Showing 1 - 10 of 17
We study the interrelationship between capital flows, returns, dividend yields and world interest rates in 20 emerging …
Persistent link: https://www.econbiz.de/10012471570
We survey 1,050 CFOs in the U.S., Europe, and Asia to assess whether their firms are credit constrained during the global credit crisis of 2008. We study whether corporate spending plans differ conditional on this measure of financial constraint. Our evidence indicates that constrained firms...
Persistent link: https://www.econbiz.de/10012463097
Financial openness is often associated with higher rates of economic growth. We show that the impact of openness on factor productivity growth is more important than the effect on capital growth. This explains why the growth effects of liberalization appear to be largely permanent, not...
Persistent link: https://www.econbiz.de/10012463805
We propose a new, valuation-based measure of world equity market segmentation. While we observe decreased levels of …
Persistent link: https://www.econbiz.de/10012463845
between its "exogenous" global PE ratio and the world market PE ratio should predict relative growth …
Persistent link: https://www.econbiz.de/10012467697
We examine the effects of both equity market liberalization and capital account openness on real consumption growth variability. We show that financial liberalization is mostly associated with lower consumption growth volatility. Our results are robust, surviving controls for business-cycle...
Persistent link: https://www.econbiz.de/10012468133
to providing new insights on contagion during crisis periods, we document patterns through time in world and regional …
Persistent link: https://www.econbiz.de/10012469193
We show that equity market liberalizations, on average, lead to a one percent increase in annual real economic growth over a five-year period. The liberalization effect is not spuriously accounted for by macro-economic reforms and does not reflect a business cycle effect. Although financial...
Persistent link: https://www.econbiz.de/10012470479
Measuring the integration of world capital markets is notoriously difficult. For example, regulatory changes which … equity market becomes financially integrated with world capital markets. We find endogenous break dates that are very … markets are on average larger and more liquid than before; returns are more volatile and more highly correlated with the world …
Persistent link: https://www.econbiz.de/10012472089
This paper provides a global asset pricing perspective on the debate over the relation between predetermined attributes of common stocks, such as ratios of price-to-book-value, cash-flow, earnings, and other variables to the future returns. Some argue that such variables may be used to find...
Persistent link: https://www.econbiz.de/10012472968