We measure a country's growth opportunities by investigating how its industry mix is priced in global capital markets, using price earnings ratios of global industry portfolios. We derive three sets of empirical results. First, these exogenous growth opportunities strongly predict future changes...

Since its birth in 1970s microfinance has been growing rapidly with the aim to lift people out of poverty and promote economic growth. Its role and importance has been amplified amidst the global financial crisis when trust into formal banking is shaken. Despite global recognition and popularity...

Recent changes in the microfinance landscape are characterized by increasing patterns of its integration with national financial systems and entry of commercial banks. Microfinance is no longer perceived as an isolated marginal sector of informal intermediation but rather constitutes particular...

In the present paper, our main objective is to bring to the forefront two notable processes, as a result of the world financial and economic crisis. On the one side, we underline the increasing role of the emerging countries (especially that of China, Brazil, Russia and India) in the world...

Since its birth in 1970s microfinance has been growing rapidly with the aim to lift people out of poverty and promote economic growth. Its role and importance has been amplified amidst the global financial crisis when trust into formal banking is shaken. Despite global recognition and popularity...

The paper aims to examine implied volatility as the investor fear gauge or/and forward-looking expectation of future stock market volatility within emerging markets setting-India VIX. The earliest results evidenced that VIX is the gauge of investor fear, where in the expected stock market...

Japanese companies are increasingly adopting stock option based compensation for executives and employees as a part of their efforts to regain profitability and capital market orientation after the burst of bubble economy. To analyze the economic justifications of option grants in Japanese...

This paper investigates whether banks were able to create value for their shareholders after the Global Financial Crisis (GFC) and whether operational efficiency is related to shareholder value creation in informationally efficient stock markets. The impact of GFC on bank efficiency and...

Employing the data from the World Bank Enterprise surveys, we examine how the first shock of the COVID-19 pandemic has affected firm dynamics across the world. Our first group of robust models have tested the effect of internal firms’ managerial decisions and other external factors on the...