Showing papers in "Emerging Markets Review in 2012"

TL;DR: In this paper, the authors focus on the global and regional financial linkages between MENA stock markets and the more developed financial markets, and on the intra-regional financial links between countries' financial markets.

TL;DR: In this article, the authors present a review of the viability of the bonding hypothesis in the context of cross-listing and argue that it may not be a good fit for many companies.

TL;DR: The authors survey recent research on emerging markets (EM) within the fields of economics, finance, international business and management, and highlight the areas of greatest interest and those that have received relatively little attention to date.

TL;DR: In this paper, the authors investigate whether liquidity plays a role in pricing Polish stocks and find that, in contrast to studies on other emerging markets, they do not find convincing evidence in favour of the liquidity risk premium on the Polish stock market.

TL;DR: In this paper, the impact of global excess liquidity on goods and asset prices for a set of emerging market countries by estimating a panel VAR model is investigated, and it is shown that excess liquidity at global level has spillover effects on output and price levels in emerging countries.

TL;DR: In this article, the authors provide a first look into the return and volatility spillovers between the CIVETS countries by employing causality-in-mean and causalityin-variance tests.

TL;DR: This article analyzed bank competition in Russia at different levels of aggregation and found that large and state-owned banks exert more market power than others, and that competition is stronger in regions where there is less bank concentration, greater presence of banks, and greater financial and/or economic development.

TL;DR: In this article, a survey of 290 LATAM firms on capital budgeting, cost of capital and capital structure issues was conducted, and the authors analyzed the results and compared them to those of other studies.

TL;DR: In this article, the authors examined the relationship between financial performance and family involvement for 523 listed and non-listed Colombian firms over 1996-2006 and found that family firms exhibit better financial performance than non-family firms when the founder is still involved in operations, although this effect decreases with firm size.

TL;DR: In this article, the relative roles of news and volatility in explaining the changes in correlations between national stock markets during the global financial crisis were explored and it was shown that the majority of the correlations are more strongly explained by volatility rather than news.

TL;DR: In this article, the authors estimate sovereign bond spreads of 28 emerging economies over the period January 1998-December 2011 and test the ability of the model in generating accurate in-sample predictions for bond spreads.

TL;DR: In this paper, the authors explored the performance of a mainstream socially responsible investment equity index in emerging markets: the Brazilian Corporate Sustainability Index (BCSI) and found that investors in emerging market could accommodate their ethical values while at the same time not scarifying their overall portfolio performance in bullish market periods.

TL;DR: The authors examined the performance of passively managed exchange-traded funds (ETFs) that provide exposure to global emerging markets equities and found that the tracking errors of these funds are substantially higher than previously reported levels for developed markets ETFs.

TL;DR: This paper used a composite measure to examine why some countries attract more foreign direct investment (FDI) than others and reveal the areas in which emerging countries should improve in order to narrow existing gaps.

TL;DR: In this paper, the risk-taking behavior of banks in emerging economies in a context of international capital mobility is analyzed, and the relationship between disclosure, financial openness and bank risk taking for a panel of 258 banks from the MENA region and Turkey is investigated.

TL;DR: In this article, the authors examine the hypotheses that liquidity improves corporate governance, and better governance enhances valuation of Russian firms. And they find a positive causal relationship between measures of liquidity and corporate governance.

TL;DR: In this article, the authors investigate whether a set of banking and capital market characteristics can improve the ability of banks to provide increased credit flows to the private sector, while simultaneously improving financial inclusion for the poor.

TL;DR: The authors examined the relationship between firm value and both international and industrial diversification involvements for a sample of 267 listed firms in Malaysia over 2001-2009 and found no evidence that international diversification has any significant impact on the firm value but industry diversification locally slightly increases firm value, even after controlling for the degree of ownership concentration.

TL;DR: In this paper, the authors focused on firms that are audited by a big auditor and examined the differentiation in the earnings management potential and the level of conservatism, and investigated whether auditing by big auditors would lead to lower agency costs and lower cost of equity.

TL;DR: In this article, the interaction between foreign investors' trading and emerging stock returns was analyzed using a structural VAR model, showing that foreign investors negative-feedback-trade with respect to past local returns in ISE, however only in rising markets and especially under macroeconomic instability.

TL;DR: In this paper, the authors investigated the profitability of 36 dollarized banking systems and found that the effect of institutions more than offsets the negative impact of dollarization on banks' profitability.

TL;DR: In this paper, the impact of supervisory board structure as an internal governance mechanism on privately defined contribution pension fund performance in Poland using a hand-collected data set, was found evidence that the chairman, as a motivated insider, plays an important role in determining fund performance.

TL;DR: In this paper, the temporal links between two models of equilibrium exchange rate, namely the behavioral and the fundamental approaches, were investigated and it was shown that even though in the long-run they are closely related, important differences are observed for some countries and/or some periods.

TL;DR: In this paper, the authors examined the role of financial development in the evolution of property rights and legal institutions and found that changes in the level of financial developments change the costs and benefits of, and the demand for property rights institutions.

TL;DR: In this article, the authors analyzed the exchange rate exposure of a sample of non-financial Brazilian companies from 1999 to 2009 and found that exporters and companies that hold foreign currency denominated debt are more likely to be exposed to exchange rate fluctuations and that the nonlinearity of companies' foreign exchange exposure is associated with the use of foreign currency derivatives.

TL;DR: Li et al. as mentioned in this paper investigated the determinants of residual government ownership and the impact of such ownership on post-privatization performance in China and found that government shareholders were more likely to be present in small firms, while large firms are more likely having politically connected CEOs on their boards.

TL;DR: In this article, the authors examined the effect of diversification across emerging stock markets or across industries to achieve improvements in their risk-return tradeoffs especially during financial crisis periods, using individual firm data from a selection of emerging markets and including the period of the 1997 Asian financial crisis.

TL;DR: In this article, robust pair-copulas based estimates of the expected return and covariances in the mean-variance analysis of Markowitz were used to find the optimal portfolio allocations for an emerging market target return and minimum risk investments.

TL;DR: In this article, a sample with 47 non-financial Bovespa Listed Brazilian companies from 2004 and 2010 was used to test the hypothesis that use of derivatives as a risk management policy tool reduces companies' cost of capital.

TL;DR: This article showed that the 2007 financial crisis exhibits disaster myopia in the banking sector and identified macro and specific determinant variables in banks' risk taking since the beginning of the years 2000.