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Testing Creditor Moral Hazard in Sovereign Bond Markets: A Unified Theoretical Approach and Empirical Evidence

Ay?e Y. Evrensel; Kutan, Ali M. - William Davidson Institute, University of Michigan - 2004

, proposes a unified theoretical approach to test for IMF-induced creditor moral hazard, and provides empirical evidence, using … daily sovereign bond market spreads of Indonesia and Korea. The results suggest that IMF-related news regarding program …

Persistent link: https://www.econbiz.de/10005489921

Financial Sector Returns and Creditor Moral Hazard: Evidence from Indonesia, Korea, and Thailand

Tong, Jian; Xu, Chenggang - William Davidson Institute, University of Michigan - 2004

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 to IMF-related news such as announcements of program negotiations … and Korea. The findings are consistent with investor perception that negotiated IMF programs are non-credible due to …

Persistent link: https://www.econbiz.de/10005651501

Creditor Moral Hazard in Equity Markets: A Theoretical Framework and Evidence from Indonesia and Korea

Kutan, Ali M.; Evrensel, Ayse Y. - William Davidson Institute, University of Michigan - 2004

guarantees. Incorporating IMF-related news associated with the own country and with other countries to our models, we are able to … Korea, we test the ability of the models to predict the expected changes in stock returns on the days of IMF-related news …

Persistent link: https://www.econbiz.de/10005784746

Implications of bank ownership for the credit channel of monetary policy transmission: Evidence from India

Bhaumik, Sumon Kumar; Dang, Vinh; Kutan, Ali M. - William Davidson Institute, University of Michigan - 2010

. These observations beg the question of whether the effectiveness of monetary policy through a lending channel differs across … types of banks to monetary policy initiatives of the central bank and the bank lending channel of monetary policy might be … policy changes on less risky short term and more risky medium term lending We discuss the policy implications of the findings …

Persistent link: https://www.econbiz.de/10008606477

Finance, Human Capital, Technical Assistance, and the Business Environment in Romania

Brown, J. David; Earle, John S.; Lup, Dana - William Davidson Institute, University of Michigan - 2004

Although the development of a new private sector is generally considered crucial to economic transition and development, there has been little empirical research on the determinants of startup firm growth. This paper uses panel data techniques to analyze a survey of 297 new small enterprises in...

Persistent link: https://www.econbiz.de/10005677668

How Much Restructuring did the Transition Countries Experience? Evidence from Quality of their Exports

Kandogan, Yener - William Davidson Institute, University of Michigan - 2004

The increase in exports to market economies is a good sign, but it is not conclusive about the extent of restructuring of production technologies experienced in transition countries. This paper explores the source of the increase with an analysis of their exports’ quality, interprets the...

Persistent link: https://www.econbiz.de/10005677718

Media Coverage & Charitable Giving After the 2004 Tsunami

Brown, Philip; Minty, Jessica - William Davidson Institute, University of Michigan - 2006

Media coverage of humanitarian crises is widely believed to influence charitable giving, yet this assertion has received little empirical scrutiny. Using Internet donations after the 2004 tsunami as a case study, we show that media coverage of disasters has a dramatic impact on donations to...

Persistent link: https://www.econbiz.de/10005652578

Culture Rules: The Foundations of the Rule of Law and Other Norms of Governance

Licht, Amir N.; Goldschmidt, Chanan; Schwartz, Shalom H. - William Davidson Institute, University of Michigan - 2003

This study presents evidence about relations between national culture and social institutions. We operationalize culture with data on cultural dimensions for over 50 nations adopted from cross-cultural psychology and generate testable hypotheses about three basic social norms of governance: the...

Persistent link: https://www.econbiz.de/10005652615

Firm-Specific Variation and Openness in Emerging Markets

Li, Kan; Morck, Randall; Yang, Fan; Yeung, Bernard - William Davidson Institute, University of Michigan - 2003

This paper compares the comovement of individual stock returns across emerging markets. Campbell et al. (2001) and Morck et al. (2000) show that the US in the post war period saw rising firm specific stock return variations and thus declining comovement. We detect a similar, albeit weaker,...

Persistent link: https://www.econbiz.de/10005652679

What Makes Small Firms Grow? Finance, Human Capital, Technical Assistance, and the Business Environment in Romania

Brown, J. David; Earle, John S.; Lup, Dana - William Davidson Institute, University of Michigan - 2004

Although the development of a new private sector is generally considered crucial to economic transition, there has been rather little empirical research on the determinants of startup firm growth. This paper uses panel data techniques to analyze a survey of 297 new small enterprises in Romania...

Persistent link: https://www.econbiz.de/10005784674