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Are All the Sacred Cows Dead? Implications of the Financial Crisis for Macro- and Financial Policies

Aslı Demirgüç-Kunt and Luis Servén.

in The World Bank Research Observer

February 2010; p ublished online February 2010 .

Journal Article. Subjects: Economics; Monetary Policy, Central Banking, and the Supply of Money and Credit; International Finance; Financial Regulation; Banking; Corporate Governance. 14710 words.

The recent global financial crisis has shaken the confidence of industrial and developing countries alike in the very blueprint of the financial and macropolicies that underlie the Western...

Go to »  abstract

Balance Sheet Effects, Bailout Guarantees and Financial Crises

Martin Schneider and Aaron Tornell.

in The Review of Economic Studies

July 2004; p ublished online July 2004 .

Journal Article. Subjects: Corporate Governance; Prices, Business Fluctuations, and Cycles; Macroeconomic Aspects of International Trade and Finance; International Finance. 16474 words.

This paper provides a model of boom-bust episodes in middle-income countries. It is based on sectoral differences in corporate finance: the nontradables sector is special in that it faces a...

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Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement

Hans B. Christensen, Luzi Hail and Christian Leuz.

in The Review of Financial Studies

November 2016; p ublished online July 2016 .

Journal Article. Subjects: International Finance; International Financial Markets; Financial Regulation; Corporate Governance; Law and Economics; Accounting. 20691 words.

We examine the capital-market effects of changes in securities regulation in the European Union aimed at reducing market abuse and increasing transparency. To estimate causal effects for...

The Composition Matters: Capital Inflows and Liquidity Crunch During a Global Economic Crisis

Hui Tong and Shang-Jin Wei.

in The Review of Financial Studies

June 2011; p ublished online September 2010 .

Journal Article. Subjects: International Finance; Financial Institutions and Services; Corporate Governance. 12578 words.

This article studies whether the volume and composition of capital flows affect the degree of credit crunch during the 2007–2009 crisis. Using data on 3,823 firms in 24 emerging countries,...

Corporate Governance at the World Bank and the Dilemma of Global Governance

Ashwin Kaja and Eric Werker.

in The World Bank Economic Review

June 2010; p ublished online June 2010 .

Journal Article. Subjects: International Finance; International Relations and International Political Economy; Mergers and Acquisitions. 9718 words.

Most major decisions at the World Bank are made by its Board of Executive Directors. While some countries enjoy the opportunity to serve on this powerful body, most countries rarely, if...

Corporate Post-Retirement Benefit Plans and Leverage

Söhnke M. Bartram.

in Review of Finance

March 2016; p ublished online June 2015 .

Journal Article. Subjects: Corporate Governance; Macroeconomic Aspects of International Trade and Finance; International Finance. 23891 words.

Defined benefit pension and health care plans are important for firm leverage around the world. While consolidating off-balance sheet post-retirement plans increases effective leverage by...

Credit Constraints, Heterogeneous Firms, and International Trade

Kalina Manova.

in The Review of Economic Studies

April 2013; p ublished online November 2012 .

Journal Article. Subjects: International Trade; Financial Regulation; Financial Institutions and Services; Corporate Governance; International Finance. 16775 words.

Financial market imperfections severely restrict international trade flows because exporters require external capital. This article identifies and quantifies the three mechanisms through...

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Do Country-level Investor Protections Affect Security-level Contract Design? Evidence from Foreign Bond Covenants

Darius P. Miller and Natalia Reisel.

in The Review of Financial Studies

February 2012; p ublished online October 2011 .

Journal Article. Subjects: International Finance; Corporate Governance; Mergers and Acquisitions. 13687 words.

This article studies the ability of security-level contracts to substitute for poor country-level investor protections. Using a cross-country sample of restrictive covenants, we find that...

Do Debt Contract Enforcement Costs Affect Financing and Asset Structure?

Radhakrishnan Gopalan, Abhiroop Mukherjee and Manpreet Singh.

in The Review of Financial Studies

October 2016; p ublished online June 2016 .

Journal Article. Subjects: International Finance; Corporate Governance; Bankruptcy; Corporate Regulation; Law and Economics. 18411 words.

Using the staggered introduction of fast-track debt recovery courts in India, we estimate the causal effect of a reduction in debt contract enforcement costs on financing and asset...

Do Implicit Barriers Matter for Globalization?

Francesca Carrieri, Ines Chaieb and Vihang Errunza.

in The Review of Financial Studies

July 2013; p ublished online February 2013 .

Journal Article. Subjects: International Financial Markets; International Finance; Corporate Governance. 19927 words.

Market liberalization may not result in full market integration if implicit barriers are important. We test this proposition for investable and non-investable segments of twenty-two...

The Euro and Corporate Valuations

Arturo Bris, Yrjö Koskinen and Mattias Nilsson.

in The Review of Financial Studies

August 2009; p ublished online December 2008 .

Journal Article. Subjects: International Finance; Corporate Governance. 18799 words.

In this paper, we study the changes in corporate valuations induced by the adoption of the euro as the common currency in Europe. We use corporate-level data from seventeen European...

Excess Comovement in International Equity Markets: Evidence from Cross-border Mergers

Richard A. Brealey, Ian A. Cooper and Evi Kaplanis.

in The Review of Financial Studies

April 2010; p ublished online December 2009 .

Journal Article. Subjects: International Factor Movements and International Business; International Finance; Economics; International Financial Markets; Mergers and Acquisitions. 10007 words.

Using a large sample of cross-border mergers, we measure the effect of a change in location on systematic risk. When a target firm’s location moves, a large part of its systematic risk...

Exchange rate exposure under liquidity constraints

Sarah Guillou and Stefano Schiavo.

in Industrial and Corporate Change

December 2014; p ublished online November 2014 .

Journal Article. Subjects: International Factor Movements and International Business; Corporate Governance; International Finance. 7433 words.

This article presents a simple model in which exporting firms are heterogeneous, both in terms of productivity and liquidity, with the latter being affected by exchange rate changes. This...

Financial constraints and firm exports: accounting for heterogeneity, self-selection, and endogeneity

Angelo Secchi, Federico Tamagni and Chiara Tomasi.

in Industrial and Corporate Change

October 2016; p ublished online August 2016 .

Journal Article. Subjects: International Trade; International Finance; Financial Institutions and Services; Corporate Governance. 9535 words.

The article examines the causal effect of financial constraints on firms’ exports. We exploit a firm-level proxy of constraints based on credit ratings and available for a large panel of...

Financial Constraints and Growth: Multinational and Local Firm Responses to Currency Depreciations

Mihir A. Desai, C. Fritz Foley and Kristin J. Forbes.

in The Review of Financial Studies

November 2008; p ublished online March 2007 .

Journal Article. Subjects: International Factor Movements and International Business; International Finance; International Financial Markets; Corporate Governance. 13324 words.

This article examines how financial constraints and product market exposures determine the response of multinational and local firms to sharp depreciations. U.S. multinational affiliates...

How Important Are Foreign Ownership Linkages for International Stock Returns?

Söhnke M. Bartram, John M. Griffin, Tae-Hoon Lim and David T. Ng.

in The Review of Financial Studies

November 2015; p ublished online May 2015 .

Journal Article. Subjects: International Finance; Macroeconomic Aspects of International Trade and Finance; Corporate Governance. 15806 words.

We derive a foreign ownership return as the weighted average return of foreign stocks that are connected to a stock through common ownership. The foreign ownership return is of similar...

How Law Affects Lending

Rainer Haselmann, Katharina Pistor and Vikrant Vig.

in The Review of Financial Studies

February 2010; p ublished online September 2009 .

Journal Article. Subjects: International Finance; Banking; Financial Regulation; Bankruptcy; Law and Economics. 13695 words.

The paper investigates the effect of legal change on the lending behavior of banks in twelve transition economies. First, we find that banks increase the supply of credit subsequent to...

Improving the availability of trade finance in low-income countries: an assessment of remaining gaps

Marc Auboin.

in Oxford Review of Economic Policy

January 2015; p ublished online December 2015 .

Journal Article. Subjects: International Trade; Corporate Governance; Banking; Economic Development; International Finance. 7184 words.

Conditions in trade finance markets have returned to normality along the main global routes after the global financial crisis of 2008–9. The structural difficulties of poor countries in...

Market and Regional Segmentation and Risk Premia in the First Era of Financial Globalization

David Chambers, Sergei Sarkissian and Michael J Schill.

in The Review of Financial Studies

October 2018; p ublished online January 2018 .

Journal Article. Subjects: International Finance; International Financial Markets; Corporate Governance; Economic Development. 17242 words.

Abstract

We study market segmentation effects using data on U.S. railroads that list their bonds in New York and London between 1873 and 1913. This sample...

A Measure of Pure Home Bias

Ian A Cooper, Piet Sercu and Rosanne Vanpée.

in Review of Finance

July 2018; p ublished online March 2017 .

Journal Article. Subjects: International Financial Markets; Financial Regulation; Corporate Governance; Corporate Regulation; International Finance. 17031 words.

Abstract

The literature on international equity holdings distinguishes between home bias (overweighting of home stocks) and foreign bias (relative...