Search results for "capital markets"
showing 6 items of 16 documents
Access, Equity, and Regional Development
2014
All over the world, the transition from elite to mass, and in many cases, universal higher education (Trow & Burrage, 2010) has resulted in a new set of policy dilemmas regarding the governance of higher education (HE) systems in general (Amaral, Jones, & Karseth, 2002), as well as attempts to steer access to HE in particular (Pinheiro, Charles, & Jones, 2013; Pinheiro & Antonowicz, forthcoming).
The euro–dollar exchange rate and equity flows
2009
Abstract I examine equity flows between the US and the euro area and their impact on the euro–dollar exchange rate. I explain equity flows by examining the behavior of an international investor who maintains a minimum variance portfolio. An excess of euro area equity returns over US equity returns generates a flow of equity from the euro area to the US. The equity flow, the purchase of US equities by the euro-area residents, causes appreciation (depreciation) of the dollar (euro), while the purchase of euro area equities by US residents causes appreciation (depreciation) of the euro (dollar).
The Institutional Determinants of Private Equity Involvement in Business Groups The Case of Africa
2015
This study examines the governance attributes of post-IPO (initial public offering) retained ownership of private equity in business group constituent firms in contrast to their unaffiliated counterparts, in 202 newly listed firms in 22 emerging African economies. We adopt an actor centered institutional-theoretic perspective in rationalizing institutional voids and the advantages of maintained governance by both business angels (BA) and venture capital (VC) private equity. Our findings reveal private equity retain higher post-IPO ownership in business group constituents compared to unaffiliated firms and that this is inversely moderated in the context of improving institutional quality. Ou…
A dynamic analysis of SP 500, FTSE 100 and EURO STOXX 50 indices under different exchange rates.
2018
In this study, we assess the dynamic evolution of short-term correlation, long-term cointe-gration and Error Correction Model (hereafter referred to as ECM)-based long-term Granger causality between each pair of US, UK, and Eurozone stock markets from 1980 to 2015 using the rolling-window technique. A comparative analysis of pairwise dynamic integration and causality of stock markets, measured in common and domestic currency terms, is conducted to evaluate comprehensively how exchange rate fluctuations affect the time-varying integration among the S&P 500, FTSE 100 and EURO STOXX 50 indices. The results obtained show that the dynamic correlation, cointegration and ECM-based long-run Gra…
The predictive ability and value relevance of accounting measures
2011
Accepted version of an article published in the journal: International Journal of Economics and Accounting. Also available from the publisher at: http://dx.doi.org/10.1504/IJEA.2011.041894 Empirical accounting research sometimes assumes that the value relevance of accounting variables can be indirectly assessed by studying the ability of the variables to forecast future cash flow and earnings. This study investigates the relationships between short-term cash flow and earnings prediction tests and value relevance analyses. I find that earnings prediction tests might be good substitutes for value relevance analyses, whereas cash flow prediction tests merely provide indications with respect to…
Integration of Capital Markets from Central and Eastern Europe: Implications for EU Investors
2014
Our paper investigates the extent of capital market co-movements between three emerging markets– Czech Republic, Hungary and Poland – and three developed markets from the European Union - Austria, France and Germany. We test whether an increase in correlations between the six markets took place in recent years, as revealing higher integration of capital markets in the region. We find a statistically significant positive trend in cross-market correlations between 1999 and 2008, before the emergence of the global financial crisis. Movements in national stock markets are not fully synchronized, but increases in market volatilities lead to increases in cross-country correlations. There is a lon…