A. L. Kroeber and Clyde Kluckhohn, "culture: A critical review of concepts and definitions"

This thesis investigates the relationship between economic growth and financial development in developing countries over 1988-2001. Previous studies have generally used averaged data, for both developing and developed countries, and inappropriate estimation methods. In an attempt to reach some definitive conclusions, Generalised Method of Moments dynamic estimation is used with a newly collected panel of annual data to assess the relationship. The results show that while banks performance has a negative impact on growth, stock markets positively promote growth. To reach an overall conclusion about the impact of finance on growth and to solve the problems associated with the existence of multicollinearity among the different measures of financial development, principal components analysis is used to generate new, comprehensive measures of financial development. In assessing the link between the new measures and financial development and growth, the results support the existence of an overall positive relationship. The thesis also examines the behaviour of interest rates in developing and industrialised countries using individual and panel unit root tests. The results are sensitive to the choice of the test, country and time unit.

Stock markets, banks and economic growth

https://www.unitau.br/files/arquivos/category_126/Braga_et_al_2005_1455555240.pdf

Factors involved in the development of polymerization shrinkage stress in resin-composites: a systematic review.

We uncover a new channel through which shocks are transmitted across international markets. Investor flows to funds domiciled in developed markets force significant changes in their portfolio allocations to emerging markets. These forced trades affect equity prices, correlations between emerging markets, and the developed-market betas of emerging markets. These funding-driven fire sale effects are related to, but distinct from those arising purely from high fund holdings or high overlapping ownership of emerging markets in fund portfolios. A simple model and calibration exercise highlight the importance to these findings of 'push' effects from funds' domicile countries, and 'co-ownership spillover' between markets with overlapping fund ownership.

/pdf/asset-fire-sales-and-purchases-and-the-international-2pblci2343.pdf

Asset Fire Sales and Purchases and the International Transmission of Funding Shocks

Home Bias at Home: Local Equity Preference in Domestic Portfolios

We use a new data set to study the determinants of the performance of open-end actively managed equity mutual funds in 27 countries. We find that mutual funds underperform the market overall. The results show important differences in the determinants of fund performance in the U.S. and elsewhere in the world. The U.S. evidence of diminishing returns to scale is not an universal truth as the performance of funds located outside the U.S. and funds that invest overseas is not negatively affected by scale. Our findings suggest that the adverse scale effects in the U.S. are related to liquidity constraints faced by funds that, by virtue of their style, have to invest in small and domestic stocks. Country characteristics also explain fund performance. Funds located in countries with liquid stock markets and strong legal institutions display better performance.

/pdf/the-determinants-of-mutual-fund-performance-a-cross-country-1a19jhu0qb.pdf

The Determinants of Mutual Fund Performance: A Cross-Country Study

We use a new dataset to study how mutual fund flows depend on past performance across 28 countries. We show that there are marked differences in the flow-performance relationship across countries, suggesting that US findings concerning its shape do not apply universally. We find that mutual fund investors sell losers more and buy winners less in more developed countries. This is because investors in more developed countries are more sophisticated and face lower costs of participating in the mutual fund industry. Higher country-level convexity is positively associated with higher levels of risk taking by fund managers.

/pdf/the-flow-performance-relationship-around-the-world-1fbu08almz.pdf

The flow-performance relationship around the world

We use a new data set to study the determinants of the performance of open-end actively managed equity mutual funds in 27 countries. We find that mutual funds underperform the market overall. The results show important differences in the determinants of fund performance in the USA and elsewhere in the world. The US evidence of diminishing returns to scale is not a universal truth as the performance of funds located outside the USA and funds that invest overseas is not negatively affected by scale. Our findings suggest that the adverse scale effects in the USA are related to liquidity constraints faced by funds that, by virtue of their style, have to invest in small and domestic stocks. Country characteristics also explain fund performance. Funds located in countries with liquid stock markets and strong legal institutions display better performance.

/pdf/the-determinants-of-mutual-fund-performance-a-cross-country-46ym4yc4qm.pdf

Antonio Miguel

Papers

The Determinants of Mutual Fund Performance: A Cross-Country Study

The flow-performance relationship around the world

The Determinants of Mutual Fund Performance: A Cross-Country Study

A predictive formula of the contraction stress in restorative and luting materials attending to free and adhered surfaces, volume and deformation.

The Determinants of Mutual Fund Performance: A Cross-Country Study (Digest Summary)