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Wyświetlanie 1-15 z 54
Tytuł:
Is Bitcoin an emerging market? A market efficiency perspective
Autorzy:
Skwarek, Mateusz
Powiązania:
https://bibliotekanauki.pl/articles/22443141.pdf
Data publikacji:
2023-09-04
Wydawca:
Uniwersytet Warszawski. Wydział Nauk Ekonomicznych
Tematy:
long-range dependence
bitcoin
market efficiency
emerging stock markets
Hurst exponent
Opis:
Despite recent studies focused on comparing the dynamics of market efficiency between Bitcoin and other traditional assets, there is a lack of knowledge about whether Bitcoin and emerging markets efficiency behave similarly. This paper aims to compare the market efficiency dynamics between Bitcoin and the emerging stock markets. In particular, this study indicates whether the dynamics of Bitcoin market efficiency mimic those of emerging stock markets. Thus, the paper’s contribution emerges from the combination of Bitcoin and emerging markets in the field of dynamics of market efficiency. The dynamics of market efficiency are measured using the Hurst exponent in the rolling window. The study uses daily data for the MSCI Emerging Markets Index and the Bitcoin market over the period 2011–2022. Our results show that there is at most a moderate correlation between the dynamics of Bitcoin and emerging stock markets’ efficiency over the entire study period. The strongest correlations occur mainly in periods of high economic policy uncertainty in the largest Bitcoin mining countries. Therefore, the association between Bitcoin market efficiency and emerging stock markets’ efficiency may strengthen with an increase in economic policy uncertainty. These findings may be useful for investors and portfolio managers in constructing better investment strategies.
Źródło:
Central European Economic Journal; 2023, 10, 57; 219-236
2543-6821
Pojawia się w:
Central European Economic Journal
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Credit cycles and macroprudential policies in emerging market economies
Autorzy:
Lazarevic, Jelisaveta
Kuzman, Tanja
Nedeljkovic, Milan
Powiązania:
https://bibliotekanauki.pl/articles/19322580.pdf
Data publikacji:
2022
Wydawca:
Instytut Badań Gospodarczych
Tematy:
credit cycle
macroprudential measures
emerging markets
Opis:
Research background: Excessive credit expansions have an important role in the generation and amplification of business cycles in emerging market (EM) economies. Macroprudential policies can be beneficial in restraining excessive credit growth and safeguarding financial stability. Despite recent theoretical advances in understanding of the benefits of macroprudential policies, empirical evidence on their effect on the credit cycle is still scarce. Purpose of the article: This paper studies the effectiveness of macroprudential measures in the sample of major EM economies focusing on the broad credit measure and using an empirical framework which aims to alleviate several concerns in the previous literature. We examine the effectiveness of four categories of measures which are granular enough to provide relevant policy perspectives, whilst mitigating data sparsity issues. By exploiting both time-series and cross-country variation in the tightness of macroprudential regulation in the construction of policy variables we also mitigate some of the common reverse causality concerns. Methods: We use panel data and employ several (fixed effect, bias corrected LSDV and dynamic interactive fixed effect) estimators to ensure that the results are not sensitive with respect to the estimation method while, together with our construction of the policy variables, alleviating other endogeneity concerns. Findings & value added: We uncover the heterogeneity in the effects of macroprudential measures on the credit cycle. While measures related to bank capital and credit activity are found to be effective in leaning-against the credit cycle, the measures targeting bank liquidity and FX exposures fail to have statistically significant effect. Our results provide the rationale for mixed evidence in the empirical literature studying the effectiveness of the broadly defined macroprudential measures. From the policy perspective, our findings provide evidence that the measures which address excessive credit expansion and strengthen the resilience of the financial system are effective in the EM economies.
Źródło:
Oeconomia Copernicana; 2022, 13, 3; 633-666
2083-1277
Pojawia się w:
Oeconomia Copernicana
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Implications for multinational enterprises from emerging market subsidiaries’ reverse knowledge transfer
Autorzy:
Fjellström, Daniella
Huda Chowdhury, Ehsanul
Ahmad, Sohail
Batkhuu, Bolortuya
Powiązania:
https://bibliotekanauki.pl/articles/35022078.pdf
Data publikacji:
2023-06-15
Wydawca:
Akademia Leona Koźmińskiego w Warszawie
Tematy:
Multinational enterprises
Drivers
Constraints
Opportunities
Challenges
Opis:
Purpose – This study aims to understand the role of drivers, underlying challenges and, consequently, the implications of the reverse knowledge transfer (RKT) process for the multinational enterprises (MNE)s. Design/methodology/approach – A dyadic qualitative research design was used with a cross-country design covering perspectives from both the headquarters and subsidiaries from the USA, Denmark, Pakistan, India and Bangladesh. In-depth interviews were conducted with managers in multiple sectors such as information technology, telecommunications, project management and engineering. Findings – The study reveals the constraints and drivers of the RKT process, and furthermore elaborates on the implications for MNEs. RKT can lead to the development of new processes, subsidiary independence and intra-organizational knowledge transfer. Besides, it can entail challenges such as position insecurity for subsidiaries and a blurring of the MNE market vision. The findings demonstrate several implications for the MNEs. Practical implications – The study highlights the direct implications of RKT for the multinational enterprises. The findings serve as a practical guide for global managers seeking to improve their competitive edge. Originality/value – The study presents a framework of the RKT process from emerging market subsidiaries to parent companies, that demonstrates the role of drivers, underlying challenges and implications of the RKT process for the MNEs.
Źródło:
Central European Management Journal; 2023, 31, 3; 326-343
2658-0845
2658-2430
Pojawia się w:
Central European Management Journal
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Determinants of non-performing loans in conventional and Islamic banks: Emerging market evidence
Autorzy:
Khan, Md. Feroz
Ali, Md. Sumon
Hossain, Md. Naiem
Bairagi, Mithun
Powiązania:
https://bibliotekanauki.pl/articles/23943449.pdf
Data publikacji:
2023
Wydawca:
Fundacja Naukowa Instytut Współczesnych Finansów
Tematy:
NPL
Macroeconomic
Bank-specific factors
GMM
Bangladesh
Opis:
This study examines the determinants of non-performing loans (NPLs) among macroeconomic and bank-specific factors for the Islamic and conventional banking sectors in Bangladesh. We implement a dynamic panel data model with a two-stage system GMM for the period 2010-2021. Among the bank-specific factors, this study finds that return on assets, return on equity, bank size, and inefficiency help to reduce NPLs. In contrast, gross loan growth, leverage, and capital adequacy ratios contribute to increasing NPLs. Among macroeconomic determinants, inflation, and GDP growth have a significant negative impact on NPLs. Moreover, unemployment and exchange rates are also found to be significant determinants of NPLs. At the bank level, growth in gross loans reduces NPLs in Islamic banks, while the opposite is true for conventional banks. Our findings have significant implications for depositors and regulators in making appropriate decisions.
Źródło:
Modern Finance; 2023, 1, 1; 56-69
2956-7742
Pojawia się w:
Modern Finance
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Predicting Consumers’ Intention to Shop Online in an Emerging Market: A COVID-19 Perspective
Autorzy:
Islam, Afsarul
Anjum, Nishath
Ahmed, Imran
Powiązania:
https://bibliotekanauki.pl/articles/2054344.pdf
Data publikacji:
2021-05-25
Wydawca:
Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
Tematy:
online shopping
purchase intention
theory of planned behaviour (TPB)
consumers
emerging market
COVID-19
Opis:
As an emerging economy, Bangladesh has witnessed a remarkable development in adopting information and communication technologies over the last decade. Hence, the fi eld of e-commerce is expanding rapidly and consumers are now using the internet as an alternative channel for buying. The fundamental purpose of this study is to predict consumers’ intention to purchase online during the COVID-19 pandemic in Bangladesh. Based on the Theory of Planned Behavior (TPB), this study attempts to explore certain factors (attitude towards online shopping, subjective norms, perceived behavioral control) aff ecting consumers’ online buying intention. A structured questionnaire has been used to collect the primary data through the CAWI survey method. A total of 157 respondents have participated in this study from diff erent universities in Sylhet city, Bangladesh. This study employed multiple regression analysis to test the proposed research model. The fi ndings indicate that all the predictors have a signifi cant impact on consumers’ behavioral intention to do online shopping during the COVID-19 pandemic. However, any developing country like Bangladesh has a genuine need for more research works on the e-commerce fi eld. This study provides some valuable insights into the adoption of the online shopping system in an emerging economy which helps the e-commerce industry to understand online consumers’ behavior to develop various marketing strategies accordingly. The study also contributes to the body of knowledge both at the academic and practical levels.
Źródło:
Journal of Marketing and Consumer Behaviour in Emerging Markets; 2021, 1(12); 4-18
2449-6634
Pojawia się w:
Journal of Marketing and Consumer Behaviour in Emerging Markets
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
The impact of working capital management on manufacturing firms’ profitability – an emerging market perspective
Autorzy:
Arulanandam, Benedict Valentine
Glinkowska-Krauze, Beata
Tan, Pei Yu
Powiązania:
https://bibliotekanauki.pl/articles/27313256.pdf
Data publikacji:
2023
Wydawca:
Politechnika Śląska. Wydawnictwo Politechniki Śląskiej
Tematy:
working capital
profitability
manufacturing companies
kapitał obrotowy
rentowność
przedsiębiorstwa produkcyjne
Opis:
Purpose: This study aims to investigate the effects of working capital management on firm profitability of listed manufacturing companies in Malaysia. Design/methodology/approach: This study uses account payables, inventory turnover, account receivables, cash conversion cycle, firm size, growth, leverage and current ratio as accounting information variables. Secondary data was collected for all variables over a ten-year period, i.e. 2009 to 2018 and was obtained from the annual report published via Bursa Malaysia (Malaysian Stock Exchange) official website. Data was analyzed by using IBM SPSS Statistics Subscription software. Descriptive statistics, correlation analysis and multiple regression analysis were utilized in this study. Findings: The results revealed that inventory turnover in days, account receivables and firm size have a positive significant relationship with manufacturing firms’ profitability, while account payables and cash conversion cycle have a positive insignificant relationship. Research limitations/implications: The sample size is too small for any generalization. A mixed method approach in the future could contribute to a holistic finding. Practical implications: Since these variables contained significant influence on firm profitability, it is recommended that listed manufacturing companies should prepare a complete and timely manner of accounting information based on the regulation context in Malaysia. Social implications: It provides an empirical evidence on the importance of working capital management amongst the manufacturing concerns in Malaysia and its impact on its business sustainability. Originality/value: This study contributes to the limited research on working capital management involving manufacturing companies in Malaysia. Paper Type: Research Paper.
Źródło:
Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska; 2023, 169; 9--32
1641-3466
Pojawia się w:
Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Female Consumers’ Involvement in Intentional Non-Sustainable and Unintentional Sustainable Apparel Decisions: An Emerging Market Perspective
Autorzy:
Kempen, Elizabeth
Tobias-Mamina, Rejoice
Strydom, Mariette
Christie, Lorna
Makopo, Mirriam
Powiązania:
https://bibliotekanauki.pl/articles/32306053.pdf
Data publikacji:
2023-01-11
Wydawca:
Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
Tematy:
Elaboration Likelihood Model
emerging market
apparel
sustainability
disposal
purchasing behaviour
Opis:
This study is aimed at determining consumers’ sustainable apparel involvement in the purchasing or disposing of apparel in an emerging market context (EMC). Consumers in developed countries show increased interest in sustainable apparel behaviour, contrary to emerging markets such as South Africa, which is indicative of the lowest level of sustainable apparel consumption. An exploratory descriptive qualitative research design was used to determine consumers’ involvement and was facilitated through eleven digitally recorded small focus groups with female apparel shoppers who make use of a custom-made apparel designers. The findings reveal intentional non-sustainable apparel decisions manifest through eco-uninvolved instore purchases and once-off commissioned designer apparel orders. Unintentional sustainable apparel behaviour is characterised by (1) in-store apparel purchases: signifying quality clothing, observed in the material and stitching, resulting in clothing items worn for longer and handed down from generation to generation, sensitivity to the origin of the garment and (2) apparel disposal behaviour such as (a) keeping apparel as cleaning material and repurposing into wearable apparel; (b) permanent disposal through handing down items and (c) temporary disposal through exchanged items. Applying the Elaboration Likelihood Model, it was possible to explain the lack of elaborated involvement in sustainable apparel practices resembling the peripheral route of the model. Unintentional sustainable practices have not been identified in the South African context, indicating the valuable contribution consumers in an emerging market context (EMC) can make if better awareness is created by the government and the retail sector specifically to address intentional non-sustainable purchasing behaviours in future.
Źródło:
Journal of Marketing and Consumer Behaviour in Emerging Markets; 2023, 1(16); 1-21
2449-6634
Pojawia się w:
Journal of Marketing and Consumer Behaviour in Emerging Markets
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Commodities’ usefulness in a portfolio context – an empirical study
Autorzy:
Kurach, Radosław
Powiązania:
https://bibliotekanauki.pl/articles/951019.pdf
Data publikacji:
2013
Wydawca:
Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Tematy:
commodities
emerging market equities
diversification benefits
Opis:
By adopting the perspective of a US equity investor, in this study we empirically verify the diversification benefits resulting from investing in commodities. We make an assessment for specified commodity groups using the commodity sector indices. In the employed methodology we focus only on the risk characteristic of the analyzed portfolios. Our results indicate that the diversification potential of different commodity groups is highly cross-varying, however, at any time greater than the risk-reduction possibilities offered by Emerging Markets equities.
Źródło:
Financial Sciences. Nauki o Finansach; 2013, 3 (16); 77-88
2080-5993
2449-9811
Pojawia się w:
Financial Sciences. Nauki o Finansach
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Comparing the Performance of Logit and Probit Early Warning Systems for Currency Crises in Emerging Market Economies
Autorzy:
Comelli, Fabio
Powiązania:
https://bibliotekanauki.pl/articles/565717.pdf
Data publikacji:
2016
Wydawca:
Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
Tematy:
Early warning systems
currency crises
out-of-sample performance
Opis:
We compare how logit (fixed effects) and probit early warning systems (EWS) predict in-sample and out-of-sample currency crises in emerging markets (EMs). We look at episodes of currency crises that took place in 29 EMs between January 1995 and December 2012. Stronger real GDP growth rates and higher net foreign assets signifi cantly reduce the probability of experiencing a currency crisis, while high levels of credit to the private sector increase it. We find that the logit and probit EWS out-of-sample performances are broadly similar, and that the EWS performance can be very sensitive both to the size of the estimation sample, and to the crisis definition employed. For macroeconomic policy purposes, we conclude that a currency crisis definition identifying more rather than less crisis episodes should be used, even if this may lead to the risk of issuing false alarms.
Źródło:
Journal of Banking and Financial Economics; 2016, 2(6); 5-22
2353-6845
Pojawia się w:
Journal of Banking and Financial Economics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Is acting on emerging markets environment a challenge of the unknown? The answer from complexity theory perspective
Autorzy:
Dziubińska, Agnieszka
Powiązania:
https://bibliotekanauki.pl/articles/1873247.pdf
Data publikacji:
2021
Wydawca:
Politechnika Śląska. Wydawnictwo Politechniki Śląskiej
Tematy:
unpredictability
emerging market
CAS
nieprzewidywalność
rynki wschodzące
Opis:
Purpose: The contemporary environment imposes tensions, which result in growing unpredictability, on companies. This makes it difficult to rely on traditional forms of organization and strategies based on the rational decision-making model. The aim of the author’s own research was to identify the ways of adaptation of enterprises to the conditions of emerging markets, which are defined as a business environment of high uncertainty. Design/methodology/approach: A single case study was used in the research. The enterprise selected for the research is a good example of the studied phenomenon, which also made convenient access to data in longitudinal studies possible. The obtained results were confronted with the literature on the subject in the field of CAS. Findings: The case of the enterprise selected for the study belongs to a group of independent SMEs that can compete against the largest players in the industry. The results of the study indicated that it was possible due to similar mechanisms existing on various levels of the analysis. These include making decisions based on the patterns derived from personal experience; high adaptability resulting from the required diversity, which, at the same time, makes effectiveness more important than efficiency; lack of a clear strategy, and instead the ability to deal with initial conditions and monitoring the emergence of patterns; openness to experimentation, and individual assessments and measures. Research limitations/implications: The limitations of the obtained results may result from a limited test sample. Originality/value: The theoretical perspective adopted in the research - CAS and the empirical dimension – emerging markets, constitute a relatively little explored alternative to research conducted in their mainstream. The obtained research results may be of interest to representatives of science and practice, especially with regard to the current crisis caused by the Covid-19 pandemic.
Źródło:
Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska; 2021, 150; 17-28
1641-3466
Pojawia się w:
Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Optimal Monetary Policy Framework in an Emerging Market Economy under Sanctions Pressure and Restrictions on Capital Flows
Autorzy:
Kharitonchik, Anatoly
Powiązania:
https://bibliotekanauki.pl/articles/47270290.pdf
Data publikacji:
2024-09-20
Wydawca:
Uniwersytet Warszawski. Wydział Nauk Ekonomicznych
Tematy:
monetary policy
inflation
price level
interest rate
gap model
Opis:
The study evaluates the effectiveness of monetary policy regimes that can serve as the basis for economic policy strategies in emerging economies. Based on the macroeconomic gap model for Belarus, simulations of the strong shock impact on the economy using different monetary policy regimes have been implemented. The effects of capital flow restrictions on the stabilization capacity of monetary policy regimes have been examined. Given the existing sanctions and internal capital controls, the most preferable regime for Belarus is a flexible inflation targeting. In transforming the economy and political system towards the inclusivity of political and economic institutions, applying a flexible price-level targeting can be considered.
Źródło:
Central European Economic Journal; 2024, 11, 58; 329-345
2543-6821
Pojawia się w:
Central European Economic Journal
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
ANALYSIS OF SELECTED MARKET BEHAVIOURS IN THE EUROPEAN AND POLISH PRIVATE EQUITY SECTORS IN 2000–2012
Autorzy:
Luciński, Witold
Powiązania:
https://bibliotekanauki.pl/articles/453434.pdf
Data publikacji:
2014
Wydawca:
Szkoła Główna Gospodarstwa Wiejskiego w Warszawie. Katedra Ekonometrii i Statystyki
Tematy:
private equity
emerging market
correlation
private equity funds
Opis:
The Polish private equity sector is a relatively new segment of the Polish financial market, as it emerged only at the beginning of the 1990s. In terms of capital, it is strongly linked to firms from outside Poland, especially European and American ones. Moreover, international firms are also significant capital donors for private equity funds in Poland. Thus, the question arises as to how these facts influence the market behaviours of Polish private equity funds. The study is based on data from 2000–2012, with Poland compared to the European market.
Źródło:
Metody Ilościowe w Badaniach Ekonomicznych; 2014, 15, 1; 104-112
2082-792X
Pojawia się w:
Metody Ilościowe w Badaniach Ekonomicznych
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Cooperation of High-tech Firms with Public Institutions in Poland: Managerial Perspective
Autorzy:
GOLONKA, Monika
Powiązania:
https://bibliotekanauki.pl/articles/529750.pdf
Data publikacji:
2017
Wydawca:
Wyższa Szkoła Bankowa we Wrocławiu
Tematy:
Emerging market
Public institutions
Universities
Cooperation
High-tech firms
Opis:
This study examines the cooperation between high-technology firms and institutions aimed at supporting the development of enterprises, such as national agencies and public education institutions, in emerging markets. The research uses qualitative research methods—namely, multiple case studies. An empirical analysis was conducted in 26 high-tech enterprises from emerging market: Poland, including hyper-growth organizations. This study explores the support of the institutions as well as cooperation between firms and public institutions from a managerial perspective. The major problems and obstacles that these firms faced are identified, as are ways of coping with them. The research results extend existing studies by providing empirical insights from high-tech firms in one of the emerging markets in Central Europe.
Źródło:
Central and Eastern European Journal of Management and Economics (CEEJME); 2017, No. 1; 49-62
2353-9119
Pojawia się w:
Central and Eastern European Journal of Management and Economics (CEEJME)
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
IMPACT OF INDIVIDUAL CULTURAL DIFFERENCES ON TV COMMERCIALS’ EFFECTIVENESS
Autorzy:
Maral, Begüm
Baybars, Miray
Bayraktaroglu, Gül
Powiązania:
https://bibliotekanauki.pl/articles/450478.pdf
Data publikacji:
2010
Wydawca:
Uniwersytet Gdański. Wydawnictwo Uniwersytetu Gdańskiego
Tematy:
Effectiveness
TV Advertisements
Individual Cultural Traits
Emerging Market
Turkey
Opis:
Every nation has its own way of living, traditions, values, and norms. The cultural practices vary among the countries all over the world. The advertisement itself, the messages conveyed and the actors performing in it depend on the cultural characteristics of the country. The development level of the countries may have an impact on the cultural values of individuals; hence on the consumption behavior and marketing applications. Individual cultural differences may call for certain adaptations in the messages, content, and style of the advertisements for a certain target group. Depending on this view, this research tries to analyze the effects of individual differences on the advertising effectiveness in an emerging country, Turkey.. The effectiveness of each advertisement was measured in terms of the persuasiveness and liking. Furthermore, individual cultural differences were analyzed on two dimensions of masculinity and power distance, which were introduced by Hofstede (1983). All the masculinity statements were grouped under one factor whereas power distance statements were grouped under two subdimensions namely “trust for subordinates” and “obedience to authority”. The masculinity scale was found to create significant difference in the effectiveness of the advertisements. However, the power distance did not create any difference between the effectiveness levels. Individual cultural traits did not create any difference in the effectiveness of advertisements except in ads which carry masculine cues (called ‘masculine ads’ throughout the text). If the ad carried masculine cues, then, feminine individuals evaluated effectiveness of masculine ads significantly lower than did the masculine individuals.
Źródło:
International Journal of Emerging and Transition Economies (IJETE); 2010, 3, 2; 225-247
1308-2701
Pojawia się w:
International Journal of Emerging and Transition Economies (IJETE)
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
The Essence Of The Emerging Markets’ Investment Risk. Comparative Analysis Of American And Central European Convertible Bond Issuers / Istota Ryzyka Inwestycyjnego Rynków Wschodzących. Analiza Porównawcza Amerykańskich I Środkowoeuropejskich Emitentów Obligacji Zamiennych
Autorzy:
Marszałek, Jakub
Powiązania:
https://bibliotekanauki.pl/articles/632956.pdf
Data publikacji:
2015-08-01
Wydawca:
Uniwersytet Łódzki. Wydawnictwo Uniwersytetu Łódzkiego
Tematy:
emerging market
convertible bond
rating
financing
rynek wschodzący
obligacja zamienna
finansowanie
Opis:
This paper attempts to identify the determinants of credit ratings for debt instrument issuers in the so-called emerging markets. The study was conducted on the sample of convertible bonds issuers in 2001-2012, half of which originated from Central and Eastern Europe, while the rest were U.S. operators. The analysis is focused exclusively on pairs of bonds with the same rating given by the British Fitch agency, which specialises in analysing Central and East European markets. The conducted studies show that solvency risk, interpreted as indebtedness, financial leverage and current solvency, is a major difference between the two groups of bonds. Changes in indebtedness, i.e. in assets held by foreign investors, are apparently the reasons of higher requirements for issuers from the emerging markets.
W niniejszym artykule podjęto próbę identyfikacji czynników determinujących rating kredytowy emitentów instrumentów dłużnych na rynkach wschodzących. Padaniu poddano grupę emitentów obligacji zamiennych z lat 2001-2012, z czego połowa pochodziła z Europy Środkowej i Wschodniej, natomiast druga część to podmioty amerykańskie. Analiza dotyczyła wyłącznie par obligacji o tym samym ratingu, nadanym przez brytyjską agencje Fitch, która specjalizuje się w analizie rynków wschodniej i centralnej Europy. Przeprowadzona analiza pozwala zauważyć, że istotnym czynnikiem różnicującym obie grupy obligacji jest ryzyko wypłacalności rozumiane przez poziom zadłużenia, stopień dźwigni finansowej oraz płynność bieżącą. Zmiany wartości zadłużenia, a więc posiadanych przez inwestorów zagranicznych aktywów wydają się główną przyczyną wyższych wymagań wobec emitentów z rynków wchodzących.
Źródło:
Comparative Economic Research. Central and Eastern Europe; 2015, 18, 3; 81-97
1508-2008
2082-6737
Pojawia się w:
Comparative Economic Research. Central and Eastern Europe
Dostawca treści:
Biblioteka Nauki
Artykuł
Wyświetlanie 1-15 z 54

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