Financial Development and Dynamic Investment Behavior: Evidence From Panel Vector

chan, chockalingam and lai-overnight information and intraday trading behavior - evidence from nyse cross

chan, chockalingam and lai-overnight information and intraday trading behavior - evidence from nyse cross
... and information flow, many authors examine internationally cross- listed stocks and check whether their price behavior is different from that of non -cross- listed stocks, given their different information- flow ... residuals extracted from the regression of local close-to-close return on prior-day NYSE open-to-close returns (for Asia-Pacific stocks) or 11:30 am — NYSE close return (for UK stocks) The t-statistics ... The Asia-Pacific stocks are from Japan, Hong Kong, Australia, and New Zealand, and their local trading sessions close before the NYSE opens The European stocks are from the United Kingdom, and they...
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Financial Liberalization and Financing Constraints: Evidence from Panel Data on Emerging Economies

Financial Liberalization and Financing Constraints: Evidence from Panel Data on Emerging Economies
... severe financing constraints before financial liberalization, and face financing constraints of the same order as large firms after financial liberalization In addition, we find some evidence ... empirical work, we consider several, related definitions of financial liberalization Our basic classification of financial liberalization uses the level of the financial liberalization index (FLI) ... impact on the financing constraints of small firms only Since our classification of financial liberalization may suffer from the problem to time liberalization dates we also simply compare financing...
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Tài liệu Financial Development and Industrial Capital Accumulation pdf

Tài liệu Financial Development and Industrial Capital Accumulation pdf
... efficient industrial capital accumulation The study owes a great deal to the reflection recently offered by Rajan and Zingales (1999) on the issue of financial development and industrial change ... allocation and asset pricing under incomplete trust In section the model is used to analyze the effect of financial infrastructural development on industrial capital accumulation, and to show ... honest and prudent behavior from financial market participants.2 This study shows that in a market economy the development of financial infrastructure stimulates larger and more efficient industrial...
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Information Sharing and Credit: Firm-Level Evidence from Transition Countries ppt

Information Sharing and Credit: Firm-Level Evidence from Transition Countries ppt
... PAPER NO 178 Information Sharing and Credit: Firm-Level Evidence from Transition Countries Martin Brown*, Tullio Jappelli** and Marco Pagano*** Abstract We investigate whether information sharing ... to firm-level information on credit availability taken from the EBRD/World Bank Business Environment and Enterprise Performance Survey (BEEPS) 3.1 Information Sharing Between 1991 and 2005 information ... findings The positive and significant coefficient of information sharing in columns two and three suggests that that both opaque and transparent firms benefit from information sharing However, in...
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Bank Risk-Taking, Securitization, Supervision, and Low Interest Rates: Evidence from Lending Standards pptx

Bank Risk-Taking, Securitization, Supervision, and Low Interest Rates: Evidence from Lending Standards pptx
... D and L Laeven, “Credit Booms and Lending Standards: Evidence from the Subprime Mortgage Market,” IMF Working Paper 08/106, 2008 Dell'Ariccia, G and R Marquez, Lending Booms and Lending Standards, ” ... policy) and long-term interest rates on lending standards and especially on loan risk-taking – depends on securitization activity and banking regulation supervision standards Second, Lown and Morgan ... following mechanisms: (i) the “shadow banking system” may influence bank lending standards by increasing banking competition since we find that competition from nonbanks and markets induce banks...
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Geographic and Demographic Bank Outreach: Evidence from Germany’s Three-Pillar Banking System potx

Geographic and Demographic Bank Outreach: Evidence from Germany’s Three-Pillar Banking System potx
... Geographic and Demographic Bank Outreach: Evidence from Germany’s Three-Pillar Banking System Alexander Conrad, Doris Neuberger and Maria Schneider-Reißig, University ... Evidence from Germany’s Three-Pillar Banking System I Introduction The performance of financial systems has been usually measured by variables of financial sector depth and banking sector structure and ... savings banks pillar comprises 444 municipal savings banks and 12 Landesbanken, the private bank pillar comprises five big banks (Deutsche Bank AG, Dresdner Bank AG, Hypovereinsbank AG, Commerzbank...
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Bank Risk-Taking, Securitization, Supervision, and Low Interest Rates: Evidence from Lending Standards potx

Bank Risk-Taking, Securitization, Supervision, and Low Interest Rates: Evidence from Lending Standards potx
... whether, how and why banks change their lending standards For indirect evidence on short-term rates and risk-taking, see Bernanke and Kuttner (2005), Rigobon and Sack (2004), Manganelli and Wolswijk ... rates Banking regulation and supervision standards Now we analyze whether the impact of low rates on the softening of standards is lower with stronger regulation supervision standards for bank ... interbank contagion and other mechanisms, see Iyer and Peydró (2009) and Bandt, Hartmann and Peydró (2009) Once the banking system is in trouble, a credit crunch stemming from low bank capital and...
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Decentralization and Water Pollution Spillovers: Evidence from the Re-drawing of County Boundaries in Brazil ppt

Decentralization and Water Pollution Spillovers: Evidence from the Re-drawing of County Boundaries in Brazil ppt
... over the spending in the larger county that they were a part of in the previous year For the average county in Brazil, this translates into a 20% increase in expenditures Thus the story of water ... still the possibility of bias arising from the non-random re-districting of counties, which we discuss in greater detail in the next section, and address in the theory and empirical sections 10 The ... anywhere upstream of point u Our empirical models are then left with the simpler task of explaining the change in pollution from the upstream point to the downstream point as a function of the characteristics...
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Industry Consolidation and Price-Cost Margins --Evidence from the Pulp and Paper Industry ppt

Industry Consolidation and Price-Cost Margins --Evidence from the Pulp and Paper Industry ppt
... Industry Consolidation and Price-Cost Margins Evidence from the Pulp and Paper Industry Abstract In recent years, the U.S pulp and paper industry has experienced an increasing degree of consolidation ... and Paper Industry I Introduction In recent years, the U.S pulp and paper industry has undergone a series of mergers and acquisitions which, collectively, have consolidated the pulp, paper, and ... concludes II The US Pulp and Paper Industry The pulp and paper industry in the United States is a large, capital intensive, traditional industry Annual capital investments are in the $8 - $15...
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Management ownership structure, audit quality and impairment of assets--evidence from China

Management ownership structure, audit quality and impairment of assets--evidence from China
... of Audit Quality in China 1.2 Objectives of the Thesis 1.3 Contributions of the Thesis 10 1.4 Organization of the Thesis 11 Chapter State Ownership, Audit Quality and Earnings Management in China ... me; And as You did not lose them in the giving, so I not lose them in the return." Management Ownership Structure, Audit Quality and Impairment of Assets - Evidence from China Certificate of Originality ... Role of Accounting Standards in Conservative Financial Reporting in China 1.1.3 Significance of State Ownership 1.1.4 Significance of State Ownership in China 1.1.5 Significance of Audit Quality...
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corporate governance and firm performance - empirical evidence from viet nam

corporate governance and firm performance - empirical evidence from viet nam
... 0.11 -0 .03 (9) Own -0 .10 0.03 0.13 0.20 -0 .23 -0 .24 0.04 -0 .21 (10) Block 0.04 0.18 0.17 0.18 0.05 -0 .05 0.12 0.10 0.36 (11) FirmSize 0.02 -0 .02 -0 .01 0.13 0.32 -0 .04 0.04 0.47 -0 .04 -0 .01 (12) FirmAge ... 0.14 0.01 0.16 -0 .09 0.14 0.02 -0 .02 0.04 (13) State 0.10 0.17 -0 .12 -0 .03 0.25 0.19 0.03 0.20 -0 .45 -0 .22 0.10 0.21 -0 .38 -0 .10 -0 .18 0.09 -0 .08 -0 .06 0.00 0.01 0.10 -0 .16 0.29 -0 .11 0.02 (14) ... Literature review and research hypotheses Evidence from previous empirical studies from academic literature has sought to confirm the effect of corporate governance on a firm s performance A literature...
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kwon et al - 2014 - the effect of mandatory audit firm rotation on audit quality and audit fees empirical - evidence from the korean audit market [mafr]

kwon et al - 2014 - the effect of mandatory audit firm rotation on audit quality and audit fees empirical - evidence from the korean audit market [mafr]
... http://ssrn.com/abstract=1764343 The effect of mandatory audit firm rotation on audit quality and audit fees: Empirical evidence from the Korean audit market INTRODUCTION Whether audit firm rotation should be mandatory ... The effect of mandatory audit firm rotation on audit quality and audit fees: Empirical evidence from the Korean audit market SUMMARY Using a unique setting in which mandatory audit firm rotation ... on audit quality and audit costs associated with the introduction of an audit firm rotation policy International instances of audit firm rotation and the Korean audit market In determining whether...
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salleh and jasmani - 2014 - audit rotation and audit report - empirical evidence from malaysian plcs over the period of ten years

salleh and jasmani - 2014 - audit rotation and audit report - empirical evidence from malaysian plcs over the period of ten years
... types of audit opinion from the Big Four and Non-Big Four audit firms for the period of ten years; To examine the association of audit opinion and audit rotation (mandatory rotation of audit ... partner and voluntary rotation of audit firm) for the period of ten years; To examine the association of audit rotation (mandatory rotation of audit partner and voluntary rotation of audit firm) and ... frequency and the association between the type of audit opinion and audit rotation in Malaysia in terms of mandatory rotation of audit partner and voluntary rotation of audit for the period of 10 years...
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