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Message traffic and short-term illiquidity in high-speed markets
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE
Emerging Markets Review
Pub Date : 2024-12-31 DOI: 10.1016/j.ememar.2024.101251
David Abad , Magdalena Massot , Samarpan Nawn , Roberto Pascual , José Yagüe
We examine which components of message traffic in a high-speed equity market, including orders from traders with varying technological capabilities, signal short-term illiquidity. Our findings show that only the unexpected component of high-frequency traders' (HFTs') net buying pressure — arising from both aggressive and non-aggressive orders — predicts increases in immediacy costs and price impacts. Updates to outstanding limit orders, driven by prior efficient pre returns, strengthen the signaling power of HFTs' order flow. Additionally, market-wide HFTs' net buying pressure improves the ability to forecast short-term illiquidity in individual stocks.
{"title":"Message traffic and short-term illiquidity in high-speed markets","authors":"David Abad ,&nbsp;Magdalena Massot ,&nbsp;Samarpan Nawn ,&nbsp;Roberto Pascual ,&nbsp;José Yagüe","doi":"10.1016/j.ememar.2024.101251","DOIUrl":"10.1016/j.ememar.2024.101251","url":null,"abstract":"<div><div>We examine which components of message traffic in a high-speed equity market, including orders from traders with varying technological capabilities, signal short-term illiquidity. Our findings show that only the unexpected component of high-frequency traders' (HFTs') net buying pressure — arising from both aggressive and non-aggressive orders — predicts increases in immediacy costs and price impacts. Updates to outstanding limit orders, driven by prior efficient pre returns, strengthen the signaling power of HFTs' order flow. Additionally, market-wide HFTs' net buying pressure improves the ability to forecast short-term illiquidity in individual stocks.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101251"},"PeriodicalIF":5.6,"publicationDate":"2024-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143164431","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Examining the impact of employee-friendly practices on performance volatility in African banks: A textual analysis approach
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE
Emerging Markets Review
Pub Date : 2024-12-31 DOI: 10.1016/j.ememar.2024.101250
David Adeabah , Charles Andoh , Lord Mensah
This study examines the relationship between managerial attention to employee-friendly practices (EFPs) and performance volatility in banks. Using data from 30 public banks in four emerging African economies from 2005 to 2021, we utilize a text-based measure of managerial attention to EFPs based on keywords related to employee relations. We decompose performance volatility into inherent and residual components. The findings reveal a positive relationship between managerial attention to EFPs and inherent cashflow and earnings volatility. We also find a negative association of EFPs with residual cashflow volatility and positive association with earnings volatility. In cross-sectional analysis, we find that the positive link between managerial attention to EFPs and cashflow (earnings) volatility is more pronounced in large (small) banks, and in banks with lower levels of capital. Our results suggest that EFPs may encourage prudent liquidity risk management behavior, but greater uncertainty in equity capital levels, potentially weakening the overall soundness of banks.
{"title":"Examining the impact of employee-friendly practices on performance volatility in African banks: A textual analysis approach","authors":"David Adeabah ,&nbsp;Charles Andoh ,&nbsp;Lord Mensah","doi":"10.1016/j.ememar.2024.101250","DOIUrl":"10.1016/j.ememar.2024.101250","url":null,"abstract":"<div><div>This study examines the relationship between managerial attention to employee-friendly practices (EFPs) and performance volatility in banks. Using data from 30 public banks in four emerging African economies from 2005 to 2021, we utilize a text-based measure of managerial attention to EFPs based on keywords related to employee relations. We decompose performance volatility into inherent and residual components. The findings reveal a positive relationship between managerial attention to EFPs and inherent cashflow and earnings volatility. We also find a negative association of EFPs with residual cashflow volatility and positive association with earnings volatility. In cross-sectional analysis, we find that the positive link between managerial attention to EFPs and cashflow (earnings) volatility is more pronounced in large (small) banks, and in banks with lower levels of capital. Our results suggest that EFPs may encourage prudent liquidity risk management behavior, but greater uncertainty in equity capital levels, potentially weakening the overall soundness of banks.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101250"},"PeriodicalIF":5.6,"publicationDate":"2024-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143164430","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
How credit constrained are family-owned SMEs in Arab countries?
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE
Emerging Markets Review
Pub Date : 2024-12-29 DOI: 10.1016/j.ememar.2024.101249
Grakolet Gourène , Zuzana Brixiová Schwidrowski , Jiří Balcar , Lenka Johnson Filipová
Utilizing the World Bank Enterprise Surveys, this paper examines the links between family ownership and credit constraints of SMEs in Egypt, Jordan, Morocco, and Tunisia. We found that while family-owned firms have higher need for credit than nonfamily-owned firms, they are more likely to be discouraged from applying for it. Due to this self-selection out of credit markets, they end up more credit constrained even though their credit application rejection rates are below those of nonfamily firms. Stronger firm governance, formal business strategies and good managerial practices can ease access to credit for family-owned SMEs.
{"title":"How credit constrained are family-owned SMEs in Arab countries?","authors":"Grakolet Gourène ,&nbsp;Zuzana Brixiová Schwidrowski ,&nbsp;Jiří Balcar ,&nbsp;Lenka Johnson Filipová","doi":"10.1016/j.ememar.2024.101249","DOIUrl":"10.1016/j.ememar.2024.101249","url":null,"abstract":"<div><div>Utilizing the World Bank Enterprise Surveys, this paper examines the links between family ownership and credit constraints of SMEs in Egypt, Jordan, Morocco, and Tunisia. We found that while family-owned firms have higher need for credit than nonfamily-owned firms, they are more likely to be discouraged from applying for it. Due to this self-selection out of credit markets, they end up more credit constrained even though their credit application rejection rates are below those of nonfamily firms. Stronger firm governance, formal business strategies and good managerial practices can ease access to credit for family-owned SMEs.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101249"},"PeriodicalIF":5.6,"publicationDate":"2024-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143164429","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The effect of US monetary policy on Russian Banks in a low interest rate environment
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE
Emerging Markets Review
Pub Date : 2024-12-26 DOI: 10.1016/j.ememar.2024.101248
Nadezhda Ivanova, Konstantin Styrin
This paper studies the cross-border transmission of US monetary policy to Russia in 2000–2019 via its effect Russian banks' activities in a low interest rate environment compared with normal times. Specifically, we investigate the dynamic responses of lending, funding, and risk taking. The main finding is that, in normal times, the dynamic responses of dependent variables of interest are consistent with the prevalence of the international bank lending channel, whereas in a low interest rate environment, the patterns differ for different indicators: in some instances, the dynamic effect of interest is attenuated as compared with normal times, while in others, it is reinforced. The inward transmission of US monetary policy works predominantly through the activities of foreign bank subsidiaries.
{"title":"The effect of US monetary policy on Russian Banks in a low interest rate environment","authors":"Nadezhda Ivanova,&nbsp;Konstantin Styrin","doi":"10.1016/j.ememar.2024.101248","DOIUrl":"10.1016/j.ememar.2024.101248","url":null,"abstract":"<div><div>This paper studies the cross-border transmission of US monetary policy to Russia in 2000–2019 via its effect Russian banks' activities in a low interest rate environment compared with normal times. Specifically, we investigate the dynamic responses of lending, funding, and risk taking. The main finding is that, in normal times, the dynamic responses of dependent variables of interest are consistent with the prevalence of the international bank lending channel, whereas in a low interest rate environment, the patterns differ for different indicators: in some instances, the dynamic effect of interest is attenuated as compared with normal times, while in others, it is reinforced. The inward transmission of US monetary policy works predominantly through the activities of foreign bank subsidiaries.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101248"},"PeriodicalIF":5.6,"publicationDate":"2024-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143164432","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Foreign exchange intervention and capital flow measures under external tail risks
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE
Emerging Markets Review
Pub Date : 2024-12-22 DOI: 10.1016/j.ememar.2024.101245
Nicolas E. Magud, Samuel Pienknagura
We study extreme movements in the distribution of the real effective exchange rate (REER). Global uncertainty and financial conditions shocks have a strong impact on the tails of the REER distribution, especially in economies with shallower FX markets, lower central bank credibility, and higher credit risk. FX intervention (FXI) partially offsets the impact of these shocks in the left tail (large depreciations), particularly in economies with weaker fundamentals and, importantly, where FXI is used sporadically. While capital flow management policies have low effectiveness in preventing large REER movements, they enhance FXI's effectiveness by throwing sand in wheels of FX transactions.
{"title":"Foreign exchange intervention and capital flow measures under external tail risks","authors":"Nicolas E. Magud,&nbsp;Samuel Pienknagura","doi":"10.1016/j.ememar.2024.101245","DOIUrl":"10.1016/j.ememar.2024.101245","url":null,"abstract":"<div><div>We study extreme movements in the distribution of the real effective exchange rate (REER). Global uncertainty and financial conditions shocks have a strong impact on the tails of the REER distribution, especially in economies with shallower FX markets, lower central bank credibility, and higher credit risk. FX intervention (FXI) partially offsets the impact of these shocks in the left tail (large depreciations), particularly in economies with weaker fundamentals and, importantly, where FXI is used sporadically. While capital flow management policies have low effectiveness in preventing large REER movements, they enhance FXI's effectiveness by throwing sand in wheels of FX transactions.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101245"},"PeriodicalIF":5.6,"publicationDate":"2024-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143164428","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Debt-for-nature swaps: A case study of Gabon
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE
Emerging Markets Review
Pub Date : 2024-12-09 DOI: 10.1016/j.ememar.2024.101244
Nagihan Simeth
Originating in the late 1980s, debt-for-nature swaps have recently gained increased relevance, particularly for emerging market countries facing high debt levels. Recent transactions, such as those in Seychelles, Belize, Barbados, Ecuador, and Gabon, have primarily focused on marine protection. Although these swaps offer potential benefits, they also present challenges, such as high transaction costs, lengthy negotiation processes, and risks like bluewashing because of the lack of standardized oversight. In this paper, using Gabon's recent example, we discuss the weaknesses and limitations of debt-for-nature swaps.
{"title":"Debt-for-nature swaps: A case study of Gabon","authors":"Nagihan Simeth","doi":"10.1016/j.ememar.2024.101244","DOIUrl":"10.1016/j.ememar.2024.101244","url":null,"abstract":"<div><div>Originating in the late 1980s, debt-for-nature swaps have recently gained increased relevance, particularly for emerging market countries facing high debt levels. Recent transactions, such as those in Seychelles, Belize, Barbados, Ecuador, and Gabon, have primarily focused on marine protection. Although these swaps offer potential benefits, they also present challenges, such as high transaction costs, lengthy negotiation processes, and risks like bluewashing because of the lack of standardized oversight. In this paper, using Gabon's recent example, we discuss the weaknesses and limitations of debt-for-nature swaps.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101244"},"PeriodicalIF":5.6,"publicationDate":"2024-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143165494","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
FinTech: The disruptive force reducing bank competition pressure
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE
Emerging Markets Review
Pub Date : 2024-12-07 DOI: 10.1016/j.ememar.2024.101237
Xudong Zhang, Zhihui Li
This study develops a news-based FinTech index and evaluates the bank competition pressure using a weighted branch ratio. Analyzing data from 276 Chinese banks from 2011 to 2022, we find that adopting FinTech effectively alleviates competition pressure among banks in local markets. This effect can be attributed to three primary mechanisms: enhanced cost efficiency, upgraded human resource structure, and expanded business scope and customer base. Additionally, FinTech exerts a greater influence on banks with lower state-owned equity, those facing stricter regulatory policies, and banks operating in larger informal financial markets.
{"title":"FinTech: The disruptive force reducing bank competition pressure","authors":"Xudong Zhang,&nbsp;Zhihui Li","doi":"10.1016/j.ememar.2024.101237","DOIUrl":"10.1016/j.ememar.2024.101237","url":null,"abstract":"<div><div>This study develops a news-based FinTech index and evaluates the bank competition pressure using a weighted branch ratio. Analyzing data from 276 Chinese banks from 2011 to 2022, we find that adopting FinTech effectively alleviates competition pressure among banks in local markets. This effect can be attributed to three primary mechanisms: enhanced cost efficiency, upgraded human resource structure, and expanded business scope and customer base. Additionally, FinTech exerts a greater influence on banks with lower state-owned equity, those facing stricter regulatory policies, and banks operating in larger informal financial markets.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101237"},"PeriodicalIF":5.6,"publicationDate":"2024-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143165491","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Does foreign demand affect corporate financialization? Some evidence from China
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE
Emerging Markets Review
Pub Date : 2024-12-03 DOI: 10.1016/j.ememar.2024.101232
Tayier Tudi , Ji Wu , Minghua Chen , Bang Nam Jeon
We investigate whether foreign demand influences corporate financialization using data from over 1700 Chinese non-financial firms during 2007–2016. Our findings consistently reveal a negative relationship, indicating that firms increase their financial asset holdings and more actively engage in financial transactions when foreign demand declines, and vice versa when foreign demand rises. Foreign demand shapes firms' financialization by influencing their returns from real investments and financial constraints. Furthermore, we explore heterogeneous impacts of foreign demand across different financial assets, industries, and indebtedness levels in firms.
{"title":"Does foreign demand affect corporate financialization? Some evidence from China","authors":"Tayier Tudi ,&nbsp;Ji Wu ,&nbsp;Minghua Chen ,&nbsp;Bang Nam Jeon","doi":"10.1016/j.ememar.2024.101232","DOIUrl":"10.1016/j.ememar.2024.101232","url":null,"abstract":"<div><div>We investigate whether foreign demand influences corporate financialization using data from over 1700 Chinese non-financial firms during 2007–2016. Our findings consistently reveal a negative relationship, indicating that firms increase their financial asset holdings and more actively engage in financial transactions when foreign demand declines, and vice versa when foreign demand rises. Foreign demand shapes firms' financialization by influencing their returns from real investments and financial constraints. Furthermore, we explore heterogeneous impacts of foreign demand across different financial assets, industries, and indebtedness levels in firms.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101232"},"PeriodicalIF":5.6,"publicationDate":"2024-12-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143165492","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Combating the rent-seeking among enterprises in China's emissions trading system
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE
Emerging Markets Review
Pub Date : 2024-11-30 DOI: 10.1016/j.ememar.2024.101233
Changyu Liu, Jia Sun, Luhang Zheng, Renkui Zhu
Enterprises engage in rent-seeking with third-party verification authorities (TPs) falsify carbon data has seriously distorted the order of emissions trading system (ETS). Methods of effectively regulating rent-seeking in ETS remain unclear. Based on the analysis of the formation mechanisms of rent-seeking, a tripartite evolutionary game is constructed to explore the interactive behavior of enterprises, TPs, and governments. The important factors affecting the players' behavior were verified using simulation. The results revealed the following: 1) there is a significant correlation between the probability of rent-seeking, probability of acceptation by TPs and the probability of active supervision. 2) based on the evolutionary stability strategy in the game, two kinds of governance mode of rent-seeking are proposed, the market-oriented mode is more efficient than government-led mode; 3) the initial willingness of the tripartite stakeholders, relaxed cost, the penalties for rent-seeking, and the rewards were determined to be critical factors that influence evolutionary results. Finally, the practical countermeasures are recommended to strengthen the collaborative governance of ETS.
{"title":"Combating the rent-seeking among enterprises in China's emissions trading system","authors":"Changyu Liu,&nbsp;Jia Sun,&nbsp;Luhang Zheng,&nbsp;Renkui Zhu","doi":"10.1016/j.ememar.2024.101233","DOIUrl":"10.1016/j.ememar.2024.101233","url":null,"abstract":"<div><div>Enterprises engage in rent-seeking with third-party verification authorities (TPs) falsify carbon data has seriously distorted the order of emissions trading system (ETS). Methods of effectively regulating rent-seeking in ETS remain unclear. Based on the analysis of the formation mechanisms of rent-seeking, a tripartite evolutionary game is constructed to explore the interactive behavior of enterprises, TPs, and governments. The important factors affecting the players' behavior were verified using simulation. The results revealed the following: 1) there is a significant correlation between the probability of rent-seeking, probability of acceptation by TPs and the probability of active supervision. 2) based on the evolutionary stability strategy in the game, two kinds of governance mode of rent-seeking are proposed, the market-oriented mode is more efficient than government-led mode; 3) the initial willingness of the tripartite stakeholders, relaxed cost, the penalties for rent-seeking, and the rewards were determined to be critical factors that influence evolutionary results. Finally, the practical countermeasures are recommended to strengthen the collaborative governance of ETS.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101233"},"PeriodicalIF":5.6,"publicationDate":"2024-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143165493","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
How bilateral investment treaties affect cross-border mergers and acquisitions: Novel evidence from China's internationalization
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE
Emerging Markets Review
Pub Date : 2024-11-30 DOI: 10.1016/j.ememar.2024.101235
Yonghui Han , Hao Cheng , Hao Wang
Utilizing a comprehensive dataset of China and 127 host economies from 2004 to 2019 at both national level and firm level, we investigate how bilateral investment treaties (BITs) between China and global economies affect China's outbound cross-border mergers and acquisitions (CBMA). Our results demonstrate a positive effect of BITs on CBMA and such a promoting effect varies across host countries with different institutional and economic settings. While the most-favored-nation clause and umbrella clause are the underlying mechanisms accounting for the incentives of CBMA in the stage of pre-acquisitions, the expropriation and compensation clause drives the successful rate of CBMA. Further, non-state-owned enterprises display stronger incentive than state-owned enterprises.
{"title":"How bilateral investment treaties affect cross-border mergers and acquisitions: Novel evidence from China's internationalization","authors":"Yonghui Han ,&nbsp;Hao Cheng ,&nbsp;Hao Wang","doi":"10.1016/j.ememar.2024.101235","DOIUrl":"10.1016/j.ememar.2024.101235","url":null,"abstract":"<div><div>Utilizing a comprehensive dataset of China and 127 host economies from 2004 to 2019 at both national level and firm level, we investigate how bilateral investment treaties (BITs) between China and global economies affect China's outbound cross-border mergers and acquisitions (CBMA). Our results demonstrate a positive effect of BITs on CBMA and such a promoting effect varies across host countries with different institutional and economic settings. While the most-favored-nation clause and umbrella clause are the underlying mechanisms accounting for the incentives of CBMA in the stage of pre-acquisitions, the expropriation and compensation clause drives the successful rate of CBMA. Further, non-state-owned enterprises display stronger incentive than state-owned enterprises.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101235"},"PeriodicalIF":5.6,"publicationDate":"2024-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143165490","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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