Topic
Market capitalization
About: Market capitalization is a research topic. Over the lifetime, 3583 publications have been published within this topic receiving 77288 citations. The topic is also known as: market cap & market value.
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TL;DR: This article showed that federal procurement contracts insulated government contractors' performance from the 2008-2009 financial crisis, and this stabilizing effect in turn spilled over into neighboring firms, and an average amount of government purchases reduced local employment losses by 35% in retail industries.
Abstract: I document a beneficial effect of the government’s participation in product markets. Exploiting the 2008–2009 financial crisis as a natural experiment, I show that federal procurement contracts insulated government contractors’ performance from the crisis. By 2009, government contractors had 15% higher market capitalization, had 18% higher capital expenditures, and received 26% more bank credit than did similar firms. This stabilizing effect, in turn, spilled over into neighboring firms. An average amount of government purchases reduced local employment losses by 35% in retail industries and by 48% in industries supplying government contractors. Spillovers were particularly strong in high economic slack areas.Author has furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.
18 citations
TL;DR: In this paper, the authors examined and provided satisfactory evidence for the existence of commonality in liquidity for both spot and derivatives market using a sample of actively traded stocks and options from emerging order-driven market.
18 citations
TL;DR: In this article, the authors analyzed the international correlations of the European national stock markets and identified the potential excess returns which can be reaped by means of international diversification in the emerging European stock market relative to a strategy of purely national diversification both before and after EMU comes into effect.
Abstract: The paper analyses the international correlations of the European national stock markets and identifies the potential excess returns which can be reaped by means of international diversification in the emerging European stock market relative to a strategy of purely national diversification both before and after EMU comes into effect. To facilitate a comparison of the pre- and post-EMU effects of international diversification, we construct an EMU index-portfolio as an average of the national stock market indices weighted by the respective national market capitalizations. The performance of the national indices is then compared to the EMU index-portfolio with and without an explicit incorporation of FX volatility. It is found that the excess returns of holding an efficiently diversified European stock market portfolio are positive throughout, with the highest potential for excess returns for Austria, Finland and Italy. However, the results generally indicate that the gains of international diversification a...
18 citations
TL;DR: In this article, the relationship between competition and diversification based on a sample of 1,570 commercial banks located in 28 European Union member states over the period of 2000 through 2016 was analyzed.
18 citations
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TL;DR: In this article, the relationship between leverage and productivity growth was studied in a large sample of firms in emerging economies of central and eastern Europe (CEE), and the authors found that deviation from optimal leverage, especially excess leverage, is common among firms in many CEE countries.
Abstract: This paper studies the relationship between leverage and growth, focusing on a large sample of firms in emerging economies of central and eastern Europe (CEE). Contrary to the general wisdom, we find that deviation from optimal leverage, especially excess leverage, is common among firms in many CEE countries. Using firm-level panel data, the paper provides support to the hypothesis that leverage positively affects productivity growth but only below an endogenously determined threshold level.
18 citations