Research in International Business and Finance

Items from 1 to 19 out of 19 results

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Are there reliable determinant factors of capital structure decisions? Empirical study of SMEs in different regions of Portugal

Fernanda Matias, Zélia Serrasqueiro

Research in International Business and Finance > 2017 > 40 > C > 19-33

On the basis of the empirical literature review about the capital structure decisions in Portuguese SMEs, this study analyses the relationships between the determinants – profitability, size, age, asset structure and growth, identified as reliable determinants in the empirical literature, and debt for SMEs located in different regions of Portugal (NUTS II). The global sample is made up of 11.016 SMEs...

article

Sustainability of macroeconomic policies in selected MENA countries: Post financial and debt crises

Simon Neaime, Isabelle Gaysset

Research in International Business and Finance > 2017 > 40 > C > 129-140

In the wake of the recent financial and debt crises, the conduct of macroeconomic policies in the emerging MENA economies has recently become critical in determining those countries future economic situation, due to the accumulation since the early 1990s of a sizable level of external debt, and the pursuit by some countries of a fixed exchange rate regime. Using time series econometric models, this...

article

Sanctions and the Russian stock market

Andrei Ankudinov, Rustam Ibragimov, Oleg Lebedev

Research in International Business and Finance > 2017 > 40 > C > 150-162

The article presents the robust estimates of extreme movements and heavy-tailedness properties for Russian stock indices returns before and after sanctions were introduced. The obtained results show that almost for all sectoral indices there was a statistically significant increase in volatility. At the same time there is not enough evidence of structural breaks in heavy-tailedness, though some indications...

article

On the rationality and efficiency of inflation forecasts: Evidence from advanced and emerging market economies

João Tovar Jalles

Research in International Business and Finance > 2017 > 40 > C > 175-189

This paper provides a full characterization of inflation rate forecasts using the mean values from Consensus Economics for a sample of 78 advanced and emerging economies between 1989 and 2014. It also assesses the performance of inflation rate forecasts around business cycles’ turning points. As expected, that inflation forecasts start to mirror the actual data as the forecast horizon draws to a close,...

article

Legal jurisdiction, director liability law, and venture capitalists’ equity stakes in Africa

Jonathan O. Adongo

Research in International Business and Finance > 2017 > 40 > C > 78-93

This article empirically investigates whether shareholder protection features of countries’ legal jurisdictions influence portfolio companies’ venture capital and private equity stakes purchased by general partner firms in Africa. Results indicate general partners purchase lower equity stakes in French civil law, relative to Common law systems, when director liability laws are weak and higher equity...

article

Inside front cover - Editorial Board - Bottom half

Research in International Business and Finance > 2017 > 40 > C > IFC

article

Contained crisis and socialized risk

Masaki Nakabayashi

Research in International Business and Finance > 2017 > 40 > C > 231-241

In the 1880s, Japan experienced its first stock investment boom, which was highly leveraged by the banking sector. In 1890, its first financial crisis occurred and triggered a de-leveraging process. With a high lower bound of the conventional interest rate intervention under the fixed exchange rate regime, the Bank of Japan decided to implement a massive securities purchases first time among major...

article

What explains corporate sukuk primary market spreads?

Yusuf Ayturk, Mehmet Asutay, Ercument Aksak

Research in International Business and Finance > 2017 > 40 > C > 141-149

This study investigates the determining factors of international corporate sukuk pricing in the primary market for the period of 2004–2015. We present novel evidence for a unique data set covering all 63 international corporate sukuk issuances consisting of both a fixed margin rating as well a credit rating score. Our cross-sectional analysis indicates that both credit rating and maturity are significant...

article

Is the M&A announcement effect different across Europe? More evidences from continental Europe and the UK

Miroslav Mateev

Research in International Business and Finance > 2017 > 40 > C > 190-216

The United Kingdom (UK) and Continental Europe are two of the most dynamic markets for mergers and acquisitions in the world. Using a sample of 2823 European acquisitions announced between 2002 and 2010, we investigate the effect of M&A announcements on stock returns of acquiring companies located in Continental Europe and the UK. The analysis is based on characteristics of takeover transactions...

article

Capital structure in the Chilean corporate sector: Revisiting the stylized facts

Pablo San Martín, Paolo Saona

Research in International Business and Finance > 2017 > 40 > C > 163-174

The purpose of this paper is to analyze the traditional drivers of the capital structure, in addition to others particularities of the Chilean corporate sector. Using panel data methodology, this study examines the potential drivers of the capital structure in a sample of 157 Chilean firms. To do that, this study also includes variables not commonly used in the literature (e.g. ownership concentration,...

article

Are investors really home-biased when investing at home?

Andreas Oehler, Stefan Wendt, Matthias Horn

Research in International Business and Finance > 2017 > 40 > C > 52-60

Investors who only invest in their domestic market are typically referred to as being home-biased. We refer to firm-level internationalization and call into question whether investing in domestic stock indices actually leads to home bias. We use three measures of firm-level internationalization based on percentages of foreign sales, employees in foreign countries, and foreign tax payments. We aggregate...

article

The impact of foreign equity flows on market volatility during politically tranquil and turbulent times: The Egyptian experience

Walid M.A. Ahmed

Research in International Business and Finance > 2017 > 40 > C > 61-77

Since the popular uprising of January 2011, a series of momentous events has rocked Egypt’s political order, jeopardising the country’s economic and financial stability. This study examines the role of foreign capital flows in the volatility of the Egyptian equity market, and whether this role has changed due to the recent domestic political unrest. These issues are empirically addressed in the context...

article

An early warning indicator system to monitor the unsecured interbank funds market

Miguel Sarmiento, Jorge Cely, Carlos León

Research in International Business and Finance > 2017 > 40 > C > 114-128

A core goal of regulators and financial authorities is to understand how market prices convey information on the financial health of its participants. From this viewpoint we build an Early-Warning Indicators System (EWIS) that allows for identifying those financial institutions perceived as risky counterparts by the participants of the interbank market. We use micro-level data from bilateral overnight...

article

Does central bank governors term in office matter for macroprudential policies? Evidence from MENA banks

Saibal Ghosh

Research in International Business and Finance > 2017 > 40 > C > 34-51

Using a comprehensive dataset on MENA banks, we examine whether CB governors use of macroprudential instruments affect bank risk. The findings indicate that the CB governors’ use of such instruments does not significantly reduce bank risk. We propose two hypotheses as to why CB governor are inclined to employ such instruments. Based on the findings, it appears that the decision to use such instruments...

article

True or spurious long memory in European non-EMU currencies

Thomas Walther, Tony Klein, Hien Pham Thu, Krzysztof Piontek

Research in International Business and Finance > 2017 > 40 > C > 217-230

We examine the Croatian Kuna, the Czech Koruna, the Hungarian Forint, the Polish Złoty, the Romanian Leu, and the Swedish Krona whether their Euro exchange rates volatility exhibits true or spurious long memory. Recent research reveals long memory in foreign exchange rate volatility and we confirm this finding for these currency pairs by examining the long memory behavior of squared residuals by means...

article

Determinants of capital structure in emerging markets: Evidence from Vietnam

Xuan Vinh Vo

Research in International Business and Finance > 2017 > 40 > C > 105-113

Capital structure decision is an important corporate behavior which draws strong interest from different stakeholders. It is more important in emerging markets due to their unique legal, cultural and institutional characteristics. This paper sheds further light on the question of whether capital structure determinants are different in emerging markets. We utilize a new and unique data set containing...

article

The effects of revenue diversification and cross border banking on risk and return of banks in Africa

Aisha Mohammed Sissy, Mohammed Amidu, Joshua Yindenaba Abor

Research in International Business and Finance > 2017 > 40 > C > 1-18

The paper analyses the implications of revenue diversification and cross-border banking for risk and return. We sample 320 banks across 29 African countries and employ System GMM estimator as a methodological approach to shed further light on the diversification-stability nexus by examining the complex interaction between three key variables: cross-border banking, diversification and bank stability...

article

A post-Marxist approach in development finance: PMF or production mutualisation fund model applied to agriculture

Vien Nguyen Son, Christophe Schinckus, Felicia Chong

Research in International Business and Finance > 2017 > 40 > C > 94-104

Development finance offers several solutions to support economic activity in poor areas usually based on a lending system. Such a perspective is mainly founded on the idea that the payment of a high interest rate by small farmers and small producers can compensate their non-sustainability or non-bankability. Instead of focusing on individual producers, sustainability which is a macro-concept would...

article

The synergy of financial sector development and information sharing in financial access: Propositions and empirical evidence

Simplice A. Asongu, Jacinta C. Nwachukwu

Research in International Business and Finance > 2017 > 40 > C > 242-258

This study assesses the role of information sharing in financialization (or coexistence of financial sub-systems) for financial access. The empirical evidence is based on contemporary and non-contemporary Fixed Effects and Quantile regressions on 53 African countries for the period 2004–2011. The positive complementarity of information sharing offices (ISOs) and financial formalization is an increasing...

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Keywords

CAPITAL STRUCTURE (3)
CORPORATE GOVERNANCE (2)
MENA (2)
PANEL DATA (2)
AFRICA (1)
AGRICULTURE (1)
BANK OF JAPAN (1)
BANK RISK (1)
BANKING (1)
BANKS (1)
BIAS (1)
BID PREMIUM (1)
BUSINESS GROUPS (1)
BUY AND SELL TRADES (1)
CENTRAL BANK GOVERNOR (1)
CHILEAN FIRMS (1)
CONDITIONAL VARIANCE (1)
CORPORATE SUKUK (1)
CROSS-BORDER BANKING (1)
CROSS-BORDER TAKEOVERS (1)
DEBT (1)
DEVELOPING COUNTRIES (1)
DEVELOPMENT FINANCE (1)
DIVERSIFICATION (1)
EARLY WARNING INDICATORS (1)
EFFICIENCY (1)
EGYPT (1)
EMERGING MARKETS (1)
ENTRENCHMENT (1)
EQUITY-RISK PREMIUM (1)
EXCHANGE RATE (1)
EXTERNAL DEBT (1)
FINANCIAL ACCESS (1)
FINANCIALIZATION (1)
FIRM SIZE (1)
FIXED EXCHANGE RATE (1)
FORECAST COMPARISON (1)
FOREIGN EQUITY FLOWS (1)
FOREIGN EXCHANGE (1)
GARCH (1)
GENERALISED METHOD OF MOMENTS (GMM) (1)
GROWTH (1)
HEAVY TAILS (1)
HOME BIAS (1)
INFORMATION ASYMMETRY (1)
INFORMATION RIGIDITY (1)
INTERBANK MARKETS (1)
INTERNATIONAL DIVERSIFICATION (1)
INTERNATIONALIZATION (1)
INVESTOR INFORMATION (1)
ISSUE SPREAD (1)
LEVERAGE (1)
LOWER BOUND OF CONVENTIONAL MONETARY POLICY (1)
MACROPRUDENTIAL (1)
MARKET DISCIPLINE (1)
MARKET VOLATILITY (1)
MERGERS AND ACQUISITIONS (1)
PEER PRESSURE (1)
POLITICAL EVENTS (1)
POST-MARXIST FINANCE (1)
PRIVATE EQUITY (1)
RECESSION (1)
RECOVERY (1)
REGIONAL HETEROGENEITY (1)
RETAIL INVESTORS (1)
RUSSIA (1)
SANCTIONS (1)
SECURITIES PURCHASES BY CENTRAL BANK (1)
SMES (1)
SPURIOUS LONG MEMORY (1)
STOCK MARKET (1)
STOCK MARKET INDEX (1)
STRUCTURAL BREAKS (1)
SUKUK PRICING (1)
SUSTAINABILITY (1)
UNCONVENTIONAL MONETARY POLICY (1)
VALUE CHAIN (1)
VALUE-AT-RISK (1)
VENTURE CAPITAL (1)
VOLATILITY (1)
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