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Articles 1 - 6 of 6
Full-Text Articles in International Economics
Does The Legal System Affect The Cost Of External Financing? Evidence From Ipo Underpricing Of Foreign Firms Listed In U.S. Stock Markets, Shaokang Wang, Jing Jiang
Does The Legal System Affect The Cost Of External Financing? Evidence From Ipo Underpricing Of Foreign Firms Listed In U.S. Stock Markets, Shaokang Wang, Jing Jiang
WCBT Faculty Publications
To study the effect of the legal system on the cost of external financing, we examine the degree of underpricing of the IPOs by foreign companies listed in U.S. We find that firms from highly corrupted countries have larger IPO underpricing. The quality of the home-country public law enforcement reduces the degree of IPO underpricing. In particular, the criminal sanction for violations of securities laws is the most significant factor in reducing underpricing. The evidence shows that even when a non-U.S. firm meets sophisticated U.S. regulations and goes public in a U.S. exchange, the degree of underpricing is still influenced …
Integration Of Central And Eastern European And The Euro-Area Financial Markets: Repercussions From The Global Financial Crisis, Lucjan T. Orlowski, Anna Tsibulina
Integration Of Central And Eastern European And The Euro-Area Financial Markets: Repercussions From The Global Financial Crisis, Lucjan T. Orlowski, Anna Tsibulina
WCBT Faculty Publications
We examine integration of financial markets and banking sectors in Central and Eastern Europe and the euro area. We study co-movements between government bond and equity markets of Germany and those of Poland, Czech Republic, Hungary, as well as Slovenia and Slovakia (the two recent euro members). We assume that financial integration is essential for subsequent monetary convergence, as it will enable the euro candidates to mitigate systemic risk and avert potentially destabilizing shocks. Government bond yields of the Czech Republic and Poland show high correlation with German yields, in contrast to those of the remaining countries. Equity returns of …
Monetary Policy And Inflation In The European Monetary Union – Perspectives And Lessons, Lucjan T. Orlowski
Monetary Policy And Inflation In The European Monetary Union – Perspectives And Lessons, Lucjan T. Orlowski
WCBT Faculty Publications
The paper examines systemic changes in monetary policies in Europe that have played a pivotal role in containing inflation. It emphasizes the connection between the systemic evolution of monetary policies and the precepts of the original as well as the new generation policy models prescribed by the ‘Washington Consensus’. It further underscores the importance of key criteria of optimum currency area (labor mobility, trade openness, symmetric consumer preferences and political integration) for viability and further future enlargement of the euro area. For the candidates to the euro flexible inflation targeting policies that encompass the euro-convergence parameters are suggested.
The Relevance Of Inflation And Exchange Rate Risk For Monetary Convergence To The Eurozone, Lucjan Orlowski
The Relevance Of Inflation And Exchange Rate Risk For Monetary Convergence To The Eurozone, Lucjan Orlowski
WCBT Faculty Publications
This study places a strong emphasis on the ability of Central European Countries to lower inflation and exchange rate risk premiums on their path of monetary convergence to the eurozone. A model of the nexus between both risk premiums is presented along with the recent evidence supporting well-coordinated interactions between these risk premiums for Poland, Hungary and the Czech Republic. The analysis implies that monetary policies based on direct inflation targeting are likely to contain these risk premiums in the candidate countries and can be effectively used during the remaining period of their preparations for entering the euro area.
Volatility Of Central Europe Exchange Rates: Reaction To Financial Contagion, And Policy Recommendations For European Union Accession, Lucjan T. Orlowski, Thomas D. Corrigan
Volatility Of Central Europe Exchange Rates: Reaction To Financial Contagion, And Policy Recommendations For European Union Accession, Lucjan T. Orlowski, Thomas D. Corrigan
WCBT Faculty Publications
Examines the volatility of the exchange rates in Central Europe. Role of capital account liberalization and financial market integration in exchange rate stability; Remedies employed to financial problems of each countries; Impact of Asian and Russian financial crises on currencies of Central European countries; Recommendations for European Union accession.
Exchange-Rate Policies In Central Europe And Monetary Union, Lucjan Orlowski
Exchange-Rate Policies In Central Europe And Monetary Union, Lucjan Orlowski
WCBT Faculty Publications
Looks at the relationship between exchange-rate and monetary policies in transition economies (TEs) in central Europe bent on becoming part of the European Union. Review of practiced targets of monetary policy in response to the requirements of monetary union; Question of whether or not candidates will resort to a final currency devaluation; Suggestions for adjustments in short- and long-term monetary policy.