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Short- and Long-term Hedging for the Corporation
Dumas, Bernard J - C.E.P.R. Discussion Papers - 1994
of a particular future cash flow involves a forward contract equal but opposite in sign to the exposure of the cash flow …
Persistent link: https://www.econbiz.de/10005136503
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Equity issue-specific versus broad regulatory protections against expropriation risk: International evidence from SEOs
Gupta, Manu; Prakash, Puneet; Rangan, Nanda K. - In: Journal of International Money and Finance 35 (2013) C, pp. 146-166
We compare non-issue specific (broad) investor protections against expropriation by firm's insiders with regulations that specifically protect investors of new equity issues (issue-specific). Since in-nation regulations rarely change and are homogenous for all firms, it is difficult to compare...
Persistent link: https://www.econbiz.de/10010665905
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Crossing the lines: The conditional relation between exchange rate exposure and stock returns in emerging and developed markets
Bartram, Söhnke M.; Bodnar, Gordon M. - In: Journal of International Money and Finance 31 (2012) 4, pp. 766-792
This paper examines the importance of exchange rate exposure in the return generating process for a large sample of non-financial firms from 37 countries. We argue that the effect of exchange rate exposure on stock returns is conditional and show evidence of a significant return impact to...
Persistent link: https://www.econbiz.de/10011048438
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Liquidity and Expected Returns: Lessons from Emerging Markets
Bekaert, Geert; Harvey, Campbell; Lundblad, Christian T - C.E.P.R. Discussion Papers - 2006
Given the cross-sectional and temporal variation in their liquidity, emerging equity markets provide an ideal setting to examine the impact of liquidity on expected returns. Our main liquidity measure is a transformation of the proportion of zero daily firm returns, averaged over the month. We...
Persistent link: https://www.econbiz.de/10005792280
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The Corporate Governance Role of the Media
Dyck, Alexander; Zingales, Luigi - C.E.P.R. Discussion Papers - 2002
In this Paper we discuss the role of the media in pressuring corporate managers and directors to behave in ways that … anecdotal and systematic evidence that media affect companies’ policy toward the environment and the amount of corporate … focus of the corporate governance debate and for the feasibility of reforms aimed at improving corporate governance around …
Persistent link: https://www.econbiz.de/10005497765
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In Search of New Foundations
Zingales, Luigi - C.E.P.R. Discussion Papers - 2000
In this paper I argue that corporate finance theory, empirical research, practical applications, and policy … change the way we do corporate finance, both theoretically and empirically. …
Persistent link: https://www.econbiz.de/10005792089
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International reserves before and after the global crisis: Is there no end to hoarding?
Aizenman, Joshua; Cheung, Yin-Wong; Ito, Hiro - In: Journal of International Money and Finance 52 (2015) C, pp. 102-126
We evaluate the impact of the global financial crisis (GFC) and recent structural changes in the patterns of hoarding international reserves (IR). We confirm that the determinants of IR hoarding evolve with developments in the global economy. During the pre-GFC period of 1999–2006, gross...
Persistent link: https://www.econbiz.de/10011208913
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Euro Area Government Bonds—Integration and Fragmentation During the Sovereign Debt Crisis
Ehrmann, Michael; Fratzscher, Marcel - C.E.P.R. Discussion Papers - 2015
The paper analyzes the integration of euro area sovereign bond markets during the European sovereign debt crisis. It tests for contagion (i.e., an intensification in the transmission of shocks across countries), fragmentation (a reduction in spillovers) and flight-to-quality patterns, exploiting...
Persistent link: https://www.econbiz.de/10011276387
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Currency forecast errors and carry trades at times of low interest rates: Evidence from survey data on the yen/dollar exchange rate
MacDonald, Ronald; Nagayasu, Jun - In: Journal of International Money and Finance 53 (2015) C, pp. 1-19
Using survey expectations data and a variant of the uncovered interest rate parity (UIRP), this paper evaluates the relationship between interest rates and investors' forecast errors about the yen/dollar exchange rate. This study therefore is related to the forward premium puzzle and the...
Persistent link: https://www.econbiz.de/10011263945
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The behavior of currencies during risk-off episodes
De Bock, Reinout; de Carvalho Filho, Irineu - In: Journal of International Money and Finance 53 (2015) C, pp. 218-234
Episodes of increased global risk aversion, also known as risk-off episodes, have become more frequent and severe since 2007. During these episodes, currency markets exhibit recurrent patterns, as the Japanese yen, Swiss franc, and U.S. dollar appreciate against other G-10 and emerging market...
Persistent link: https://www.econbiz.de/10011263949