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Political Risk Guarantees and Capital Flows: The Role of Bilateral Investment Treaties

Mina, Wasseem - Volkswirtschaftliche Fakultät, … - 2013

This paper examines the influence of political risk guarantees of bilateral investment treaties on debt and equity flows using panel data on middle income countries for the period 1984-2011. Adopting system GMM methodology, the paper empirically finds that ratified bilateral investment treaties...

Persistent link: https://www.econbiz.de/10011109182

Korea investment corporation: its origin and evolution

Kim, Woochan - Volkswirtschaftliche Fakultät, … - 2011

In this paper, I give a detailed account of the creation and the evolution of Korea Investment Corporation (KIC) – a sovereign wealth fund established in 2005 by the Korean government. In doing so, I highlight three of its unique features. First, the case of KIC effectively shows the problem...

Persistent link: https://www.econbiz.de/10011259985

The Diffusion of Corporate Governance to Emerging Markets: Evaluating Two Dimensions of Investor Heterogeneity

Kim, Woochan; Sung, Taeyoon; Wei, Shang-Jin - Volkswirtschaftliche Fakultät, … - 2014

This paper investigates whether foreign institutional investors in emerging markets can enhance shareholder value. We pay special attention to two dimensions of investor heterogeneity: whether an investor declares itself as an activist, and whether an investor comes from a country with a strong...

Persistent link: https://www.econbiz.de/10011110645

How a small open economy's asset are priced by heterogeneous international investors

Chang, Yanqin - Volkswirtschaftliche Fakultät, … - 2006

international investors’ stochastic discount factor, general equilibrium analysis is called in. We do this by setting up a world … economy model. In the world economy model, the production side features a world representative firm which produce the world … aggregate output consumed as world aggregate consumption; the consumer side features heterogeneous international investors from …

Persistent link: https://www.econbiz.de/10005619987

Diversifying Risks in Bond Portfolios: A Cross-border Approach

Sun, David; Tsai, Shih-Chuan - Volkswirtschaftliche Fakultät, … - 2013

This study recalibrates corporate bond idiosyncratic risks in an international context. Applying a statistically powerful risk decomposition scheme, we show in this study that diversification is improved by the addition of a global risk benchmark. We build a long-run stationary yield spread...

Persistent link: https://www.econbiz.de/10011108563

The conditional pricing of currency and inflation risks in Africa's equity markets

Kodongo, Odongo; Ojah, Kalu - Volkswirtschaftliche Fakultät, … - 2014

Globalization of financial markets has increased correlation among developed economy markets and made developing economy markets attractive for diversification purposes. Among the developing economy markets are African equity markets, which appear to be the most promising and yet the least...

Persistent link: https://www.econbiz.de/10011112974

The empirical analysis of dynamic relationship between financial intermediary connections and market return volatility

Karkowska, Renata - Volkswirtschaftliche Fakultät, … - 2013

Article aims to demonstrate the significant impact of dynamics of the relationship between financial intermediaries on the level of market volatility. Particularly important are the growing share of the links between hedge funds and other financial institutions. In order to demonstrate the...

Persistent link: https://www.econbiz.de/10011112004

The European Financial System in Limelight

Adnan, Noureen; Shahzad, Syed Jawad Hussain - Volkswirtschaftliche Fakultät, … - 2014

Efficient use of resources depends on better allocation through financial systems. Development of financial systems can be measured through the performance of banks, financial markets and insurance companies. This paper identifies several key attributes to measure the level of financial...

Persistent link: https://www.econbiz.de/10011112249

Efficiency evaluation of Greek equity funds

Vassilios, Babalos; Guglielmo-Maria, Caporale; … - Volkswirtschaftliche Fakultät, … - 2012

This study assesses the relative performance of Greek equity funds employing a non-parametric method, namely Data Envelopment Analysis (DEA). Specifically, we evaluate the funds’ total productivity change using the DEA-based Malmquist Index. Our results reveal significant losses in funds’...

Persistent link: https://www.econbiz.de/10011257827

Changes in REIT liquidity 1988 - 2007: Evidence from daily data

Cannon, Susanne E.; Cole, Rebel A. - Volkswirtschaftliche Fakultät, … - 2008

In this study, we present panel-data evidence on REIT liquidity and its determinants over the 1988 – 2007 period. We focus upon liquidity measures that do not require micro-structure data (1) to facilitate use of our results as benchmarks for comparisons with results from international markets...

Persistent link: https://www.econbiz.de/10008615006

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