Exodus from Sovereign Risk
Title | Exodus from Sovereign Risk PDF eBook |
Author | Jongsub Lee |
Publisher | |
Pages | 60 |
Release | 2015 |
Genre | |
ISBN |
Using 5-year credit default swap (CDS) spreads on 2,364 companies in 54 countries during 2004-2011, we show firms exposed to better property rights institutions through their foreign asset positions (Institutional channel) and firms whose stocks are cross-listed on exchanges with stricter disclosure requirements (Informational channel) reduce their CDS spreads by 40 bps for a one standard deviation increase in their exposure on the two channels. These channels capture distinct effects beyond those associated with firm- and country-level fundamentals. Overall, we find that firm-level global asset and information connections are important mechanisms to delink firms from their sovereign and country risks.The appendices for this paper are available at the following URL: "http://ssrn.com/abstract=2635548" http://ssrn.com/abstract=2635548.
The Exodus from Sovereign Risk
Title | The Exodus from Sovereign Risk PDF eBook |
Author | Jongsub Lee |
Publisher | |
Pages | 69 |
Release | 2013 |
Genre | |
ISBN |
This paper examines sovereign ceiling violations (SCVs) in credit default swap (CDS) markets, whereby private sector firms have lower CDS spreads relative to their sovereign counterparts with equal contractual terms. Using 5-year CDS spreads on 2,364 companies in 54 countries during 2004-2011, we find that firms exposed to better property rights institutions through their foreign asset positions (Institutional channel) and firms whose stocks are listed on exchanges with stricter disclosure requirements (Informational channel) tend to violate the sovereign ceiling rule. Our results suggest that firm-level global asset and information connections are important mechanisms to delink firms from their sovereign risk.
Internet Appendix for 'Exodus from Sovereign Risk
Title | Internet Appendix for 'Exodus from Sovereign Risk PDF eBook |
Author | Jongsub Lee |
Publisher | |
Pages | 61 |
Release | 2015 |
Genre | |
ISBN |
This Internet Appendix provides supplementary results to the main analyses in Exodus from Sovereign Risk: Global Asset and Information Networks in the Pricing of Corporate Credit Risk.The paper to which these Appendices apply is available at the following URL: "http://ssrn.com/abstract=2635545" http://ssrn.com/abstract=2635545.
Guide to Country Risk
Title | Guide to Country Risk PDF eBook |
Author | The Economist |
Publisher | The Economist |
Pages | 289 |
Release | 2014-12-09 |
Genre | Business & Economics |
ISBN | 1610394879 |
Country risk explains the things that can go wrong when business is conducted across borders. It's not just multinational companies, with factories worldwide and complex operations, that need to understand sudden changes in business conditions. These can affect any small firm that may be looking to expand sales abroad or work with a foreign supplier. The 2008-09 global financial crisis and the Arab Spring showed us how quickly and dramatically business conditions in any country can worsen and spread. But a thorough understanding and careful management of country risk will help a company survive a crisis -- and even open up new opportunities. The Economist Guide to Country Risk explains: What risks foreign investors face, and how to measure and manage them in a systematic way. Why political and economic shocks are so hard to predict. Where economies are vulnerable and how existing risk models spot (or miss) signs of impending disaster. The typical bad habits of managers who ignore the warning signs. How and where the next crisis will emerge.
IMF Staff Papers, Volume 48, No. 2
Title | IMF Staff Papers, Volume 48, No. 2 PDF eBook |
Author | International Monetary Fund. Research Dept. |
Publisher | International Monetary Fund |
Pages | 208 |
Release | 2001-12-12 |
Genre | Business & Economics |
ISBN | 1451974256 |
This paper analyzes the link between product variety and economic growth. It finds support for the hypothesis that a greater degree of product variety relative to the United States helps to explain relative per capita GDP levels. The paper presents an empirical study for South Africa, which indicates that there exists a stable money demand type of relationship among domestic prices, broad money, real income, and interest rates, as well as a long-term relationship among domestic prices, foreign prices, and the nominal exchange rate.
Government and Public Policy in the Pacific Islands
Title | Government and Public Policy in the Pacific Islands PDF eBook |
Author | Graham Hassall |
Publisher | Emerald Group Publishing |
Pages | 236 |
Release | 2020-11-11 |
Genre | Political Science |
ISBN | 1789736153 |
This book is a comparative study of government and public policy in the twenty small states of the Pacific Islands, examining the often tense societal interactions over competing conceptions of public-sector institutions and authority, rule-making, and policy processes.
Debt Markets and Investments
Title | Debt Markets and Investments PDF eBook |
Author | H. Kent Baker |
Publisher | Financial Markets and Investme |
Pages | 833 |
Release | 2019-09-05 |
Genre | Business & Economics |
ISBN | 019087743X |
Debt Markets and Investments provides an overview of the dynamic world of markets, products, valuation, and analysis of fixed income and related securities. Experts in the field, practitioners and academics, offer both diverse and in-depth insights into basic concepts and their application to increasingly intricate and real-world situations. This volume spans the entire spectrum from theoretical to practical, while attempting to offer a useful balance of detailed and user-friendly coverage. The volume begins with the basics of debt markets and investments, including basic bond terminology and market sectors. Among the topics covered are the relationship between fixed income and other asset classes as well as the differences in fundamental risk. Particular emphasis is given to interest rate risk as well as credit risks as well as those associated with inflation, liquidity, reinvestment, and ESG. Authors then turn to market sectors, including government debt, municipal bonds, the markets for corporate bonds, and developments in securitized debt markets along with derivatives and private debt markets. The third section focuses on models of yield curves, interest rates, and swaps, including opportunities for arbitrage. The next two sections focus on bond and securitized products, from sovereign debt and mutual funds focused on bonds to how securitization has increased liquidity through such innovations as mortgaged-and asset- backed securities, as well as collateralized debt-, bond-, and loan obligations. Authors next discuss various methods of valuation of bonds and securities, including the use of options and derivatives. The volume concludes with discussions of how debt can play a role in financial strategies and portfolio creation. Readers interested in a broad survey will benefit as will those looking for more in-depth presentations of specific areas within this field of study. In summary, the book provides a fresh look at this intriguing and dynamic but often complex subject.