Narrow search
Showing 1 - 10 of 236
Cover Image
Do implicit barriers matter for globalization?
Carrieri, Francesca; Chaieb, Ines; Errunza, Vihang R. - 2010
Market liberalization may not result in global pricing or full market integration if implicit barriersare important. We test this proposition for 22 emerging markets using the conditional version ofErrunza and Losq (1985) model. We estimate and compare the degree of integration for stocksthat...
Persistent link: https://www.econbiz.de/10008798297
Cover Image
Exchange risk and market integration
Chaieb, Ines; Errunza, Vihang R. - 2014
Market integration and currency risk are two main factors that distinguish international investment and financing decisions. Hence, we investigate the impact of currency factor on the dynamics of market integration. We compare integration indices estimated from conditional international asset...
Persistent link: https://www.econbiz.de/10010337959
Cover Image
Foreign acquisition and credit risk : evidence from the U.S. CDS market
Yilmaz, Umit - 2016 - This draft: May 31, 2016
monitors due to information barriers. I further find that acquired firms experience a significant increase in exposure to …
Persistent link: https://www.econbiz.de/10011519062
Cover Image
Participants' reputation in the syndicated lending market
Kalyaeva, Daria - 2018
How do lenders use their reputation when participating in syndicated loans? I address this question by focusing on … syndicate composition with respect to participants' reputation and its impact on loan spreads. I find that lender reputation … market finance features, rather than bank finance. However I find no evidence that lenders use their reputation and the …
Persistent link: https://www.econbiz.de/10011976949
Cover Image
International pecking order
Eren, Egemen; Malamud, Semyon; Zhou, Haonan - 2022
We document that corporates in emerging markets borrow more in foreign currency when the local currency provides a better hedge in downturns. We develop an international corporate finance model in which firms facing adverse selection choose the foreign currency share of their debt. In the unique...
Persistent link: https://www.econbiz.de/10013168799
Cover Image
The effects of mandatory ESG disclosure around the world
Krüger, Philipp; Sautner, Zacharias; Tang, Dragon Yongjun - 2021
We examine the effects of mandatory ESG disclosure around the world using a novel dataset. Mandatory ESG disclosure increases the availability and quality of ESG reporting, especially among firms with low ESG performance. Mandatory ESG reporting has in turn beneficial effects on firm’s...
Persistent link: https://www.econbiz.de/10012612732
Cover Image
Owners' portfolio diversification and firm investment : theory and evidence from private and public firms
Lyandres, Evgeny; Marchica, Maria-Teresa; Michaely, Roni; … - 2018
Portfolio diversification of firms' controlling owners influences their firms' capital investment. Empirically, the effect of owners' portfolio diversification on their firms' investment levels is positive for publicly-traded firms and tends to be negative for privately-held ones. These findings...
Persistent link: https://www.econbiz.de/10012003079
Cover Image
Dominant currency debt
Eren, Egemen; Malamud, Semyon - 2018 - This version: August 22, 2018
We propose a "debt view" to explain the dominant international role of the dollar and provide broad empirical support for it. Within a simple capital structure model in which firms optimally choose the currency composition of their debt, we derive conditions under which all firms issue debt in a...
Persistent link: https://www.econbiz.de/10011900333
Cover Image
Why Do Firms Borrow from Foreign Banks?
Yilmaz, Umit - 2020
, controlling for firm and loan characteristics and using matched sample analyses. These firms experience an increase in foreign …
Persistent link: https://www.econbiz.de/10012270749
Cover Image
The effect of unconventional monetary policy on cross-border bank loans : evidence from an emerging market
Alper, Koray; Altunok, Fatih; Çapacıoğlu, Tanju; … - 2019 - This draft: July 17, 2019
We analyze the impact of quantitative easing by the Federal Reserve, European Central Bank and Bank of England on cross‐border credit flows. Relying on comprehensive loan‐level data, we find that Fed QE strongly boosts cross‐border credit granted to Turkish banks by banks located in the...
Persistent link: https://www.econbiz.de/10012052426