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Global Finance Journal
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#1H. Kent Baker (AU: American University)H-Index: 27
#2Satish Kumar (MNIT: Malaviya National Institute of Technology, Jaipur)H-Index: 7
Last.Nitesh Pandey (MNIT: Malaviya National Institute of Technology, Jaipur)
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Abstract In 1989, Global Finance Journal (GFJ) started publishing articles examining financial topics from a global perspective. In 2018, the journal celebrated its 30th anniversary. This study provides a retrospective analysis of the journal's content. It offers insights into the publication activity, citation trends, most prominent themes, and state of collaboration among GFJ contributors and its aggregate contribution to the field of finance. Overtime, GFJ has experienced a rise in both publi...
#1James Dominic (Indian Institute of Technology Madras)
#2Arun Kumar Gopalaswamy (Indian Institute of Technology Madras)H-Index: 4
Abstract This paper models investment duration in the Indian venture capital (VC) market, by industry and exit route. We examined 3416 investment and exit transactions in India during the period 2000–2017 and found that the probability of staying invested for more than ten years was 70%. Exit probabilities were low in most sectors. Investment duration was not positively associated with the investment valuation; rather, it was impossible to exit from the majority of investments because of the ill...
#1Marco Botta (UCSC: Catholic University of the Sacred Heart)
Abstract The financial crisis that started in 2008 has generated significant losses for European banks, forcing them to undertake a series of seasoned equity offerings (SEOs) to reinforce their balance sheets in order to comply with regulatory capital requirements. As a result, they have produced repeated SEO waves in a relatively short time frame, when capital supply was limited due to the economic and financial context. We investigate the conditions at which European banks have been able to ra...
#2Zaheer Anwer (UOL: University of Lahore)
Last.Mohamed Eskandar ShahH-Index: 2
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Abstract According to the substitution hypothesis and recent evidence, firms that are better governed carry less debt and experience fewer agency problems. This may also imply that firms with lower debt are better governed and experience lower agency costs. We test this hypothesis by comparing the agency costs of Shariah compliant (SC, and therefore low debt) and Shariah noncompliant (SNC) firms, using a proprietary dataset comprising constituents of the Dow Jones Islamic index for the period 20...
#1Arash Soleimani Dahaj (UW: University of Waterloo)H-Index: 1
#2Brian P. Cozzarin (UW: University of Waterloo)H-Index: 9
Abstract We use data on venture capital investments from 26 countries from 1998–2013. We investigate the following questions: Do domestic government sponsored venture capital funds augment or curtail domestic private venture capital funds from cross-border investment? Do government sponsored venture capital funds attract or repel foreign private venture capital investment? The results show that a preponderance of mixed-structured over pure-structured government venture capital investment has a c...
#1Klaus S. Beckmann (USD: University of South Dakota)
#2Diego Escobari (University of Texas at Austin)H-Index: 9
Last.Thanh Ngo (ECU: East Carolina University)H-Index: 6
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Abstract We examine the existence of real and accrual-based earnings management before and after cross-listings on the U.S. market. The results indicate that firms actively manage their earnings around cross-listing events, using both accrual and real earnings management, but real earnings management is dominant. American Depositary Receipts (ADRs) cross-listed at Level 1 and sponsored ADRs show the largest increase in real earnings management from before to after the listing. Firms that have ad...
#1Gang Hu (PolyU: Hong Kong Polytechnic University)
#2Ji-Chai Lin (PolyU: Hong Kong Polytechnic University)
Last.Manning Yu (PolyU: Hong Kong Polytechnic University)
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Abstract In this study, we propose a new rationale for firms' delisting and going private decision: voluntary delist then reissue shares and relist in the “home” country, because of favorable government economic policy and regulatory changes. 29 (27) out of 127 U.S.-listed Chinese ADRs announced going private during 2015 alone (2011–14). Using these two waves of Chinese ADRs going private, we first examine three potential rationales proposed by prior literature, namely, undervaluation, free cash...
#1Francisco López-Herrera (UNAM: National Autonomous University of Mexico)H-Index: 6
#2Roberto J. Santillán-Salgado (Tec: Monterrey Institute of Technology and Higher Education)H-Index: 3
Last.Alejandra Cabello (UNAM: National Autonomous University of Mexico)H-Index: 4
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Abstract This paper studies the stochastic relationship among six Latin American countries' international bond issue risk premium. The analysis exploits a novel Corporate Emerging Markets Bond Indices (CEMBIs) database processed with a VAR-CCC model to clarify the nature of such relationships, and makes an objective interpretation of their characteristics. The countries included in the sample are Argentina, Brazil, Chile, Colombia, Mexico and Peru, and the daily observations period from May 14, ...
Abstract In response to the lessons of the global financial crisis, macroprudential policy is now firmly established as a financial policy area to prevent excessive risk taking in the financial sector and mitigate its effects on the real economy. However, macroprudential policy is facing several challenges relating to its political sensitivity and institutional context. These include political and interest group resistance, weaknesses in the governance framework, and limited institutional memory...
Abstract We analyze the relationship between returns on equity and long-term government bonds in the crisis-hit Eurozone peripheral economies. In particular, we are interested in the stability of the relationship across differing market conditions and if long-term bonds act as a safe haven for equity investors during periods of financial distress. Employing a Markov-switching vector autoregression model with three regimes, we find that the stock-bond relationship varies across market conditions ...
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