The dynamic relationship between the sovereign CDS market and the Eurozone sovereign bond market (classified by maturity): Contagion or Spillovers?

This paper aims to test the Credit default swaps (CDS) as vectors of contagion towards the bond market, classified by maturity, during the sovereign crisis for a sample of 10 developed Eurozone countries. By implementing an approach based on a VECM model subject to several econometric tests, this paper contributes to the literature by providing conclusions about the impact of a maturity effect on the vulnerability of a sovereign bond in the contagion facing the sovereign CDS market. Our findings suggest that the dynamic relationship between the CDS market and the public bond market is significantly related to the quality of the debt studied

The Determinants of Multiple Foreign Listing Decision

AbstractThis study aims to examine the determinants of multiple foreign listing decision. By implementing a multiple event-time experiment, we find no evidence to support the bonding hypothesis. Firms from developed countries prefer to list in proximate additional foreign markets (in geographic terms) to overcome market segmentation, and to benefit from better informational environment. The decision of multiple listing may be also related to the global business strategy of the firm. Firms from emerging countries, especially those with high quality, list in additional foreign market in order to overcome investment barriers. While liquidity and informational considerations play little role, culture proximity is a determining factor in the decision of multiple foreign listing for firms from emerging countries

Liquidity and corporate yield spreads: lessons from Tunisian bond market

This paper explores the role of liquidity risk in the pricing of corporate bonds. We show that this risk is a priced factor for the credit spread associated with corporate bonds. Therefore, the liquidity spread helps to clarify the credit-spread puzzle. This finding suggests that credit spreads may include a liquidity premium that is ignored by traditional pricing models. Further, corporate bond spreads have insignificant exposures to fluctuations in equity market liquidity.credit spreads; liquidity risk; corporate bonds; Tunisian bond market; Tunisian equity market; liquidity premium; credit spread puzzle; Tunisia; bond pricing.

Impact de la structure de marché et du choix stratégique sur la performance bancaire : cas des pays émergents

Cet article vise à étudier l’effet de la structure de marché et du choix stratégique sur la performance bancaire. La revue de la littérature montre que la structure de marché a un effet positif mais faible sur la performance bancaire. Le choix stratégique des dirigeants pourrait être introduit afin d’expliquer la performance bancaire. Les données on été collectées auprès d’un échantillon de 293 banques commerciales, appartenant à 11 pays émergents, disposant de données sur 7 années successives. Les résultats dégagés permettent de mettre en évidence le rôle du choix stratégique dans l’explication de la performance bancaire. Aussi, les résultats montrent l’absence de relation entre la concentration de marché et la performance bancaire et mettent en évidence l’importance de la part de marché dans l’explication de la performance bancaire.This paper aims to study the effect of market structure and strategic choice on bank performance. The literature review shows that the market structure has a positive but low effect on bank performance. The strategic choice of leaders could be introduced to explain bank performance. The data have been collected from a sample of 293 commercial banks, from 11 emerging countries, with data on 7 successive years. Results highlight the role of strategic choice in the explanation of bank performance. Also, the results show no relationship between market concentration and bank performance and highlight the importance of market share in the explanation of bank performance.Este trabajo tiene como objetivo estudiar el efecto de la estructura del mercado y la elección estratégica sobre el desempeño del banco. La revisión de la literatura muestra que la estructura del mercado tiene un efecto positivo, pero baja en el rendimiento del banco. La elección estratégica de los líderes se podría introducir para explicar el desempeño del banco. Los datos han sido recogidos de una muestra de 293 bancos comerciales, procedentes de 11 países emergentes, con los datos de 7 años sucesivos. Las pérdidas y ganancias cabe destacar el papel de la elección estratégica en la explicación de los resultados de los bancos. Asimismo, los resultados no muestran ninguna relación entre la concentración del mercado y desempeño de los bancos y ponen de relieve la importancia de la cuota de mercado en la explicación del desempeño de los bancos

Market structure, strategic choices and bank performance

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