Pub Date : 2020-03-01DOI: 10.1016/j.intfin.2020.101185
Sonja Kobinger, G. Bornholt, M. Malin
{"title":"Long-term time series reversal: International evidence","authors":"Sonja Kobinger, G. Bornholt, M. Malin","doi":"10.1016/j.intfin.2020.101185","DOIUrl":"https://doi.org/10.1016/j.intfin.2020.101185","url":null,"abstract":"","PeriodicalId":16244,"journal":{"name":"Journal of International Financial Markets, Institutions and Money","volume":"8 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82260331","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 : 2020-01-20DOI: 10.1016/j.intfin.2020.101174
Murat Tiniç, Tanseli Savaşer
{"title":"Political turmoil and the impact of foreign orders on equity prices","authors":"Murat Tiniç, Tanseli Savaşer","doi":"10.1016/j.intfin.2020.101174","DOIUrl":"https://doi.org/10.1016/j.intfin.2020.101174","url":null,"abstract":"","PeriodicalId":16244,"journal":{"name":"Journal of International Financial Markets, Institutions and Money","volume":"71 1","pages":"101174"},"PeriodicalIF":0.0,"publicationDate":"2020-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83276938","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}
Abstract This study estimates the effects of wars on countries and firms. We first show immediate negative effects of wars on economic and financial development as well as legal institutions. Using a cross-country sample of 93,697 firm-year observations, we further argue and show that (i) wars increase the supply of military directors in corporate boards; and (ii) military directors reduce firm performance as measured by Tobin’s Q and return on assets (ROA). We interpret these lingering effects as military directors possessing social capital but lacking business expertise. Our results are robust to a matched sample, a lagged difference model, a dynamic general method of moments model and to the control of country, industry and year fixed effects.
{"title":"The legacy of wars around the world: Evidence from military directors","authors":"Jiafu An, Tinghua Duan, W. Hou, Xianda Liu","doi":"10.2139/ssrn.3313348","DOIUrl":"https://doi.org/10.2139/ssrn.3313348","url":null,"abstract":"Abstract This study estimates the effects of wars on countries and firms. We first show immediate negative effects of wars on economic and financial development as well as legal institutions. Using a cross-country sample of 93,697 firm-year observations, we further argue and show that (i) wars increase the supply of military directors in corporate boards; and (ii) military directors reduce firm performance as measured by Tobin’s Q and return on assets (ROA). We interpret these lingering effects as military directors possessing social capital but lacking business expertise. Our results are robust to a matched sample, a lagged difference model, a dynamic general method of moments model and to the control of country, industry and year fixed effects.","PeriodicalId":16244,"journal":{"name":"Journal of International Financial Markets, Institutions and Money","volume":"37 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85701597","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 : 2019-07-01DOI: 10.1016/J.INTFIN.2019.02.006
Sabri Boubaker, D. K. Nguyen, Vanja Piljak, A. Savvides
{"title":"Financial development, government bond returns, and stability: International evidence","authors":"Sabri Boubaker, D. K. Nguyen, Vanja Piljak, A. Savvides","doi":"10.1016/J.INTFIN.2019.02.006","DOIUrl":"https://doi.org/10.1016/J.INTFIN.2019.02.006","url":null,"abstract":"","PeriodicalId":16244,"journal":{"name":"Journal of International Financial Markets, Institutions and Money","volume":"s3-47 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90839476","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 : 2019-07-01DOI: 10.1016/J.INTFIN.2019.02.003
N. Antonakakis, Ioannis Chatziantoniou, David Gabauer
{"title":"Cryptocurrency market contagion: Market uncertainty, market complexity, and dynamic portfolios","authors":"N. Antonakakis, Ioannis Chatziantoniou, David Gabauer","doi":"10.1016/J.INTFIN.2019.02.003","DOIUrl":"https://doi.org/10.1016/J.INTFIN.2019.02.003","url":null,"abstract":"","PeriodicalId":16244,"journal":{"name":"Journal of International Financial Markets, Institutions and Money","volume":"164 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80761161","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 : 2019-07-01DOI: 10.1016/J.INTFIN.2019.02.004
Zvika Afik, Gady Jacoby, David A. Stangeland, Zhenyu Wu
{"title":"The make-whole and Canada-call provisions: A case of cross-country spillover of financial innovation","authors":"Zvika Afik, Gady Jacoby, David A. Stangeland, Zhenyu Wu","doi":"10.1016/J.INTFIN.2019.02.004","DOIUrl":"https://doi.org/10.1016/J.INTFIN.2019.02.004","url":null,"abstract":"","PeriodicalId":16244,"journal":{"name":"Journal of International Financial Markets, Institutions and Money","volume":"16 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81444642","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}
In this paper, we empirically explore the effect of the complexity of a security's design on hypotheses relating to credit rating shopping and rating catering in the collateralized loan obligation (CLO) market in the period before and after the global financial crisis in 2007. We find that complexity of a CLO's design is an important factor in explaining the likelihood that market participants display behaviors consistent with either rating shopping or rating catering. In the period prior to 2007, we observe for more complex CLOs a higher incidence of dual-rated tranches, which are more likely to have been catered by credit rating agencies to match each other. Conversely, in the period after 2007, for CLOs, it is more likely that issuers shopped for ratings, in particular opting for a single credit rating by Moody's, not by S&P. Furthermore, contrary to what market participants might expect, investors do not value dual ratings more than single ratings in the determination of the offering yield at issuance. Looking at the explanatory power of credit ratings for a dual rated CLO, the degree to which investors increase their reliance on credit ratings depends to a large extent on the disclosure of an S&P rating, not Moody's. This suggests that investors recognize credit rating risk by agency in pricing CLOs. In sum, the policy implication is that, to effectively regulate CLOs, the regulatory environment ought to differentiate between complex and non-complex CLOs.
{"title":"Security design and credit rating risk in the CLO market","authors":"Dennis Vink, Mike Nawas, Vivian M. van Breemen","doi":"10.2139/ssrn.3422118","DOIUrl":"https://doi.org/10.2139/ssrn.3422118","url":null,"abstract":"In this paper, we empirically explore the effect of the complexity of a security's design on hypotheses relating to credit rating shopping and rating catering in the collateralized loan obligation (CLO) market in the period before and after the global financial crisis in 2007. We find that complexity of a CLO's design is an important factor in explaining the likelihood that market participants display behaviors consistent with either rating shopping or rating catering. In the period prior to 2007, we observe for more complex CLOs a higher incidence of dual-rated tranches, which are more likely to have been catered by credit rating agencies to match each other. Conversely, in the period after 2007, for CLOs, it is more likely that issuers shopped for ratings, in particular opting for a single credit rating by Moody's, not by S&P. Furthermore, contrary to what market participants might expect, investors do not value dual ratings more than single ratings in the determination of the offering yield at issuance. Looking at the explanatory power of credit ratings for a dual rated CLO, the degree to which investors increase their reliance on credit ratings depends to a large extent on the disclosure of an S&P rating, not Moody's. This suggests that investors recognize credit rating risk by agency in pricing CLOs. In sum, the policy implication is that, to effectively regulate CLOs, the regulatory environment ought to differentiate between complex and non-complex CLOs.","PeriodicalId":16244,"journal":{"name":"Journal of International Financial Markets, Institutions and Money","volume":"66 1","pages":"101305"},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75919095","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}
A. Bernales, Diether W. Beuermann, Douglas J. Cumming, Christian Olid
Relatively little is known about the effects of blue-collar crime (theft, robbery, vandalism or arson) on financial decisions. Previous literature has focused its attention either on 'regional' crime rates or the 'perception' of crime as business obstacles. Instead, we examine financing terms of 'individual' firms that 'effectively' experimented blue-collar crime events. We show that blue-collar crime worsens the access and conditions to external financing, which is unexpected since firms do not have to reveal to lenders that they suffered such crime incidents. We also find evidence that firm-information leakages may explain the negative effects of blue-collar crime on financing terms.
{"title":"Blue-Collar Crime and Finance","authors":"A. Bernales, Diether W. Beuermann, Douglas J. Cumming, Christian Olid","doi":"10.2139/SSRN.3127862","DOIUrl":"https://doi.org/10.2139/SSRN.3127862","url":null,"abstract":"Relatively little is known about the effects of blue-collar crime (theft, robbery, vandalism or arson) on financial decisions. Previous literature has focused its attention either on 'regional' crime rates or the 'perception' of crime as business obstacles. Instead, we examine financing terms of 'individual' firms that 'effectively' experimented blue-collar crime events. We show that blue-collar crime worsens the access and conditions to external financing, which is unexpected since firms do not have to reveal to lenders that they suffered such crime incidents. We also find evidence that firm-information leakages may explain the negative effects of blue-collar crime on financing terms.","PeriodicalId":16244,"journal":{"name":"Journal of International Financial Markets, Institutions and Money","volume":"5 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75356845","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 : 2019-04-23DOI: 10.1016/J.INTFIN.2019.03.003
Masaki Nakabayashi
{"title":"Ownership structure and market efficiency","authors":"Masaki Nakabayashi","doi":"10.1016/J.INTFIN.2019.03.003","DOIUrl":"https://doi.org/10.1016/J.INTFIN.2019.03.003","url":null,"abstract":"","PeriodicalId":16244,"journal":{"name":"Journal of International Financial Markets, Institutions and Money","volume":"66 26","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91406559","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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