FEN: Other International Corporate Finance (Topic)最新文献

{"title":"Inside the Virtuous Cycle between Productivity, Profitability, Investment and Corporate Growth: An Anatomy of China Industrialization","authors":"Xiodan Yu, G. Dosi, Marco Grazzi, Jiasu Lei","doi":"10.2139/ssrn.2605030","DOIUrl":"https://doi.org/10.2139/ssrn.2605030","url":null,"abstract":"This article explores the dynamics of market selection by investigating of the relationships linking productivity, profitability, investment and growth, based on China's manufacturing firm-level dataset over the period 1998-2007. First, we find that productivity variations, rather than relative levels, are the dominant productivity-related determinant of firm growth, and account for 15%-20% of the variance in firms' growth rates. The direct relation between profitability and firm growth is much weaker as it contributes for less than 5% to explain the different patterns of firm growth. On the other hand, the profitability-growth relationship is mediated via investment. Firm's contemporaneous and lagged profitabilities display positive and significant effect on the probability to report an investment spike, and, in turn, investment activity is related to higher firm growth.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128426199","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":"Financial Intermediation and Economic Growth","authors":"Leyla Yusifzada, A. Mammadova","doi":"10.2139/ssrn.2600191","DOIUrl":"https://doi.org/10.2139/ssrn.2600191","url":null,"abstract":"Financial depth does not fully reflect how well the financial intermediaries serve to economic agents in stimulating economic growth. Additional aspects of financial system such as access, efficiency and stability should be taken into account in order to shed light into the relationship between finance and economic growth. In our paper we capture the four aspects of finance ??? depth, access, efficiency and stability ??? to investigate the impact of financial development and economic growth. Our results suggest that the impact of four parameters of financial development differs depending on the level of financial development and has an inverted S-shape function.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"87 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114752190","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":"Inventory Write-Downs in the Semiconductor Industry","authors":"Hui Chen, Sundaresh Ramnath, Srinivasan Rangan, S. Rock","doi":"10.2139/ssrn.2836431","DOIUrl":"https://doi.org/10.2139/ssrn.2836431","url":null,"abstract":"We study motives for and impacts of management discretion in inventory valuation. The semiconductor industry, with continual output price declines and rapid product obsolescence, provides an ideal setting to examine managers’ inventory write-down and production decisions. In this context, we develop a measure of ‘excess inventory’ and find that inventory write-downs are strongly correlated with this measure. We also find that inventory write-downs are timed strategically in periods of poor performance consistent with ‘big bath’ incentives. We construct a proxy for abnormal write-downs, and find that it is positively associated with subsequent operating performance, and negatively associated with future write-downs. Neither analysts, nor investors appear to fully appreciate the predictable implications of abnormal write-downs for subsequent operating performance.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":" 12","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132074855","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":"Survey on International Portfolio Investments","authors":"Joel Spina","doi":"10.2139/ssrn.2577547","DOIUrl":"https://doi.org/10.2139/ssrn.2577547","url":null,"abstract":"At the end of fiscal year 2013, the level of investment held by U.S.- based businesses and individuals in assets abroad was US$ 21.9 trillion, and the position held by foreign-based counterparties in the U.S. $ 26.5 trillion (B.E.A., 2014). With volumes that exceed 30% of the world GDP (World Bank, 2014), these levels of investment must be rationalized by worthy financial reasons. Do these investments tend to concentrate in certain segments of the global economy, and would these segments and areas tend to change through time, and business cycles? In this survey on international portfolio investment several topics are analyzed, including the reasons for investing in foreign markets, the performance of U.S. versus foreign stocks, the risks involved in such investments, hedging techniques to deal with foreign currency risks, and time horizons to consider when investing overseas. The conclusion that follows is that by investing in international assets, using the appropriate instruments with a reasonable hedging strategy, and over the long-term will produce superior returns compared to a purely domestic investment strategy.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"70 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122822874","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":"Inferring Default Correlation from Equity Return Correlation","authors":"Sheen X. Liu, H. Qi, Jian Shi, Y. Xie","doi":"10.1111/eufm.12016","DOIUrl":"https://doi.org/10.1111/eufm.12016","url":null,"abstract":"This paper presents a new approach for estimating default correlation by linking default correlation to equity return correlation while preserving the fundamental relation between default and asset correlations in the structural framework. Our hybrid model thus overcomes a long‐standing empirical difficulty that default correlation estimation relies on the unobservable asset process. The empirical analysis shows that our hybrid model demonstrates a considerable improvement over the existing structural model of Zhou (2001) for the sample periods of 1970‐1993 and 1990‐2010. We also illustrate the difference between the two models in predicting default correlations over the period of the 2008 financial crisis.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129095339","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 Silent Board: How Language Diversity May Influence the Work Processes of Corporate Boards","authors":"R. Piekkari, Lars Oxelheim, Trond Randøy","doi":"10.1111/corg.12085","DOIUrl":"https://doi.org/10.1111/corg.12085","url":null,"abstract":"Manuscript Type. Empirical. Research Question/Issue. Corporate boards often change their working language when they acquire foreign members. Consequently, boards “talk” in one language but “think” in another. The present study explores and explains how language diversity influences work processes of corporate boards. Research Findings/Insights. On the basis of a multiple case study of nine multinational corporations (MNCs) from four Nordic countries, we discovered evidence of impoverished and silenced discussions in board meetings in those case companies that were unprepared to switch to English as the new working language of the board. Some board members found it difficult to contribute to board meetings and articulate disagreement. In contrast, such effects were not revealed in the well‐prepared companies. Overall, the presence of employee representatives on the boards made it more difficult to conduct work processes in English because these members often lacked sufficient language proficiency. Thus, our findings suggest that the board co‐determination act of the Nordic corporate governance model may be associated with the hidden costs of using a non‐native language. Theoretical/Academic Implications. Our study makes four contributions to research on board diversity. Firstly, it highlights the “silencing effect” of language diversity on board processes. Secondly, it emphasizes the linkage between language diversity and board processes. Thirdly, it provides additional evidence that language is a distinct dimension of diversity. Fourthly, it discovers language in board work as a new research topic that is worthy of scholarly attention. Practitioner/Policy Implications. Firms need to anticipate the potential effects of language diversity on the work processes of their boards in order to ensure that “the voice of diversity” is heard. The board itself as well as the rest of the organization can take preparatory measures such as producing all board material in the new working language and selecting board members with the required language proficiency. Although these measures can be implemented gradually or at a faster pace, they need to be in place before foreign members join the board. Consistent use of one and the same language in the corporate board and the executive management team supports transparency and good corporate governance practices. In our opinion, reaping the benefits of board diversity is the particular responsibility of the chairperson. Even though English is generally well understood in the Nordic countries, chairpersons should also consider the possible negative effects associated with the use of a board language that is non‐native to most of its members.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131158299","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":"Profitability and Investment Factors for UK Asset Pricing Models","authors":"Eoghan Nichol, M. Dowling","doi":"10.2139/ssrn.2511166","DOIUrl":"https://doi.org/10.2139/ssrn.2511166","url":null,"abstract":"Two recent asset pricing models share a common core of the addition of profitability and investment as factors, but differ in implementation. We adapt these models for the UK and argue that the Fama–French five-factor profitability factor offers the most potential.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115371465","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 Dispersion Effect in International Stock Returns","authors":"Markus Leippold, Harald Lohre","doi":"10.2139/ssrn.1139412","DOIUrl":"https://doi.org/10.2139/ssrn.1139412","url":null,"abstract":"We find that stocks exhibiting high dispersion in analysts' earnings forecasts not only underperform in the U.S. but also in some European countries. Investigating the abnormal returns generated by the dispersion strategy around the world for the 1990–2008 sample period, we observe that the returns of the strategy are uneven, with large abnormal returns realized during the mid-to-late 1990s and the 2000–2003 period. In particular, we document that the dispersion effect is most profitable in a very narrow time frame around the burst of the technology bubble. As a consequence, the dispersion hedge strategy would have been rather difficult to implement, especially given that the highest mispricing obtains for stocks characterized by high arbitrage costs.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125527181","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":"Examining the Impact of Stock Market Development on Economic Growth: Dynamic Panel Evidence from Emerging Market Economies","authors":"P. K. Naik, Puja Padhi","doi":"10.2139/ssrn.2475984","DOIUrl":"https://doi.org/10.2139/ssrn.2475984","url":null,"abstract":"This study empirically reexamines the impact of stock market development on economic growth using data on twenty-seven emerging market economies over the period 1995-2012. We use market capitalization, trade value and turnover ratio as indicators of stock market development. Also, we construct three alternate composite indices of stock market development and used them in the growth regression each at a time. Methodologically, we employ the dynamic panel ‘system GMM’ estimators which is free from the problem of endogeneity and measurement errors; secondly, a 2nd generation panel unit root test of Pesaran (2007) is employed to test the stationary properties of data; finally, in order to test the direction of causality we make use of a newly developed panel non-causality test of Dumitrescu and Hurlin (2012) which is designed for heterogeneous panel. Our empirical findings indicate that stock market development significantly contributes to economic growth. This is evident in all the three alternate indices of financial development employed in the study. Further, we find a unidirectional causation running from stock market development to economic growth, supporting the supply-leading hypothesis. We also find that macroeconomic variables, such as investment ratio, trade openness and exchange rate have strong influence on economic growth. Thus, the study suggests that significant improvement of stock markets, making the economy internationally open, and improving the aggregate investment the emerging market economies can improve their economy.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132914259","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 Effects of Government Quality on Corporate Cash Holdings","authors":"Deqiu Chen, Sifei Li, J. Xiao, H. Zou","doi":"10.2139/ssrn.1969711","DOIUrl":"https://doi.org/10.2139/ssrn.1969711","url":null,"abstract":"We use China as a laboratory to test the effect of government quality on cash holdings. We build on, and extend, the existing literature on government expropriation and its interaction with firm-level agency problems by proposing a financial constraint mitigation argument. We find that firms hold less cash when local government quality is high, which is not consistent with the state expropriation argument, but supports the financial constraint mitigation argument. A good government lowers the investment sensitivity to cash flows and cash sensitivity to cash flows, decreases cash holdings more significantly in private firms, and improves access to bank and trade credit financing. We also test and find support for Stulz's (2005) model on the interaction between government and firm agency problems.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122617884","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}