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This paper examines global (mature market) and regional (emerging market) spillovers inlocal emerging stock markets. Tri-variate VAR GARCH(1,1)-in-mean models are estimatedfor 41 emerging market economies (EMEs) in Asia, Europe, Latin America, and the MiddleEast. The models capture a range of...
Persistent link: https://www.econbiz.de/10009481448
In the 1950s and 60s, the American view of foreign direct investment(FDI) in emerging markets, then called less-developed or developing countries, was that it was desirable for three reasons: as a vehicle for economic development and a partial substitute for foreign aid; to promote economic...
Persistent link: https://www.econbiz.de/10009476856
to examine the effects of globalization on markets, strategies, and performance of business-to-consumer firms in Brazil … that globalization and especially the entry of Chinese firms significantly changed market contexts in Brazil. Brazilian … profitability suffered.Originality/value ? The study contributes to the literature by showing that globalization has changed market …
Persistent link: https://www.econbiz.de/10009484492
We investigate the causes of the high first day returns of Chinese firms making an initial public offering (IPO) of A-shares from 1991 to 2003 on Shanghai and Shenzhen stock exchanges. Our results show an average underpricing of 175.21 percent. We argue that the IPO underpricing is an...
Persistent link: https://www.econbiz.de/10009457414
This paper investigates the existence of cointegration and causality between the stock market price indices of Thailand and its major trading partners (Australia, Hong Kong, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, the UK and the US), using monthly data spanning...
Persistent link: https://www.econbiz.de/10009457622
This paper investigates whether privatization in emerging economies has a significant indirect effect on local stock market development through the resolution of political risk. We argue that a sustained privatization program represents a major political test that gradually resolves uncertainty...
Persistent link: https://www.econbiz.de/10009460054
This paper investigates whether privatization in emerging economies has a significant indirect effect on local stock market development through the resolution of political risk. We argue that a sustained privatization program represents a major political test that gradually resolves uncertainty...
Persistent link: https://www.econbiz.de/10009460189
This paper investigates whether privatization in emerging economies has a significant indirect effect on local stock market development through the resolution of political risk. We argue that a sustained privatization program represents a major political test that gradually resolves uncertainty...
Persistent link: https://www.econbiz.de/10009460193
This paper investigates whether privatization in emerging economies has a significant indirect effect on local stock market development through the resolution of political risk. We argue that a sustained privatization program represents a major political test that gradually resolves uncertainty...
Persistent link: https://www.econbiz.de/10009460198
The first chapter analizes conditional assistance programs. They generate conflicting relationships between international financial institutions (IFIs) and member countries. The experience of IFIs with conditionality in the 1990s led them to allow countries more latitude in the design of their...
Persistent link: https://www.econbiz.de/10009460484