Value Creation Through Joint Venture and Strategic Alliance Formation

This study examines the price reaction to the announcements of joint venture and strategic alliance formation, the main determinants of the partnering firm\u27s choices to enter a specific joint venture and a specific strategic alliance, and the impact of such alliance formation on partnering firms\u27 valuation. The analysis of the price reaction at the announcement of alliance formation indicates that market can distinguish between value creating and non-value creating alliances. I also provide evidence supporting the argument that alliance formation is not a random process. A firm\u27s choice of entering an alliance designed as diversifying or non-diversifying strategy is a result of a complex interaction of external factors and internal needs. Finally, using the change in excess value from the year prior to the year following the alliance formation, I document that alliance formation negatively impacts the valuation of the single segment partnering firms relative to their industry peers, and has no impact on the valuation of multiple segment firms. Thus, single segment firms entering alliances are facing the trade-off between the longterm benefit provided by the alliance and the immediate costs affecting the activity developed in the house

Central Bank Digital Currencies: A Bibliometric Analysis

Rapid technological advances in electronic money and payment methods entice central banks to consider their role in an ever more digital world. Transformative changes to the financial and monetary system are met with an array of policy responses, including the issuance of central bank digital currencies. This paper examines the trends in the evolution of central bank digital currency literature and identifies the important features of the research area. A bibliometric analysis was used to analyze 77 journal articles on central bank digital currencies published from 2018 to 2020 in Scopus Database. Through performance, cocitation, and co-word analysis of the retrieved literature, we document the main journals, countries, authors, and emerging fields of research in central bank digital currencies

New Evidence on the Wealth Transfer during the Argentine Crisis

In this study, we investigate the wealth preservation hypothesis and revisit the theory of wealth transfer from Argentina to the United States during the Argentine crisis. We show that the boom experienced by the Argentine stock market is explained by both wealth preservation through top non-ADR stocks and by wealth transfer through ADR stocks. Argentine investors without access to trading abroad preserved wealth by converting their bank deposits into the most liquid ADR and non-ADR stocks. An investment in a portfolio of less liquid ADRs resulted in a wealth loss, unless used as a vehicle to transfer funds abroad

Internal Capital Markets and Lobbying Activity by Insurer Groups

[[sponsorship]]Asia-Pacific Risk and Insurance Association (APRIA)[[conferencetype]]國際[[conferencedate]]20120722~20120725[[iscallforpapers]]Y[[conferencelocation]]Seoul, Kore

Blockchain Bond Issuance

Blockchain bonds are digital securities designed to address inefficiencies in the bond market. With global interest and recognition, digital securities represent a revolutionary phase in entrepreneurial and corporate finance. Blockchain applications in security issuance mark the beginning of a broad shift in public capital markets by significantly increasing efficiency and establishing relationships of trust between issuers and investors. In this paper we document the evolution of blockchain bond applications leading to recent bonds projected to have their full lifecycle on blockchain. We discuss the remaining challenges and risks associated with blockchain technology adoption