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Rao, Ananth - EconWPA - 2003

Listing of stocks on the stock exchange offers business firms several advantages such as diversification, liquidity, establishing a value for the firm etc. The present paper analyses stocks of six commercial banks (viz., Dubai Commercial Bank, Emirates Bank International, National Bank of Dubai,...

Persistent link: https://www.econbiz.de/10005413135

DO EXTERNAL FUNDS YIELD LOWER RETURNS ? RECENT EVIDENCE FROM EAST ASIAN ECONOMIES

Pal, Sarmistha; Driffield, Nigel - EconWPA - 2003

Using a large firm level panel data set from four Asian countries, this paper compares the returns to various internal and external funds. A novel feature of our analysis is that we distinguish between financially constrained and unconstrained firms and determine selectivity-corrected estimates...

Persistent link: https://www.econbiz.de/10005076952

The Travails of Current Macroeconomic and Exchange Rate Management in China: The Complications of Switching to a New Growth Engine

Woo, Wing Thye - EconWPA - 2003

Just when China’s leaders receive conflicting signals of “overheating” and “below-potential growth”, they encounter … challenges have their roots in China’s inadequate marketization and continued discrimination against the domestic private sector … themselves into nonperforming loans. In partially-reformed China, public-directed investments via the state enterprises tend to …

Persistent link: https://www.econbiz.de/10005062405

Dynamic Adjustment of Corporate Leverage: Is there a lesson to learn from the Recent Asian Crisis?

Driffield, Nigel; Mahambare, Vidya; Pal, Sarmistha - EconWPA - 2004

Much of the macro literature on the recent Asian crisis argues that a major cause was over borrowing and over investment encouraged by poor supervision and the resulting moral hazard problem. Surprisingly however there is little firm-level evidence to corroborate this. The present paper examines...

Persistent link: https://www.econbiz.de/10005413165

DO EXTERNAL FUNDS YIELD LOWER RETURNS? RECENT EVIDENCE FROM EAST ASIAN ECONOMIES

Pal, Sarmistha - EconWPA - 2005

One of the central explanations of the recent Asian Crisis has been the problem of moral hazard as the source of over-investment and excessive external borrowing. There is however rather limited firm-level empirical evidence to characterise inefficient use of internal and external finances....

Persistent link: https://www.econbiz.de/10005118672

Macroeconomic evolution after a shock: the role for financial intermediation

Vinogradov, Dmitri - EconWPA - 2003

An overlapping generations model with two production factors and two types of agents is considered in presence of …nancial intermediation. The research focuses at the analysis of the consequences of a suddain negative production shock on a …nancial intermediation capacities and consequently...

Persistent link: https://www.econbiz.de/10005126268

An approach to bank insolvency in transition and emerging economies

Mayes, David G. - EconWPA - 2004

In the light of the inequity of the way losses from bank insolvencies and their avoidance through intervention by the authorities have been distributed over creditors, depositors, owners and the population at large in transition and emerging economies, this paper explores a number of regulatory...

Persistent link: https://www.econbiz.de/10005134654

Banks versus Markets in Processing the Payments Shock

Vinogradov, Dmitri - EconWPA - 2005

The paper focuses on a comparison of bank-based andmarket-based …nancial systems with respect to their ability to smooth the negative consequences of a macroeconomic shock. The model describes a two-market OLG economy with two types of agents (workers and entrepreneurs) and a financial system...

Persistent link: https://www.econbiz.de/10005134734

Nonparametric Efficiency Testing of Asian Stock Markets Using Weekly Data

LOS, CORNELIS A. - EconWPA - 2004

The efficiency of speculative markets, as represented by Fama's 1970 fair game model, is tested on weekly price index … efficiency of nervous systems. In particular, the stationarity and independence of the price innovations are tested over ten … stock market efficiency is: Singapore, Thailand, Indonesia, Malaysia, Hong Kong and Taiwan. Singapore's stock market pricing …

Persistent link: https://www.econbiz.de/10005076962

Foreign Banks in Transition Economies: Small Business Lending and Internal Capital Markets

Haas, Ralph de; Naaborg, Ilko - EconWPA - 2005

On the basis of focused interviews with managers of foreign parent banks and their affiliates in Central Europe and the Baltics, we analyse foreign banks’ small business lending and internal capital markets. This allows us to complement the standard empirical literature, which has difficulty...

Persistent link: https://www.econbiz.de/10005125553

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