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An evaluation of the impact of stock market reforms on IPO under-pricing in China: The certification role of underwriters
Su, Chen; Brookfield, David - In: International Review of Financial Analysis 28 (2013) C, pp. 20-33
We examine how stock market reforms in China impact the certification role of underwriters in reducing substantial IPO under-pricing. In a broad strategy for economic growth, stock market development is seen as crucial but such is the scale of IPO under-pricing in China that it calls into...
Persistent link: https://www.econbiz.de/10010666206
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Why do some Chinese technology firms avoid ChiNext and go public in the US?
Güçbilmez, Ufuk - In: International Review of Financial Analysis 36 (2014) C, pp. 179-194
Some Chinese technology firms prefer to go public on US exchanges despite the launch of ChiNext as a NASDAQ-style board of the Shenzhen Stock Exchange in late 2009. Conventional hypotheses based on sales internationalization and issuing costs fail to explain this preference. Instead, our...
Persistent link: https://www.econbiz.de/10011117754
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Forward premium anomaly of the British pound and the euro
Grossmann, Axel; Lee, Allissa A.; Simpson, Marc W. - In: International Review of Financial Analysis 34 (2014) C, pp. 140-156
Using pooled data, we study the forward discount bias (FDB) of 24 British pound and 24 euro exchange rates. The results … currencies of advanced economies versus the pound, but not versus the euro. The differences between the results for advanced and … country currencies during crisis periods when the pound and the euro are overvalued and sell at a premium. This suggests that …
Persistent link: https://www.econbiz.de/10011056784
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Sovereign rating actions and the implied volatility of stock index options
Tran, Vu; Alsakka, Rasha; ap Gwilym, Owain - In: International Review of Financial Analysis 34 (2014) C, pp. 101-113
This paper examines the interaction between the equity index option market and sovereign credit ratings. S&P and Moody's signals exhibit strong impact on option-implied volatility while Fitch's influence is less significant. Moody's downgrades reduce the market uncertainty over the rated...
Persistent link: https://www.econbiz.de/10010931484
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An empirical analysis of the impact of the credit default swap index market on large complex financial institutions
Calice, Giovanni; Ioannidis, Christos - In: International Review of Financial Analysis 25 (2012) C, pp. 117-130
This paper contributes to the primarily empirical literature by conducting the first extensive empirical analysis of the impact of the degree of co-movement in the main standardized credit default swap (CDS) indices on the group of large complex financial institutions (LCFIs). We attempt to...
Persistent link: https://www.econbiz.de/10010603421
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Covered interest rate parity in emerging markets
Skinner, Frank S.; Mason, Andrew - In: International Review of Financial Analysis 20 (2011) 5, pp. 355-363
This paper finds that while covered interest rate parity holds for large and small triple A rated economies, it holds for emerging markets only for a three-month maturity. For a five-year horizon the size and frequency of violations lead to the conclusion that covered interest rate parity does...
Persistent link: https://www.econbiz.de/10010574546
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Equity valuation models and target price accuracy in Europe: Evidence from equity reports
Imam, Shahed; Chan, Jacky; Shah, Syed Zulfiqar Ali - In: International Review of Financial Analysis 28 (2013) C, pp. 9-19
components list of the Dow Jones Euro Stoxx 50 Index. We find that earnings multiples and the discounted cash flow (DCF …
Persistent link: https://www.econbiz.de/10010666211
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Does cross-border syndication affect venture capital risk and return?
Espenlaub, Susanne; Khurshed, Arif; Mohamed, Abdulkadir - In: International Review of Financial Analysis 31 (2014) C, pp. 13-24
Venture capital (VC) cross-border syndication has increased significantly in recent years. This study examines the risk and returns of investments of US–European cross-border syndicates in US portfolio companies. We use a large sample of investments across four financing stages, and highlight...
Persistent link: https://www.econbiz.de/10010738214
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Stairway to heaven or gateway to hell? A competing risks analysis of delistings from Hong Kong's Growth Enterprise Market
Cressy, Robert; Farag, Hisham - In: International Review of Financial Analysis 36 (2014) C, pp. 195-205
A competing risks hazard model is employed to examine the reasons for Hong Kong's Growth Enterprise Market (GEM) companies transferring to the Main Board (MB) in the period 2000–2012. In our sample during the period 21 companies or 15% of the original stock moved up to the MB. The modal life...
Persistent link: https://www.econbiz.de/10011117759
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Public economics gone wild: Lessons from venture capital
Cumming, Douglas - In: International Review of Financial Analysis 36 (2014) C, pp. 251-260
A recent article in the Journal of Public Economics has asserted, among other things, that government venture capital funds in Europe have crowded out private venture capital. I explain that the findings in that paper are based on empirical measures that are completely flawed. Moreover, I show...
Persistent link: https://www.econbiz.de/10011117767