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Cross-Border Trading as a Mechanism for Capital Flight: ADRs and the Argentine Crisis

Auguste, Sebastian; Dominguez, Kathryn M.E.; Kamil, Herman - William Davidson Institute, University of Michigan - 2002

This paper examines the surprising performance of the Argentine stock market in the midst of the country’s most recent financial crisis and the role played by ADRs in Argentine capital flight. Although Argentine investors were subject to capital controls, they were able to purchase stocks with...

Persistent link: https://www.econbiz.de/10005784778

Financial Sector Returns and Creditor Moral Hazard: Evidence from Indonesia, Korea, and Thailand

Tong, Jian; Xu, Chenggang - William Davidson Institute, University of Michigan - 2004

This paper introduces a framework of investor behavior in which investors form their expectations regarding the credibility of a prospective IMF program in reforming the financial sector characterized by domestic implicit guarantees. We examine the changes in financial sector returns in response...

Persistent link: https://www.econbiz.de/10005651501

Instability in Exchange Rates of the World Leading Currencies: Implications of a Spatial Competition Model among Central Banks

Engelmann, Dirk; Hanousek, Jan; Kocenda, Evžen - William Davidson Institute, University of Michigan - 2004

We use a spatial competition based model in a two-stage game setup to assess whether equilibrium in exchange rates among the leading currencies is attainable. We show that a stable equilibrium can be reached in the case of two leading currencies, but not in the case of three. In our model,...

Persistent link: https://www.econbiz.de/10005677454

Why Do Governments Sell Privatised Companies Abroad?

Bortolotti, Bernardo; Fantini, Marcella; Scarpa, Carlo - William Davidson Institute, University of Michigan - 2000

This paper provides an empirical analysis of Governments' decisions to sell privatised companies on both international and domestic markets in a sample of 392 privatisations in 42 countries. Political theories of privatisation find strong support in our analyses: market oriented Governments...

Persistent link: https://www.econbiz.de/10005677641

The Feldstein-Horioka Puzzle Revisited: An “European-Regional” Perspective

Hericourt, Jérôme; Maurel, Mathilde - William Davidson Institute, University of Michigan - 2000

The purpose of this paper consists in assessing the extent of financial integration in European Union using the Feldstein-Horioka criterion. More precisely, we test the cross-correlation of savings and investment rates across European Union regions, using NUTS 2 data coming from Eurostat...

Persistent link: https://www.econbiz.de/10005652580

Retained State Shareholding in Chinese PLCs: Does Government Ownership Reduce Corporate Value?

Tian, Lihui; Estrin, Saul - William Davidson Institute, University of Michigan - 2005

The role of government shareholding in corporate performance is central to an understanding of China’s newly privatized …

Persistent link: https://www.econbiz.de/10005784638

Executive Compensation, Firm Performance, and State Ownership in China: Evidence from New Panel Data*

Kato, Takao; Long, Cheryl - William Davidson Institute, University of Michigan - 2004

This paper provides the first systematic evidence on compensation for executives of firms listed in China’s emerging …, using comprehensive financial and accounting data on China’s listed firms from 1998 to 2002 (data modeled after Compustat … shareholder value in China. The size of the estimated sensitivities imply that a 1000 RMB increase in shareholder value yields a 0 …

Persistent link: https://www.econbiz.de/10005677675

Corporate Cash Holdings, National Culture, and Multinationality

Ramirez, Andres; Tadesse, Solomon - William Davidson Institute, University of Michigan - 2007

We examine the relations between national cultures, the multinationality of the firm and its holdings of cash. We develop several hypotheses from well known corporate finance theories and theories of the multinational firm, positing that cultural factors as well as the degree of multinationality...

Persistent link: https://www.econbiz.de/10005652504

THE DEPENDENCE OF CEECs ON FOREIGN BANK CLAIMS: DIRECT AND INDIRECT RISKS OF CAPITAL WITHDRAWAL

Brana, Sophie; Lahet, Delphine - William Davidson Institute, University of Michigan - 2011

CEECs are characterised by a significant presence of foreign banks and by a marked dependence upon financing from foreign bankers. We show that this situation leaves these countries open to two types of financial risk, which have grown throughout the present decade. The first relates to the...

Persistent link: https://www.econbiz.de/10010859438

Real Output and Prices Adjustments Under Different Exchange Rate Regimes

Mirdala, Rajmund - William Davidson Institute, University of Michigan - 2013

Exchange rate regimes evolution in the European transition economies refers to one of the most crucial policy decision in the beginning of the 1990s employed during the initial stages of the transition process. During the period of last two decades we may identify some crucial milestones in the...

Persistent link: https://www.econbiz.de/10011161368

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