insiders market timing and real activity evidence from an emerging market

... rate changes and market interest rates, and confirms its apparent deterioration in the 1990s It then describes how Fed funds futures rates can be used to distinguish between anticipated and unanticipated ... the raw target rate changes (left-hand panel) and the expected target rate changes (center panel) bear little, if any, relation to changes in the five-year rate By contrast, changes in the five-year ... between Fed actions and long-term interest rates appears much looser and more variable.” These studies did not distinguish between anticipated and unanticipated actions, however, and it turns out...

Ngày tải lên: 06/03/2014, 02:21

... article as: Bandyopadhyay, S.P., et al., Mandatory audit partner rotation, audit market concentration, and audit quality: Evidence from China, Advances in Accounting, incorporating Advances in International ... audit market than large foreign Big audit firms Please cite this article as: Bandyopadhyay, S.P., et al., Mandatory audit partner rotation, audit market concentration, and audit quality: Evidence from ... mandatory audit partner rotation Companies can change their audit firms for many reasons For example, Johnson and Lys (1990) show that audit firm changes are related to client characteristics and...

Ngày tải lên: 06/01/2015, 19:41

... H HUANG, Y LIAO, and H XIE ‘Mandatory Audit Partner Rotation, Audit Quality, and Market Perception: Evidence from Taiwan.’ Contemporary Accounting Research 26 (2009): 359-391 CHUNG, H., and S ... of MAN_ROT was significant and positive and that the coefficient of VOL_ROT was significant and negative Our findings suggest that lower initial audit fees are dominant in VOL_ROT than in MAN_ROT ... (Arthur Andersen made less effort than non-Big N audit firms) In model 4, we decomposed INITIAL into MAN_ROT and VOL_ROT and found that the coefficient of MAN_ROT (0.289) was significant and positive...

Ngày tải lên: 06/01/2015, 19:43

... (1982), Flavin and Yamashita (2002), Kullmann(2003), Lustig and Van NieuIrburgh (2005), and Piazzesi, Schneider and Tuzel(2007) Lustig and Van Nieuwerburgh (2005) and Piazzesi, Schneider and Tuzel ... real estate beta and market beta Table 2.2 shows average returns, post-ranking real estate βs and market βs for portfolios formed from 1985 to 2010 Forming portfolios on size and preranking real ... 3.5 Real Earnings Management and SEO discounting 79 Table 3.6 Real Earnings Management and SEO Discounting (Probit Model) 80 Table 3.7 Real Earnings Management and SEO Long-run Performance...

Ngày tải lên: 09/09/2015, 11:19

... Evidence from Bangladesh Board diversity and firm performance: the Indonesian evidence Board Composition and Firm Performance in the Netherlands Outsiders on the board of directors and firm performance: ... Structure and Corporate Performance in Malaysia Composition and Configuration of the Board and Firm Performance in Financial Services Industry in Sri Lanka Board Composition and Firm Performance: Evidence ... Brennan 2006 Hanoku Bathula -20Board composition and firm performance: a quantitative study on Chinese listed companies Board Structure and Firm Performance: Evidence from India’s Top Companies...

Ngày tải lên: 22/10/2015, 13:28

... Quality Standards (or Ambient Environment Standard), (2) Effluent Standards; and (3) Supporting Standards (testing, sampling standards etc) Most of supporting standards are adapted from those ... like the US and EU markets, have to meet and anticipate these high standards But once satisfying these standards, they are more likely to have higher penetration rate and the companies’ reputation ... understanding of environmental principles, the fast industrialization and urbanization and the institutional change in environmental management And, indeed they admitted that the Law in particular and...

Ngày tải lên: 24/08/2013, 18:48

... Ireland Singapore Lithuania Italy Taiwan (China) Poland Japan Thailand Romania Luxembourg Vietnam Russia Netherlands Slovak Republic Norway Slovenia Portugal Turkey Spain Ukraine Sweden Switzerland ... the insights from the interstate banking model in Morgan, Rime, and Strahan (2003) apply internationally Morgan, Rime, and Strahan extend Holmstrom and Tirole’s (1997) macroeconomic banking model ... three dimensions: primary language (Arabic, English, French, German, Spanish/Portuguese, and other), legal origin (English, French, German, Scandinavian, and Socialist), and region (defined in table...

Ngày tải lên: 16/02/2014, 10:20

... sum of “cash and due from banks” and “call loans” under “Assets” on banks’ balance sheets Due from banks include both banks’ reserves at the BOJ and banks’ deposits with other banks The JBA data ... Trust banks, long-term credit banks, and various specialized financial institutions Trust banks were authorized to conduct retail and trust banking and often combined the work of commercial and ... A1 Total loans and bank assets in Japan by bank type Bank Type Loans and bills discounted 207.84 Total assets City banks Total number Regional Banks 64 136.00 205.83 Tier II Regional Banks 56 45.96...

Ngày tải lên: 16/02/2014, 11:20

... See Carpenter and Guariglia (2003), Bond and Meghir (1994), Kaplan and Zingales (1997), Guariglia and Schiantarelli (1998), and Guariglia (2000) for a similar approach 13 See Fisman and Love (2002) ... ‘Trade credit and the bank lending channel.’ Journal of Money, Credit, and Banking, 34, pp 226-253 Petersen, M and R Rajan (1997) ‘Trade credit: theories and evidence. ’ Review of Financial Studies ... for plant and machinery, and 2.5% for land and buildings These are taken from King and Fullerton (1984) For each observation, we then calculate the proportion of land and building investment,...

Ngày tải lên: 06/03/2014, 08:20

... savings and credit) on income (Burgess and Pande, 2005, in India; Bruhn and Love, 2009, and Aportela, 1999, in Mexico; and Kaboski and Townsend, 2005, in Thailand) Our paper adds to this literature ... Panel A presents the ITT estimates, Panel B presents the ToT estimates, and Panel C presents the means and standard deviations of the dependent variables For both the ITT and ToT estimates, and ... Jr and Jonathan Morduch (2008): “The Unbanked: Evidence from Indonesia,” World Bank Economic Review 22 (3): 517-537 [31] Kaboski, Joseph and Robert Townsend (2005): “Policies and Impact: An Analysis...

Ngày tải lên: 06/03/2014, 10:20

... 1893 with a stock market crash and a major banking panic which spread from New York City to the interior and then back The panic led to many bank failures across the country and a monetary contraction, ... market crash and a major banking panic in October 1907 The banking panic led to many bank failures, a drop in the money supply and a serious recession, which ended in May 1908 The panic and recession ... panic of 1873 and the resulting recession The recession of 1882-85 featured a banking panic in May 1884 and a stock market crash The banking panic ended with the issuance of clearinghouse loan...

Ngày tải lên: 06/03/2014, 19:20

... choice of orange juice and milk brands We find that poorer households buy less expensive brands of orange juice and milk, but that gasoline prices exert a weak (and statistically insignificant) positive ... acted poorer: automobile and retail sales plunged (Linebaugh and Dolan 2008, Zimmerman, Saranow and Bustillo 2008), and the growth in spending on luxury items such as organic products halted dramatically ... based on current price levels (Anderson, Kellogg and Sallee 2011) We estimate git and pit as the predicted values from regressions ˜ ˜ of realized octane level and transaction price, respectively,...

Ngày tải lên: 06/03/2014, 21:20

... low mortality and low growth rates For example, the 1982, 1990 and 2000 population census, and the 1997 and 2001 population and reproductive health surveys PARENTAL EDUCATION AND CHILD HEALTH ... sample unit and the seat of township government (DISTANCE1) and the distance between the sample unit and county town (DISTANCE2) We also conduct a standard test for the joint significance of these ... Oxford Cleland, J., 1990, Maternal education and child survival: Further evidence and explanations In: What We Know About the Health Transition: The Cultural, Social and Behavioral Determinants of...

Ngày tải lên: 14/03/2014, 11:20

Ngày tải lên: 16/03/2014, 03:20

Ngày tải lên: 16/03/2014, 03:20

... (2004)), bank runs (Goldstein and Pauzner (2005), Rochet and Vives (2004)), contagion of financial crises (Dasgupta (2004), Goldstein and Pauzner (2004)), and stock -market liquidity (Morris and Shin ... 863—883 , 2003, Fundamentals, panics, and bank distress during the depression, American Economic Review 93, 1615—1647 Carlsson, Hans, and Eric Van Damme, 1993, Global games and equilibrium selection, ... of the origin and spread of bank panics, Journal of the European Economic Association 2, 1049—1084 Diamond, Douglas W., and Philip H Dybvig, 1983, Bank runs, deposit insurance, and liquidity,...

Ngày tải lên: 16/03/2014, 14:21

... India and Pakistan in 1999, Thailand and Laos starting in 1987, India and China in 1987, Pakistan and India starting in 1984, Iran and Iraq starting in 1980, Vietnam and China starting in 1979), and ... Mauritania and Senegal starting in 1989, Burkina Faso and Mali in 1985, Ethiopia and Somalia in 1982), Asia (Cambodia and Thailand in 2008, India and Bangladesh in 2001, Israel and Lebanon starting ... earnings, and soldiers exposed to more violence face a harder time reintegrating into civilian society (Angrist, 1990; Imbens and van der Klaauw, 1995; Humphreys and Weinstein, 2007; Blattman and Annan,...

Ngày tải lên: 22/03/2014, 09:20

... Collective Action – Theory and Applications, Harvester Wheatsheaf, New York Sandler, T., and D.G Arce M., 2002, A Conceptual Framework for Understanding Global and Transnational Public Goods for ... dominant party in the case of reproductive health and HIV/AIDS funding (cf Van Dalen and Reuser, 2005) and this simple observation affects the aggregate outcomes to a large extent As one can see from ... are an important candidate for resolving some of the mysteries why donor countries not live up to their promises or financial pledges (cf Bulir and Hamann, 2004) The problem which the participants...

Ngày tải lên: 22/03/2014, 12:20

... demand of credit insurance to the actual risk and liquidity in the market Real GDP, as the overall measure of economic activity and size of economies, influences the demand for traded goods and ... Guarantees and Export Performance: An Empirical Analysis for Germany", The World Economy, forthcoming Goldstein, Morris and Mohsin S Khan, “Income and Price Effects in Foreign Trade,” in Handbook ... their own paper, Amiti and Weinstein (2011) use bank health as a proxy for trade finance We also support and further expand on their findings by using both bank-related and non-bank trade credit Berne...

Ngày tải lên: 22/03/2014, 18:20

... Alternatively, the differences in results between Currie and Moretti (1999) on the one hand and our study and McCrary and Royer (2006) on the other hand can be explained by the fact that the type of policy ... infant health and has only small effects on infant health Finally, Doyle, Harmon and Walker (2005) use a schooling reform and grandparental smoking behavior to instrument parental education and ... O.C Ashenfelter and D Card (eds.), Handbook of Labor Economics, Volume 3A, North-Holland Case, A., A Fertig and C Paxson (2005), The Lasting Impact on Childhood Health and Circumstance, Journal...

Ngày tải lên: 28/03/2014, 09:20