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emerging markets and applied testing

emerging markets and financial globalization sovereign bond spreads in 1870-1913 and today jun 2006

emerging markets and financial globalization sovereign bond spreads in 1870-1913 and today jun 2006

Vật lý

... including the gold standard, affiliation with the British Empire, and economic growth (Bordo and Rockoff, 1996; Ferguson and Schularik, 2004, 2005; Flandreau and Zumer, 2004; and Obstfeld and Taylor, 2003b) ... Options and warrants Unspecified instruments AQ: Please provide citation for Source: Emerging Markets Traders Association note cue “a” a All emerging markets surveyed by the Emerging Markets Traders ... Leone, and St Lucia and Trinidad Source: The Economist’s Investor Monthly Manual 02-Mauro-Chap02.qxd 09/15/2005 11:38 AM Page 14 Emerging Markets and Financial Globalization Table 2.2 Emerging...
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Tài liệu Bond markets and banks in emerging economies docx

Tài liệu Bond markets and banks in emerging economies docx

Ngân hàng - Tín dụng

... Bank and IMF (2001): Developing Government Bond Markets: a Handbook Yoshitomi, M and S Shirai (2001): “Designing a financial market structure in post-crisis Asia – how to develop corporate bond markets , ... in most emerging economies and is still not practised in many One reason is cyclical; in many economies banks are currently very liquid and there are not many good lending opportunities (and as ... Indonesia and Korea are underwritten, as are almost all in Mexico and Hungary In contrast, only 12% of corporate bonds issued in Malaysia last year were underwritten, and in Chile and Peru hardly...
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Comparison of cosmetic earnings management for the developed markets and emerging markets  some empirical evidence from the united states and taiwan

Comparison of cosmetic earnings management for the developed markets and emerging markets some empirical evidence from the united states and taiwan

Báo cáo khoa học

... compare the difference between developed and emerging markets This study aims at comparing the earnings management phenomenon between developed and emerging markets by utilizing Benford's law We ... distinguishes between advanced and secondary emerging markets on the basis of their national income and the development of their market infrastructure The advanced emerging markets are classified as ... Standards (IFRS) The result shows that corporate governance mechanisms are key factors in earnings quality There are differences in corporate governance between emerging markets and developed markets...
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Emerging Needs and Tailored Products for Untapped Markets by Luisa Anderloni, Maria Debora Braga and Emanuele Maria Carluccio_1 docx

Emerging Needs and Tailored Products for Untapped Markets by Luisa Anderloni, Maria Debora Braga and Emanuele Maria Carluccio_1 docx

Tài chính doanh nghiệp

... initial conditions σ0 and , as well as the estimates for α, β, δ0 , δ1 , and δ2 Once the conditional variance is given, the random shock is drawn from the normal distribution, and the asset return ... differentiate between parametric and semi-parametric models, and models that have and not have closed-form solutions The typology appears in Table 2.1 Both linear and polynomial models have closed-form ... expectations, as important driving forces in markets and the economy as a whole Keynes referred quite often to “animal spirits” of investors in times of boom and bust, and we often refer to bullish (optimistic)...
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Emerging Needs and Tailored Products for Untapped Markets by Luisa Anderloni, Maria Debora Braga and Emanuele Maria Carluccio_3 pot

Emerging Needs and Tailored Products for Untapped Markets by Luisa Anderloni, Maria Debora Braga and Emanuele Maria Carluccio_3 pot

Tài chính doanh nghiệp

... operation, due to Michalewicz (1996) Begin by randomly drawing two real numbers r1 and r2 from the [0, 1] interval and one random number s from a standard normal distribution The mutated coefficient ... where SK( ) and KR( ), for skewness and kurtosis, are defined as follows: SK( ) = T KR( ) = T T i − σ i − σ t=1 T t=1 (4.12) (4.13) while and σ represent the estimated mean and standard deviation ... Operation Specify temperature and cooling schedule parameter T Start random process at j = 0, continue till j = (1,2, ,T ) Initialize solution vector and error metric Randomly perturbate solution...
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Emerging Needs and Tailored Products for Untapped Markets by Luisa Anderloni, Maria Debora Braga and Emanuele Maria Carluccio_5 pdf

Emerging Needs and Tailored Products for Untapped Markets by Luisa Anderloni, Maria Debora Braga and Emanuele Maria Carluccio_5 pdf

Tài chính doanh nghiệp

... the way many asset returns behave, particularly in volatile emerging- market economies Following Bates (1996) and Craine, Lochester, and Syrtveit (1999), we present this process in continuous time ... annual frequency of jumps, and k is the random percentage jump conditional on the jump occurring The variable ln(1 + k) is distributed normally with mean ln[1+k]−.5κ and variance κ2 The symbol ... 250 300 350 400 FIGURE 5.15 Actual and in-sample predictions: DLM model 5.6.1 In-Sample Performance The in-sample statistics and time paths appear in Table 5.11 and Figure 5.15, respectively We...
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Emerging Needs and Tailored Products for Untapped Markets by Luisa Anderloni, Maria Debora Braga and Emanuele Maria Carluccio_7 pptx

Emerging Needs and Tailored Products for Untapped Markets by Luisa Anderloni, Maria Debora Braga and Emanuele Maria Carluccio_7 pptx

Tài chính doanh nghiệp

... Figures 7.12 and 7.13 contain the rate of growth of the import price index and unit labor costs We see that the collapse of excess demand, measured as a positive output gap, goes hand-in-hand with ... are concerned about job security and future pension and medical benefits [Yoshino and Sakakibara (2002), p 110] Besides telling us what will not work, Yoshino and Sakakibara offer alternative longer-term ... governance and operations of the banks, and strengthen the international competitiveness of domestically oriented companies in the agriculture, construction and service industries [Yoshino and Sakakibara...
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Emerging Needs and Tailored Products for Untapped Markets by Luisa Anderloni, Maria Debora Braga and Emanuele Maria Carluccio_8 ppt

Emerging Needs and Tailored Products for Untapped Markets by Luisa Anderloni, Maria Debora Braga and Emanuele Maria Carluccio_8 ppt

Tài chính doanh nghiệp

... Poloni, and G Winter (eds.), Genetic Algorithms and Evolution Strategy in Engineering and Computer Science: Recent Advances and Industrial Applications West Sussex, England: John Wiley and Sons ... A, R.L Lumsdaine, and J H Stock (1992), “Recursive and Sequential Tests of the Unit Root and Trend-Break Hypothesis: Theory and International Evidence,” Journal of Business and Economic Statistics ... Modeling, forthcoming Ha, Jimmy, and Kelvin Fan (2002), “Price Convergence Between Hong Kong and the Mainland.” Hong Kong Monetary Authority Research Memoranda Hannan, E.J., and B.G Quinn (1979), “The...
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Emerging Needs and Tailored Products for Untapped Markets by Luisa Anderloni, Maria Debora Braga and Emanuele Maria Carluccio_9 doc

Emerging Needs and Tailored Products for Untapped Markets by Luisa Anderloni, Maria Debora Braga and Emanuele Maria Carluccio_9 doc

Tài chính doanh nghiệp

... Domenico, and Alessandro Vicini (1998), “Coupling Genetic Algorithms and Gradient Based Optimization Techniques,” in Quagliarella, D., J Periaux, C Poloni, and G Winter (eds.), Genetic Algorithms and ... Strategy in Engineering and Computer Science: Recent Advances and Industrial Applications West Sussex, England: John Wiley and Sons, Ltd Quagliarella, D., J Periaux, C Poloni, and G Winter (1998), ... (1998), Genetic Algorithms and Evolution Strategy in Engineering and Computer Science: Recent Advances and Industrial Applications West Sussex, England: John Wiley and Sons, Ltd Razzak, Weshah...
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Emerging Needs and Tailored Products for Untapped Markets by Luisa Anderloni, Maria Debora Braga and Emanuele Maria Carluccio_10 pptx

Emerging Needs and Tailored Products for Untapped Markets by Luisa Anderloni, Maria Debora Braga and Emanuele Maria Carluccio_10 pptx

Tài chính doanh nghiệp

... market and falling commodity markets, the spring and early summer saw surging commodity markets and a weak bond market This surge in the CRB Index was caused mainly by strong grain and soybean markets, ... reversals in commodity and bonds in 1980 and 1981 and that the stock market was the eventual beneficiary of the events in those other three markets The rising bond market and falling CRB Index ... active commodity markets Some of those markets are important in their own right as inflation indicators and often play a dominant role in the intermarket picture ' Gold and oil are two markets that...
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Emerging Needs and Tailored Products for Untapped Markets by Luisa Anderloni, Maria Debora Braga and Emanuele Maria Carluccio_13 doc

Emerging Needs and Tailored Products for Untapped Markets by Luisa Anderloni, Maria Debora Braga and Emanuele Maria Carluccio_13 doc

Tài chính doanh nghiệp

... quantile–quantile plot, as seen in Figures 4.4, 4.6 and 5.3 It is listed in Figure 5.4 We use MATLAB’s N(0, 1) pseudo-random number generator, randn The line samples = randn(M,1), assigns M such samples to ... manipulate and display real stock market data 5.6 Program of Chapter and walkthrough 51 %CH05 Program for Chapter % % Illustrates quantile plot clf randn(’state’,100) M = 200; samples = randn(M,1); ... (solid) and σ = 0.5 (dashed) Upper picture t = Lower picture t = Computational example In Figure 6.1 we set S0 = and µ = 0.05, and plot the lognormal density function (6.10) for σ = 0.3 and σ =...
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Emerging Needs and Tailored Products for Untapped Markets by Luisa Anderloni, Maria Debora Braga and Emanuele Maria Carluccio_14 ppt

Emerging Needs and Tailored Products for Untapped Markets by Luisa Anderloni, Maria Debora Braga and Emanuele Maria Carluccio_14 ppt

Tài chính doanh nghiệp

... for example, (Brze´ niak and Zastawniak, 1999, Exercise 6.28) and (Brze´ niak and Zastawniak, z z 1999, Exercise 7.20), and their solutions, for details of this result and why it applies to the ... parametrized class of random variables and fit the parameters to stock market data, see (Rogers and Zane, 1999), for example A completely different approach is to abandon any attempt to understand the processes ... predictive models of markets and the behavior of financial instruments traded in those markets The book (Bass, 1999) gives the story behind the foundation and early years of the company and has many insights...
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Emerging Needs and Tailored Products for Untapped Markets by Luisa Anderloni, Maria Debora Braga and Emanuele Maria Carluccio_15 pptx

Emerging Needs and Tailored Products for Untapped Markets by Luisa Anderloni, Maria Debora Braga and Emanuele Maria Carluccio_15 pptx

Tài chính doanh nghiệp

... sharply to a paltry 23 cents, and the partners lost personal fortunes A fast-paced and highly informative account of the LTCM debacle, with input from a number of first-hand witnesses, is given in ... portfolios and negotiate relatively small transaction costs, who are willing to accept the Black–Scholes value plus a small premium EXERCISES 9.1 Show from (9.1) and (9.2) that ∂C/∂ S > and ∂ P/∂ ... for a European call % % Portfolio is ‘asset’ units of asset and an amount ‘cash’ of cash % Plot actual and theoretical portfolio values randn(’state’,100) clf %%%%%%%%% Problem parameters %%%%%%%%%%%%...
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Emerging Needs and Tailored Products for Untapped Markets by Luisa Anderloni, Maria Debora Braga and Emanuele Maria Carluccio_16 docx

Emerging Needs and Tailored Products for Untapped Markets by Luisa Anderloni, Maria Debora Braga and Emanuele Maria Carluccio_16 docx

Tài chính doanh nghiệp

... for a put option and In these new variables, d1 and d2 in (8.20) and (8.21) simplify to d1 = m τ + τ and d2 = m τ − , τ (11.1) and, from (8.19) and (8.24), the re-scaled call and put values become ... T, and set up the array Svals of 50 equally spaced asset prices between and and the array tvals of 50 equally spaced time points between and T The nested for loops then work through Svals and ... see Exercise 11.3 and p(m, τ ) = e−m N (−d2 ) − N (−d1 ), (11.2) 11.7 Program of Chapter 11 and walkthrough 111 11.6 Notes and references Colour versions of Figures 11.3, 11.4 and 11.5 can be downloaded...
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Global Firms and Emerging Markets in an Age of Anxiety ppt

Global Firms and Emerging Markets in an Age of Anxiety ppt

Tài chính doanh nghiệp

... Global Firms and Emerging Markets in an Age of Anxiety Global Firms and Emerging Markets in an Age of Anxiety Edited by S Benjamin Prasad and Pervez N Ghauri Library of Congress ... 1996) and across countries (Kogut and Zander 1993; Zander and Kogut 1995) Here, we characterize LDCs as countries with lower average individual wealth, and institutions that are less developed and ... (FDI), and foreign reserve accumulation, and it is now a member of WTO, there are other emerging markets in Asia, particularly East Asia Yamin and Ghauri, in chapter 13, “Rethinking MNEEmerging...
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Global Firms and Emerging Markets in an Age of Anxiety pptx

Global Firms and Emerging Markets in an Age of Anxiety pptx

Tài chính doanh nghiệp

... Global Firms and Emerging Markets in an Age of Anxiety Global Firms and Emerging Markets in an Age of Anxiety Edited by S Benjamin Prasad and Pervez N Ghauri Library of Congress ... 1996) and across countries (Kogut and Zander 1993; Zander and Kogut 1995) Here, we characterize LDCs as countries with lower average individual wealth, and institutions that are less developed and ... (FDI), and foreign reserve accumulation, and it is now a member of WTO, there are other emerging markets in Asia, particularly East Asia Yamin and Ghauri, in chapter 13, “Rethinking MNEEmerging...
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ownership structure and earnings management in emerging markets

ownership structure and earnings management in emerging markets

Quản trị kinh doanh

... Accounting Standards (IAS) and related interpretations issued by the former International Accounting Standards Committee (IASC), and the International Financial Reporting Standards (IFRS) and related ... opportunistic and informative managerial ownership in addition to active and myopic institutional and block-holders ownership and their differential associations with earnings management Understanding ... for Accounting and Auditing” headed by the Minister of Industries and Trade, and the creation of an improved JACPA However, Rahman and Waly (2004) argued, for more clarification and refinement...
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