Emerging Markets: Finance eJournal最新文献

{"title":"The Currency risks of Financial Foreign Exchange Debt: An Investigation on the Turkish Foreign Debt(2009) (Turkish) Türkiye'de Sermayenin Yabancılaşması ve Dış Borçlanmadan Doğan Kur Riski","authors":"Mustafa Yildiran","doi":"10.2139/ssrn.3823213","DOIUrl":"https://doi.org/10.2139/ssrn.3823213","url":null,"abstract":"Financial globalization has facilitated the removal of barriers to capital and access to international financial resources. These conveniences bring along the spread of capital and the alienation of countries' economies. In recent years, it has encouraged the tendency to borrow in international currencies due to the expansion of international banking activities and the convergence in financial markets. With the depreciation of the dollar in recent years, it can be said that borrowing in dollars has a positive effect on borrowing in domestic currencies. This study analyses another aspect of alienation in international finance, foreign currency borrowing. After all, it can be said that foreign exchange borrowing has increased with the transaction advantages of financial globalization and the constant depreciation of the dollar. This situation supports that capital has entered the process of alienation along with its different aspects.<br><br>Mali küreselleşme sermayenin önündeki engellerin ortadan kalkmasına ve uluslararası finansal kaynaklara ulaşmayı kolaylaştırdı. Bu kolaylıklar, sermayenin yayılmasını ve ülkelerin ekonomilerinin yabancılaşmasını da beraberinde getirmektedir. Son yıllarda uluslararası bankacılık faaliyetlerinin genişlemesi ve finansal piyasalardaki yakınsama sebebiyle uluslararası para birimleri üzerinden borçlanma eğilimini teşvik etmektedir. Doların son yıllardaki değer düşüşü ile birlikte dolarla borçlanmanın yerli paralarla borçlanmaya olumlu etkilediği söylenebilir. Bu çalışma uluslararası finanstaki yabancılaşmanın bir başka yönü olan, yabancı paralarla borçlanmanın analizini yapmaktadır. Sonuçta, dövizle borçlanma mali küreselleşmenin getirdiği işlem avantajları ve dolardaki sürekli değer düşüşü ile birlikte artığı söylenebilir. Bu durum sermayenin farklı yönleriyle birlikte yabancılaşma sürecine girdiğini desteklemektedir.<br>Anahtar kavramlar<br>Finansta Yabancılaşma, Dövizle Borçlanma, Dövizle Borçlanmanın Riskleri<br>","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132276703","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}

{"title":"Assessing Financial Literacy Among Rural Area People in Globalization Era -a Study With Reference to Rural Area of Dakshina Kannada District","authors":"Yathish Kumar, Abhinandan Kulal","doi":"10.2139/ssrn.3822357","DOIUrl":"https://doi.org/10.2139/ssrn.3822357","url":null,"abstract":"Globalization has resulted in greater interconnectedness among markets around the world and increased communication and awareness of business opportunities in far corners of the globe. More investors can access new investment opportunities and study new markets at a greater distance than before. This facilitates investors to become more financial literates. Financial literacy is the ability to learn, monitor and effectively use financial resources to improve the well-being and economic security of an individual. It will help the people to make informed and confident in their financial decisions process regarding the savings and wise application of that savings. Financial literacy has become an increasingly important requirement for functioning in modern society. The study was intended to find out the financial literacy among the rural investors. This study was conducted on survey method and here for data collection 50 samples were selected on random basis.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130151596","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}

{"title":"Timing, Recurrence, and Effects of Fixed Assets Revaluation: Evidence from Bangladesh","authors":"Md. Tahidur Rahman, S. Z. Hossain, Md. Anwarul Haque","doi":"10.2139/ssrn.3822822","DOIUrl":"https://doi.org/10.2139/ssrn.3822822","url":null,"abstract":"This study intended to explore when and how often fixed asset revaluation (FAR) is practiced in Bangladesh and explain the impacts of FAR on net asset value (NAV), stock prices, and debts of companies. Based on 175 listed companies on the Dhaka Stock Exchange, this study found increasing use of the revaluation model where the textile industry witnessed the highest number of revaluations. Most of the listed companies were irregular revaluer, and they performed FAR during the bull market in 2010. Most newly listed companies did it just before their initial public offerings (IPO). The results of the Wilcoxon signed-rank test imply that the changes in NAV, stock prices, and total debts after revaluation were statistically significant. This study found evidence of enhancing debt capacity and stock prices of several companies through improved NAV. The findings will assist regulators to recognize the consequence of revaluation and enable them to take an appropriate stance for controlling abusive and creative reporting. The study will also make investors cautious about companies with revaluation induced assets. This study suggests that companies practicing the revaluation model should perform FAR on regular intervals to reduce information asymmetry about assets’ value and thus help improve investors’ confidence.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"300 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126023150","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}

{"title":"Antecedents of Financial Literacy: Evidences from West Bengal, India","authors":"Muktar Hossain, Dr. Sumit Kumar Maji","doi":"10.2139/ssrn.3815190","DOIUrl":"https://doi.org/10.2139/ssrn.3815190","url":null,"abstract":"Financial Literacy (FL) is a multidimensional construct comprising of Financial Knowledge, Financial Attitude and Financial Behavior which is at the core of financial wellbeing of an individual. Effort was made in this study to explore the level of FL of the people in the state of West Bengal, India. In addition, determination of factors affecting such FL was a special interest of the article. The study used secondary data on 3542 respondents from the Financial Inclusion Insight Programme database. Simple statistical tools, non-parametric tests and censored tobit regression model were used to attain the objectives of the study. The outcome of the study revealed prevalence of low level of FL amongst the people in the state of West Bengal. Kolkata, Howrah, Birbhum and Paschim Midnapore were found to exhibit medium level of FL in contrast to the low level of FL for all other districts. Gender, marital status, financial condition, technological aptitude and education were found to be the determinants of the FL.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"174 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125798199","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}

{"title":"Law, mobile money drivers and mobile money innovations in developing countries","authors":"S. Asongu, Peter Agyemang-Mintah, R. Nting","doi":"10.2139/ssrn.3812100","DOIUrl":"https://doi.org/10.2139/ssrn.3812100","url":null,"abstract":"Abstract This study investigates how the rule of law (i.e. law) modulates demand- and supply-side drivers of mobile money to influence mobile money innovations (i.e. mobile money accounts, the mobile phone used to send money and the mobile phone used to receive money) in developing countries. The following findings from Tobit regressions are established. First, from the demand-side linkages, law modulates: (i) bank accounts and automated teller machine (ATM) penetration for negative interactive relationships with mobile money innovations and (ii) bank sector concentration for a positive interactive relationship with mobile money accounts. Second, from supply-side linkages, law interacts with: (i) mobile subscriptions for a negative relationship with the mobile phone used to send money; (ii) mobile connectivity coverage for a negative nexus on the mobile phone used to receive money and (iii) mobile connectivity performance for a negative influence on the mobile phone used to send/receive money. Policy implications are discussed in the light of enhancing the rule of law as well as improving mobile phone subscription, connectivity and performance dynamics.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128210758","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}

{"title":"The Performance of Non-Listed Opportunity Real Estate Funds in China","authors":"G. Newell, M. Marzuki, Martin Hoesli, Rose Neng Lai","doi":"10.2139/SSRN.3808046","DOIUrl":"https://doi.org/10.2139/SSRN.3808046","url":null,"abstract":"PurposeOpportunity real estate funds are an important style of real estate investing for institutional investors seeking nonlisted real estate exposure. Importantly, institutional investors have sought exposure to the China real estate market, often via opportunity real estate funds. This has been by a pure China opportunity real estate fund (100% China opportunity real estate) or by a pan-Asia opportunity real estate fund where China opportunity real estate was part of this pan-Asia opportunity real estate portfolio. Using two bespoke China opportunity real estate indices developed by the authors, this paper aims to assess the risk-adjusted performance and portfolio diversification benefits of China opportunity real estate in a mixed-asset portfolio over 2008–2020. It also highlights critical issues for institutional investors going forward to factor into their real estate investment decision-making for effective China real estate exposure.Design/methodology/approachThis paper develops two bespoke China opportunity real estate fund performance indices to assess the risk-adjusted performance and portfolio diversification benefits of China opportunity real estate funds in a mixed-asset portfolio over 2008–2020. An asset allocation diagram is used to assess the role of China opportunity real estate in a mixed-asset portfolio via both the non-listed and listed real estate investment channels.FindingsOver 2008–2020, China opportunity real estate exposure via pan-Asia opportunity real estate funds were seen to outperform pure China opportunity real estate funds. In both formats, China opportunity real estate funds were seen to have a significant role in a China mixed-asset portfolio across most of the portfolio risk spectrum; particularly compared to listed real estate exposure in China. On-going issues regarding real estate risk management in China will take on increased importance for institutional investors seeking China real estate exposure.Practical implicationsOpportunity real estate funds are an important style of real estate investing, often used by institutional investors to gain non-listed real estate exposure in a developing real estate market. This style of real estate investing has been popular with institutional investors seeking exposure to China real estate as part of the China economic growth dynamic. The results of this research highlight the importance of opportunity real estate investing in China, both via a pure China opportunity real estate fund and via a pan-Asia opportunity real estate fund. Based on this empirical analysis, China opportunity real estate exposure is seen to be more effective via a pan-Asia opportunity real estate fund than a 100% China opportunity real estate fund. A range of practical China real estate investment issues are also highlighted for the effective delivery of China real estate exposure for institutional investors going forward; this particularly relates to the on-going risk management for real estat","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129931464","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}

{"title":"Financial Distress Conditions of Commercial Banks in Ethiopia: An Application of Altman's Z-Score 1993 Model.","authors":"Robel Yohannes","doi":"10.2139/ssrn.3806360","DOIUrl":"https://doi.org/10.2139/ssrn.3806360","url":null,"abstract":"In order to achieve the main objective of this study ‘Financial Distress Conditions of Commercial Banks in Ethiopia: An application of Altman’s Z-score 1993 model.’ The model needs a minimum of five years financial statement to predict their existing financial distress conditions. Thus the researcher collected these financial statements from official website of 14 (fourteen) private commercial banks and National Bank of Ethiopia data source. The collected quantitative data are codded and arranged on excel to make suitable for the selected Z-score; and then finally analyzed and interpreted using descriptive analysis. The finding of the study shows that; on average the selected private commercial banks are categorized under ‘Gray Zone’; since the average Z-Score is 1.47; which is in between 1.1 and 2.6 cut-off point of (Altmans’, 1993) Z-score. Suggesting banks to take different remedies for their current condition, applying different predictive models to evaluate their current conditions and forecast future financial activities and future research directions are given as recommendation.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126793599","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}

{"title":"РЕГУЛИРОВАНИЕ КОРПОРАТИВНОЙ СОЦИАЛЬНОЙ ОТВЕТСТВЕННОСТИ В РОССИИ ЗА ПОСЛЕДНИЕ ГОДЫ (Regulation of Corporate Social Responsibility in Russia in Recent Years)","authors":"A. Morozov","doi":"10.2139/ssrn.3805579","DOIUrl":"https://doi.org/10.2139/ssrn.3805579","url":null,"abstract":"<b>Russian abstract:</b> Данный материал посвящен анализу новшеств в нормативной среде в области корпоративной социальной ответственности (КСО). За последние годы интерес к КСО значительно вырос и институциональная теория является популярной темой в настоящее время. Важнейшим тормозом является ориентированность компаний на краткосрочную прибыль, а также отсутствие стабильной институциональной среды, что не позволяет предприятиям инвестировать в долгосрочные проекты.<br><br><b>English abstract:</b> This material is devoted to the analysis of innovations in the regulatory environment in the field of corporate social responsibility (CSR). In recent years, interest in CSR has grown significantly and institutional theory is a popular topic nowadays. The most important obstacle is the focus of companies on short-term profits, as well as the lack of a stable institutional environment, which does not allow enterprises to invest in long-term projects.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"305 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126488788","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}

{"title":"Equity-Commodity Contagion During Four Recent Crises: Evidence from the USA, Europe and the BRICS","authors":"A. Ayadi, M. Gana, Stéphane Goutte, K. Guesmi","doi":"10.2139/ssrn.3804900","DOIUrl":"https://doi.org/10.2139/ssrn.3804900","url":null,"abstract":"Abstract This study extends the findings of previous research concerning the correlation and volatility transmission between equity and commodity markets and attempts to document evidence of contagion between these markets during four crises using the International Capital Asset Pricing Model (ICAPM). Indeed, we examine the contagion transmission mechanism between regional equity markets including the USA, Western Europe and the BRICS; and sixteen categories of commodities (Crude Oil, Natural Gas, Electricity, Metals, Precious Metals, Agricultural Oils, Chemicals, Feeds, Fibers, Forestry Products, Grains, Live Stocks, Oil Seeds, Seeds, Semi-Conductors, and Softs). We find that although most of the commodities decoupled during the global financial crisis, the Irish banking crisis and the European debt crisis, there is strong evidence of contagion detected during the BREXIT.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130632688","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}

{"title":"Interest Arbitrage under Capital Controls: Evidence from Reported Entrepôt Trades","authors":"Jiafei Hu, Haishan Yuan","doi":"10.2139/ssrn.3812284","DOIUrl":"https://doi.org/10.2139/ssrn.3812284","url":null,"abstract":"Abstract Capital controls segment the offshore credit market of Chinese renminbi from the onshore market. Using a novel administrative data set, we provide evidence that firms arbitrage the onshore-offshore interest differentials using bank-intermediated “entrepot trades,” which supposedly re-export imports with little or no processing. Onshore-offshore interest differentials drive renminbi inflows from entrepot trades, which strongly predict 1-year-forward outflows to settle bank-issued letters of credit. The patterns and timing of entrepot trade flows are consistent with lending by onshore banks and borrowing from offshore banks through bank-intermediated trade finance. A larger interest differential allows transactions with a lower value to be profitable and induces entry into arbitrages. Our findings suggest that renminbi interest arbitrages are feasible but costly under capital controls.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123340439","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}