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When is there a strong transfer risk from the sovereigns to the corporates?

Bai, Jennie; Wei, Shang-jin - 2012

When a sovereign faces the risk of debt default, it may be tempted to expropriate the private sector. This may be one reason why international investment in private companies has to take into account the sovereign risk. But the likelihood of sovereign risk transferring to corporates and...

Persistent link: https://www.econbiz.de/10010333592

Privatisation, political risk and stock market development in emerging economies

Perotti, Enrico C.; van Oijen, Pieter - 1999

This paper investigates whether privatisation in emerging economies has a significant indirect effect on local stock market development through the resolution of political risk. We argue that a sustained privatisation programme represents a major political test which gradually resolves...

Persistent link: https://www.econbiz.de/10011608502

Financial development: A broader perspective

Reid, Richard - 2010

This paper seeks to add to the current debate about financial development and growth in the emerging world by looking … may be more fruitful for today's emerging world to concentrate more on addressing the needs of savers and borrowers in … each individual system. A major lesson for the emerging world from past financial development is that there are risks …

Persistent link: https://www.econbiz.de/10010286191

Measuring co-movements of CDS premia during the Greek debt crisis

Andenmatten, Sergio; Brill, Felix - 2011

In this paper we test whether the co-movement of sovereign CDS premia increased significantly after the Greek debt crisis started in October 2009. We perform a bivariate test for contagion that is based on an approach proposed by Forbes and Rigobon (2002). Our sample consists of daily data...

Persistent link: https://www.econbiz.de/10010316042

Cross-listing, managerial compensation and corporate governance

Luo, Yongli - In: Cogent Economics & Finance 2 (2014) 1, pp. 1-17

This study examines the relationship between cross-listing and managerial compensation of Chinese firms that concurrently issued A- and B-shares or A- and H-shares during 2001 - 2010. The results show that executive compensation is a positive factor to motivate Chinese A-share firms to...

Persistent link: https://www.econbiz.de/10011559138

On the fortunes of stock exchanges and their reversals: evidence from foreign listings

Fernandes, Nuno; Giannetti, Mariassunta - 2013

Using a sample that provides unprecedented detail on foreign listings, new listings, and delistings for 29 exchanges in 24 countries starting from the early 1980s, we document a growing tendency of listings to concentrate in the U.S. and the U.K., and large changes in all exchanges’ ability to...

Persistent link: https://www.econbiz.de/10011605630

Caminhos para o investimento privado nas economias emergentes: As características institucionais e os spreads corporativos

Rocha, Katia; Moreira, Ajax; Fiuza, Gabriel; Pessoa, Marcelo - 2014

The study analyses the role of institutional characteristics of a country (governance) and the domestic financial system (depth, efficiency, stability, and capital openness) in determinants of emerging market corporate bond spreads issued in international market. We propose an econometric panel...

Persistent link: https://www.econbiz.de/10011372248

Sovereign wealth fund investment patterns and performance

Bortolotti, Bernardo; Fotak, Veljko; Megginson, William L. - 2009

We examine 802 investments by 33 Sovereign Wealth Funds (SWFs) in publicly traded companies between May 1985 and November 2009, and find that SWFs tend to invest in large, levered, profitable growth firms, usually headquartered in an OECD country. Announcements of SWF investments yield...

Persistent link: https://www.econbiz.de/10010279496

On the Static Efficiency of Secondary Bond Markets

Oxelheim, Lars; Rafferty, Michael - 2004

The major strand of finance literature understands market efficiency through the market's ability to process information into prices. Another strand of literature refers to the economists' usual sense of the word, i.e. that markets ensure that resources are allocated to their most profitable...

Persistent link: https://www.econbiz.de/10010320028

Insurance Sector Risk

Slijkerman, Jan Frederik - 2006

We model and measure simultaneous large losses of the market value of insurers to understand the impact of shocks on the insurance sector. The downside risk of insurers is explicitly modelled by common and idiosyncratic risk factors. Since reinsurance is important for the capacity of insurers,...

Persistent link: https://www.econbiz.de/10010325267

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