Pub Date : 2019-03-28DOI: 10.1177/0972652719831543
Chung-Hua Shen, Chien-An Wang
This study investigates whether significant changes exist in providing loan losses and loan charge-offs during turnovers of chief executive officers (CEOs). Providing loan losses is referred to as a ‘big bath in earnings’, and providing loan charge-offs is referred to as a ‘big bath in asset quality’. We classify CEO turnovers into three types, namely, forced and voluntary CEO turnovers in privately owned banks (POB), turnovers in government-owned banks (GOB) and turnovers as outcomes of mergers and acquisitions (M&As). Using findings based on the data of Taiwanese commercial banks, we demonstrate that the forcibly appointed CEOs exhibit big baths in earnings and asset quality, whereas the voluntarily appointed CEOs exhibit a big bath in earnings but not in asset quality. Compared with the CEO turnover in a POB, the appointed CEO in a GOB shows no big bath in either earnings or asset quality. Moreover, turnovers resulting from M&As do not induce big baths. JEL Classification: C23, G21, G28, M41, M48
{"title":"Do New Brooms Sweep Clean? Evidence that New CEOs Take a ‘Big Bath’ in the Banking Industry","authors":"Chung-Hua Shen, Chien-An Wang","doi":"10.1177/0972652719831543","DOIUrl":"https://doi.org/10.1177/0972652719831543","url":null,"abstract":"This study investigates whether significant changes exist in providing loan losses and loan charge-offs during turnovers of chief executive officers (CEOs). Providing loan losses is referred to as a ‘big bath in earnings’, and providing loan charge-offs is referred to as a ‘big bath in asset quality’. We classify CEO turnovers into three types, namely, forced and voluntary CEO turnovers in privately owned banks (POB), turnovers in government-owned banks (GOB) and turnovers as outcomes of mergers and acquisitions (M&As). Using findings based on the data of Taiwanese commercial banks, we demonstrate that the forcibly appointed CEOs exhibit big baths in earnings and asset quality, whereas the voluntarily appointed CEOs exhibit a big bath in earnings but not in asset quality. Compared with the CEO turnover in a POB, the appointed CEO in a GOB shows no big bath in either earnings or asset quality. Moreover, turnovers resulting from M&As do not induce big baths. JEL Classification: C23, G21, G28, M41, M48","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"18 1","pages":"106 - 144"},"PeriodicalIF":1.5,"publicationDate":"2019-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0972652719831543","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44348127","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 : 2019-03-28DOI: 10.1177/0972652719831536
Nebojsa Dimic, Vitaly Orlov, Janne Äijö
This article investigates the market timing ability of the bond–equity yield ratio (BEYR) from an international investor perspective. Consolidating data on emerging markets, we document no major international evidence that BEYR-based investing strategies, namely extreme values, thresholds and moving averages, provide higher risk-adjusted returns than benchmark buy-and-hold portfolios. However, we develop new augmented BEYR indicators by introducing the notion of US bonds as a safe investment relative to emerging market stocks and bonds. Dynamic strategies based on our augmented BEYR indicators produce significant gains in risk-adjusted returns compared with traditional BEYR and buy-and-hold benchmark strategies. JEL Classifications: G11, G12, G15
{"title":"Bond–Equity Yield Ratio Market Timing in Emerging Markets","authors":"Nebojsa Dimic, Vitaly Orlov, Janne Äijö","doi":"10.1177/0972652719831536","DOIUrl":"https://doi.org/10.1177/0972652719831536","url":null,"abstract":"This article investigates the market timing ability of the bond–equity yield ratio (BEYR) from an international investor perspective. Consolidating data on emerging markets, we document no major international evidence that BEYR-based investing strategies, namely extreme values, thresholds and moving averages, provide higher risk-adjusted returns than benchmark buy-and-hold portfolios. However, we develop new augmented BEYR indicators by introducing the notion of US bonds as a safe investment relative to emerging market stocks and bonds. Dynamic strategies based on our augmented BEYR indicators produce significant gains in risk-adjusted returns compared with traditional BEYR and buy-and-hold benchmark strategies. JEL Classifications: G11, G12, G15","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"18 1","pages":"52 - 79"},"PeriodicalIF":1.5,"publicationDate":"2019-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0972652719831536","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49612001","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 : 2019-03-28DOI: 10.1177/0972652719831540
I. Q. Nesset, Ingrid Bøgeberg, Frode Kjærland, L. Molden
Political risk is expected to increase due to emerging markets’ increasing influence on the world economy. We identify legal, tension, conflict and policy as underlying dimensions through principal component analysis by using a disaggregated political risk index. Using a two-way error correction model, ethnic and religious tension is identified as a new and distinct dimension of political risk. Consequently, global investors are likely to benefit from understanding which dimension implies a reward. Investors in particular should direct their attention towards tension, which seems to command a risk premium regardless of both market and time. JEL Classification: C33, F30, F50, G15
{"title":"How Underlying Dimensions of Political Risk Affect Excess Return in Emerging and Developed Markets","authors":"I. Q. Nesset, Ingrid Bøgeberg, Frode Kjærland, L. Molden","doi":"10.1177/0972652719831540","DOIUrl":"https://doi.org/10.1177/0972652719831540","url":null,"abstract":"Political risk is expected to increase due to emerging markets’ increasing influence on the world economy. We identify legal, tension, conflict and policy as underlying dimensions through principal component analysis by using a disaggregated political risk index. Using a two-way error correction model, ethnic and religious tension is identified as a new and distinct dimension of political risk. Consequently, global investors are likely to benefit from understanding which dimension implies a reward. Investors in particular should direct their attention towards tension, which seems to command a risk premium regardless of both market and time. JEL Classification: C33, F30, F50, G15","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"18 1","pages":"105 - 80"},"PeriodicalIF":1.5,"publicationDate":"2019-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0972652719831540","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46001554","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 : 2019-03-04DOI: 10.1177/0972652719831523
Mohsen Bahmani‐Oskooee, Sahar Bahmani, Ali M. Kutan, Dan Xi
Previous studies, that included the exchange rate in the demand for money function to account for currency substitution, assumed that exchange rate changes have symmetric effects on the demand for money in emerging countries. Since assuming symmetric effects implies using a linear model, they were not successful in finding significant link between the exchange rate movements and the demand for money. When we applied a nonlinear model to address the same issue, we found that in most emerging economies in our sample, exchange rate changes do have significant long-run effects on the demand for money and such effects are indeed asymmetric. JEL Classifications: E41, F31
{"title":"On the Asymmetric Effects of Exchange Rate Changes on the Demand for Money: Evidence from Emerging Economies","authors":"Mohsen Bahmani‐Oskooee, Sahar Bahmani, Ali M. Kutan, Dan Xi","doi":"10.1177/0972652719831523","DOIUrl":"https://doi.org/10.1177/0972652719831523","url":null,"abstract":"Previous studies, that included the exchange rate in the demand for money function to account for currency substitution, assumed that exchange rate changes have symmetric effects on the demand for money in emerging countries. Since assuming symmetric effects implies using a linear model, they were not successful in finding significant link between the exchange rate movements and the demand for money. When we applied a nonlinear model to address the same issue, we found that in most emerging economies in our sample, exchange rate changes do have significant long-run effects on the demand for money and such effects are indeed asymmetric. JEL Classifications: E41, F31","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"18 1","pages":"1 - 22"},"PeriodicalIF":1.5,"publicationDate":"2019-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0972652719831523","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47650016","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 : 2018-11-08DOI: 10.1177/0972652718798191
Raymond K. Dziwornu, Kingsley K. Anagba, A. D. Aniapam
Mobile financial services (MFS) have emerged in recent years as an indispensable tool to promote financial inclusion in emerging economies like Ghana. This article investigated the factors affecting MFS use among 300 women entrepreneurs in the informal sector in Ghana, using multinomial logit model. Knowledge of MFS, trust of services provided, nearness to agents and privacy of information are more likely to drive MFS use. In addition to embarking on aggressive radio and television advertisement, service operators should deploy more agents and invest in reliable infrastructure to build users’ trust to increase MFS use. JEL Classification: D12, G20
{"title":"Emergence of Mobile Financial Services in Ghana: Concerns for Use among Informal Sector Women Entrepreneurs","authors":"Raymond K. Dziwornu, Kingsley K. Anagba, A. D. Aniapam","doi":"10.1177/0972652718798191","DOIUrl":"https://doi.org/10.1177/0972652718798191","url":null,"abstract":"Mobile financial services (MFS) have emerged in recent years as an indispensable tool to promote financial inclusion in emerging economies like Ghana. This article investigated the factors affecting MFS use among 300 women entrepreneurs in the informal sector in Ghana, using multinomial logit model. Knowledge of MFS, trust of services provided, nearness to agents and privacy of information are more likely to drive MFS use. In addition to embarking on aggressive radio and television advertisement, service operators should deploy more agents and invest in reliable infrastructure to build users’ trust to increase MFS use. JEL Classification: D12, G20","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"17 1","pages":"S415 - S432"},"PeriodicalIF":1.5,"publicationDate":"2018-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0972652718798191","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43072699","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 : 2018-11-08DOI: 10.1177/0972652718798215
Thai‐Ha Le, Donghyun Park, C. Tran, B. Tran-Nam
This study examines the extent to which the Hai Yang Shi You 981 (HD-981) event, the sudden deployment of a Chinese oil rig in disputed territorial waters near Paracel Islands in May 2014, affected the stock market performance of 20 sectors of the Vietnamese economy. The impact was measured in terms of stock returns, using daily data on stock market indices. The results strongly indicate that the HD-981 event significantly and negatively affected the overall performance of Vietnam’s stock markets. There is, however, considerable variation across sectors. While most sectors which are heavily dependent on the economy of China were adversely affected, the impact on some sectors was negligible. By conducting this study on Vietnam’s stock markets, we hope to generate implications and lessons for other emerging markets in the region. JEL Classification: G1, G14, C58
{"title":"The Impact of the Hai Yang Shi You 981 Event on Vietnam’s Stock Markets","authors":"Thai‐Ha Le, Donghyun Park, C. Tran, B. Tran-Nam","doi":"10.1177/0972652718798215","DOIUrl":"https://doi.org/10.1177/0972652718798215","url":null,"abstract":"This study examines the extent to which the Hai Yang Shi You 981 (HD-981) event, the sudden deployment of a Chinese oil rig in disputed territorial waters near Paracel Islands in May 2014, affected the stock market performance of 20 sectors of the Vietnamese economy. The impact was measured in terms of stock returns, using daily data on stock market indices. The results strongly indicate that the HD-981 event significantly and negatively affected the overall performance of Vietnam’s stock markets. There is, however, considerable variation across sectors. While most sectors which are heavily dependent on the economy of China were adversely affected, the impact on some sectors was negligible. By conducting this study on Vietnam’s stock markets, we hope to generate implications and lessons for other emerging markets in the region. JEL Classification: G1, G14, C58","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"17 1","pages":"S344 - S375"},"PeriodicalIF":1.5,"publicationDate":"2018-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0972652718798215","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43667953","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 : 2018-10-25DOI: 10.1177/0972652718800081
R. Aroul, Peggy E. Swanson
The past decade has witnessed increasing trade and capital flow movements between BRIC countries (Brazil, Russia, India and China) and the USA indicating a need for a better understanding of currency linkages between these countries. This article examines long-run and short-run relationships between foreign exchange markets of BRIC countries and the USA. Long-run results indicate that, over a period beginning January 2000 and ending November 2013, the currency markets of China, India and the USA are tied together, implying that from the perspective of the US investor, the markets of Brazil and Russia provide the greater diversification benefits. Further, the USA is found to be the source of the common trend (CT), suggesting that it leads the three (cointegrated) markets towards the long-run equilibrium relationships. Brazil and India share no short-run lead-lag relationship with the USA. JEL Classification: F31, G15
{"title":"Linkages Between the Foreign Exchange Markets of BRIC Countries—Brazil, Russia, India and China—and the USA","authors":"R. Aroul, Peggy E. Swanson","doi":"10.1177/0972652718800081","DOIUrl":"https://doi.org/10.1177/0972652718800081","url":null,"abstract":"The past decade has witnessed increasing trade and capital flow movements between BRIC countries (Brazil, Russia, India and China) and the USA indicating a need for a better understanding of currency linkages between these countries. This article examines long-run and short-run relationships between foreign exchange markets of BRIC countries and the USA. Long-run results indicate that, over a period beginning January 2000 and ending November 2013, the currency markets of China, India and the USA are tied together, implying that from the perspective of the US investor, the markets of Brazil and Russia provide the greater diversification benefits. Further, the USA is found to be the source of the common trend (CT), suggesting that it leads the three (cointegrated) markets towards the long-run equilibrium relationships. Brazil and India share no short-run lead-lag relationship with the USA. JEL Classification: F31, G15","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"17 1","pages":"333 - 353"},"PeriodicalIF":1.5,"publicationDate":"2018-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0972652718800081","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42650480","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 : 2018-10-21DOI: 10.1177/0972652718797812
J. Diaz
This study used three multivariate general autoregressive conditional heteroskedasticity models to analyze the volatility dynamics in the ASEAN–China Free Trade Agreement. Results indicated the presence of long-run persistence, wherein shocks in China’s stock market affect other ASEAN stock indices in the long term. Further tests revealed the presence of time-varying correlations, suggesting dynamic models, such as the dynamic conditional correlations model, are appropriate. The Baba, Engle, Kraft, and Kroner model determined that the conditional covariances of the Chinese and ASEAN indices are functions of their lagged covariances, further proving that China’s stock volatilities impact the volatilities of ASEAN counterparts. JEL Classification: C58, G15
{"title":"Volatility Dynamics in the ASEAN– China Free Trade Agreement","authors":"J. Diaz","doi":"10.1177/0972652718797812","DOIUrl":"https://doi.org/10.1177/0972652718797812","url":null,"abstract":"This study used three multivariate general autoregressive conditional heteroskedasticity models to analyze the volatility dynamics in the ASEAN–China Free Trade Agreement. Results indicated the presence of long-run persistence, wherein shocks in China’s stock market affect other ASEAN stock indices in the long term. Further tests revealed the presence of time-varying correlations, suggesting dynamic models, such as the dynamic conditional correlations model, are appropriate. The Baba, Engle, Kraft, and Kroner model determined that the conditional covariances of the Chinese and ASEAN indices are functions of their lagged covariances, further proving that China’s stock volatilities impact the volatilities of ASEAN counterparts. JEL Classification: C58, G15","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"17 1","pages":"287 - 306"},"PeriodicalIF":1.5,"publicationDate":"2018-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0972652718797812","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49188918","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 : 2018-10-10DOI: 10.1177/0972652718800560
Willy Alanya, G. Rodríguez
This study is one of the first to utilize the stochastic volatility (SV) model to modelling the Peruvian financial times series. We estimate and compare this model with generalized autoregressive conditional heteroscedasticity (GARCH) models with normal and t-student errors. The analysis in this study corresponds to Peru’s stock market and exchange rate returns. The importance of this methodology is that the adjustment of the data is better than the GARCH models, using the assumptions of normality in both models. In the case of the SV model, three Bayesian algorithms have been employed where we evaluate their respective inefficiencies in the estimation of the model’s parameters—the most efficient being the integration sampler. The estimated parameters in the SV model under the various algorithms are consistent, as they display little inefficiency. The figures of the correlations of the iterations suggest that there are no problems at the time of Markov chaining in all estimations. We find that the volatilities in the exchange rate and stock market volatilities follow similar patterns over time. That is, when economic turbulence caused by the economic circumstances occurred, for example, the Asian crisis and the recent crisis in the USA, considerable volatility was generated in both markets. JEL Classification: C22
{"title":"Stochastic Volatility in the Peruvian Stock Market and Exchange Rate Returns: A Bayesian Approximation","authors":"Willy Alanya, G. Rodríguez","doi":"10.1177/0972652718800560","DOIUrl":"https://doi.org/10.1177/0972652718800560","url":null,"abstract":"This study is one of the first to utilize the stochastic volatility (SV) model to modelling the Peruvian financial times series. We estimate and compare this model with generalized autoregressive conditional heteroscedasticity (GARCH) models with normal and t-student errors. The analysis in this study corresponds to Peru’s stock market and exchange rate returns. The importance of this methodology is that the adjustment of the data is better than the GARCH models, using the assumptions of normality in both models. In the case of the SV model, three Bayesian algorithms have been employed where we evaluate their respective inefficiencies in the estimation of the model’s parameters—the most efficient being the integration sampler. The estimated parameters in the SV model under the various algorithms are consistent, as they display little inefficiency. The figures of the correlations of the iterations suggest that there are no problems at the time of Markov chaining in all estimations. We find that the volatilities in the exchange rate and stock market volatilities follow similar patterns over time. That is, when economic turbulence caused by the economic circumstances occurred, for example, the Asian crisis and the recent crisis in the USA, considerable volatility was generated in both markets. JEL Classification: C22","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"17 1","pages":"354 - 385"},"PeriodicalIF":1.5,"publicationDate":"2018-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0972652718800560","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43793103","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 : 2018-10-10DOI: 10.1177/0972652718798188
Nurwahida Yaakub, Mohamed Sherif, R. Haniffa
This study examines the long-run performance of the initial public offerings (IPOs) listed in the Malaysian main and alternative ‘Access, Certainty and Efficiency’ (ACE) markets at the economic and sectorial levels. Using event- and calendar-time study methods and monthly data from January 2000 to December 2011, we provide novel evidence on the existence of under performance anomaly in the Malaysian markets and more intensely in the ACE markets. We demonstrate robust evidence on the distinction in sector-specific characteristics from the aggregate market characteristics. While the consumer products and industrial sectors dominate the overall underperformance, the construction, property and technology sectors significantly overperform. The findings are robust to a wide range of other sensitivity checks including parametric and non-parametric tests. JEL Classification: G14, G15, G30, G34, G32, G38
{"title":"The Post-issue Market Performance of Initial Public Offerings: Empirical Evidence from the Malaysian Stock Markets","authors":"Nurwahida Yaakub, Mohamed Sherif, R. Haniffa","doi":"10.1177/0972652718798188","DOIUrl":"https://doi.org/10.1177/0972652718798188","url":null,"abstract":"This study examines the long-run performance of the initial public offerings (IPOs) listed in the Malaysian main and alternative ‘Access, Certainty and Efficiency’ (ACE) markets at the economic and sectorial levels. Using event- and calendar-time study methods and monthly data from January 2000 to December 2011, we provide novel evidence on the existence of under performance anomaly in the Malaysian markets and more intensely in the ACE markets. We demonstrate robust evidence on the distinction in sector-specific characteristics from the aggregate market characteristics. While the consumer products and industrial sectors dominate the overall underperformance, the construction, property and technology sectors significantly overperform. The findings are robust to a wide range of other sensitivity checks including parametric and non-parametric tests. JEL Classification: G14, G15, G30, G34, G32, G38","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"17 1","pages":"S376 - S414"},"PeriodicalIF":1.5,"publicationDate":"2018-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0972652718798188","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47635542","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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