FEN: Other International Corporate Finance (Topic)最新文献_第8页

Renewable Energy Investment and the Clean Development Mechanism 可再生能源投资与清洁发展机制

FEN: Other International Corporate Finance (Topic) Pub Date : 2010-03-01 DOI: 10.2139/ssrn.1581724

K. Zavodov

引用次数: 30

International Investment in Equities and Currency Exposure (French Version) 国际股票及外汇投资(法文版)

FEN: Other International Corporate Finance (Topic) Pub Date : 2010-02-20 DOI: 10.2139/SSRN.1559387

M. Leblanc

引用次数: 0

Financial Markets, Diversification, and Allocative Efficiency: International Evidence 金融市场、多元化与配置效率:国际证据

FEN: Other International Corporate Finance (Topic) Pub Date : 2010-02-15 DOI: 10.2139/ssrn.1571636

S. Manganelli, A. Popov

引用次数: 8

Regime Switching, Asymmetric Correlation and International Portfolio Choices 制度转换、不对称相关与国际投资组合选择

FEN: Other International Corporate Finance (Topic) Pub Date : 2010-01-01 DOI: 10.2139/ssrn.1566889

Fathi Abid, Slah Bahloul

引用次数: 3

What Influence Firms to Issue International Bond? An Empirical Study of Relationships between Bond Financing and Firms' Financial Characteristics 什么因素影响企业发行国际债券?债券融资与企业财务特征关系的实证研究

FEN: Other International Corporate Finance (Topic) Pub Date : 2009-12-10 DOI: 10.2139/SSRN.1521862

Gautam Chapagain

{"title":"What Influence Firms to Issue International Bond? An Empirical Study of Relationships between Bond Financing and Firms' Financial Characteristics","authors":"Gautam Chapagain","doi":"10.2139/SSRN.1521862","DOIUrl":"https://doi.org/10.2139/SSRN.1521862","url":null,"abstract":"In the UK, the share of the international bonds rocketed while the share of government and domestic corporate bonds dropped significantly over the last 10 years. This paper investigates the firm specific factors behind the motivation of issuance of international bonds for the sample of Euro market non-financial bond offerings of UK domiciled firms and uses a sample of domestic corporate bond issuing non-financial UK firms for comparison of these factors. Firm-specific variables are examined based on the determinants of debt choice for both types of firms, namely flotation costs hypothesis, liquidation and renegotiation concerns, asymmetric information, reputation, profitability, growth options and market conditions. To motivate the empirical analysis, a theoretical framework based on the model of financing in international debt markets is employed and used to examine the probability of issuing international bonds by sample firms. The model is further tested using statistical t-tests. Results of this study indicate that international bonds issuing firms are significantly larger in terms of issue size and firm size than firms which issues domestic bonds. This implies that a flotation cost is a concern for an international bond issuing firms. They are high growth firms, and also tend to have higher financial leverage, better liquidation value and stronger reputations than domestic bond issuing firms. The market conditions also seem to provide a favourable opportunity for UK firms to reduce issuing costs by issuing bonds in the international market.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116504595","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

The Lingering Effects of Country-Level Governance on Cross-Listed Firms 国家治理对交叉上市公司的影响

FEN: Other International Corporate Finance (Topic) Pub Date : 2009-12-01 DOI: 10.2139/ssrn.1163244

T. Boulton, Kuldeep Shastri

引用次数: 2

A PDE Pricing Framework for Cross-Currency Interest Rate Derivatives 跨货币利率衍生品的PDE定价框架

FEN: Other International Corporate Finance (Topic) Pub Date : 2009-11-08 DOI: 10.2139/ssrn.1502302

D. Dang, C. Christara, K. Jackson, A. Lakhany

{"title":"A PDE Pricing Framework for Cross-Currency Interest Rate Derivatives","authors":"D. Dang, C. Christara, K. Jackson, A. Lakhany","doi":"10.2139/ssrn.1502302","DOIUrl":"https://doi.org/10.2139/ssrn.1502302","url":null,"abstract":"We propose a general framework for efficient pricing via a Partial Differential Equation (PDE) approach of cross-currency interest rate derivatives under the Hull-White model. In particular, we focus on pricing long-dated foreign exchange (FX) interest rate hybrids, namely Power Reverse Dual Currency (PRDC) swaps with Bermudan cancelable features. We formulate the problem in terms of three correlated processes that incorporate FX skew via a local volatility function. This formulation results in a time dependent parabolic PDE in three spatial dimensions. Finite difference methods on uniform grids are used for the spatial discretization of the PDE. The Crank-Nicolson (CN) method and the Alternating Direction Implicit (ADI) method are considered for the time discretization. In the former case, the preconditioned Generalized Minimal Residual (GMRES) method is employed for the solution of the resulting block banded linear system at each time step, with the preconditioner solved by Fast Fourier Transform (FFT) techniques. Numerical results indicate that the numerical methods considered are second-order convergent, and, asymptotically, as the discretization granularity increases, almost optimal, with the ADI method being modestly more efficient than CN-GMRES-FFT. An analysis of the impact of the FX volatility skew on the PRDC swaps' prices is presented, showing that the FX volatility skew results in lower prices (i.e. profits) for the payer of PRDC coupons.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131909243","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: 21

On the Growth Effect of Stock Market Liberalizations 论股票市场自由化的增长效应

FEN: Other International Corporate Finance (Topic) Pub Date : 2009-11-01 DOI: 10.1093/RFS/HHP001

Nandini Gupta, Kathy Yuan

引用次数: 194

The Emergence of Chinese Multinational Companies (CMCs): Reality, Issues and Challenges 中国跨国公司的兴起:现实、问题与挑战

FEN: Other International Corporate Finance (Topic) Pub Date : 2009-10-31 DOI: 10.2139/ssrn.2169224

S. Barthélémy, Thierry Apoteker

{"title":"The Emergence of Chinese Multinational Companies (CMCs): Reality, Issues and Challenges","authors":"S. Barthélémy, Thierry Apoteker","doi":"10.2139/ssrn.2169224","DOIUrl":"https://doi.org/10.2139/ssrn.2169224","url":null,"abstract":"The theme of global rebalancing in economic power is now central to international economic analysis, and the issue of the presence and clout of multinational companies from emerging markets has gained importance, in part because of highly publicised cases of acquisitions of (or attempts at acquiring) companies established in more mature markets, in part because of the uncertain role of sovereign funds in the global reshuffling of corporate ownership. The objective of this paper is to analyse the growing phenomenon of multi-nationalization of China’s companies.The paper makes a detailed analysis of 15 key Chinese Multinational Companies (noted CMCs), and looks at their performance (in absolute figures as well as in comparison with international peers), their strategies and the relationship with policy/political decisions. The analysis shows that such companies are already large by international standards, are growing very rapidly in size, are moving up in technology, and are profitable, notwithstanding a visible downtrend in this profitability over the recent years. They have in general clear internationalisation strategies, even though still at an early stage for most of them. Such internationalization strategies are closely linked to the country’s national or strategic objectives, notably for securing access to natural resources. The influence of political factors and the relation between corporates’ strategies and national objectives remain dominant factors for these CMCs’ development.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128986100","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

The Puzzling Peso 令人费解的比索

FEN: Other International Corporate Finance (Topic) Pub Date : 2009-09-11 DOI: 10.2139/ssrn.1478574

{"title":"The Puzzling Peso","authors":"","doi":"10.2139/ssrn.1478574","DOIUrl":"https://doi.org/10.2139/ssrn.1478574","url":null,"abstract":"In the past decade, some observers have noted an unusual aspect of the Mexican peso's behavior: During periods when the U.S. dollar has risen (fallen) against other major currencies such as the euro, the peso has risen (fallen) against the dollar. Very few other currencies display this behavior. In this paper, we attempt to explain the unusual pattern of the peso's correlation with the dollar by developing some general empirical models of exchange rate correlations. Based on a study of 29 currencies, we find that most of the cross-country variation in exchange rate correlations with the dollar and the euro can be explained by just a few variables. First, a country's currency is more likely to rise against the dollar as the dollar rises against the euro, the closer it is to the United States and the farther it is from the euro area. In this result, distance likely proxies for the role of economic integration in affecting exchange rate correlations. Second, and perhaps more surprisingly, a country's currency is more likely to exhibit this unusual pattern when its sovereign credit rating is more risky. This may reflect that currencies of riskier countries are less substitutable in investor portfolios than those of better-rated countries. All told, these factors well explain the peso's unusual behavior, as Mexico both is very close to the United States and has a lower credit rating than most industrial economies.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"113 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131516509","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: 4