INTL: Economic & Financial Issues (Topic)最新文献_第3页

The Benefits of Relationship Lending in a Cross-Country Context: A Meta-Analysis 跨国背景下关系借贷的收益:一项元分析

INTL: Economic & Financial Issues (Topic) Pub Date : 2014-07-02 DOI: 10.2139/ssrn.2170601

Vlado Kysucky, Lars Norden

{"title":"The Benefits of Relationship Lending in a Cross-Country Context: A Meta-Analysis","authors":"Vlado Kysucky, Lars Norden","doi":"10.2139/ssrn.2170601","DOIUrl":"https://doi.org/10.2139/ssrn.2170601","url":null,"abstract":"Relationship lending may create benefits for borrowers by reducing information asymmetries. However, empirical evidence is mixed. We conduct a meta-analysis to summarize and explain the heterogeneity in the results in the literature using hand-collected information from 101 studies in the United States, Europe, Asia, and Latin America from 1970 to 2010. We find that strong relationships are generally beneficial for borrowers, but lending outcomes differ across the relationships’ dimensions. Long-lasting, exclusive, and synergy-creating bank relationships are associated with higher credit volume and lower loan rates. These benefits are more likely in the United States and in countries where bank competition is high. They are not related to the importance of small and medium-sized enterprises in an economy, suggesting that prevalence of relationship lending does not necessarily come along with borrower benefits. Our inferences are robust when we control for observed systematic heterogeneity in the original studies and hold in a bootstrapping analysis.Data, as supplemental material, are available at http://dx.doi.org/10.1287/mnsc.2014.2088 . This paper was accepted by Wei Jiang, finance .","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"16 8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116852214","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: 193

Competition in Electricity Forward-Contract Auctions 电力远期合同拍卖中的竞争

INTL: Economic & Financial Issues (Topic) Pub Date : 2014-06-30 DOI: 10.2139/ssrn.1593821

José Luis Lima

{"title":"Competition in Electricity Forward-Contract Auctions","authors":"José Luis Lima","doi":"10.2139/ssrn.1593821","DOIUrl":"https://doi.org/10.2139/ssrn.1593821","url":null,"abstract":"Brazil, Chile and other developing countries have recently experienced with forward or long-run contract auctions for electricity demand, to meet supply adequacy problems. In this paper, we analyze what it requires to have a competitive auction process for this type of contracts when each bidder can't fully meet the entire demand. Our findings suggest that a large number of bidders are not enough warranty for fierce competition. Electricity forward-contract auctions may be uncompetitive, even if they have lots of bidders but with low power-generating capacity for contracting. For practical auction design, we found that encouraging more bidders' entry in the auction results in lower expected prices than increasing existing bidders' offer capacity. We also found that encouraging more bidders' entry or increasing existing bidders' offer capacity have a similar decreasing effect on the likelihood of collusion in infinitely repeated auctions. Encouraging entry could be a preferred strategy, because it also increases the likelihood of low cost bidders, which require a higher discount factor to participate in a collusive agreement. Investment decisions remains optimal, as in Arellano and Serra (2010), if they are taken after every auction.","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124590708","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

Improving 'National Brands': Reputation for Quality and Export Promotion Strategies 提升“民族品牌”:质量信誉与出口推广策略

INTL: Economic & Financial Issues (Topic) Pub Date : 2014-05-25 DOI: 10.2139/ssrn.2227065

Julia Cagé, Dorothée Rouzet

{"title":"Improving 'National Brands': Reputation for Quality and Export Promotion Strategies","authors":"Julia Cagé, Dorothée Rouzet","doi":"10.2139/ssrn.2227065","DOIUrl":"https://doi.org/10.2139/ssrn.2227065","url":null,"abstract":"This paper studies the effect of firm and country reputation on exports when buyers cannot observe quality prior to purchase. Firm-level demand is determined by expected quality, which is driven by the dynamics of consumer learning through experience and the country of origin's reputation for quality. We show that asymmetric information can result in multiple steady-state equilibria with endogenous reputation. We identify two types of steady states: a high-quality equilibrium (HQE) and a low-quality equilibrium (LQE). In a LQE, only the lowest-quality and the highest-quality firms are active; a range of relatively high-quality firms are permanently kept out of the market by the informational friction. Countries with bad quality reputation can therefore be locked into exporting low-quality, low-cost goods. Our model delivers novel insights about the dynamic impact of trade policies. First, an export subsidy increases the steady-state average quality of exports and welfare in a LQE, but decreases both quality and welfare in a HQE. Second, there is a tax/subsidy scheme based on the duration of export experience that replicates the perfect information outcome. Third, a large reputation shock is self-fulfilling when the economy has multiple steady states. Finally, a minimum quality standard can help an economy initially in a LQE moving to a HQE, but is not necessarily welfare improving.","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114166380","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: 32

Did China's Adoption of IFRS Attract More Foreign Institutional Investment? 中国采用国际财务报告准则是否吸引了更多的境外机构投资?

INTL: Economic & Financial Issues (Topic) Pub Date : 2014-04-18 DOI: 10.2139/ssrn.2426484

Mark L. Defond, Xinzi Gao, Oliver Zhen Li, Lijun Xia

引用次数: 14

A Demand-Side Analysis of Renminbi Internationalisation: The Renminbi in South Korea 人民币国际化的需求侧分析——以人民币在韩国为例

INTL: Economic & Financial Issues (Topic) Pub Date : 2014-04-01 DOI: 10.2139/ssrn.2418793

Hyoung‐kyu Chey

引用次数: 2

Modelling Small Business Failures in Malaysia 马来西亚小企业失败的模型

INTL: Economic & Financial Issues (Topic) Pub Date : 2014-02-27 DOI: 10.2139/ssrn.2402129

N. Abdullah, A. H. Ahmad, Rohani Bt. Md Rus, N. Zainudin

引用次数: 12

Issues for Renminbi Internationalization: An Overview 人民币国际化问题综述

INTL: Economic & Financial Issues (Topic) Pub Date : 2014-01-21 DOI: 10.2139/SSRN.2382420

Barry Eichengreen, M. Kawai

引用次数: 66

Insights on the Global Macro-Finance Interface: Structural Sources of Risk Factors Fluctuations and the Cross-Section of Expected Stock Returns 对全球宏观金融界面的洞察:风险因素波动的结构性来源和股票预期收益的横截面

INTL: Economic & Financial Issues (Topic) Pub Date : 2013-12-31 DOI: 10.2139/ssrn.2373542

C. Morana

引用次数: 13

How Global Is Globalization? 全球化有多全球化?

INTL: Economic & Financial Issues (Topic) Pub Date : 2013-12-27 DOI: 10.2139/ssrn.2372147

Jac C. Heckelman, A. Young

引用次数: 1

Эволюция Подходов К Конкурентным Преимуществам в Наиболее Развитых Странах Азиатско-Тихоокеанского Региона (Evolution of Approaches to Competitive Advantages in the Most Developed Countries in Asia-Pacific) 亚太地区最发达国家竞争优势方法的演变(亚太地区最具代表性的国家)

INTL: Economic & Financial Issues (Topic) Pub Date : 2013-12-09 DOI: 10.2139/SSRN.2365402

L. Belova

{"title":"Эволюция Подходов К Конкурентным Преимуществам в Наиболее Развитых Странах Азиатско-Тихоокеанского Региона (Evolution of Approaches to Competitive Advantages in the Most Developed Countries in Asia-Pacific)","authors":"L. Belova","doi":"10.2139/SSRN.2365402","DOIUrl":"https://doi.org/10.2139/SSRN.2365402","url":null,"abstract":"Монография посвящена исследованию конкурентных преимуществ стран АТР. Представлены факторы и модели для оценки конкурентоспособности. Специальное внимание уделяется исследованию конкурентных преимуществ Австралии. Книга предназначена для научных сотрудников, преподавателей, аспирантов, студентов, изучающих конкурентоспособность национальных экономик. The monograph is devoted to the study of the competitive advantages of the APR countries. Presented factors and models to assess competitiveness. Special attention is paid to the study of competitive advantage in Australia. The book is intended for researchers, teachers, graduate students studying the competitiveness of national economies.","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"70U 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133450732","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