The Determinants Of Corporate Risk In Emerging Markets

Author : Eduardo A. Cavallo
Publisher : Unknown
Page : 26 pages
File Size : 47,7 Mb
Release : 2009
Category : Electronic
ISBN : OCLC:1290851939

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The Determinants of Corporate Risk in Emerging Markets by Eduardo A. Cavallo Pdf

This study explores the determinants of corporate bond spreads in emerging markets economies. Using a largely unexploited dataset, the paper finds that corporate bond spreads are determined by firm-specific variables, bond characteristics, macroeconomic conditions, sovereign risk, and global factors. A variance decomposition analysis shows that firm-level characteristics account for the larger share of the variance. In addition, the paper finds two asymmetries. The first is in line with the sovereign ceiling quot;litequot; hypothesis which states that the transfer of risk from the sovereign to the private sector is less than 1 to 1. The second is consistent with the popular notion that panics are common in emerging markets where investors are less informed and more prone to herding.

Author : Marvin Arras
Publisher : Anchor Academic Publishing
Page : 42 pages
File Size : 42,6 Mb
Release : 2016-09-13
Category : Business & Economics
ISBN : 9783960675785

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Corporate Risk Management in Emerging Markets by Marvin Arras Pdf

Managing risks is essential for corporations and has a tremendous impact on their performance. However, doing it sufficiently can be challenging, especially in Emerging Markets (EMs). Due to its underdeveloped environment, corporations often face enormous difficulties while managing risk in these countries. The purpose of this study is to outline the issues and differences of corporate risk management in emerging economies compared to Developed Markets (DMs). After a short introduction, the second chapter describes risk management in DMs and gives an overview of common corporate risks. The third chapter characterizes EMs and details its risk management. In that connection, the focus lies on (1) the risk management process, (2) the measurement of risk and (3) the tools and techniques to mitigate risks in EMs. Conclusively, the study summarizes the main factors for corporations that are fundamental for managing risks in EMs effectively.

Author : Anonim
Publisher : Emerald Group Publishing
Page : 752 pages
File Size : 54,5 Mb
Release : 2016-10-04
Category : Business & Economics
ISBN : 9781786354518

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Risk Management in Emerging Markets by Anonim Pdf

This book addresses three main dimensions of risk management in emerging markets: 1) the effectiveness of risk management practices; 2) current issues and challenges in risk assessment and modelling in emerging market countries; 3) the responses of emerging markets to the recent financial crises and the design of risk management models.

Author : Iva Petrova,Mr.Michael G Papaioannou,Mr.Dimitri Bellas
Publisher : International Monetary Fund
Page : 27 pages
File Size : 42,8 Mb
Release : 2010-12-01
Category : Business & Economics
ISBN : 9781455210886

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Determinants of Emerging Market Sovereign Bond Spreads by Iva Petrova,Mr.Michael G Papaioannou,Mr.Dimitri Bellas Pdf

This paper analyses the determimants of emerging market sovereign bond spreads by examining the short and long-run effects of fundamental (macroeconomic) and temporary (financial market) factors on these spreads. During the current global financial and economic crisis, sovereign bond spreads widened dramatically for both developed and emerging market economies. This deterioration has widely been attributed to rapidly growing public debts and balance sheet risks. Our results indicate that in the long run, fundamentals are significant determinants of emerging market sovereign bond spreads, while in the short run, financial volatility is a more important determinant of sperads than fundamentals indicators.

Author : Ümit Hacioğlu,Hasan Dinçer,Nihat Alayoğlu
Publisher : Springer
Page : 428 pages
File Size : 49,7 Mb
Release : 2016-12-07
Category : Business & Economics
ISBN : 9783319445915

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Global Business Strategies in Crisis by Ümit Hacioğlu,Hasan Dinçer,Nihat Alayoğlu Pdf

As the world is currently in the midst of financial and economic crises, this collection of expert contributions focuses on strategy formation and implementation at various organizational levels to address the challenges ahead. The latest economic turmoil and its ongoing impact on business performance are compelling top managers to develop effective business strategies and redefine the boundaries of their operational and strategic activities. On one hand, tremendous challenges in the competitive business environment have become a source of global threats for many small entrepreneurs. On the other, investors faced with today’s volatile economic conditions demand more gains on their capital investments to counter-balance the growing risk of global threats. This book explores the question as to whether it is possible to efficiently and effectively address these threats and obstacles. Are managers capable of planning and implementing strategic actions? What should the major managerial strategy be in order to overcome fluctuations in a market-oriented society? The strategies and practices recommended here are aimed to design continuous development competencies and contribute to the stability, recovery and sustainability of global business operations under volatile economic conditions. This refreshingly novel book seeks to establish managerial strategies and practices for effectively responding to challenges in the competitive business environment, as global volatility and fluctuations continue to worsen.

Author : Moorad Choudhry,Michele Lizzio
Publisher : Elsevier
Page : 272 pages
File Size : 55,6 Mb
Release : 2015-08-28
Category : Business & Economics
ISBN : 9780080999418

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Advanced Fixed Income Analysis by Moorad Choudhry,Michele Lizzio Pdf

Each new chapter of the Second Edition covers an aspect of the fixed income market that has become relevant to investors but is not covered at an advanced level in existing textbooks. This is material that is pertinent to the investment decisions but is not freely available to those not originating the products. Professor Choudhry’s method is to place ideas into contexts in order to keep them from becoming too theoretical. While the level of mathematical sophistication is both high and specialized, he includes a brief introduction to the key mathematical concepts. This is a book on the financial markets, not mathematics, and he provides few derivations and fewer proofs. He draws on both his personal experience as well as his own research to bring together subjects of practical importance to bond market investors and analysts. Presents practitioner-level theories and applications, never available in textbooks Focuses on financial markets, not mathematics Covers relative value investing, returns analysis, and risk estimation

Author : Mr.Amine Mati,Mr.Emanuele Baldacci,Mr.Sanjeev Gupta
Publisher : International Monetary Fund
Page : 25 pages
File Size : 54,5 Mb
Release : 2008-11-01
Category : Business & Economics
ISBN : 9781451871173

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Is it (Still) Mostly Fiscal? Determinants of Sovereign Spreads in Emerging Markets by Mr.Amine Mati,Mr.Emanuele Baldacci,Mr.Sanjeev Gupta Pdf

Using a panel of 30 emerging market economies from 1997 to 2007, this paper investigates the determinants of country risk premiums as measured by sovereign bond spreads. Unlike previous studies, the results indicate that both fiscal and political factors matter for credit risk in emerging markets. Lower levels of political risk are associated with tighter spreads, while efforts at fiscal consolidation narrow credit spreads, especially in countries that experienced prior defaults. The composition of fiscal policy matters: spending on public investment contributes to lower spreads as long as the fiscal position remains sustainable and the fiscal deficit does not worsen.

Author : T. V. Teplova,Tatiana V. Sokolova,Qaiser Munir
Publisher : Routledge
Page : 330 pages
File Size : 51,9 Mb
Release : 2022-04
Category : Bond market
ISBN : 0367503980

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Emerging Bond Markets by T. V. Teplova,Tatiana V. Sokolova,Qaiser Munir Pdf

The bond market is a key securities market and emerging economies present exciting, new investment opportunities. This timely book provides insights into these emerging bond markets through empirical models and analytical databases, i.e. Bloomberg, Eikon Refinitiv and the Russian Cbonds. The book looks at the dynamics of the development of emerging bond markets, their competitiveness, features and patterns using macro and micro level data. It also takes into consideration various securities type i.e. government, corporate, sub-federal and municipal bonds, to identify respective challenges and risks. The book also analyses factors that may inhibit or stimulate a well-balanced financial market. It includes case studies of Asian, Latin American and Russian bond markets, as also as cross-country comparisons. It will be a useful reference for anyone who is interested to learn more of the bond market and the modelling techniques for critical data analysis.

Author : Franklin N. Ngwu,Onyeka K Osuji,Frank H. Stephen
Publisher : Routledge
Page : 366 pages
File Size : 42,6 Mb
Release : 2016-12-08
Category : Business & Economics
ISBN : 9781317353867

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Corporate Governance in Developing and Emerging Markets by Franklin N. Ngwu,Onyeka K Osuji,Frank H. Stephen Pdf

Throughout the world, the Anglo-American model of corporate governance tends to prevail – but no two countries are identical. Governance outcomes in developing and emerging economies often deviate from what theory predicts, due to a wide range of factors. Using insights from New Institutional Economics, Corporate Governance in Developing and Emerging Markets aims to explain the different issues and cultural and legal factors at play, and put forward an alternative governance framework for these economies. Structured in three parts, this text investigates different models of corporate governance; it explores the realities of corporate governance in ten nations, including the ‘BRICS’ (Brazil, Russia, India, China and South Africa) and ‘MINT’ (Mexico, Indonesia, Nigeria and Turkey) countries; and then considers corporate governance reform. This interdisciplinary text will be a valuable tool for students of corporate governance across Business, Economics and Law; and an equally useful resource for anyone working in or carrying out research in this area.

Author : Anonim
Publisher : Lulu.com
Page : 294 pages
File Size : 40,8 Mb
Release : 2004
Category : Bank capital
ISBN : 9789291316694

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International Convergence of Capital Measurement and Capital Standards by Anonim Pdf

Author : Jiri Podpiera,Ms.Inci Ötker
Publisher : International Monetary Fund
Page : 33 pages
File Size : 44,9 Mb
Release : 2010-06-01
Category : Business & Economics
ISBN : 9781455201365

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The Fundamental Determinants of Credit Default Risk for European Large Complex Financial Institutions by Jiri Podpiera,Ms.Inci Ötker Pdf

This paper attempts to identify the fundamental variables that drive the credit default swaps during the initial phase of distress in selected European Large Complex Financial Institutions (LCFIs). It uses yearly data over 2004 - 08 for 29 European LCFIs. The results from a dynamic panel data estimator show that LCFIs’ business models, earnings potential, and economic uncertainty (represented by market expectations about the future risks of a particular LCFI and market views on prospects for economic growth) are among the most significant determinants of credit risk. The findings of the paper are broadly consistent with those of the literature on bank failure, where the determinants of the latter include the entire CAMELS structure - that is, Capital Adequacy, Asset Quality, Management Quality, Earnings Potential, Liquidity, and Sensitivity to Market Risk. By establishing a link between the financial and market fundamentals of LCFIs and their CDS spreads, the paper offers a potential tool for fundamentals-based vulnerability and early warning system for LCFIs.

Author : Enríquez-Díaz, Joaquín,Castro-Santos, Laura,Puime-Guillén, Félix
Publisher : IGI Global
Page : 320 pages
File Size : 49,9 Mb
Release : 2021-04-02
Category : Business & Economics
ISBN : 9781799876366

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Financial Management and Risk Analysis Strategies for Business Sustainability by Enríquez-Díaz, Joaquín,Castro-Santos, Laura,Puime-Guillén, Félix Pdf

In light of the Sustainable Development Goals, sustainability is a factor to consider for understanding the changes that are coming in the business world and in different areas of management. Companies must reorient their business objectives towards sustainable and responsible production for the environment and society. In this context of change, it is important to open the debate and obtain more thorough knowledge on how companies should change their leaderships strategies and carry out their financial planning, as well as analyze the risk of their clients and innovative projects that respect the environment. Financial Management and Risk Analysis Strategies for Business Sustainability proposes a series of practical and theoretical perspectives on how the business world has to evolve to adapt to the new situation the world has reached due to undeniable climate change forcing businesses to redefine their productive processes and internal organization. Topics highlighted include financial management procedures, corporate social responsibility, risk analysis, financial literacy, and innovation in sustainability and sustainable development. This book is a useful reference source for managers, executives, engineers, business professionals, financial analysts, researchers, academicians, and students in the areas of management, human resources, accounting and finance, taxation, environmental economics, and some engineering areas.

Author : Tavana, Madjid
Publisher : IGI Global
Page : 329 pages
File Size : 51,6 Mb
Release : 2013-12-31
Category : Business & Economics
ISBN : 9781466648616

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Developing Business Strategies and Identifying Risk Factors in Modern Organizations by Tavana, Madjid Pdf

As there is a vast amount of information to consider when offering quality services, organizations have developed techniques for identifying risk factors to be taken into consideration when constructing effective business strategies. Developing Business Strategies and Identifying Risk Factors in Modern Organizations presents new methodologies currently being utilized to formulate and solve strategic issues in order to escape the jeopardy of possible business risks. By highlighting a multitude of sciences and their influences on modern organizations; this book is an essential reference for decision makers and researchers in business, industry, government, and academia.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 30 pages
File Size : 52,5 Mb
Release : 2010-10-15
Category : Business & Economics
ISBN : 9781455208647

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Panama by International Monetary Fund Pdf

This paper presents empirical evidence on the effects of achieving investment grade on borrowing costs for the sovereign and the private sector. This study provides background information on sovereign credit ratings and compares Panama’s key macroeconomic and institutional characteristics with those of other emerging markets. Statistical evidence on the reduction in sovereign spreads associated with obtaining investment grade status and the impact of the sovereign’s upgrade on corporate financing costs were also discussed. The model is estimated using a variety of panel regression techniques.

Author : McKinsey & Company Inc.,Tim Koller,Marc Goedhart,David Wessels
Publisher : John Wiley & Sons
Page : 1200 pages
File Size : 51,5 Mb
Release : 2010-07-16
Category : Business & Economics
ISBN : 9780470889930

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Valuation by McKinsey & Company Inc.,Tim Koller,Marc Goedhart,David Wessels Pdf

The number one guide to corporate valuation is back and better than ever Thoroughly revised and expanded to reflect business conditions in today's volatile global economy, Valuation, Fifth Edition continues the tradition of its bestselling predecessors by providing up-to-date insights and practical advice on how to create, manage, and measure the value of an organization. Along with all new case studies that illustrate how valuation techniques and principles are applied in real-world situations, this comprehensive guide has been updated to reflect new developments in corporate finance, changes in accounting rules, and an enhanced global perspective. Valuation, Fifth Edition is filled with expert guidance that managers at all levels, investors, and students can use to enhance their understanding of this important discipline. Contains strategies for multi-business valuation and valuation for corporate restructuring, mergers, and acquisitions Addresses how you can interpret the results of a valuation in light of a company's competitive situation Also available: a book plus CD-ROM package (978-0-470-42469-8) as well as a stand-alone CD-ROM (978-0-470-42457-7) containing an interactive valuation DCF model Valuation, Fifth Edition stands alone in this field with its reputation of quality and consistency. If you want to hone your valuation skills today and improve them for years to come, look no further than this book.