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External Debt And Growth Dynamics, Si Chen
External Debt And Growth Dynamics, Si Chen
Dissertations and Theses Collection (Open Access)
Based on an extended growth model, this thesis further explores the joint dynamics between external debt and growth. The model explicitly expresses this growth dynamic mechanism incorporating external debt as an important explanatory variable with risk premium and other related structural factors. The interactions between external debt and growth are interpreted as directly and mainly through the channel of capital accumulation and indirectly through technology change. These constitute the functional form foundation to solve the main concern on the effect of external debt upon growth adjustment path. The numerical simulations of the model indicate that when external debt is assumed …
The Information Efficiency Of The Corporate Bond Market, Cheng Ying
The Information Efficiency Of The Corporate Bond Market, Cheng Ying
Dissertations and Theses Collection (Open Access)
The link between asset prices and information fundamentals as embodied in news announcement effects is an extremely, if not the most, important area amongst current research in market microstructure. The lack of adequate transaction data posts an obstacle in this research. In this thesis, based on a valuable intraday transaction-by-transaction dataset for U.S. corporate bonds, we first examine the impact of public information contained in the macro-economic news and firm-specific information contained in corporate earnings annoucements on the prices of both corporate bonds and stocks. We find that both bonds and stocks react significantly to public news and firm-specific information, …
Asymmetry Of Processing Trade In China : Theory And Empirics, Zhaopeng Xing
Asymmetry Of Processing Trade In China : Theory And Empirics, Zhaopeng Xing
Dissertations and Theses Collection (Open Access)
This paper studies decision of whether outsourcing or localization in China. Both strategies can enjoy low wage advantage. But outsourcing induces processing trade, while localization, which has additional localization cost can turn processing trade of some goods to ordinary trade. The asymmetric effect lies on that once localized, it is hard to return to outsourcing due to competition or fixed expenditures involved. If wage difference larger, it is more preferable to localized. Therefore, we can expect asymmetric effect of processing trade due to movement of relative wage difference, which was proved by econometrics on recent data by cointegrating analysis within …
Information Value Of Credit Ratings In Asia Ex-Japan Markets, Chen Zhou
Information Value Of Credit Ratings In Asia Ex-Japan Markets, Chen Zhou
Dissertations and Theses Collection (Open Access)
This study investigates the information value of credit ratings by exploring the relationship between ratings and security price. Unlike previous studies, we concentrate on the major markets ex-Japan in Asia. We begin with an investigation of rating reclassification as well as credit watch placement events by three leading international rating agencies. We show that markets with differing level of sophistication behave differently. Specifically, South Korea and Hong Kong are found to respond in a similar manner. Indonesia shows possible ign of information leakage. In the cases of Malaysia and Thailand, significant and positive equity price responses exist for upgrades, suggesting …
Predicting A Currency Crisis Alternative Approaches And Applications To The Philippines, Fernando Antonio Iv Castillo
Predicting A Currency Crisis Alternative Approaches And Applications To The Philippines, Fernando Antonio Iv Castillo
Dissertations and Theses Collection (Open Access)
An arrival of a currency crisis can be anticipated through a comprehensive and properly specified Early Warning System (“EWS”). The costs that entail with experiencing a currency crisis far exceed the costs of spending a considerable amount of time to developing an EWS. In a report done by the IMF(1998), they estimated that emerging economies suffer an 8% cumulative loss in real output during a severe currency crisis. Likewise, evidence suggests that a simple look at traditional market indicators of currency and default risks will not provide much advance warning of an impending currency crisis. In a study done by …
Under-Pricing And Long-Run Performance Of Initial Public Offerings In Developing Markets, Sze Wei Daniel Ong
Under-Pricing And Long-Run Performance Of Initial Public Offerings In Developing Markets, Sze Wei Daniel Ong
Dissertations and Theses Collection (Open Access)
The transition from being a private company to a public one is one of the most important events in the life of a firm. It is also one of particular interest to institutional investors, and the transition is facilitated through the initial public offering (IPO) process. The IPO provides a fresh source of capital that is critical to the growth of the firm and provides the founder and other shareholders such as venture capitalists a liquid market for their shares. From an institutional investor's perspective, the IPO provides an opportunity to share in the rewards of the growth of the …