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Structuring and Restructuring Sovereign Debt: The Role of Seniority
Bolton, Patrick; Jeanne, Olivier - National Bureau of Economic Research (NBER) - 2005
inefficiency requires a sovereign debt restructuring mechanism that fulfills some of the functions of corporate bankruptcy regimes …
Persistent link: https://www.econbiz.de/10005829198
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How Does Corporate Governance Risk at Home Affect Investment Choices Abroad?
Kim, Woochan; Wei, Shang-Jin; Sung, Taeyoon - National Bureau of Economic Research (NBER) - 2008
disparity only after the Asian financial crisis. These results suggest that the nature of corporate governance in international …
Persistent link: https://www.econbiz.de/10005830032
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Cross-Border Valuation: The International Cost of Equity Capital
Bodnar, Gordon M.; Dumas, Bernard; Marston, Richard D. - National Bureau of Economic Research (NBER) - 2003
How does a firm in one country evaluate an investment in a firm in another country, or how does it evaluate a foreign project that the firm itself is undertaking? The firm must estimate future free cash flows just as in a domestic project, but choosing an appropriate discount rate is a...
Persistent link: https://www.econbiz.de/10005830915
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Do Global Banks Spread Global Imbalances? The Case of Asset-Backed Commercial Paper During the Financial Crisis of 2007-09
Acharya, Viral V.; Schnabl, Philipp - National Bureau of Economic Research (NBER) - 2010
The global imbalance explanation of the financial crisis of 2007-09 suggests that demand for riskless assets from countries with current account surpluses created fragility in countries with current account deficits, most notably, in the United States. We examine this explanation by analyzing...
Persistent link: https://www.econbiz.de/10008628339
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The U.S. Left Behind: The Rise of IPO Activity Around the World
Karolyi, G. Andrew; Doidge, Craig; Stulz, René M. - National Bureau of Economic Research (NBER) - 2011
During the past two decades, there has been a dramatic change in IPO activity around the world. Though vibrant IPO activity, attributed to better institutions and governance, used to be a strength of the U.S., it no longer is. IPO activity in the U.S. has fallen compared to the rest of the world...
Persistent link: https://www.econbiz.de/10008927018
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BANKING AND CAPITAL MARKETS:New International Perspectives
Blenman, Lloyd P (contributor); Black, Harold A (contributor) - World Scientific Publishing Co. Pte. Ltd.
particular, it provides new ideas about the role of corporate governance institutions as signaling devices in exercising …
Persistent link: https://www.econbiz.de/10008691686
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Equity issue-specific versus broad regulatory protections against expropriation risk: International evidence from SEOs
Gupta, Manu; Prakash, Puneet; Rangan, Nanda K. - In: Journal of International Money and Finance 35 (2013) C, pp. 146-166
We compare non-issue specific (broad) investor protections against expropriation by firm's insiders with regulations that specifically protect investors of new equity issues (issue-specific). Since in-nation regulations rarely change and are homogenous for all firms, it is difficult to compare...
Persistent link: https://www.econbiz.de/10010665905
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Transmission of pricing information between level III ADRs and their underlying domestic stocks: Empirical evidence from India
Bhattacharjee, Kaushik; Bang, Nupur Pavan; Mamidanna, Sravya - In: Journal of Multinational Financial Management 24 (2014) C, pp. 43-59
This paper studies the price interdependence and transmission pattern between a group of level III American Depository Receipts (ADRs) and their respective underlying stock prices in India. We investigate the transmission dynamics of pricing information between the ADRs and their underlying...
Persistent link: https://www.econbiz.de/10010743806
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The U.S. left behind? Financial globalization and the rise of IPOs outside the U.S.
Doidge, Craig; Karolyi, G. Andrew; Stulz, René M. - In: Journal of Financial Economics 110 (2013) 3, pp. 546-573
From 1990 to 2011, the share of world IPO activity by non-U.S. firms increased because of financial globalization and because of a decrease in U.S. IPO activity. Financial globalization reduces the impact of national institutions on domestic IPO activity and enables more non-U.S. firms from...
Persistent link: https://www.econbiz.de/10010709033
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Crossing the lines: The conditional relation between exchange rate exposure and stock returns in emerging and developed markets
Bartram, Söhnke M.; Bodnar, Gordon M. - In: Journal of International Money and Finance 31 (2012) 4, pp. 766-792
This paper examines the importance of exchange rate exposure in the return generating process for a large sample of non-financial firms from 37 countries. We argue that the effect of exchange rate exposure on stock returns is conditional and show evidence of a significant return impact to...
Persistent link: https://www.econbiz.de/10011048438