Does Growth & Quality of Capital Markets drive Foreign Capital? The case of Cross-border Mergers & Acquisitions from leading Emerging Economies

Is there any interrelationship between firm level FDI in the form of cross border Mergers & Acquisitions and capital markets growth and quality? We addressed this question using panel data of cross border M & A for nine emerging economies. Our study period goes from 1987 to 2006. We find that the stock market variables, viz., capitalization and value addition encourage the number of deals and value of cross border Mergers & Acquisitions. However, the association with regulatory and financial reforms is much stronger and robust.http://deepblue.lib.umich.edu/bitstream/2027.42/64368/1/wp911.pd

Does Growth & Quality of Capital Markets drive Foreign Capital? The case of Cross-border Mergers & Acquisitions from leading Emerging Economies

Is there any interrelationship between firm level FDI in the form of cross border Mergers & Acquisitions and capital markets growth and quality? We addressed this question using panel data of cross border M&A for nine emerging economies. Our study period goes from 1987 to 2006. We find that the stock market variables, viz., capitalization and value addition encourage the number of deals and value of cross border Mergers & Acquisitions. However, the association with regulatory and financial reforms is much stronger and robust.Financial Markets, Cross border M&A & Emerging Economies.

Rapid Economic Growth at the Cost of Environment Degradation? Panel Data Evidience from BRIC Economies

The paper investigates whether the decline in environmental quality in BRIC economies is due to high energy consumption level which is a resultant of rapid economic growth. We answer this using environmental, macroeconomic and financial variables along with Kyoto Protocol indicators based on panel data from 1992 to 2004.http://deepblue.lib.umich.edu/bitstream/2027.42/64409/1/wp908.pd

MARKET RISK DYNAMICS AND COMPETITIVENESS AFTER THE EURO: Evidence from EMU Members

In this paper we propose an empirical model that considers theoretical facts on the relationship between real exchange rates and the net exports of the economy to supplement the interaction of a number of financial and economic factors with the stock market. We discuss the impact of exchange rate fluctuations on market risk in terms of Value at Risk (VaR). Our empirical findings show that common currency introduction produced increments in VaR whereas European stock returns are more sensitive to changes in competitiveness regarding the EMU rather than national exports. Finally, we show that the synchronisation of variation in competitiveness through the introduction of a single currency has made these changes more decisive in explaining financial market fluctuations.Euro, Competitiveness, Market Risk, Net Export, Value-at-Risk, Volatility

Market Risk Dynamics and Competitiveness After the Euro: Evidence from EMU Members

In this paper we propose an empirical model that considers theoretical facts on the relationship between real exchange rates and the net exports of the economy to supplement the interaction of a number of financial and economic factors with the stock market. We discuss the impact of exchange rate fluctuations on market risk in terms of Value at Risk (VaR). Our empirical findings show that common currency introduction produced increments in VaR whereas European stock returns are more sensitive to changes in competitiveness regarding the EMU rather than national exports. Finally, we show that the synchronisation of variation in competitiveness through the introduction of a single currency has made these changes more decisive in explaining financial market fluctuations.http://deepblue.lib.umich.edu/bitstream/2027.42/64351/1/wp916.pd

Does Growth & Quality of Capital Markets drive Foreign Capital? The case of Cross-border Mergers & Acquisitions from leading Emerging Economies

Is there any interrelationship between firm level FDI in the form of cross border Mergers & Acquisitions and capital markets growth and quality? We addressed this question using panel data of cross border M&A for nine emerging economies. Our study period goes from 1987 to 2006. We find that the stock market variables, viz., capitalization and value addition encourage the number of deals and value of cross border Mergers & Acquisitions. However, the association with regulatory and financial reforms is much stronger and robust. We then interact both the stock market variables with financial and regulatory reforms variables only to find much stronger results. The coefficients proved to be higher than other variables, suggesting that higher reforms in capital markets could increase firm level FDI. Moreover, the results are found to be extremely robust when we replace stock market variables with squared values of the same, reiterating the fact that larger is the growth, greater is the inflow of firm level FDI in the form of cross border Mergers & Acquisitions.Financial Markets, Cross border M&A & Emerging Economies

Determinants Of Barries To Quality Of Direct Foreign Investments Evidences From South & East Asian Economies

The objective of this paper is to examine whether FDI inflows in South & East Asian economies posses any barriers which are deterring to attract FDI of their actual potential? If so, what are those various set of barriers? These questions are addressed in this study using cross section time series data for 17 South and East Asian economies from 1996 to 2005.http://deepblue.lib.umich.edu/bitstream/2027.42/64376/1/wp910.pd

Situación financiera de la universidad española

Son muchos los interrogantes que se le plantean a la Universidad en este cambio de milenio. Casi todos ellos tienen un claro tinte financiero en la medida en que se está generando una incertidumbre acerca de la continuidad de la financiación pública, al menos en lo que a volumen se refiere, de las instituciones universitarias. Se le plantean así nuevos retos a la Universidad, principalmente la búsqueda de nuevas fuentes de financiación y de mejoras en la gestión de sus recursos financieros. Un paso importante para afrontar con éxito dichas metas es conocer la situación actual de la que parte. Aunque éste es un objetivo demasiado amplio para nuestro trabajo, hemos querido dar una visión global de la situación financiera que atraviesa la Universidad a partir de las cifras de los Presupuestos Liquidados de las Universidades Públicas Españolas (Año 1996), proporcionadas por la Gerencia de las Universidades Públicas Españolas y referidas a 43 Universidades, utilizando, a nivel geográfico, la Comunidad Autónoma como unidad de análisis. Para conseguir nuestro objetivo, partimos del presupuesto conjunto de las universidades, que a lo largo del segundo epígrafe iremos “diseccionando” a través de ratios que nos sirven de indicadores de la posición económico - financiera que vive el sistema universitario español.There are a lot of questios for University in the new millennium. Most of them are financial issues because of the uncertainty about the public financing continuity. Thus, University has now new challenges. University has mainly to look for new source of financing and improvements in financial recourse management. Un important step to face this challenge is to know the actual situation. Although this is very extent objetive for our analysis, we present a global financial vision from Spanish Public University Budgets (1996). The number of Universities were foty three and the analysis unit was the Regional Comunity

Implicacións financeiras da xestión do medio natural para as empresas e para os mercados de capitais

Las empresas, como principales responsables de los problemas ambientales y como agentes más poderosos para liderar el cambio hacia un modelo de crecimiento económico sostenible, están llamadas a incorporar en su gestión la variable ambiental. No son pocos los recelos y las reticencias ante tales exigencias de la sociedad, principalmente derivados de la aparente incompatibilidad entre el objetivo de creación de valor para el accionista y la consecución de buenos resultados ambientales. El conocimiento y las herramientas de la Economía Financiera se revelan como la clave para impulsar la integración de la gestión ambiental en los sistemas de gestión de las empresas, a lo que pueden contribuir también los mercados financieros mediante el establecimiento de las condiciones óptimas para que las empresas superen los obstáculos que les impiden adherirse a un compromiso más profundo con el medio ambiente

Impact of social metrics in decentralized finance

In our study, we have evaluated the impact of tweets, social indicators, uncertainty, and attention indices on the selected variables calculated from a pool of 51 decentralised finance entities. In so doing, we have identified some evidence that returns are impacted by tweets, but not by social indicators that appear to be more relevant for volatility. We have further confirmed that the S&P500 Index negatively influences cryptocurrency returns, which means that these two asset classes are substitutes. Uncertainty and attention indices are relevant in determining returns and the alternative measurement of volatility. However, they remain insignificant for illiquidity and our initial volatility choiceS