Foreign Speculators and Emerging Equity Markets
نویسندگان
چکیده
منابع مشابه
Foreign Speculators and Emerging Equity Markets
We propose a cross-sectional time-series model to assess the impact of market liberalizations in emerging equity markets on the cost of capital, volatility, beta, and correlation with world market returns. Liberalizations are defined by regulatory changes, the introduction of depositary receipts and country funds, and structural breaks in equity capital flows to the emerging markets. We control...
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We provide an analysis of real economic growth prospects in emerging markets after ̄nancial liberalizations. We identify the ̄nancial liberalization dates and examine the in°uence of liberalizations while controlling for a number of other macroeconomic and ̄nancial variables. Our work also introduces an econometric methodology that allows us to use extensive time-series as well as cross-sectional...
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Since Keynes (1930) and Hicks (1939) propounded their theory of normal backwardation, the issue of whether hedgers must pay speculators an insurance premium has remained controversial. Recent theoretical developments incorporating the existence of market imperfections have validated the existence of an insurance premium charged to hedgers by speculators. Owing to differences in data sets and ec...
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The observed predictability of excess returns in equity and foreign exchange markets has largely been attributed to the presence of time-varying risk premiums in these markets. For example, excess equity returns were found to be explained by various financial and economic variables. Similarly, in the foreign exchange market, the forward rate was found not to be an unbiased predictor of the futu...
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Foreign firms terminate their Securities and Exchange Commission registration in the aftermath of the Sarbanes–Oxley Act (SOX) because they no longer require outside funds to finance growth opportunities. Deregistering firms’ insiders benefit from greater discretion to consume private benefits without having to raise higher cost funds. Foreign firms with more agency problems have worse stock-pr...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2000
ISSN: 1556-5068
DOI: 10.2139/ssrn.61988