Download or read book Three Essays on Cross listing written by Liu Wang and published by . This book was released on 2010 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on the Effects of the Exchange Act Rule 12h 6 on Cross listings of Foreign Firms in the U S Market written by Pratanphorn Piriyakul-Frye and published by . This book was released on 2018 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2007 Exchange Act Rule 12h-6 relaxes the deregistration requirements for the U.S.-listed foreign firms to leave the U.S. market, opening an opportunity to examine the benefit and costs of listing in the U.S market for foreign firms. Using a sample of all U.S.-exchange cross-listing events during 1998-2012, the results document that the U.S. exchanges are more likely to attract a larger pool of foreign listing activities in the post-Rule 12h-6 period. This increased attractiveness of the U.S market, however, is worrisome as the post-Rule 12h-6 listings appear to be more pronounced among firms from countries with weaker investor protection. Likewise, the critical evidence, including a substantial decline in valuation premiums of U.S. cross-listing, and a significant increase in valuation gap between the U.S. domestic and the U.S.-listing foreign firms, raises more concern about the adverse impact of the new rule. Overall, the results suggest that while the rule enhanced the attractiveness of the U.S. market, its unintended consequences such as the weakening disclosure requirements and protection system can provoke a moral hazard issue in the U.S. cross-listing and ultimately may imperil the supremacy of the U.S. capital market.

Download or read book Three Essays on Cross listings from Emerging Markets written by Omar Alejandro Esqueda and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Capital Structure and Cross Listing written by Saeed Ghasseminejad and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Pricing and Volume Distributions of Cross listed Stocks written by Jing Wang and published by . This book was released on 2014 with total page 155 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This dissertation provides empirical evidences in global cross-listed stocks trading volume and pricing. The first essay documents the global trading volume distribution of cross-listed stocks and examines factors that make a host market competitive in attracting order flows from the counterpart domestic market. The results show that host markets are more successful in attracting trading volume when they have a higher information factor, have lower bid-ask spreads, provide better investor protection and information disclosure, share the common language or legal origin with the counterpart home markets and locate closer to the home market. The second essay investigates the market competitiveness among rival host markets based on a unique sample of global firms simultaneously cross-listed in multiple foreign countries. I present the global cross-listings and trading volume distributions cross host-home markets as well as over time, and provide robust evidences that host markets are more successful in attracting trading volume from other competing markets when they have lower bid-ask spreads, better legal protection, more market liquidity, higher level of financial development, and where the firms with longer listing history. Interesting, I consistently find that host countries with English common law origins are able to attract trading volume while French civil law origin host countries attract less trading activities. The third essay investigates the cross-listed stock price discovery process. I use synchronous trading data and the error correction model to find that prices on the home and the U.S. markets are co-integrated and mutually adjusting. The price adjustment in response to price disparity happens in both the home market and the U.S. (host) market. In most cases, domestic prices are dominant for the price discovery. However, I also observe a statistically significant amount of feedback from the U.S. markets. The greater the competition offered by the U.S. market, represented as larger U.S. proportion of trading volume, more informative U.S. share price, more liquidity, better legal protection and closer to the home market, the more price adjustment from domestic side toward the U.S. price.

Download or read book Berlusconi Silvio 1936 written by and published by . This book was released on 1992 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Zeitungsausschnitte (1992-2000).

Download or read book Three Essays in Financial Markets The Bright Side of Financial Derivatives Options Trading and Firm Innovation written by Iván Blanco and published by Ed. Universidad de Cantabria. This book was released on 2019-02-15 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do financial derivatives enhance or impede innovation? We aim to answer this question by examining the relationship between equity options markets and standard measures of firm innovation. Our baseline results show that firms with more options trading activity generate more patents and patent citations per dollar of R&D invested. We then investigate how more active options markets affect firms' innovation strategy. Our results suggest that firms with greater trading activity pursue a more creative, diverse and risky innovation strategy. We discuss potential underlying mechanisms and show that options appear to mitigate managerial career concerns that would induce managers to take actions that boost short-term performance measures. Finally, using several econometric specifications that try to account for the potential endogeneity of options trading, we argue that the positive effect of options trading on firm innovation is causal.

Download or read book Essays on TSE Shares Cross listed in U S Trade Venues written by Arturo Rubalcava Cervantes and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The thesis consists of three essays. The first essay examines whether an international trade venue clientele effect exists for Canadian shares cross-listed on the New York Stock Exchange (NYSE), American Stock Exchange (AMEX) and National Association of Securities Dealers Automated Quotation System (NASDAQ). The main hypothesis states that for trades of Canadian cross-listed shares on the Toronto Stock Exchange (TSE) and U.S. stock markets, assets with increasing (decreasing) trade costs as measured by the relative effective half-spreads across trade venues are held in portfolios with the same or expected increasing (decreasing) relative investors' holding periods. The results support this hypothesis for the Canadian cross-listed shares whose trades are executed on the TSE and each U.S. trade venue. The findings suggests that the TSE has consistently lost its share of executed order flow relative to the U.S. primary trade venues, and that this loss is associated with increased relative trade costs on the TSE. The second essay analyzes the determinants of the price impact at the announcement and issue dates for domestic and international seasoned equity offerings (SEOs) for Canadian shares cross-listed on the NYSE/AMEX or NASDAQ. In addition, it analyzes whether the determinants for domestic and international SEOs are the same for shares cross-listed on the NYSE/AMEX and NASDAQ, respectively. The findings indicate that the determinants of the market reaction at the announcement and issue dates for the SEOs of the Canadian cross-listed shares differ for all the studied samples and are unambiguously dependent on the SEO geographic placement and cross-listing U.S. trade venue. Finally, the third essay investigates whether the determinants of underwriter fees are the same for domestic and non-domestic SEOs by Canadian firms cross-listed on the NYSE/AMEX or NASDAQ. The results clearly indicate that the determinants of underwriting fees differ for the domestic and non-domestic SEOs. After controlling for differences in other relevant fee determinants, the underwriter fees for non-domestic SEOs are significantly higher for the Canadian shares cross-listed on the NASDAQ compared to those cross-listed on the NYSE/AMEX.

Download or read book Three Essays and Three Revolutions written by Francis Goskowski and published by Strategic Book Publishing. This book was released on 2012-06-07 with total page 175 pages. Available in PDF, EPUB and Kindle. Book excerpt: If you have ever wondered why American Catholics and American Protestants in the mainline denominations in 2011 believe and worship in very similar ways; why Democrats and Republicans accept the necessity of governmental intervention to secure the "safety net" of services citizens may need to access at various times in their lives; and why average American workers in their pivotal role as producers and consumers of goods and services "own" the nation's economy; Three Essays and Three Revolutions is the book for you.Author Francis Goskowski argues that Martin Luther, Jean-Jacques Rousseau, and Karl Marx, three "Founding Fathers" of the modern world, are responsible for the "big ideas" that have shaped current thinking in religion, politics, and economics. By closely examining one important work of each thinker, the author shows how the revolutionary concepts Luther, Rousseau, and Marx advanced, provoked fierce opposition within the prevailing order, but ultimately gained acceptance in all circles, evidenced by the fundamental agreement on religious liberty, civic equality, and economic justice apparent throughout the Western world today.This eloquently written, thought-provoking, and sensibly priced collection of essays...is timely and long overdue. Three Essays and Three Revolutions is the sort of wonderful book of which any aspiring writer might wish to claim authorship. I am sure that it will be wisely read, thoughtfully debated, and much treasured in the years ahead. - John Quentin Feller, Ph.D., K.H.S., former professor of history and historical consultant to the late Cardinal Lawrence J. Shehan and retired Cardinal William H. Keeler, 12th and 14th Archbishops of Baltimore respectively.

Download or read book Three Essays on Financial Economics written by Yaseen Salah Alhaj-Yaseen and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: For a unique sample of Israeli stocks that went public in the U.S. and then cross-listed in the home market, Tel Aviv Stock Exchange (TASE), this dissertation consists of three essays examining the dynamics of return spillovers and volume-return interactions across markets and the valuation effect around the event of cross-listing and delisting from the home market. In Chapter II, I investigate the role of trading volume in the information flow and return spillovers between the U.S. and Israeli markets. Findings suggest that the dynamics of volume-return interactions across markets can provide us with valuable information regarding future price movements, which can be a useful tool to predict future returns. I also find the home market to dominate the host market in pricing these stocks, which is consistent with the Home Bias hypothesis. In Chapter III, I analyze the impact of the event of cross-listing on stock returns and risk exposure. The behavior of abnormal returns around the cross-listing date implies that cross-listing in TASE is an effective mechanism in reducing market segmentation between the U.S. and the Israeli capital markets. Risk assessment following the cross-listing suggests a decline firms' overall risk exposure, indicating a higher degree of integration between the two markets due to cross-listing. In Chapter IV, I evaluate changes in the cost-of-capital for Israeli firms after delisting voluntary from TASE, the home market, while maintaining their listing in the U.S., the host market. The results show a significant positive shift in U.S. and negative shift in Israeli market risk exposure after the delisting. These results indicate that firms delisting form their home market (TASE), face greater risk exposure, higher required returns on their stocks and, hence, higher cost-of-capital after delisting.

Download or read book Three Essays on Emerging Capital Markets written by Qi Li and published by . This book was released on 2004 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book B Side Books written by John Plotz and published by Columbia University Press. This book was released on 2021-06-01 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: There are the acknowledged classics of world literature: the canonical works assigned in schools, topping every must-read list . . . and then there are the B-Sides. These are the books that slipped through the cracks, went unread, missed their rightful appointment with posterity. They were ahead of their times or behind their times or on a whole different schedule than the rest of the universe. What do you do when a book that you love has been neglected or dismissed by everyone else? In B-Side Books, leading writers, critics, and scholars show why their favorite forgotten books deserve a new audience. From dusty westerns and far-out science fiction to obscure Czech novelists and romance-novel precursors, the contributors advocate for the unsung virtues of overlooked books. They write about unheralded novels, poetry collections, memoirs, and more with understanding, respect, passion, and love. In these thoughtful, often personal essays, contributors—including Stephanie Burt, Caleb Crain, Merve Emre, Ursula K. Le Guin, Carlo Rotella, and Namwali Serpell—read books by writers such as Helen DeWitt, Shirley Jackson, Stanislaw Lem, Dambudzo Marechera, Paule Marshall, and Charles Portis.

Download or read book Three Essays on Incomplete Exchange Rate Pass through Monetary Policy and Province Border Effects written by Wei Chen and published by . This book was released on 2004 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on the Transmission of the Korean Financial Crisis to the Real Sector written by Jong Hun Kim and published by . This book was released on 2005 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: The main purpose of this dissertation is to identify the prominent channels through which financial decisions are transmitted to real economic activities with three different empirical studies. The first essay examines investment behavior and the effects of financing constraints among Korean manufacturing firms before and after the 1997 financial crisis using a firm-level panel data. The results indicate that investment depends on both sales and the level of cash balances. Firms' financing constraints, as measured by their cash balances, turn out to be binding in financially "weaker" groups such as younger firms and those with lower dividend payouts. The second essay identifies the role of non-monetary factors using a methodology similar to Bernanke's (1983) study of the Great Depression in the United States. We find that increases in the spread between market interest rates and government bond yields, which is a measure of the cost of credit intermediation, whether caused by shifts in business risk or lowered expectations for the Korean economy among international investors, explain the decline in output more fully than frameworks relying only on a fall in the real stock of money. The results, obtained from structural regression equations, unrestricted vector autoregressive systems, and the accompanying dynamic forecasts, suggest that the causes of the crisis lie in factors far deeper than shifts in precautionary and speculative demands for the won. We also find that the credit crunch following the crisis affected light industry more emphatically than heavy industry. The third essay examines the impact of financial factors on economic growth in several East Asian countries using macroeconomic panel data and various estimation techniques. The dynamic panel vector autoregressive analysis shows that growth in these countries was to some extent "finance-led." We do not find that the relationship between finance and growth differs between the four countries that experienced crises (Indonesia, Korea, Malaysia and Thailand) and the other countries that did not. The results suggest that we may not be able to blame the financial sector solely as the main trigger of the economic crisis. While these essays focus on the 1997 East Asian crisis, and may give more attention on the Korean episode, we believe that they shed light on financial and economic developments more generally since the crisis could happen to any country, especially when they are on a path to having more developed and internationally open economies.

Download or read book Automated Essay Scoring written by Mark D. Shermis and published by Routledge. This book was released on 2003-01-30 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new volume is the first to focus entirely on automated essay scoring and evaluation. It is intended to provide a comprehensive overview of the evolution and state-of-the-art of automated essay scoring and evaluation technology across several disciplines, including education, testing and measurement, cognitive science, computer science, and computational linguistics. The development of this technology has led to many questions and concerns. Automated Essay Scoring attempts to address some of these questions including: *How can automated scoring and evaluation supplement classroom instruction? *How does the technology actually work? *Can it improve students' writing? *How reliable is the technology? *How can these computing methods be used to develop evaluation tools? *What are the state-of the-art essay evaluation technologies and automated scoring systems? Divided into four parts, the first part reviews the teaching of writing and how computers can contribute to it. Part II analyzes actual automated essay scorers including e-raterTM, Intellimetric, and the Intelligent Essay Assessor. The third part analyzes related psychometric issues, and the final part reviews innovations in the field. This book is ideal for researchers and advanced students interested in automated essay scoring from the fields of testing and measurement, education, cognitive science, language, and computational linguistics.

Download or read book Dissertation Abstracts International written by and published by . This book was released on 2009 with total page 640 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on the Microstructure of the Turkish Stock Market written by Sadettin Aydin Yuksel and published by . This book was released on 2000 with total page 446 pages. Available in PDF, EPUB and Kindle. Book excerpt: