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Cross-Border Trading as a Mechanism for Capital Flight: ADRs and the Argentine Crisis
Auguste, Sebastian; Dominguez, Kathryn M.E.; Kamil, Herman - William Davidson Institute, University of Michigan - 2002
This paper examines the surprising performance of the Argentine stock market in the midst of the country’s most recent financial crisis and the role played by ADRs in Argentine capital flight. Although Argentine investors were subject to capital controls, they were able to purchase stocks with...
Persistent link: https://www.econbiz.de/10005784778
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Financial Sector Returns and Creditor Moral Hazard: Evidence from Indonesia, Korea, and Thailand
Tong, Jian; Xu, Chenggang - William Davidson Institute, University of Michigan - 2004
This paper introduces a framework of investor behavior in which investors form their expectations regarding the credibility of a prospective IMF program in reforming the financial sector characterized by domestic implicit guarantees. We examine the changes in financial sector returns in response...
Persistent link: https://www.econbiz.de/10005651501
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Instability in Exchange Rates of the World Leading Currencies: Implications of a Spatial Competition Model among Central Banks
Engelmann, Dirk; Hanousek, Jan; Kocenda, Evžen - William Davidson Institute, University of Michigan - 2004
We use a spatial competition based model in a two-stage game setup to assess whether equilibrium in exchange rates among the leading currencies is attainable. We show that a stable equilibrium can be reached in the case of two leading currencies, but not in the case of three. In our model,...
Persistent link: https://www.econbiz.de/10005677454
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Why Do Governments Sell Privatised Companies Abroad?
Bortolotti, Bernardo; Fantini, Marcella; Scarpa, Carlo - William Davidson Institute, University of Michigan - 2000
This paper provides an empirical analysis of Governments' decisions to sell privatised companies on both international and domestic markets in a sample of 392 privatisations in 42 countries. Political theories of privatisation find strong support in our analyses: market oriented Governments...
Persistent link: https://www.econbiz.de/10005677641
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The Feldstein-Horioka Puzzle Revisited: An “European-Regional” Perspective
Hericourt, Jérôme; Maurel, Mathilde - William Davidson Institute, University of Michigan - 2000
The purpose of this paper consists in assessing the extent of financial integration in European Union using the Feldstein-Horioka criterion. More precisely, we test the cross-correlation of savings and investment rates across European Union regions, using NUTS 2 data coming from Eurostat...
Persistent link: https://www.econbiz.de/10005652580
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Retained State Shareholding in Chinese PLCs: Does Government Ownership Reduce Corporate Value?
Tian, Lihui; Estrin, Saul - William Davidson Institute, University of Michigan - 2005
The role of government shareholding in corporate performance is central to an understanding of China’s newly privatized …
Persistent link: https://www.econbiz.de/10005784638
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Executive Compensation, Firm Performance, and State Ownership in China: Evidence from New Panel Data*
Kato, Takao; Long, Cheryl - William Davidson Institute, University of Michigan - 2004
This paper provides the first systematic evidence on compensation for executives of firms listed in China’s emerging …, using comprehensive financial and accounting data on China’s listed firms from 1998 to 2002 (data modeled after Compustat … shareholder value in China. The size of the estimated sensitivities imply that a 1000 RMB increase in shareholder value yields a 0 …
Persistent link: https://www.econbiz.de/10005677675
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Corporate Cash Holdings, National Culture, and Multinationality
Ramirez, Andres; Tadesse, Solomon - William Davidson Institute, University of Michigan - 2007
We examine the relations between national cultures, the multinationality of the firm and its holdings of cash. We develop several hypotheses from well known corporate finance theories and theories of the multinational firm, positing that cultural factors as well as the degree of multinationality...
Persistent link: https://www.econbiz.de/10005652504
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Capital flows, exchange rates and policy frameworks in emerging Asia : a report by a Working Group established by the Asian Consultative Council of the Bank for International Settl...
Bank für Internationalen Zahlungsausgleich - 2020
management policies. The Working Group is made up of members from the central banks and monetary authorities of China, Hong Kong … SAR, India, Indonesia, Korea, Malaysia, the Philippines, Singapore and Thailand, as well as observers from the central …
Persistent link: https://www.econbiz.de/10012517979
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THE DEPENDENCE OF CEECs ON FOREIGN BANK CLAIMS: DIRECT AND INDIRECT RISKS OF CAPITAL WITHDRAWAL
Brana, Sophie; Lahet, Delphine - William Davidson Institute, University of Michigan - 2011
CEECs are characterised by a significant presence of foreign banks and by a marked dependence upon financing from foreign bankers. We show that this situation leaves these countries open to two types of financial risk, which have grown throughout the present decade. The first relates to the...
Persistent link: https://www.econbiz.de/10010859438