The aim of this paper is to investigate the behaviour of international equity returns and correlations using the discrete-time Markov-switching model and the impact of this behaviour on international portfolio choices. We take the perspective of a US-based global investor who considers investment across the six largest major markets over the period from December 1994 to July 2009. Results show that financial markets are characterised by two regimes: a bull and a bear market. Besides, correlations appear to be very important in a bear state and significantly different from those in the bull market. Finally, optimal portfolio weights vary considerably across regimes and over time as investors revise their estimates of the state probabilities.
{"title":"Regime Switching, Asymmetric Correlation and International Portfolio Choices","authors":"Fathi Abid, Slah Bahloul","doi":"10.2139/ssrn.1566889","DOIUrl":"https://doi.org/10.2139/ssrn.1566889","url":null,"abstract":"The aim of this paper is to investigate the behaviour of international equity returns and correlations using the discrete-time Markov-switching model and the impact of this behaviour on international portfolio choices. We take the perspective of a US-based global investor who considers investment across the six largest major markets over the period from December 1994 to July 2009. Results show that financial markets are characterised by two regimes: a bull and a bear market. Besides, correlations appear to be very important in a bear state and significantly different from those in the bull market. Finally, optimal portfolio weights vary considerably across regimes and over time as investors revise their estimates of the state probabilities.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"151 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125986805","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}
Current integration and co-movement among international stock markets has been boosted by increased globalization of the world economy, and profit-chasing capital surfing across borders. With a reputation as the fastest growing economy in the world, China’s stock market has continued gaining momentum during recent years and incurred growing attention from academicians, as well as practitioners. Taking into account economic and geographical considerations, the US and Hong Kong are considerably the most comparable stock markets to China. The usual vector error correction model (VECM) could overlook the long memory feature of cointegration residual series, which can in turn exert bias on the resulting inferences. To overcome its limitations, we employ a fractionally integrated VECM (FIVECM) in this paper to investigate the long-term cointegration relations binding China’s stock market to the aforementioned stock markets. In addition, by augmenting the FIVECM with multivariate GARCH model, the return transmission and volatility spillover between market return series were revealed simultaneously. Our empirical results show that China’s stock market is fractionally cointegrated with the two markets, and it appears that China’s stock market has stronger ties with its neighboring Hong Kong market than with the world superpower, the US market.
{"title":"China’s Stock Market Integration with a Leading Power and a Close Neighbor","authors":"Zheng Yi, Heng Z. Chen, W. Wong","doi":"10.2139/ssrn.1547665","DOIUrl":"https://doi.org/10.2139/ssrn.1547665","url":null,"abstract":"Current integration and co-movement among international stock markets has been boosted by increased globalization of the world economy, and profit-chasing capital surfing across borders. With a reputation as the fastest growing economy in the world, China’s stock market has continued gaining momentum during recent years and incurred growing attention from academicians, as well as practitioners. Taking into account economic and geographical considerations, the US and Hong Kong are considerably the most comparable stock markets to China. The usual vector error correction model (VECM) could overlook the long memory feature of cointegration residual series, which can in turn exert bias on the resulting inferences. To overcome its limitations, we employ a fractionally integrated VECM (FIVECM) in this paper to investigate the long-term cointegration relations binding China’s stock market to the aforementioned stock markets. In addition, by augmenting the FIVECM with multivariate GARCH model, the return transmission and volatility spillover between market return series were revealed simultaneously. Our empirical results show that China’s stock market is fractionally cointegrated with the two markets, and it appears that China’s stock market has stronger ties with its neighboring Hong Kong market than with the world superpower, the US market.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116989656","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 the UK, the share of the international bonds rocketed while the share of government and domestic corporate bonds dropped significantly over the last 10 years. This paper investigates the firm specific factors behind the motivation of issuance of international bonds for the sample of Euro market non-financial bond offerings of UK domiciled firms and uses a sample of domestic corporate bond issuing non-financial UK firms for comparison of these factors. Firm-specific variables are examined based on the determinants of debt choice for both types of firms, namely flotation costs hypothesis, liquidation and renegotiation concerns, asymmetric information, reputation, profitability, growth options and market conditions. To motivate the empirical analysis, a theoretical framework based on the model of financing in international debt markets is employed and used to examine the probability of issuing international bonds by sample firms. The model is further tested using statistical t-tests. Results of this study indicate that international bonds issuing firms are significantly larger in terms of issue size and firm size than firms which issues domestic bonds. This implies that a flotation cost is a concern for an international bond issuing firms. They are high growth firms, and also tend to have higher financial leverage, better liquidation value and stronger reputations than domestic bond issuing firms. The market conditions also seem to provide a favourable opportunity for UK firms to reduce issuing costs by issuing bonds in the international market.
{"title":"What Influence Firms to Issue International Bond? An Empirical Study of Relationships between Bond Financing and Firms' Financial Characteristics","authors":"Gautam Chapagain","doi":"10.2139/SSRN.1521862","DOIUrl":"https://doi.org/10.2139/SSRN.1521862","url":null,"abstract":"In the UK, the share of the international bonds rocketed while the share of government and domestic corporate bonds dropped significantly over the last 10 years. This paper investigates the firm specific factors behind the motivation of issuance of international bonds for the sample of Euro market non-financial bond offerings of UK domiciled firms and uses a sample of domestic corporate bond issuing non-financial UK firms for comparison of these factors. Firm-specific variables are examined based on the determinants of debt choice for both types of firms, namely flotation costs hypothesis, liquidation and renegotiation concerns, asymmetric information, reputation, profitability, growth options and market conditions. To motivate the empirical analysis, a theoretical framework based on the model of financing in international debt markets is employed and used to examine the probability of issuing international bonds by sample firms. The model is further tested using statistical t-tests. Results of this study indicate that international bonds issuing firms are significantly larger in terms of issue size and firm size than firms which issues domestic bonds. This implies that a flotation cost is a concern for an international bond issuing firms. They are high growth firms, and also tend to have higher financial leverage, better liquidation value and stronger reputations than domestic bond issuing firms. The market conditions also seem to provide a favourable opportunity for UK firms to reduce issuing costs by issuing bonds in the international market.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116504595","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}
Consistent with studies suggesting that home-country institutions have lingering effects on cross-listed firms, we find that the liquidity of NYSE-listed, non-U.S. firms is related to the perceived institutional quality and governance of the firm‟s home country. Firms from countries perceived as having stronger institutional quality and governance exhibit lower trading costs and less asymmetric information. The enduring effect of home-country institutions extends to non-microstructure measures of information asymmetry, as we find that analyst coverage is positively related to perceived institutional quality and governance. Perception-based measures better explain differences in trading costs than quantitative measures of shareholder rights and earnings quality.
{"title":"The Lingering Effects of Country-Level Governance on Cross-Listed Firms","authors":"T. Boulton, Kuldeep Shastri","doi":"10.2139/ssrn.1163244","DOIUrl":"https://doi.org/10.2139/ssrn.1163244","url":null,"abstract":"Consistent with studies suggesting that home-country institutions have lingering effects on cross-listed firms, we find that the liquidity of NYSE-listed, non-U.S. firms is related to the perceived institutional quality and governance of the firm‟s home country. Firms from countries perceived as having stronger institutional quality and governance exhibit lower trading costs and less asymmetric information. The enduring effect of home-country institutions extends to non-microstructure measures of information asymmetry, as we find that analyst coverage is positively related to perceived institutional quality and governance. Perception-based measures better explain differences in trading costs than quantitative measures of shareholder rights and earnings quality.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122023601","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}
We address the question of whether hedge fund and private equity investments in public firms are motivated by corporate governance improvements. As opposed to traditional financial investors both HF and PE are likely to have the incentives to alleviate agency conflicts. However, against the background of differences in their business models and organizational set ups, it remains an empirical question of whether they address the same or different agency conflicts. Studying HF and PE activities in a typical Continental European market like Germany promises to offer interesting insights about how HF and PE activities relate to the prevalence of family ownership, concentrated ownership structures and conflicts among majority and minority owners. We document empirical evidence that both HF and PE investments are driven by corporate governance improvements, but seem to address different types of agency conflicts. Whereas HF focus on firms with a lack of a controlling shareholder, in particular family shareholders, PE invest in firms which exhibit the potential to align manager-shareholder interests due to low managerial ownership. Both appear to address free cash flow problems differently. Aiming at dividend increases, HF tend use commitment devices that can be implemented over a short horizon. In contrast, PE are inclined to target firms which are particularly well-suited for a leverage increase because of low expected financial distress costs. This strategy requires a sufficiently long investment horizon.
{"title":"Do Corporate Governance Motives Drive Hedge Funds and Private Equity Activities?","authors":"A. Achleitner, A. Betzer, Jasmin Gider","doi":"10.2139/ssrn.1292896","DOIUrl":"https://doi.org/10.2139/ssrn.1292896","url":null,"abstract":"We address the question of whether hedge fund and private equity investments in public firms are motivated by corporate governance improvements. As opposed to traditional financial investors both HF and PE are likely to have the incentives to alleviate agency conflicts. However, against the background of differences in their business models and organizational set ups, it remains an empirical question of whether they address the same or different agency conflicts. Studying HF and PE activities in a typical Continental European market like Germany promises to offer interesting insights about how HF and PE activities relate to the prevalence of family ownership, concentrated ownership structures and conflicts among majority and minority owners. We document empirical evidence that both HF and PE investments are driven by corporate governance improvements, but seem to address different types of agency conflicts. Whereas HF focus on firms with a lack of a controlling shareholder, in particular family shareholders, PE invest in firms which exhibit the potential to align manager-shareholder interests due to low managerial ownership. Both appear to address free cash flow problems differently. Aiming at dividend increases, HF tend use commitment devices that can be implemented over a short horizon. In contrast, PE are inclined to target firms which are particularly well-suited for a leverage increase because of low expected financial distress costs. This strategy requires a sufficiently long investment horizon.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"112 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128067492","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}
We propose a general framework for efficient pricing via a Partial Differential Equation (PDE) approach of cross-currency interest rate derivatives under the Hull-White model. In particular, we focus on pricing long-dated foreign exchange (FX) interest rate hybrids, namely Power Reverse Dual Currency (PRDC) swaps with Bermudan cancelable features. We formulate the problem in terms of three correlated processes that incorporate FX skew via a local volatility function. This formulation results in a time dependent parabolic PDE in three spatial dimensions. Finite difference methods on uniform grids are used for the spatial discretization of the PDE. The Crank-Nicolson (CN) method and the Alternating Direction Implicit (ADI) method are considered for the time discretization. In the former case, the preconditioned Generalized Minimal Residual (GMRES) method is employed for the solution of the resulting block banded linear system at each time step, with the preconditioner solved by Fast Fourier Transform (FFT) techniques. Numerical results indicate that the numerical methods considered are second-order convergent, and, asymptotically, as the discretization granularity increases, almost optimal, with the ADI method being modestly more efficient than CN-GMRES-FFT. An analysis of the impact of the FX volatility skew on the PRDC swaps' prices is presented, showing that the FX volatility skew results in lower prices (i.e. profits) for the payer of PRDC coupons.
{"title":"A PDE Pricing Framework for Cross-Currency Interest Rate Derivatives","authors":"D. Dang, C. Christara, K. Jackson, A. Lakhany","doi":"10.2139/ssrn.1502302","DOIUrl":"https://doi.org/10.2139/ssrn.1502302","url":null,"abstract":"We propose a general framework for efficient pricing via a Partial Differential Equation (PDE) approach of cross-currency interest rate derivatives under the Hull-White model. In particular, we focus on pricing long-dated foreign exchange (FX) interest rate hybrids, namely Power Reverse Dual Currency (PRDC) swaps with Bermudan cancelable features. We formulate the problem in terms of three correlated processes that incorporate FX skew via a local volatility function. This formulation results in a time dependent parabolic PDE in three spatial dimensions. Finite difference methods on uniform grids are used for the spatial discretization of the PDE. The Crank-Nicolson (CN) method and the Alternating Direction Implicit (ADI) method are considered for the time discretization. In the former case, the preconditioned Generalized Minimal Residual (GMRES) method is employed for the solution of the resulting block banded linear system at each time step, with the preconditioner solved by Fast Fourier Transform (FFT) techniques. Numerical results indicate that the numerical methods considered are second-order convergent, and, asymptotically, as the discretization granularity increases, almost optimal, with the ADI method being modestly more efficient than CN-GMRES-FFT. An analysis of the impact of the FX volatility skew on the PRDC swaps' prices is presented, showing that the FX volatility skew results in lower prices (i.e. profits) for the payer of PRDC coupons.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131909243","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}
We investigate the effect of a stock market liberalization on industry growth in emerging markets. Consistent with the view that liberalization reduces financing constraints, we find that industries that are more externally dependent and face better growth opportunities grew faster following liberalization. However, this growth increase appears to come from an expansion in the size of existing firms rather than through the entry of financially constrained new firms. We show that following liberalization, new firm growth occurs in countries and industries with lower entry barriers. Hence, liberalization has a more uniform growth impact if accompanied by competition-enhancing reforms.
{"title":"On the Growth Effect of Stock Market Liberalizations","authors":"Nandini Gupta, Kathy Yuan","doi":"10.1093/RFS/HHP001","DOIUrl":"https://doi.org/10.1093/RFS/HHP001","url":null,"abstract":"We investigate the effect of a stock market liberalization on industry growth in emerging markets. Consistent with the view that liberalization reduces financing constraints, we find that industries that are more externally dependent and face better growth opportunities grew faster following liberalization. However, this growth increase appears to come from an expansion in the size of existing firms rather than through the entry of financially constrained new firms. We show that following liberalization, new firm growth occurs in countries and industries with lower entry barriers. Hence, liberalization has a more uniform growth impact if accompanied by competition-enhancing reforms.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115407032","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 theme of global rebalancing in economic power is now central to international economic analysis, and the issue of the presence and clout of multinational companies from emerging markets has gained importance, in part because of highly publicised cases of acquisitions of (or attempts at acquiring) companies established in more mature markets, in part because of the uncertain role of sovereign funds in the global reshuffling of corporate ownership. The objective of this paper is to analyse the growing phenomenon of multi-nationalization of China’s companies.The paper makes a detailed analysis of 15 key Chinese Multinational Companies (noted CMCs), and looks at their performance (in absolute figures as well as in comparison with international peers), their strategies and the relationship with policy/political decisions. The analysis shows that such companies are already large by international standards, are growing very rapidly in size, are moving up in technology, and are profitable, notwithstanding a visible downtrend in this profitability over the recent years. They have in general clear internationalisation strategies, even though still at an early stage for most of them. Such internationalization strategies are closely linked to the country’s national or strategic objectives, notably for securing access to natural resources. The influence of political factors and the relation between corporates’ strategies and national objectives remain dominant factors for these CMCs’ development.
{"title":"The Emergence of Chinese Multinational Companies (CMCs): Reality, Issues and Challenges","authors":"S. Barthélémy, Thierry Apoteker","doi":"10.2139/ssrn.2169224","DOIUrl":"https://doi.org/10.2139/ssrn.2169224","url":null,"abstract":"The theme of global rebalancing in economic power is now central to international economic analysis, and the issue of the presence and clout of multinational companies from emerging markets has gained importance, in part because of highly publicised cases of acquisitions of (or attempts at acquiring) companies established in more mature markets, in part because of the uncertain role of sovereign funds in the global reshuffling of corporate ownership. The objective of this paper is to analyse the growing phenomenon of multi-nationalization of China’s companies.The paper makes a detailed analysis of 15 key Chinese Multinational Companies (noted CMCs), and looks at their performance (in absolute figures as well as in comparison with international peers), their strategies and the relationship with policy/political decisions. The analysis shows that such companies are already large by international standards, are growing very rapidly in size, are moving up in technology, and are profitable, notwithstanding a visible downtrend in this profitability over the recent years. They have in general clear internationalisation strategies, even though still at an early stage for most of them. Such internationalization strategies are closely linked to the country’s national or strategic objectives, notably for securing access to natural resources. The influence of political factors and the relation between corporates’ strategies and national objectives remain dominant factors for these CMCs’ development.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128986100","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 the past decade, some observers have noted an unusual aspect of the Mexican peso's behavior: During periods when the U.S. dollar has risen (fallen) against other major currencies such as the euro, the peso has risen (fallen) against the dollar. Very few other currencies display this behavior. In this paper, we attempt to explain the unusual pattern of the peso's correlation with the dollar by developing some general empirical models of exchange rate correlations. Based on a study of 29 currencies, we find that most of the cross-country variation in exchange rate correlations with the dollar and the euro can be explained by just a few variables. First, a country's currency is more likely to rise against the dollar as the dollar rises against the euro, the closer it is to the United States and the farther it is from the euro area. In this result, distance likely proxies for the role of economic integration in affecting exchange rate correlations. Second, and perhaps more surprisingly, a country's currency is more likely to exhibit this unusual pattern when its sovereign credit rating is more risky. This may reflect that currencies of riskier countries are less substitutable in investor portfolios than those of better-rated countries. All told, these factors well explain the peso's unusual behavior, as Mexico both is very close to the United States and has a lower credit rating than most industrial economies.
{"title":"The Puzzling Peso","authors":"","doi":"10.2139/ssrn.1478574","DOIUrl":"https://doi.org/10.2139/ssrn.1478574","url":null,"abstract":"In the past decade, some observers have noted an unusual aspect of the Mexican peso's behavior: During periods when the U.S. dollar has risen (fallen) against other major currencies such as the euro, the peso has risen (fallen) against the dollar. Very few other currencies display this behavior. In this paper, we attempt to explain the unusual pattern of the peso's correlation with the dollar by developing some general empirical models of exchange rate correlations. Based on a study of 29 currencies, we find that most of the cross-country variation in exchange rate correlations with the dollar and the euro can be explained by just a few variables. First, a country's currency is more likely to rise against the dollar as the dollar rises against the euro, the closer it is to the United States and the farther it is from the euro area. In this result, distance likely proxies for the role of economic integration in affecting exchange rate correlations. Second, and perhaps more surprisingly, a country's currency is more likely to exhibit this unusual pattern when its sovereign credit rating is more risky. This may reflect that currencies of riskier countries are less substitutable in investor portfolios than those of better-rated countries. All told, these factors well explain the peso's unusual behavior, as Mexico both is very close to the United States and has a lower credit rating than most industrial economies.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"113 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131516509","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}
Despite the many challenges, in 2008/09 more governments implemented regulatory reforms aimed at making it easier to do business than in any year since 2004, when Doing Business started to track reforms through its indicators. Doing Business recorded 287 such reforms in 131 economies between June 2008 and May 2009, 20% more than in the year before. Reformers focused on making it easier to start and operate a business, strengthening property rights and improving the efficiency of commercial dispute resolution and bankruptcy procedures.
{"title":"Reforming Through Difficult Times","authors":"World Bank - Doing Business Project","doi":"10.2139/ssrn.2448263","DOIUrl":"https://doi.org/10.2139/ssrn.2448263","url":null,"abstract":"Despite the many challenges, in 2008/09 more governments implemented regulatory reforms aimed at making it easier to do business than in any year since 2004, when Doing Business started to track reforms through its indicators. Doing Business recorded 287 such reforms in 131 economies between June 2008 and May 2009, 20% more than in the year before. Reformers focused on making it easier to start and operate a business, strengthening property rights and improving the efficiency of commercial dispute resolution and bankruptcy procedures.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"117 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114637273","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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