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Diversification Benefits of iShares and Closed-End Country Funds 总被引:1,自引:0,他引:1
Anita K. Pennathur Natalya Delcoure Dwight Anderson 《The Journal of Financial Research》2002,25(4):541-557
We study the performance and diversification of iShares and their rival closed‐end country funds from April 1996 to December 1999. International iShares are country‐specific series of securities that track the price and yield of a specific Morgan Stanley Capital Internation (MSCI) country index and, presumably, should provide diversification benefits. Our single‐index model demonstrates that iShares replicate the home index, showing some potential for diversification. However, our two‐factor model, which isolates the “true” diversification virtues, documents that both iShares and closed‐end country fund market prices maintain considerable exposure to the U.S. market. Furthermore, the net asset value returns of the closed‐end funds demonstrate a strong home country exposure, suggesting there is no substitute for direct foreign investment. 相似文献
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The lives of migrant women have generally received far less attention than those of their male counterparts. Similarly, male migrants have been the focus of research on the relationship between migration and HIV/AIDS. Little attention has been paid to the vulnerability of female migrants themselves to HIV infection and their access to health care and treatment. Domestic work is the second largest sector of employment for black women in South Africa, and the largest for black women in Johannesburg and, as this article shows, most of these workers are migrants. Based on a survey of 1100 domestic workers in Johannesburg, the article explores the lives of domestic workers, focusing on their experience as migrants, their working conditions, use of health-care services and knowledge of and possible vulnerability to HIV/AIDS. 相似文献
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Among the components of the Meyer and Allen's [Meyer, J. P., & Allen, N. J. (1991). A three-component conceptualization of organizational commitment. Human Resource Management Review, 1, 64?89] three-component model of organizational commitment, normative commitment (NC) has received the least attention. It is sometimes dismissed as a redundant construct that bears many similarities to affective commitment and does not explain work behaviors beyond other components. In this review, we seek to re-establish the theoretical and practical significance of NC. We argue that NC has a dual nature and that it manifests itself differently depending on the strength of other components in an employee's commitment profile. NC can be experienced either as a moral duty or a sense of indebtedness, each having different implications for work behavior. Drawing on theories of perceived organizational support, motivation, psychological contracts, leadership, and culture, the paper justifies the distinction between two “faces” of NC, delineates organizational factors that could promote a more positive interpretation of NC, and proposes an agenda for future research. 相似文献
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This paper studies the effect of poor governance quality on foreign direct investment in Russia. Using a survey of businesses across forty administrative districts, we find that higher frequency of using illegal payments and higher pressure from regulatory agencies, enforcement authorities, and criminals, negatively affect foreign direct investment. Our identification strategy builds on the exogenous cross-regional variation in worker strikes during 1895–1914, the period before the October Revolution. We find that moving from the average to the top governance quality across Russian regions more than doubles the FDI stock. 相似文献
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An examination of the performance and prospects for the future of internet-primary banks 总被引:1,自引:0,他引:1
We study Internet-primary banks for differences in performance versus newly chartered traditional banks from 1996 through
2003. Internet-primary banks are larger, with lower net interest margins and loan losses, and higher wage and physical capital
rates than newly chartered traditional banks. Univariate ROE is lower, but profit efficiency is significantly higher on average
for Internet-primary banks compared to all newly chartered banks as well as those that survive through the sample period.
In multivariate models, Internet-primary banks continue to have significantly higher average profit efficiency, and particularly
so when of sufficient size.
相似文献
Ross DickensEmail: |
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Based on the electricity consumption approach, this study examined empirically (among other determinants) the impact of corruption and multinational firms (MNEs) on the relative size of the informal economy in Russia's regions in 1995–2012. Strong evidence is provided of the positive effect of corruption on the informal regional economies. The significant role of MNEs and regulation in curbing informal activities is revealed. A larger informal economic sector is observed in regions with a higher number of local firms and unemployment. An integrated strategy of dealing with corruption and informal businesses is suggested to be more effective in reducing informal practices. 相似文献
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Idil Uz Natalya Ketenci 《The journal of international trade & economic development》2013,22(4):536-561
The aim of this study is to examine the long-run relationship between the current account and relative prices, such as terms of trade (TOT) and real exchange rate, for the emerging economies. These variables have been exposed to large fluctuations for more than two decades in all emerging economies; therefore, structural breaks have to be taken into account in all estimations. In this article, various methodological techniques have been used to examine this long-run relationship (with and without the structural breaks). Two important results have emerged, first; when the structural changes are excluded there is a strong evidence for long-run relationship between current account and relative prices. Second; when the structural breaks are included, variables are found to be stationary. Hence, depending on the stability of the variables, the validity of the cointegration relationship has been seriously questioned. This study illustrates that the test results proving non-stationary of the series and the presence of cointegration may be spurious if there is any possibility of instability. 相似文献