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Full-Text Articles in Finance
Re-Examining Venture Capitalist Certification And Insider Selling Decisions During The 1990s., Nicholas S. Koshiw
Re-Examining Venture Capitalist Certification And Insider Selling Decisions During The 1990s., Nicholas S. Koshiw
University Avenue Undergraduate Journal of Economics
This paper addresses the validity of certification and insider selling hypotheses within the context of new issues. Comparisons of venture capital backed and non venture-backed issues with similar offering characteristics show that issuers with venture capital affiliation are more underpriced than non venture-backed IPOs and insider selling results in decreased underpricing. These results contradict the findings of previous venture capital certification studies {Barry (1990), Megginson and Weiss (1991), and Lin and Smith (1997)}, but are consistent with recent work that examines grandstanding {Lee and Wahal (2002)} and insider selling decisions during hot market periods {Ljungqvist and Wilhelm (2003)}.
Financial Intermediation And National Growth: Why India Needs To Further Develop Its Stock Markets, Deepika Gupta
Financial Intermediation And National Growth: Why India Needs To Further Develop Its Stock Markets, Deepika Gupta
University Avenue Undergraduate Journal of Economics
The aim of this paper is twofold: to show the positive growth effect on economies through steady stock market growth, and to analyze the performance of India’s stock markets over the last decade on national growth. I start out in Section I with economic analyses of the high correlation between stock market indicators and the development of all financial institutions. Studies conducted by other economists prove correlations between the stock market and other macroeconomic indicators such as liquidity, level of banking, volatility, consumption, income and stock prices. Section II is a detailed case analysis of the Bombay Stock Exchange (BSE) …
The Exchange Rate Mechanism And The Ruble Devaluation Of 1998, Philip Porter
The Exchange Rate Mechanism And The Ruble Devaluation Of 1998, Philip Porter
University Avenue Undergraduate Journal of Economics
I will first examine what I see as the common sense fundamentals of the exchange rate mechanism, noting as I go, the relationship with the current Russian crisis. In my examination, I will take the simplest approach, assuming free trade, unrestricted capital movements and negligible transaction costs. Concluding, I will delve into the quagmire of the Russian situation.
Japanese U.S. Auto Transplant Production: An Analysis Of The Roles Of Vers And The Exchange Rate, Michael Cornstubble
Japanese U.S. Auto Transplant Production: An Analysis Of The Roles Of Vers And The Exchange Rate, Michael Cornstubble
University Avenue Undergraduate Journal of Economics
Since their introduction in 1982, Japanese auto transplants in the U.S. have skyrocketed in production, now producing many more cars than are imported. This study incorporates new refinements and revisions to attempt to identify the main factors that are responsible for the introduction of Japanese auto transplants and their massive growth in production over the last 14 years. The author develops two hypotheses for theoretical analysis of the factors contributing to production decisions. The first is that the voluntary export restraints (VERs) imposed on the Japanese from 1981-1985 are responsible for bringing the transplants to the U.S. and for creating …
The Stock Market As A Leading Indicator: An Application Of Granger Causality, Brad Comincioli
The Stock Market As A Leading Indicator: An Application Of Granger Causality, Brad Comincioli
University Avenue Undergraduate Journal of Economics
The purpose of this paper, then, is to evaluate stock prices as a leading indicator of economic activity. Time-series analysis and the notion of "Granger causality" are used in this project to estimate relationships between stock prices and the economy, and to see if they are consistent with theory. In this paper, we will explore the following questions. First, does the stock market lead the real economy, in the sense that variation in its past values explains some of the variation in the real economy? Second, does the stock market "Granger-cause" the real economy, in which case past values of …