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The Dark Side of Disclosure : Evidence of Government Expropriation from Worldwide Firms
Liu, Tingting - 2017
finance, exposure to corruption, and sales growth. Relying on a data set of more than 70,000 firms in 121 countries, the … financial constraints than unaudited firms. On the other hand, audited firms face a significantly higher level of corruption … considerations of the endogeneity of auditing and to alternative measures of corruption and financial constraints. The findings …
Persistent link: https://www.econbiz.de/10012971795
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Why Multi-Stakeholder Groups Succeed and Fail
Truex, Rory - 2017
Anti-corruption initiatives increasingly use multi-stakeholder groups, comprised of representatives from government …
Persistent link: https://www.econbiz.de/10012976261
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Decentralization (Localization) and Corruption : New Cross-Country Evidence
Ivanyna, Maksym - 2017
corruption in a worldwide context. This is done by presenting the conceptual underpinnings of such relationship as well as using … superior and more defensible measures of both decentralization in its various dimensions as well as corruption for a sample of … governments, is shown to have significant negative effect on the incidence of corruption regardless of the choice of the …
Persistent link: https://www.econbiz.de/10012976539
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The Worldwide Governance Indicators : Methodology and Analytical Issues
Kraay, Aart - 2017
Control of Corruption. The aggregate indicators are based on several hundred individual underlying variables, taken from a …
Persistent link: https://www.econbiz.de/10012966146
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Will the Euro Create a Bonanza for Africa?
Cohen, Daniel - 2017
In considering how the euro will affect Sub-Saharan Africa, the authors examine the transmission channels through which the euro could affect economies in the region. They examine the risks and opportunities the euro presents for Sub-Saharan African countries. They especially examine the effects...
Persistent link: https://www.econbiz.de/10012971216
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International Asset Allocations and Capital Flows : The Benchmark Effect
Raddatz, Claudio E. - 2017
This paper studies channels through which well-known benchmark indexes impact asset allocations and capital flows across countries. The study uses unique monthly micro-level data of benchmark compositions and mutual fund investments during 1996-2012. Benchmarks have important effects on equity...
Persistent link: https://www.econbiz.de/10012973239
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The Effect of Capital Flows Composition on Output Volatility
Federico, Pablo Mariano - 2017
A large literature has argued that different types of capital flows have different consequences for macroeconomic stability. By distinguishing between foreign direct investment and portfolio and other investments, this paper studies the effects of the composition of capital inflows on output...
Persistent link: https://www.econbiz.de/10012974538
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Information Asymmetries and Institutional Investor Mandates
Didier, Tatiana - 2017
The preference among foreign institutional investors for large firms is widely documented. This paper deepens our understanding of international investments by providing evidence that foreign institutional investors with broader investment scopes prefer to invest in firms where they are less...
Persistent link: https://www.econbiz.de/10012976098
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Unexploited Gains from International Diversification : Patterns of Portfolio Holdings Around the World
Didier, Tatiana - 2017
This paper studies how portfolios with a global investment scope are allocated internationally using a unique micro dataset on U.S. equity mutual funds. While mutual funds have great flexibility to invest globally, they invest in a surprisingly limited number of stocks, around 100. The number of...
Persistent link: https://www.econbiz.de/10012976213
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Do Foreign Investors Underperform? An Empirical Decomposition into Style and Flows
Pedraza, Alvaro - 2018
This paper studies the trading behavior and performance of foreign investors with different management styles. The analysis uses a comprehensive Colombian data with complete transaction records and unique investor identification, and finds that the aggregate under-performance of foreign...
Persistent link: https://www.econbiz.de/10012934275