Search results for "Capital market"
showing 10 items of 52 documents
The Legacy and the Tyranny of Time: Exit and Re-Entry of Sovereigns to International Capital Markets
2018
We use a novel continuous-time Weibull model (without and) with a change-point in the duration dependence parameter to investigate the duration of the exit and re-entry of sovereigns to international capital markets. Relying on annual data for a large panel of countries over the period 1970-2011, we find that, as the reputation of debtor countries as good (bad) borrowers solidifies over time, those episodes are more likely to end - i.e. the "legacy of time". Debtor countries can take advantage of the "benefit of doubt" of creditors during short exit spells. However, when exits are long and the reputation as a bad borrower emerges, no more "complacency" makes it more difficult for them to bo…
Oil price shocks, global financial markets and their connectedness
2020
Abstract This paper extends the literature on the relationship between oil price shocks and financial markets by examining the effect of oil shocks on the sovereign bond markets of a large number of advanced and emerging economies and exploring the impact of oil shocks on the degree of connectedness among international financial markets. We show that the effect of oil price shocks is not only limited to stock market returns, but also extends to bond markets, even after controlling for discount rate shocks as well as aggregate capital market effects. Unlike the case for stock markets, the effect on sovereign bonds is found to be rather heterogeneous (in terms of size and sign) and primarily …
Corporate e-Governance Disclosure in the Digital Age: An Empirical Study of Spanish Listed Companies
2005
Corporate governance research has focused mainly on the analysis of the information that firms ought to disclose and the effects of disclosure, basically without considering the media involved. This paper examines the relevance of technology, and particularly the internet, for the improvement of corporate governance and transparency in listed companies. The need for this study is clear in view of the increasing interest shown by supervisory authorities for the oversight of the European and US capital markets in regulating not only content but also the manner in which corporate governance information is disclosed over the internet. In this paper we have quantified three corporate governance …
Adaptative Network Topology for Data Centers
2016
Data centers have an important role in supporting cloud computing services (such as email, social networking, web search, etc.) enterprise computing needs, and infrastructure-based services. Data center networking is a research topic that aims at improving the overall performances of the data centers. It is a topic of high interest and importance for both academia and industry. Several architectures such as FatTree, FiConn, DCel, BCube, and SprintNet have been proposed. However, these topologies try to improve the scalability without any concerns about energy that data centers use and the network infrastructure cost, which are critical parameters that impact the performances of data centers…
Entrepreneurship training for new ventures
2009
Several studies in the field of international entrepreneurship have indicated the inadequacy of public policy support for new ventures and called for more tailored training programs. This paper introduces a training program created for new ventures in Central Finland and analyzes its benefits and shortcomings using a qualitative case study. The findings reveal that the training program provided useful knowledge on how to develop a business further and how to make it understandable and attractive to a funder. However, the findings also indicate that there is a need for cultural adaptation: the training program developed originally for U.S. new ventures was not fully adapted for the needs of …
Financing Small Businesses: From Venture Capital to Crowdfunding
2017
Abstract Startups and small businesses are facing many challenges in terms of financing their activities. These types of companies do not have the possibility to access capital market or to make IPO or to borrow money from banks like big, mature or well-known companies (who were at their beginnings startups or small businesses). They have to find different sources for financing their ideas/products/services that are in many cases very risky, hazardous or to ambitious. But, fortunately, the financing alternative for these companies have evolved during the last post crisis years. They have possibility to find some investors that are willing to invest in a non-name company by accessing crowdfu…
The Risk-Relevance of Accounting Data: Evidence from the Spanish Stock Market
2006
This paper analyses the relevance of accounting fundamentals to inform about equity risk as measured by the cost of equity capital. Assuming the latter is a summary measure of how investors make decisions regarding the allocation of resources, the strength of the association between the cost of capital and the accounting-based measures of risk indicates how important these measures are for market participants when making economic decisions. To infer the cost of equity capital, we use the O'Hanlon and Steele's method, which is based on the residual income valuation model. Moreover, we use the insights from this model to provide a theoretical underpinning for the choice of the accounting vari…
Equity Issues in the Spanish Stock Market: Windows of Opportunity, Earnings Management or Market Timing?
2005
We investigate whether the market sentiment and/or the specific operating performance of firms that conducted an equity issue on the Spanish stock market during the period 1993-2000 are related to the long-run stock-return underperformance in the year following the issue of small and medium firms. Our results reveal that equity issues were conducted by large firms just when the market showed optimistic expectations towards large firms in general. This overoptimism towards large issue firms was related to the 1990s technology boom in the case of initial public offerings (IPO), but we detect earnings management by large firms that conducted a seasoned equity offering (SEO). In this context, s…
Revamping Research on Unrelated Diversification Strategy: Perspectives, Opportunities and Challenges for Future Inquiry
2015
With the aim of achieving an advanced understanding of current research on unrelated diversification and providing fruitful groundwork to foster active interchange between disciplinary traditions, this paper detects articles from two relevant research streams; i.e., strategic management and financial economics. We first provide a brief overview of management thinking on unrelated diversification strategy. Then, we present a conceptual map that offers a comprehensive appreciation of unrelated diversification strategy antecedents (i.e., environmental and institutional, organizational value-enhancing, and managerial drivers), implementation process (i.e., managerial complexity, misallocation o…
Availability of alternative financial resources for SMES as a critical part of the entrepreneurial eco-system: Latvia and Italy
2015
Abstract The importance of non-traditional alternative/innovative financing is gaining recognition in both developed and emerging economies throughout the world (OECD, 2012; EC, 2013; ECB, 2013; ECB, 2014). SME financing in Europe remains primarily bank based, in spite of the many policies proposed to develop alternative financing instruments (e.g. adopting directives on venture capital, improving the transparency and visibility of SMEs on capital markets, etc.) The paper aims at understanding the availability of alternative resources for SMEs by analyzing them rigorously, understanding the obstacles for the development of non-bank finance and developing recommendations to overcome them. Th…