Search results for "FINANCIAL MARKET"
showing 10 items of 198 documents
How local conditions affect global banking: the case of BBVA and Santander
2021
This paper explores why Spanish banks internationalize and why Latin America has been the main region for the international expansion of BBVA and Santander. It shows that prior to 1986 Spanish banks had a limited presence abroad, and analyses the main drivers of this initial expansion (remittances and trade connections). However, from 1986 on, there was a confluence of domestic and external factors (economic and regulatory changes in Latin America) that encouraged the international forays of BBVA and Santander. The fact that changes in the Spanish and Latin American financial sectors occurred just when other transnational banks were turning their attention to other regions created the optim…
Can Soft Models Describe Polymer Knots?
2020
Similar to macroscopic ropes and cables, long polymers create knots. We address the fundamental question whether and under which conditions it is possible to describe these intriguing objects with crude models that capture only mesoscale polymer properties. We focus on melts of long polymers which we describe by a model typical for mesoscopic simulations. A worm-like chain model defines the polymer architecture. To describe nonbonded interactions, we deliberately choose a generic "soft" repulsive potential that leads to strongly overlapping monomers and coarse local liquid structure. The soft model is parametrized to accurately reproduce mesoscopic structure and conformations of reference p…
FinTech in Latvia: Status Quo, Current Developments, and Challenges Ahead
2021
FinTech has been in the focus of discussion for quite some time. However, the market share of FinTech companies is still relatively small compared to that of more traditional financial services. The purpose of this paper is to analyse the status quo, current developments, and challenges ahead for the Latvian FinTech sector. We combine three analyses: a political and legal, economic, social, and technological environment (PEST) analysis
Home Country Institutions and Outward FDI: An Exploratory Analysis in Emerging Economies
2020
Although the internationalization of economies is driven by specific industry conditions or business-specific differences, the institutions that exist as background conditions directly determine firms&rsquo
FINANCIAL MARKETS' SHUTDOWN AND REACCESS
2017
We employ a discrete-time parametric duration model on a group of 121 countries over the period 1970–2011 and find that the probability of the end of financial markets' shutdown and reaccess falls as these events become longer. We also show that: (1) shutdown episodes are longer when economic prospects are poor and the degree of financial openness falls, the chief executive has been in office for long periods, and the country has a default history and (2) spells of reaccess tend to be longer when economic growth improves and financial openness increases, there are neither government crises nor government instability, and the country did not default in the past. (JEL C41, G15)
A panel cointegration approach to the estimation of the peseta real exchange rate
2001
Abstract In this paper we estimate different specifications of a model for the determination of the bilateral real exchange rate of the peseta relative to nine European Union members. The model is based on Meese and Rogoff (The Journal of Finance 43 (1988) 933) monetary approach as extended by MacDonald (Journal of International Financial Markets, Institutions and Money 8 (1998) 117). The applied econometric techniques are the recent panel cointegration tests developed by Kao (Journal of Econometrics 90 (1999) 1), McCoskey and Kao (A Monte Carlo comparison of tests for cointegration in panel data. Journal of Propagations in Probability and Statistics 1 (2001) 165) and Pedroni (Oxford Bullet…
Can an unglamorous non-event affect prices? The role of newspapers
2016
AbstractOur paper offers evidence that the print media can affect stock prices by covering public information. After price-to-book value figures of Italian listed shares were first published on the major national financial newspaper, the prices of value stocks did, on average, show a positive reaction. The price reaction was limited to small caps stocks and disappeared within three weeks. Over the period of analysis, we could not find any abnormal behaviour of the returns of small and value stocks on other European markets. These findings support the view that newspapers play a role in disseminating information to small investors and grabbing their attention, even if news are continuously r…
The Dynamics of Quote Prices in an Artificial Financial Market with Learning Effects
2007
In this paper we study the evolution of bid and ask prices in an electronic financial market populated by portfolio traders who optimally choose their allocation strategy on the basis of their views about market conditions. Recently, a growing literature has investigated the consequences of learning about the returns process1. There has been an increasing interest in analyzing what are the implications of relaxing the assumption that agents hold correct expectations. In particular, it has been asked the fundamental question of understanding if typical asset-pricing anomalies (like returns predictability, and excess volatility) can be generated by a learning process about the underlying econ…
Banking Accounting between Prudence and Flexibility
2013
Abstract This paper is about the first year applying the International Financial Reporting Standards in Romanian banking accounting system. The research goal is revealing the effects on valuation of assets, liabilities or risks provisions. Expected results are linked to changing of performance indicators. Besides the need of specific resolution measures, the crises revealed the necessity to adopt prudential regulations for increasing banking accountability. Similar to the other segments of the financial market, the facts have shown that the control over the obeisance of these regulations should be entrusted to a supervising authority.
Legal questions on financial market abuse
2015
Purpose – The purpose of this study is to underline the impact that globalization of financial markets has on national punishment policies. The US financial crisis has strongly affected consumers’ lives, but the focus of this research is on the national provisions against the illegal and unfair behaviour of economic actors, with special regard to a phenomenon that took place abroad, but whose effects came to light in many different countries. Design/methodology/approach – Different methodological approaches, both deductive and inductive, are combined in the present paper, together with comparative and philosophical insights on national Court decisions and scholar writings. Findings – As Eu…