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Articles 1 - 13 of 13
Full-Text Articles in Finance
The Equity Beta Of Telcos Operating In Small Island Nations, Bruno E. Viani
The Equity Beta Of Telcos Operating In Small Island Nations, Bruno E. Viani
Bruno E. Viani
Analysts often use the capital assets pricing model (CAPM) to estimate the cost of equity capital. A key parameter in estimating that cost is the so-called equity beta. Estimates of equity betas for telecommunications firms, or telcos, in small island nations are not readily available, so analysts often rely on estimated equity betas from larger firms in jurisdictions with much larger markets. Doing so may introduce significant errors if the equity risk premium for telcos in large markets differs significantly from those in small markets. In this research note we explore this hypothesis. We find that the equity betas of …
What Role Can An International Financial Centre’S Law Play In The Development Of A Sunrise Industry? The Case Of Hong Kong And Solar Powered Investments, Bryane Michael
Bryane Michael (bryane.michael@stcatz.ox.ac.uk)
How can international financial centres like Hong Kong increase assets under management – and thus their size and ranking? Most policymakers and their advisors wrongly answer this question by focusing on financial institutions, and the law that governs them. Instead, policymakers need to start by looking at actual markets. What new tastes and technologies need funding? How can such funding fit into already existing geographies of production, distribution and finance? In this paper, we show how a focus on funding sunrise industries can help increase assets under management for the financial institutions operating in an international financial centre like Hong …
Strategic Default In Joint Liability Groups: Evidence From A Natural Experiment In India, Xavier Gine, Karuna Krishnaswamy, Alejandro Ponce
Strategic Default In Joint Liability Groups: Evidence From A Natural Experiment In India, Xavier Gine, Karuna Krishnaswamy, Alejandro Ponce
Alejandro Ponce
Despite the high repayment rates claimed by microcredit programs around the world, some groups of borrowers eventually default and are subsequently disbanded. Exposure to common shocks and strategic default are reasons for the deterioration in group repayment but identification of the precise mechanism is difficult. In this paper we exploit an announcement issued by the Anjuman Committee of a town in southern India banning all Muslims from repaying their microfinance loans. Using administrative data we find that borrowers in Muslim-dominated groups have higher default rates after the announcement compared to the same borrowers with loans in Hindu-dominated groups. We conclude …
Democracy, Law And Global Finance: An Example Of A Research Agenda For A New Practice Of Law And Economics, Tamara Lothian
Democracy, Law And Global Finance: An Example Of A Research Agenda For A New Practice Of Law And Economics, Tamara Lothian
Tamara Lothian
No abstract provided.
A Comparison Of Anti-Manipulation Rules In U.S. And Eu Electricity And Natural Gas Markets: A Proposal For A Common Standard, Shaun D. Ledgerwood, Dan Harris
A Comparison Of Anti-Manipulation Rules In U.S. And Eu Electricity And Natural Gas Markets: A Proposal For A Common Standard, Shaun D. Ledgerwood, Dan Harris
Shaun D. Ledgerwood
In this paper, we describe the development and current status of anti-manipulation rules as they apply to wholesale electricity and natural gas markets in the United States and the European Union, including the institutions that are responsible for overseeing these rules. We then compare and contrast these jurisdictions to discuss similarities, differences, and potential gaps in coverage within and across their internal markets. We note that while the behavior prohibited by the U.S. and EU statutes is remarkably similar, there is in fact no common standard for defining market manipulation. The absence of a common EU/U.S. framework for examining manipulative …
Harmonising And Regulating Financial Markets, Mads Andenas
Harmonising And Regulating Financial Markets, Mads Andenas
Mads Andenas
This paper discusses problems of harmonisation and regulation of the European Internal Financial Market. The argument is that the current division of powers between the EU and Member States is not achieving sufficient harmonisation to develop an internal market. The obstacles to the Internal Financial Market presented by national regulatory and supervisory regimes remain too high, and the EU minimum standards and mutual recognition regime has failed to lower these barriers sufficiently. There is a need for broader based regulatory and supervisory institutions, undertaking at a European level what cannot effectively be done at a national level, including providing a …
U.S. Appellate Court Ruling Deals Fatal Blow To Argentina Brady Bond Debt Swap, Mark J. Calaguas
U.S. Appellate Court Ruling Deals Fatal Blow To Argentina Brady Bond Debt Swap, Mark J. Calaguas
Mark J Calaguas
No abstract provided.
A Logica De Acumulação Capitalista E O Racionamento Da Oferta De Crédito, Amilton Bispo Dos Reis
A Logica De Acumulação Capitalista E O Racionamento Da Oferta De Crédito, Amilton Bispo Dos Reis
Amilton Bispo dos Reis
Este texto deriva da dissertação de mestrado do autor - Crédito para MPES: Análise da Experiência Brasileira Recente - e pretende analisar o atendimento à demanda de crédito das micro e pequenas empresas por parte do sistema bancário, enfatizando as peculiaridades do mercado brasileiro, com o objetivo de identificar em que medida esse caso particular se aproxima ou se afasta do padrão geral apresentado no resto do mundo. Parte-se dos conceitos expostos por Marx sobre o desenvolvimento do sistema de crédito, demonstrando a sua importância fundamental no processo de reprodução do capital. Posteriormente, a partir da constatação de que as …
Event Studies In Finance: Discussion, Carlo Drago
Ceo Compensation And Performance In Family Firms By Barontini And Bozzi: Discussion, Carlo Drago
Ceo Compensation And Performance In Family Firms By Barontini And Bozzi: Discussion, Carlo Drago
Carlo Drago
No abstract provided.
Determinantes Explícitos E Implícitos De La Deuda Externa Pública Peruana, José Manuel Martin Coronado
Determinantes Explícitos E Implícitos De La Deuda Externa Pública Peruana, José Manuel Martin Coronado
José-Manuel Martin Coronado
This research aims to prove that sound economic policies are nothing more that basic conditions for the foreign public debt problem. In fact, by studying the factors of public debt issues in Peru, Latin America and the emerging economies it’s clear that some implicit economic and non-economic factors have to be considered because of the social complexity and variable characteristics in emerging economies. This causes failures in economic policies assumptions, inefficiencies, distorted causality and nonrational behavior. This paper proposes, first, to perform a deep and comparative analysis of the foreign debt determinants in emerging economies, then, to allocate financial resources, …
Applied Monetary Policy And Bank Supervision By The Ecb, Mads Andenas, Lazaros E. Panourgias
Applied Monetary Policy And Bank Supervision By The Ecb, Mads Andenas, Lazaros E. Panourgias
Mads Andenas
Monetary policy and banking supervision are closely related and interdependent concepts. Monetary policy and central banking are not defined in such a manner in the Maastricht Treaty that it precludes the European Central Bank from taking on a wider responsibility for financial stability and the handling of banking crises. The article introduced the term 'macro-prudential supervision', explained as 'supervision with a view to safeguarding systemic stability', in a section with the heading 'Default Supervision of Central Banks'.
Misfeasance In Public Office, Governmental Liability And European Influences, Mads Andenas
Misfeasance In Public Office, Governmental Liability And European Influences, Mads Andenas
Mads Andenas
The article deals with the liability of banking regulators in the UK after the BCCI debacle, and provides a wider comparative perspective. It analyses the lack of enforcement culture in the Bank of England, at the systemic failures on the regulatory side that this leads to. The article argues in favour of an extended liability for lack of effective banking supervision, and that banking regulators should be liable where there is a sufficiently breach of the duty to supervise and enforce.