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Complex Ownership Structures and Corporate Valuations
Laeven, Luc - 2007
The bulk of corporate governance theory examines the agency problems that arise from two extreme ownership structures: 100 percent small shareholders or one large, controlling owner combined with small shareholders. In this paper, we question the empirical validity of this dichotomy. In fact,...
Persistent link: https://www.econbiz.de/10014401077
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Currency Hedging for International Portfolios
Schmittmann, Jochen M. - 2010
This paper examines the benefits from hedging the currency exposure of international investments in single- and multi … 2009, hedging of currency risk substantially reduced the volatility of foreign investments at a quarterly investment … hedging for risk reduction purposes remained strong.In addition to its impact on risk, hedging affected returns in …
Persistent link: https://www.econbiz.de/10014402714
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International Risk Sharing : Through Equity Diversification or Exchange Rate Hedging?
Matsumoto, Akito - 2009
Well-known empirical puzzles in international macroeconomics concern the large divergence of equilibrium outcomes for consumption across countries from the predictions of models with full risk sharing. It is commonly believed that these risk-sharing puzzles are related to another empirical...
Persistent link: https://www.econbiz.de/10014404288
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Integrated ownership and control in the GCC corporate sector
Santos, André Oliveira - 2015
The objective of the paper is to assess ownership and control links in the GCC corporate sector. The analysis focuses on the integrated ownership and network arising from ownership data available in Bloomberg and GCC stock exchanges. The paper finds that ownership is concentrated in GCC public...
Persistent link: https://www.econbiz.de/10011373923
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Reforming the corporate governance of Italian banks
Jassaud, Nadège - 2014
Persistent link: https://www.econbiz.de/10010441888
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How Does Privatization Work? : Ownership Concentration and Enterprise Performance in Ukraine
Pivovarsky, Alexander - 2001
This paper investigates the relationship between ownership concentration and enterprise performance in Ukraine. Using data on 376 medium and large enterprises, it finds that ownership concentration is positively associated with enterprise performance in Ukraine. The paper also finds that...
Persistent link: https://www.econbiz.de/10014399964
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Reforming the Corporate Governance of Italian Banks
Jassaud, Nadège - 2014
Sound corporate governance is essential for a well-functioning banking system and the integrity of financial markets. The paper discusses the corporate governance of Italian banks, its regulatory framework, and the specific challenges arising from the role played by foundations and large...
Persistent link: https://www.econbiz.de/10014411639
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Cross-border currency exposures : new evidence based on an enhanced and updated dataset
Juvenal, Luciana; Gautam, Deepali; Bénétrix, Agustín; … - 2019
This paper provides a dataset on the currency composition of the international investment position for a group of 50 countries for the period 1990-2017. It improves available data based on estimates by incorporating actual data reported by statistical authorities and refining estimation methods....
Persistent link: https://www.econbiz.de/10012155206
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The Prudential Regulation and Management of Foreign Exchange Risk
Abrams, Richard K. - 1998
This paper examines issues in the prudential management and regulation of foreign exchange risk. It begins with measurement issues, notably converting foreign currency items into domestic currency terms, and calculating foreign exchange positions. The focus then shifts to managing foreign...
Persistent link: https://www.econbiz.de/10014400774
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Exchange Rate Risk Measurement and Management : Issues and Approaches for Firms
Papaioannou, Michael G. - 2006
passive versus active hedging. In addition, it outlines a set of widely accepted best practices in managing currency risk and … presents some of the main hedging instruments in the OTC and exchange-traded markets. The paper also provides some data on the … use of financial derivatives instruments, and hedging practices by U.S. firms …
Persistent link: https://www.econbiz.de/10014400190