The Chinese share market as an emerging and fast-growing listing venue has experienced a significant development since 2000. Prior studies on this market overwhelmingly concentrate on IPO-pricing-related and post-IPO performance-based propositions with lagging data. Adopting the updated data within the last couple of years, this paper comprehensively explores and accounts for some striking features of the Chinese stock market, and unfolds some new causes contributing to these characteristics.Some new findings are revealed. 1) Two new factors may lead to the extreme underpricing in China’s market, which are the unseasoned investors and their high demands of IPO shares. 2) The foreign-currency trading platform is not effective and efficient to attract the overseas investors. 3) The imbalanced industry structure of the listed firms is very significant, the Chinese share market is dominated by the manufacturing firms. 4) The Growth Enterprise Market of China is essential to address the long-standing financing difficulties for the Chinese Small and Medium-sized Enterprises, which are unqualified to raise capital from the Primary Stock Market.
{"title":"A Preliminary Study of the Emerging and Developing Stock Market of China","authors":"Hai Long","doi":"10.22158/jbtp.v2n1p100","DOIUrl":"https://doi.org/10.22158/jbtp.v2n1p100","url":null,"abstract":"The Chinese share market as an emerging and fast-growing listing venue has experienced a significant development since 2000. Prior studies on this market overwhelmingly concentrate on IPO-pricing-related and post-IPO performance-based propositions with lagging data. Adopting the updated data within the last couple of years, this paper comprehensively explores and accounts for some striking features of the Chinese stock market, and unfolds some new causes contributing to these characteristics.Some new findings are revealed. 1) Two new factors may lead to the extreme underpricing in China’s market, which are the unseasoned investors and their high demands of IPO shares. 2) The foreign-currency trading platform is not effective and efficient to attract the overseas investors. 3) The imbalanced industry structure of the listed firms is very significant, the Chinese share market is dominated by the manufacturing firms. 4) The Growth Enterprise Market of China is essential to address the long-standing financing difficulties for the Chinese Small and Medium-sized Enterprises, which are unqualified to raise capital from the Primary Stock Market.","PeriodicalId":108284,"journal":{"name":"Econometric Modeling: International Financial Markets - Emerging Markets eJournal","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128876119","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2013-12-12DOI: 10.15290/OSE.2013.05.65.03
P. Jamróz, Grzegorz Koronkiewicz
The aim of this paper is to analyze the stock market investors reactions to the events of announcement and execution of stock-splits and reverse stock-splits carried out on Warsaw Stock Exchange (WSE) during the period 2004-2012. The study puts the emphasis on the differences between market reactions to standard stock-splits and reverse stock-splits. The results presented in this paper are based on the methodology of event study. The studied data sample consists of 45 instances of stock-splits and 6 instances of reverse stock-splits that took place on WSE in the specified period of time. Results obtained suggest no statistically significant reaction to the events of: split announcement, split execution and reverse split execution and a statistically significant (mostly negative) reaction to the event of reverse split announcement. Although some anomalies can be observed on close inspection of the data, in general the obtained results can be interpreted as evidence of investors' rationality with regards to events connected with stock-splits on the WSE.
{"title":"Stock Market Reactions to the Announcements and Executions of Stock-Splits and Reverse Stock-Splits","authors":"P. Jamróz, Grzegorz Koronkiewicz","doi":"10.15290/OSE.2013.05.65.03","DOIUrl":"https://doi.org/10.15290/OSE.2013.05.65.03","url":null,"abstract":"The aim of this paper is to analyze the stock market investors reactions to the events of announcement and execution of stock-splits and reverse stock-splits carried out on Warsaw Stock Exchange (WSE) during the period 2004-2012. The study puts the emphasis on the differences between market reactions to standard stock-splits and reverse stock-splits. The results presented in this paper are based on the methodology of event study. The studied data sample consists of 45 instances of stock-splits and 6 instances of reverse stock-splits that took place on WSE in the specified period of time. Results obtained suggest no statistically significant reaction to the events of: split announcement, split execution and reverse split execution and a statistically significant (mostly negative) reaction to the event of reverse split announcement. Although some anomalies can be observed on close inspection of the data, in general the obtained results can be interpreted as evidence of investors' rationality with regards to events connected with stock-splits on the WSE.","PeriodicalId":108284,"journal":{"name":"Econometric Modeling: International Financial Markets - Emerging Markets eJournal","volume":"102 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121124261","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The level of development in any country is very much dependent upon the rate of investment in the economy. Stock market provides an effective platform for the diversion of funds from surplus to deficient units and their ultimate productive investment. The prevalence of optimistic and pessimistic approach in the stock market determines the rise and fall in the stock index. There are number of local and global macroeconomic variables that determine the stock market performance. In this study the objective of the researcher is to investigate the impact of international oil price fluctuation on the performance of stock markets in Pakistan and KSE-100 Index is taken as sample for analysis. In addition to oil price, other macroeconomic variables i.e. exchange rate and foreign private portfolio investment were also included in the model to strengthen its explanatory power. The study also analyzed the significance of political stability in the determination of stock market performance. The results revealed that the oil prices, exchange rate and foreign private portfolio investment have positive correlation with stock market performance while democratic set up is found to have a negative impact over stock market performance in Pakistan.
{"title":"Oil Price Fluctuation and Stock Market Performance - The Case of Pakistan","authors":"Prof.Dr.Masood Mashkoor Siddiqui, Nabeel Muhammad","doi":"10.2139/ssrn.2388302","DOIUrl":"https://doi.org/10.2139/ssrn.2388302","url":null,"abstract":"The level of development in any country is very much dependent upon the rate of investment in the economy. Stock market provides an effective platform for the diversion of funds from surplus to deficient units and their ultimate productive investment. The prevalence of optimistic and pessimistic approach in the stock market determines the rise and fall in the stock index. There are number of local and global macroeconomic variables that determine the stock market performance. In this study the objective of the researcher is to investigate the impact of international oil price fluctuation on the performance of stock markets in Pakistan and KSE-100 Index is taken as sample for analysis. In addition to oil price, other macroeconomic variables i.e. exchange rate and foreign private portfolio investment were also included in the model to strengthen its explanatory power. The study also analyzed the significance of political stability in the determination of stock market performance. The results revealed that the oil prices, exchange rate and foreign private portfolio investment have positive correlation with stock market performance while democratic set up is found to have a negative impact over stock market performance in Pakistan.","PeriodicalId":108284,"journal":{"name":"Econometric Modeling: International Financial Markets - Emerging Markets eJournal","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123713783","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper aims at analyzing the effects of quality announcement on performance of Egyptian listed companies. This has been conducted by event study methodology using announcements of international and national quality accreditation during the period from 2006 to 2012. Abnormal Returns (ARs) are the differences between actual returns and estimated (normal) returns. It's argued that good informational content may lead to positive abnormal returns. Results indicate that, hypotheses regarding the significance of differences between ARs with an estimation period of 30 days and a window from day -10 to day 10 could be accepted. Also, robustness check using CARs assures this significance. Findings show that informational content of competitive advantages has a positive effect on abnormal return of listed companies in the Egyptian exchange.
{"title":"Competitive Advantages and Performance of Stock Market: The Case of Egypt","authors":"N. Alber","doi":"10.5539/IJEF.V5N11P133","DOIUrl":"https://doi.org/10.5539/IJEF.V5N11P133","url":null,"abstract":"This paper aims at analyzing the effects of quality announcement on performance of Egyptian listed companies. This has been conducted by event study methodology using announcements of international and national quality accreditation during the period from 2006 to 2012. Abnormal Returns (ARs) are the differences between actual returns and estimated (normal) returns. It's argued that good informational content may lead to positive abnormal returns. Results indicate that, hypotheses regarding the significance of differences between ARs with an estimation period of 30 days and a window from day -10 to day 10 could be accepted. Also, robustness check using CARs assures this significance. Findings show that informational content of competitive advantages has a positive effect on abnormal return of listed companies in the Egyptian exchange.","PeriodicalId":108284,"journal":{"name":"Econometric Modeling: International Financial Markets - Emerging Markets eJournal","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129713148","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Stock market volatility has its existence from the long time but its complete eradication is not possible, the only thing which can be done is just to know its behavior and pattern that how it behaves. The present study is aimed to understand the nature and different patterns of volatility in Indian equity market. The daily observations comprising of closing data of SENSEX of Bombay Stock Exchange and S&P CNX Nifty of National Stock Exchange for the period of 10 years i.e. from January 2003 to December 2012 is used for analysis. The data was collected from the websites www.bseindia.com and www.nseindia.com. The present study is attempted to examine the volatility of returns in Indian stock market. GARCH models were used to see the volatility of Indian equity market. It was found that there was spillover of information in the Indian stock market and with the significant coefficient of dummy in improved model. It was concluded that negative shocks do have greater impact on conditional volatility compared to positive shocks of the same magnitude in the Indian stock market.
{"title":"Asymmetric Volatility and Performance of Indian Equity Market- Comparison of SENSEX and S&P CNX Nifty","authors":"R. Gupta","doi":"10.2139/ssrn.3581621","DOIUrl":"https://doi.org/10.2139/ssrn.3581621","url":null,"abstract":"Stock market volatility has its existence from the long time but its complete eradication is not possible, the only thing which can be done is just to know its behavior and pattern that how it behaves. The present study is aimed to understand the nature and different patterns of volatility in Indian equity market. The daily observations comprising of closing data of SENSEX of Bombay Stock Exchange and S&P CNX Nifty of National Stock Exchange for the period of 10 years i.e. from January 2003 to December 2012 is used for analysis. The data was collected from the websites www.bseindia.com and www.nseindia.com. The present study is attempted to examine the volatility of returns in Indian stock market. GARCH models were used to see the volatility of Indian equity market. It was found that there was spillover of information in the Indian stock market and with the significant coefficient of dummy in improved model. It was concluded that negative shocks do have greater impact on conditional volatility compared to positive shocks of the same magnitude in the Indian stock market.","PeriodicalId":108284,"journal":{"name":"Econometric Modeling: International Financial Markets - Emerging Markets eJournal","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129370901","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Sudharshan Reddy Paramati, Rakesh Gupta, K. Tandon
This paper aims to demonstrate to what extent Australian stock market is correlated with those of 18 frontier markets of five different regions. We also investigate the long-run relationship between these markets. Empirical results of AGDCC GARCH model reveal that the correlations of Australian stock market with those of frontier markets are changing over time. Results show that Australia has weak correlations with all the frontier markets that are considered. Further, our analysis confirms that the effect of the GFC on stock markets' interdependence is limited to only few markets. The cointegration test results display that there is no evidence of long-run relationship between Australia and frontier markets. Empirical findings of our study suggest that Australian stock market is weakly correlated with those of frontier markets. Therefore, our study findings suggest that the Australian investors can diversify their portfolios into these frontier markets for gaining higher risk-adjusted returns.
{"title":"Dynamic Analysis of Time-Varying Correlations and Cointegration Relationship between Australia and Frontier Equity Markets","authors":"Sudharshan Reddy Paramati, Rakesh Gupta, K. Tandon","doi":"10.2139/ssrn.2312551","DOIUrl":"https://doi.org/10.2139/ssrn.2312551","url":null,"abstract":"This paper aims to demonstrate to what extent Australian stock market is correlated with those of 18 frontier markets of five different regions. We also investigate the long-run relationship between these markets. Empirical results of AGDCC GARCH model reveal that the correlations of Australian stock market with those of frontier markets are changing over time. Results show that Australia has weak correlations with all the frontier markets that are considered. Further, our analysis confirms that the effect of the GFC on stock markets' interdependence is limited to only few markets. The cointegration test results display that there is no evidence of long-run relationship between Australia and frontier markets. Empirical findings of our study suggest that Australian stock market is weakly correlated with those of frontier markets. Therefore, our study findings suggest that the Australian investors can diversify their portfolios into these frontier markets for gaining higher risk-adjusted returns.","PeriodicalId":108284,"journal":{"name":"Econometric Modeling: International Financial Markets - Emerging Markets eJournal","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122637587","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2013-07-11DOI: 10.1504/IJBAAF.2013.058087
I. Chaieb, V. Errunza, Basma Majerbi
We examine the role of emerging markets in providing currency diversification benefits. We use global sectoral portfolios for developed and emerging markets. Our empirical tests based on a conditional international asset pricing model show that on average the prices of currency risks are very close to zero but they increase significantly during crisis periods. We find that the currency exposures and risk premia are lowest for the G7 portfolios augmented with a small set of eight emerging markets over most of the time period for almost all sectors. Finally, holding a most diversified portfolio of developed and emerging markets may not provide additional benefits.
{"title":"Do Emerging Markets Provide Currency Diversification Benefits?","authors":"I. Chaieb, V. Errunza, Basma Majerbi","doi":"10.1504/IJBAAF.2013.058087","DOIUrl":"https://doi.org/10.1504/IJBAAF.2013.058087","url":null,"abstract":"We examine the role of emerging markets in providing currency diversification benefits. We use global sectoral portfolios for developed and emerging markets. Our empirical tests based on a conditional international asset pricing model show that on average the prices of currency risks are very close to zero but they increase significantly during crisis periods. We find that the currency exposures and risk premia are lowest for the G7 portfolios augmented with a small set of eight emerging markets over most of the time period for almost all sectors. Finally, holding a most diversified portfolio of developed and emerging markets may not provide additional benefits.","PeriodicalId":108284,"journal":{"name":"Econometric Modeling: International Financial Markets - Emerging Markets eJournal","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116919048","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Sandeep Dahiya, Leora F. Klapper, H. Parthasarathy, Dorothe Singer
This paper compares the raising of external equity capital from private equity investors via private investments in public equity (PIPEs) and seasoned equity offerings (SEOs) using a sample of 456 PIPEs and 1,910 SEOs drawn from nine Asian countries. Consistent with the idea that insiders attempt to time the markets, firms issuing SEOs are preceded by a significantly higher run-up in stock price compared with those issuing PIPEs. This result is consistent with the undervaluation hypothesis that states that firms are more likely to issue PIPEs when they perceive their stock to be undervalued. In contrast to the United States where this undervaluation appears to be driven by financial distress and asymmetric information, the results show PIPE and SEO issuers to be statistically undistinguishable from each other. The announcement of a PIPE offering is on average associated with a significantly higher stock market reaction compared with an issue of a SEO, suggesting that private equity investors may play a certification or monitoring role. However, a comparison of PIPE issuers' operating performance and stock market returns in the pre-issue and the post-issue periods does not detect any significant improvements.
{"title":"The Role of Private Equity Investments in Public Firms: International Evidence","authors":"Sandeep Dahiya, Leora F. Klapper, H. Parthasarathy, Dorothe Singer","doi":"10.1596/1813-9450-6484","DOIUrl":"https://doi.org/10.1596/1813-9450-6484","url":null,"abstract":"This paper compares the raising of external equity capital from private equity investors via private investments in public equity (PIPEs) and seasoned equity offerings (SEOs) using a sample of 456 PIPEs and 1,910 SEOs drawn from nine Asian countries. Consistent with the idea that insiders attempt to time the markets, firms issuing SEOs are preceded by a significantly higher run-up in stock price compared with those issuing PIPEs. This result is consistent with the undervaluation hypothesis that states that firms are more likely to issue PIPEs when they perceive their stock to be undervalued. In contrast to the United States where this undervaluation appears to be driven by financial distress and asymmetric information, the results show PIPE and SEO issuers to be statistically undistinguishable from each other. The announcement of a PIPE offering is on average associated with a significantly higher stock market reaction compared with an issue of a SEO, suggesting that private equity investors may play a certification or monitoring role. However, a comparison of PIPE issuers' operating performance and stock market returns in the pre-issue and the post-issue periods does not detect any significant improvements.","PeriodicalId":108284,"journal":{"name":"Econometric Modeling: International Financial Markets - Emerging Markets eJournal","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122279219","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper examines the possible determinants for the sources of variations in ASEAN stock returns across financial crises. Using a comprehensive data of 4043 firms from six ASEAN countries and 40 industries, we find that lagged country return and concentration are among the determinants that explain the country factors in the region, while size proved to be the determinant of industry factors for both tradable and non-tradable industries. In general, a higher previous return and lower industrial concentration would increase the country factor. We documented the loss of explanatory power of these determinants in the presence of crisis effects.
{"title":"The Sources of Country and Industry Variations in ASEAN Stock Returns","authors":"T. Chong, C. Hooy, Meng Horng Lee","doi":"10.2139/ssrn.2631867","DOIUrl":"https://doi.org/10.2139/ssrn.2631867","url":null,"abstract":"This paper examines the possible determinants for the sources of variations in ASEAN stock returns across financial crises. Using a comprehensive data of 4043 firms from six ASEAN countries and 40 industries, we find that lagged country return and concentration are among the determinants that explain the country factors in the region, while size proved to be the determinant of industry factors for both tradable and non-tradable industries. In general, a higher previous return and lower industrial concentration would increase the country factor. We documented the loss of explanatory power of these determinants in the presence of crisis effects.","PeriodicalId":108284,"journal":{"name":"Econometric Modeling: International Financial Markets - Emerging Markets eJournal","volume":"171 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122987994","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Emerging markets are characterized by rapidly changing capital structures and advancing technology; but how well is intangible capital recognized in the capital market? This paper investigates equity market valuation of firm intangible capital and asset pricing model in the Chinese A-share market. While intangible capital is recognized as a risk factor in developed markets, we want to investigate whether this is the case in an emerging market. We derive a systematic model to identify and to value firms’ intangible capital relative to that of their industry peers and competitors. In this paper, firm intangible capital effect divides into human capital (HCF), external capital (ECF), and organizational capital (OCF). Using capital market data from China, we find that the traditional asset pricing model can be statistically enhanced by the presence of intangible capital and that market is able to recognize the value of intangible capital. Portfolios with low HCF, OCF, and ECF firms systematically outperform portfolios of high HCF, OCF, ECF firms by an average of 1.43%, 12.8%, and 4.02%. As shown in time series Fama-French three factors model, we found that the risk component proxied by intangible capital is not included in the traditional asset pricing model. Also large/state owned companies react to these risk proxies more than small/private companies.
{"title":"Does Emerging Market Recognize Intangible Capital? Evidence from China","authors":"Yin Yu, Carol Padgett","doi":"10.2139/ssrn.2237448","DOIUrl":"https://doi.org/10.2139/ssrn.2237448","url":null,"abstract":"Emerging markets are characterized by rapidly changing capital structures and advancing technology; but how well is intangible capital recognized in the capital market? This paper investigates equity market valuation of firm intangible capital and asset pricing model in the Chinese A-share market. While intangible capital is recognized as a risk factor in developed markets, we want to investigate whether this is the case in an emerging market. We derive a systematic model to identify and to value firms’ intangible capital relative to that of their industry peers and competitors. In this paper, firm intangible capital effect divides into human capital (HCF), external capital (ECF), and organizational capital (OCF). Using capital market data from China, we find that the traditional asset pricing model can be statistically enhanced by the presence of intangible capital and that market is able to recognize the value of intangible capital. Portfolios with low HCF, OCF, and ECF firms systematically outperform portfolios of high HCF, OCF, ECF firms by an average of 1.43%, 12.8%, and 4.02%. As shown in time series Fama-French three factors model, we found that the risk component proxied by intangible capital is not included in the traditional asset pricing model. Also large/state owned companies react to these risk proxies more than small/private companies.","PeriodicalId":108284,"journal":{"name":"Econometric Modeling: International Financial Markets - Emerging Markets eJournal","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-03-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126553352","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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