Search results for "Markets"
showing 10 items of 332 documents
The refugee entrepreneurship process from/in emerging economies
2021
The paper examines several refugee experiences in Mexico and presents their reasons for leaving their home countries. A gap in research is identifying the entrepreneurial process experienced by refugee entrepreneurs. We use the case study of 10 Latin American refugees in Mexico to propose a conceptual framework that describes the entrepreneurial process of refugee entrepreneurs. We have found that this process begins with the abandonment of the country of origin, followed by the traumatic experiences that caused flight and the difficulties they face in the pilgrimage to the host country. These events help shape the entrepreneurial intention of the refugees.
Global connectivity between commodity prices and national stock markets: A time‐varying MIDAS analysis
2021
Skewness in financial returns
1999
Abstract In this paper the symmetry of daily returns is addressed in eight international stock markets and three spot exchange rates. Tests of symmetry with the sample skewness seem of little value, due to the non-normality of the returns. Under alternative non-normal distributions, the symmetry of the returns cannot be rejected for most markets. Distribution-free procedures do not detect strong asymmetries in most of the series either; however, some differences between returns below the mean and returns over the mean are observed in several markets
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…
Sustainable urban transport policy in emerging countries – case study of Mexico
2015
Negatywne efekty zewnętrzne transportu stanowią bolączkę współczesnych miast, niekorzystnie oddziałując na procesy rozwoju społeczno-gospodarczego. Problemy te są widoczne nie tylko w krajach wysoko czy średnio rozwiniętych – w ogromnym stopniu borykają się z nimi wielomilionowe i wielkopowierzchniowe metropolie, które z kolei są charakterystyczne głównie dla krajów wschodzących, jak np. Chiny, Indie, Brazylia czy Meksyk. Celem artykułu jest przedstawienie wybranych aspektów polityki zrównoważonego rozwoju transportu w stolicy jednego z tych krajów – Meksyku. Autorka starała się również odpowiedzieć na pytanie, w jaki sposób specyficzne uwarunkowania lokalne o różnym charakterze determinują…
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…
Identification of clusters of investors from their real trading activity in a financial market
2012
We use statistically validated networks, a recently introduced method to validate links in a bipartite system, to identify clusters of investors trading in a financial market. Specifically, we investigate a special database allowing to track the trading activity of individual investors of the stock Nokia. We find that many statistically detected clusters of investors show a very high degree of synchronization in the time when they decide to trade and in the trading action taken. We investigate the composition of these clusters and we find that several of them show an over-expression of specific categories of investors.
Testing for financial contagion between developed and emerging markets during the 1997 East Asian crisis
2005
In this paper we examine whether during the 1997 East Asian crisis there was any contagion from the four largest economies in the region (Thailand, Indonesia, Korea and Malaysia) to a number of developed countries (Japan, UK, Germany and France). Following Forbes and Rigobon, we test for contagion as a significant positive shift in the correlation between asset returns, taking into account heteroscedasticity and endogeneity bias. Furthermore, we improve on earlier empirical studies by carrying out a full sample test of the stability of the system that relies on more plausible (over) identifying restrictions. The estimation results provide some evidence of contagion, in particular from Japan…
The Influence of Institutionally Embedded Ownership on Anglo-American Corporate Governance Migration into Emerging Economy IPO Firms
2017
We argue that the corporate governance of emerging economy IPO firms is influenced by firm-specific institutionally embedded block ownership groups. Applying an extended institutional logic perspective and using a mixed-effects ordered probit model, our findings from 190 IPO-firms from 22 African countries 2000‒2016, support the notion that five major block owner categories (corporate, private equity, non-executive, business group, state) exerts very different influence on African firms’ degree of adoption of Anglo-American corporate governance measures. We find that the influence from the various block owner groups is significantly moderated by institutional quality and tribalism, but to d…