstract":"This paper investigates the dynamic correlations between Chinese stock return and global markets at both market and sectoral levels. Statistics suggest that stock-return correlations across markets are time-varying and display structural breaks. The evidence indicates that the stock returns of financial sector exhibit the highest correlation across countries among 10 sectors. Low correlations present in Health Cares, Telecommunications, and Utilities sectors. The correlations tied closely with geographic location – the correlation with Hong Kong is highest followed by South Koran, Japan, Europe and US markets. The time-series stock-return correlations are positively correlated with the conditional variance and variance premiums.","PeriodicalId":291168,"journal":{"name":"Capital Markets 3","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133031455","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
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