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MARKET RISK DYNAMICS AND COMPETITIVENESS AFTER THE EURO: Evidence from EMU Members
Chousa, Juan Piñeiro; Tamazian, Artur; Melikyan, Davit N. - William Davidson Institute, University of Michigan - 2008
In this paper we propose an empirical model that considers theoretical facts on the relationship between real exchange rates and the net exports of the economy to supplement the interaction of a number of financial and economic factors with the stock market. We discuss the impact of exchange...
Persistent link: https://www.econbiz.de/10005677667
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Credit Ratings as Coordination Mechanisms
Boot, Arnoud W. A.; Milbourn, Todd T. - William Davidson Institute, University of Michigan - 2002
In this paper, we provide a novel rationale for credit ratings. The rationale that we propose is that credit ratings can serve as a coordinating mechanism in situations where multiple equilibria can obtain. We show that credit ratings provide a "focal point" for firms and their investors. We...
Persistent link: https://www.econbiz.de/10005489915
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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 large firms. In this paper, we analyze shareholders as agents that can both harm and benefit companies. We examine the ownership structure of 826 listed corporations and find...
Persistent link: https://www.econbiz.de/10005784638
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Government Shareholding and the Value of China's Modern Firms
Tian, Lihui - William Davidson Institute, University of Michigan - 2001
This paper documents the ultimate shareholding structures of 826 corporations listed on China's stock market and finds large equity holdings of the government. Using a panel data set, this paper further finds that corporate value decreases with an increased size of government shareholding when...
Persistent link: https://www.econbiz.de/10005784758
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DO INSIDER TRADING LAWS MATTER? SOME PRELIMINARY COMPARATIVE EVIDENCE
Beny, Laura Nyantung - William Davidson Institute, University of Michigan - 2005
Despite the longstanding insider trading debate, there is little empirical research on insider trading laws, especially in a comparative context. The article attempts to fill that gap. I find that countries with more prohibitive insider trading laws have more diffuse equity ownership, more...
Persistent link: https://www.econbiz.de/10005784800
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Returns to Mobility in the Transition to a Market Economy
Boeri, Tito; Flinn, Christopher J. - William Davidson Institute, University of Michigan - 1999
In spite of ongoing dramatic changes in labor market structure, transitional economies display rather low worker flows across sectors and occupations. Such low mobility can be explained by low returns to job changes as well as by market segmentation in the allocation of job offers. We develop an...
Persistent link: https://www.econbiz.de/10005677401
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The Costs and Benefits of Euro-sation in Central-Eastern Europe Before or Instead of EMU Membership
Nuti, D. Mario - William Davidson Institute, University of Michigan - 2000
monetary, real, and institutional convergence already achieved beforehand. Positive net advantages may derive from dollar/Euro …
Persistent link: https://www.econbiz.de/10005677559
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From a currency board to the euro: Public attitudes toward unilateral euroization in Bulgaria
Valev, Neven T. - William Davidson Institute, University of Michigan - 2005
paper uses survey data to analyze public attitudes toward adoption of the euro in advance of EMU membership. Bulgarians are … currency devaluation and the perception that the euro is already widely used in the economy. The opposition derives from people …’s attachment to the national currency and from concerns about the conversion costs involved in a switch to the euro. …
Persistent link: https://www.econbiz.de/10005677570
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The Economic and Monetary Union’s Effect on (International) Trade: the Case of Slovenia Before Euro Adoption
Aristovnik, Aleksander; Meze, Matevz - William Davidson Institute, University of Michigan - 2010
influence the introduction of the euro had on the trade of the member states of the Economic and Monetary Union (EMU). The … intention of this article is also to inspire further research (especially concerning the effect of the euro on the Slovene …
Persistent link: https://www.econbiz.de/10008606466
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Equilibrium Exchange Rates in Transition Economies: Taking Stock of the Issues
Égert, Balázs; Halpern, László; MacDonald, Ronald - William Davidson Institute, University of Michigan - 2005
In this paper we present an overview of a number of issues relating to the equilibrium exchange rates of transition economies of the former soviet bloc. In particular, we present a critical overview of the various methods available for calculating equilibrium exchange rates and discuss how...
Persistent link: https://www.econbiz.de/10005784651