liberalization economic reform and emerging market equity prices

... ECONOMIC REFORM AND THE GERMAN WELFARE STATE 175 in the labour market turned the family into another holding pen for those unlikely to find employment in a stagnant labour market. 8 It ... social insurance funds and the federal budget Since the early 1980s, the government has with 177 ECONOMIC REFORM AND THE GERMAN WELFARE STATE TABLE CONTRIBUTION RATES BETWEEN 1949 AND 2003, AS OF THE ... Dieter Spetzke ECONOMIC REFORM AND THE GERMAN WELFARE STATE 179 fund was continued by the Red –Green government with the introduction of the eco-tax on energy and gasoline, whose fifth and last stage...

Ngày tải lên: 23/03/2014, 20:20

... Introduction The purpose of this dissertation is to investigate and understand the dynamics and linkage between emerging market business cycles and the conduct of fiscal policy in these small open economies ... does a good job replicating observed emerging market business cycles Aguiar and Gopinath (2006b) report similar findings and among other candidates Chang and Fern´ndez (2010)’s Bayesian encompassing ... explanations for them 2.2.1 Sovereign Default and Emerging Market Business Cycles The strand of literature that focused on private sector aggregates of emerging markets began with treating the real interest...

Ngày tải lên: 01/06/2014, 14:00

Ngày tải lên: 03/06/2014, 02:20

... Market Integration and Investment Barriers in Emerging Equity Markets,” World Bank Economic Review, Table Bekaert, G., and C Harvey, 1998 “Capital Flows and the Behavior of Emerging Market Equity ... capital market liberalization Given that the market and size betas are significant and positive and the increase in the market beta when we exclude the crisis, we conclude that Thailand is not ... W Calomiris, 2001, Emerging Financial Markets, McGraw Hill Irwin, NY Bekaert, G., 1995, Market Integration and Investment Barriers in Emerging Equity Markets,” World Bank Economic Review 9,...

Ngày tải lên: 06/03/2014, 14:20

... held back by weak demand for a number of goods including motor vehicles and parts, industrial machinery, and aircraft Conversely, exports of energy products and metals stand at new all-time highs ... 2014 Source: Bureau of Economics Analysis, RBC Economics Research The persistent increases in housing sales and starts have been surprising In 2012 to date, sales of new and existing single-family ... Federal Reserve, RBC Economics Research The US Federal Reserve’s dual mandate is to provide price stability and full employment with the first criterion being met by both the headline and core inflation...

Ngày tải lên: 06/03/2014, 19:20

... points, and owners’ equity in real estate rebounded to 47% from the recent low of 37% albeit well below the 60% recorded before the economic and housing market downturn The downturn in the housing market ... industrial production, and investment in machinery The pent-up demand for housing and vehicles created during the economic downturn will in part be met by Canadian autos and parts and forestry exports ... both the supply and demand for credit picking up Lending standards, according to the Federal Reserve’s Senior Loans’ Officer Survey, continued to ease for commercial and industrial and non-residential...

Ngày tải lên: 08/03/2014, 06:20

... “Environmental Inspections and Emissions of Pulp and Paper Industry in Quebec,” Journal of Environmental Economics and Management, 31, 19-36 Li, W (1997), “The Impact of Economic Reform on the Performance ... environmentallyoffending small mills 2.1 BACKGROUND: MARKET REFORM AND THE PAPER INDUSTRY The General Experience of China’s Manufacturing Sector China’s agricultural and forestry reforms began with widespread introduction ... output directly to the market) , and • urban reform (which permitted a private manufacturing sector to emerge) By 1991, the central government had begun talking of a market economy and it began allowing...

Ngày tải lên: 24/03/2014, 05:20

... hệ thống xa so với khả Mục tiêu Our present goal is merely to model equity returns as functions of macro variables and nonequity asset returns Dó đó, pp đưa biến thị trường chứng nội sinh, quan ... (CRPS) Tốc độ tăng trưởng tiêu dùng bình quân đầu người (Hansen Singleton (1982); Khảo sát DN OG Oil prices nay) Sự khác theo hàm logarit số giá sản xuất/dầu thô (thống kê Cục Lao động) Ký hiệu Biến ... báo lạm phát bị ảnh hưởng yếu tố kinh tế khác nhiều sai số dự báo khứ C Phần bù rủi ro UPR= “Baa and under” bond portfolio return (t) – LGB (t) LGB(t): tỉ suất sinh lợi danh mục trái phiếu phủ...

Ngày tải lên: 16/11/2014, 10:32

... The strongest correlation is between UPR and UTS  YP and MP, are correlated with each other and with each of the other variables except DEI and UI  DEI and UI are correlated with each other because ... innovations in macroeconomic variables are risks that are rewarded in the stock market II Theory  No satisfactory theory would argue that the relation between financial markets and the macroeconomy ... these variables and will bias downward estimates of statistical significance IV The Economic State Variables and Asset Pricing Methodology  To ascertain whether the identiíìed economic State...

Ngày tải lên: 16/11/2014, 11:00

... Morck, Randall, Andrei Shleifer, and Robert Vishny, “Management Ownership and Market Valuation: An Empirical Analysis,” Journal of Financial Economics, XX (1988), 293–315 Morck, Randall, Andrei ... College, 2001 Gompers, Paul A., and Andrew Metrick, “Institutional Investors and Equity Prices, ” Quarterly Journal of Economics, CXIV (2001), 229 –260 Hermalin, Benjamin, and Michael Weisbach, “The ... Security Prices (CRSP) and, where necessary, to Standard and Poor’s Compustat database CSRP matching was done by ticker symbol and was supplemented by handchecking names, exchanges, and states...

Ngày tải lên: 02/01/2015, 17:33

... Morck, Randall, Andrei Shleifer, and Robert Vishny, “Management Ownership and Market Valuation: An Empirical Analysis,” Journal of Financial Economics, XX (1988), 293–315 Morck, Randall, Andrei ... College, 2001 Gompers, Paul A., and Andrew Metrick, “Institutional Investors and Equity Prices, ” Quarterly Journal of Economics, CXIV (2001), 229 –260 Hermalin, Benjamin, and Michael Weisbach, “The ... Security Prices (CRSP) and, where necessary, to Standard and Poor’s Compustat database CSRP matching was done by ticker symbol and was supplemented by handchecking names, exchanges, and states...

Ngày tải lên: 06/01/2015, 19:46

... situation in emerging markets is quite different (Birkinshaw, 2001) These markets have a rapid pace of economic development with government policies favoring economic liberalization Emerging markets ... follow MNEs to understand how and why they enter large emerging markets such as China and India This shift in research attention and the focus on a single large emerging market can provide a new ... sensible step towards understanding the more general issue of MNEs’ within-host-country strategy and structure in a single emerging market Second, China is an emerging market in which the government...

Ngày tải lên: 12/09/2015, 10:54

... changing and growing economic relationships between the GCC and emerging markets It lays out the key findings of extensive research into trade and investment flows between the GCC and different emerging- market ... 2011 GCC trade and investment flows The emerging- market surge The rise and rise of emerging markets S ince the onset of the global financial crisis, it has become clear that emerging markets will ... Limited 2011 GCC trade and investment flows The emerging- market surge Prioritising markets He believes that the shift to emerging markets is predicated on manufacturing and since “India is less...

Ngày tải lên: 06/12/2015, 23:07

... Non -Economic factors 2.4.1 Political factors 2.4.2 Social and psychological factors Economic growth models 3.1 Classical models of economic growth 3.1.1 Adam Smith and the role of market in economic ... Journal of Economic Growth, Springer, vol Alfaro L., A Chanda, S Kalemli-Ozcan and S Sayek ( 2003) - “FDI and Economic Growth: The Role of Local Financial Markets.” Journal of International Economics ... their decisions and activities, concept defined by Adam Smith as the „invisible hand” In Karl Marx view, the extension of markets is particularly important in supporting demand and economic development...

Ngày tải lên: 11/12/2016, 20:48

Ngày tải lên: 11/05/2017, 07:58

... Journal of Financial Economics, 13, 187-221 28 Pandey, I.M., Chotigeat, T and Ranjit, M K (2000) Capital Structure Choices in an Emerging Capital Market: Case of Thailand, Management and Change, 4, ... 1988-91, 1992-95 and 1996-99 Given the capital market and general economic conditions in Malaysia, these four periods, respectively, correspond with downturn, upturn, stability and growth and downturn2 ... book value and market value terms Thus, we use six measures of debt ratio as dependent variable In the market value debt ratio, the market value of debt is treated same as the book value and the...

Ngày tải lên: 24/07/2017, 10:33

... earnings, then with safe debt and risky debt, and finally with equity When current operational cash flows are sufficient enough to finance new investments, firms repay debt and accumulate cash When ... holdings: Evidence from Pakistani public sector Economics, Management and Financial Markets, 6(1), 344-358 Saddour, K (2006) The determinants and the value of cash holdings: Evidence from French ... of Business, Economics & Finance (2012), Vol.1 (2) Ogundipe, Ogundipe and Ajao, 2012 Table 3: The Effect of Firm Characteristics on the Cash Holding Coefficientsa Unstandardized Standardized Coefficients...

Ngày tải lên: 05/07/2018, 20:44

... foreign investment, and foreign trade and exchange regimes Reforms and liberalisation have improved product, financial and labour markets and tax regimes Reversals have been few and far between The ... organisations and even industries will blur Data formats and technologies will standardise Personalisation Price and quality will matter as much as ever, but customers in developed and developing markets ... management Customer service and support 35 Operations and production processes 29 Strategy and business development 29 Marketing and sales activities 28 Human resource management and training 23 Corporate...

Ngày tải lên: 24/10/2012, 09:27

... inflow of $0.5 billion in 2005 Equity prices and issuance: Following a correction in March and April, emerging market equity prices as measured by the MSCI Emerging Markets Free Index resumed an ... lending, monetary gold, and errors and omissions Including net lending, monetary gold, and errors and omissions The Institute of International Finance, Inc Capital Flows to Emerging Market Economies ... lending, monetary gold, and errors and omissions Including net lending, monetary gold, and errors and omissions The Institute of International Finance, Inc Capital Flows to Emerging Market Economies...

Ngày tải lên: 24/10/2012, 09:33

... Trends of domestic and international market According to chart 1, we can easily recognize the change and general trends of Binh Minh Company’s sale in domestic and international market from 2003 ... and international markets of quarterly sales (in VND millions) of Binh Minh Company during period 2003-2006, we can reflect data by following graphs: 3.1 Trend of domestic and international market ... the other hand, the number of Indian and Germanic students is not big and in general most of them expect level of salary is medium (over 30,000 -80, 000 USD/year) 2.2.2 Cross tables and charts...

Ngày tải lên: 19/07/2013, 09:49