Search results for "Reign"

E‐learning in a university interdisciplinary and bilingual context

2008

PurposeThe purpose of this paper is to discuss the use of virtual learning environments in multicultural higher education of two different subjects: foreign language and marketing.Design/methodology/approachThe paper describes the aims, development and results of an interdisciplinary collaboration project was held between two European universities through a webCT system, where students had to work on linguistic aspects and economic and management topics.FindingsUnivariate analysis shows students to have a great interest in the project. Different multivariate techniques determine a strong positive relationship between students' participation, implication and motivation in the project and the…

La suspensión de la libre circulación de inversiones extranjeras en España por la crisis del COVID-19 (The Suspension of the Free Movement of Foreign…

2020

Spanish Abstract: La libre circulacion de inversiones es uno de los mantras que ha caracterizado la modernidad economica. El principio, sin embargo, se encuentra sometido a creciente prevencion, en el marco de una vision critica hacia la globalizacion en un mundo en pleno reajuste geoestrategico. Una de las manifestaciones de esta tendencia reciente de empoderamiento del Estado se refleja en la articulacion de mecanismos de control de las inversiones foraneas que le permitan evitar que sectores claves de la economia nacional caigan en manos de inversores extranjeros, en muchas ocasiones, controlados por Estados competidores. A diferencia de lo que ocurre con los paises de nuestro entorno, E…

COVID-19 y libre circulación de inversiones: un (muy) difícil matrimonio (COVID-19 and Free Movement of Investment: A (Very) Difficult Marriage)

2020

Spanish Abstract: Las inversiones extranjeras estan siendo objeto de una aproximacion mas cautelosa y critica en los ultimos anos en gran numero de paises. Una posicion que se refleja en su regimen juridico y se manifiesta, entre otros extremos, en el diseno de mecanismos de control previo con base en su eventual contrariedad con la seguridad nacional del pais receptor. La pandemia del COVID-19 no ha hecho sino acentuar esta tendencia. La posicion mantenida por la UE al respecto, y la suspension de la libre circulacion de inversiones decidida por el Gobierno espanol son manifestaciones de ello que, todo apunta, han venido para perdurar. English Abstract: In recent years, foreign investment …

Risk Management for Sustainable Sovereign Debt Financing

2021

We model sovereign debt sustainability with optimal financing decisions under macroeconomic, financial, and fiscal uncertainty, with endogenous risk and term premia. Using a coherent risk measure we trade-off debt stock and flow risks subject to sustainability constraints. We optimize static and dynamic financing strategies and demonstrate economically significant savings from optimal financing compared with simple rules and consols, and find that optimizing the trade-offs can be critical for sustainability. The model quantifies minimum refinancing risk and maximum rate of debt reduction that a sovereign can achieve given its economic fundamentals, and an extension identifies optimal timing…

Essays on Corruption

2021

Paper III and Paper IV is not published yet. Corruption is blamed for reductions in operational efficiency, information asymmetry, limited income distribution, policy failure, and weak economic growth and development. Corruption can originate from either the “demand-side” (the recipients of the bribe) or the “supply-side” (the givers of the bribe). This double edge effect of corruption on the economy and society makes it a multidisciplinary subject and phenomenon. Thus, scholars from different fields and disciplines, such as finance, banking, economics, accounting, law, foreign aid, and international business, examined and analyzed corruption as a multidisciplinary subject. In this disserta…

“It’s Practically a Must” : Neoliberal Reasons for Foreign Language Learning

2017

Is There a Credit Risk Anomaly in FX Markets?

2015

This paper explores whether a link between sovereign credit ratings and currency returns exists. Perhaps contrary to expectations, it finds that currencies of countries with higher credit risk tend to generate lower returns than those with a lower credit risk. The credit risk spread cannot be explained by standard risk factors.

Portfolio diversification in the sovereign credit swap markets

2018

We develop models for portfolio diversification in the sovereign credit default swaps (CDS) markets and show that, despite literature findings that sovereign CDS spreads are affected by global factors, there is sufficient idiosyncratic risk to be diversified. However, we identify regime switching in the times series of CDS spreads and spread returns, and the optimal diversified strategies can be regime dependent. The developed models trade off the CVaR risk measure against expected return, consistently with the statistical properties of spreads. We consider three investment strategies suited for different CDS market participants: for investors with long positions, speculators that hold unco…

Is There a Connection between Sovereign CDS Spreads and the Stock Market? Evidence for European and US Returns and Volatilities

2020

This study complements the current literature, providing a thorough investigation of the lead&ndash

Pricing sovereign contingent convertible debt

2018

We develop a pricing model for Sovereign Contingent Convertible bonds (S-CoCo) with payment standstills triggered by a sovereign's Credit Default Swap (CDS) spread. We model CDS spread regime switching, which is prevalent during crises, as a hidden Markov process, coupled with a mean-reverting stochastic process of spread levels under fixed regimes, in order to obtain S-CoCo prices through simulation. The paper uses the pricing model in a Longstaff-Schwartz American option pricing framework to compute future state contingent S-CoCo prices for risk management. Dual trigger pricing is also discussed using the idiosyncratic CDS spread for the sovereign debt together with a broad market index. …