A curious seasonal anomaly found in finance is the turn of the month effect, where the daily mean return of stock market at the end of a month and beginning of a month is significantly higher than the average daily return of all the days of a month. There have been evidences that certain months...

A curious seasonal anomaly found in finance is the turn of the month effect, where the daily mean return of stock market at the end of a month and beginning of a month is significantly higher than the average daily return of all the days of a month. There have been evidences that certain months...

This paper investigates co-movement in eight Latin-American stock markets (Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru, and Venezuela) using common factor analysis. The common factors are obtained using principal component analysis (PCA) and therefore account for the maximum...

We analyze the role of institutional investors as providers of long-term capital resources in the Brazilian capital market. Since there is virtually only one provider of long-term financing in Brazil, BNDES - the National Bank for Economic and Social Development, and the fact that the domestic...

As emerging market businesses increasingly seek credit through United States and other international financial markets, hedge funds and other market players more actively trade claims to their debt. Such creditors accordingly confront in greater measure the disconnect between the integrity,...

Globalization scholars have long-debated to what extent economic integration, and specifically, mobile private capital constrains national policymaking. With Western capital reeling from the 2008 financial crisis, state-owned capital made inroads globally. China, as the world's largest saver,...

The controversy over the nature and extent of the gains from imperialism has been long and enduring, occupying, at one time or another, the attention of Adam Smith, Edmund Burke, David Ricardo, the Marxists, and contemporary observers. The assertion has been, and is still made, that the rich...

While Indigenous institutions affect policy outcomes, and consequently economic development, our understanding of this association is yet unclear. I examine this phenomenon using land reform in Mexico as a case study. Between 1917 and 1992, the Indigenous population was transferred the rights to...

This Article argues that the norms and legal practices of global finance in the arenas of sovereign debt and private wealth have led to a significant market failure, in particular the over-supply of sovereign borrowing and a related misallocation of global capital away from its most productive...