We employ the multivariate DCC-GARCH model to identify contagion from the USA to the largest developed and emerging markets in the Americas during the US financial crisis. We analyze the dynamic conditional correlations between stock market returns, changes in the general economy’s credit risk represented by the TED spread, and changes in the US market volatility represented by the CBOE Volatility Index® (VIX). Our sample includes daily closing prices from January 1, 2002 to December 31, 2015, for the USA and stock markets in Argentina, Brazil, Canada, Chile, Colombia, Mexico, and Peru. We first identify that increases in VIX have a negative intertemporal and contemporaneous relationship with most of the stock returns, and these relationships increase significantly during the US financial crisis. We then find evidence of significant increases in contemporaneous conditional correlations between changes in the TED spread and stock returns. Increases in conditional correlations during the financial crisis are associated with financial contagion from the USA to the Americas. Our findings have policy implications and are of interest to practitioners since they illustrate that during periods of financial distress, US stock volatility and weakening credit market conditions could promote financial contagion to the Americas.
Critics of post-1964 economic policy in Brazil have argued that the decline of at least 25% in the real value of the government-determined minimum wage between 1964 and 1974 was an important factor accounting for increasing inequality in the size distribution of personal income observed during this period. This paper reports the results of a new test of this proposition, using cross-section and time series wage rate statistics for the Brazilian construction industry. The results suggest that the official minimum wage plays an important signalling role in wage-determination, acting as a standard of reference for the setting of the wage-rates of the least skilled manual workers in the Brazilian construction industry. The results, therefore, confirm the view that minimum wage policy in Brazil is influential in determining the size distribution of earned income. 相似文献
This article reviews theories of investment behavior and examinesempirical studies of investment in developing countries. Theemphasis is on understanding the interactions among macroeconomicpolicies, structural adjustment, and private investment. Thearticle deals with the effect of exchange rate policy on investment,the relationship between public and private investment, theimportance of market imperfections and financial constraintson capital formation, and the effect of economic instabilityon irreversible investment decisions. 相似文献
This article considers why a manager would choose to submithimself to the discipline of bank monitoring. This issue isanalyzed within the context of a model where the manager enjoysprivate benefits, which can be restricted by the monitor, andis optimally compensated by shareholders. Within this settingwe find that managers will submit to monitoring when they receivefavorable private information. This result is consistent withevent study evidence that suggests that the market has a favorableview of financing choices that increase monitoring. 相似文献
There is little emphasis in leadership research on the relationship between structural aspects of a scenario and individual mental processes leading to certain leadership behavior. The authors present results from two empirical studies analyzing the influence of structural variables such as time pressure, danger, and formalization on internal mental processes evaluating the perceived impact of factors influencing leadership behavior. Results from both studies indicated that the effects of structural differences in a scenario (high or low time pressure, danger, and formalization) lead to systematically different evaluations of the perceived impact of important factors influencing leadership behavior. These findings underline the relevant influence of structural aspects of a leadership scenario on internal mental processes and shed light into the black box between the cause‐and‐effect relationship of structural aspects leaders are exposed to and their behavior. 相似文献
In this multiple case study we analyze solutions based on connected devices in the context of health, social care and wellbeing. Based on the consideration that a solution is a combination of services and products, we build on the notion that business models can be studied at a firm-level and also at a network-level. The network-level analysis is used to motivate the reasons why solutions emerging at the intersection of the healthcare and the ICT industries benefit from collaboration among different actors. We conclude that the firm- and the network-level development of business models provide alignment in the business network and are useful to establish the relation that technological component have with overall solutions. Our findings suggest that some component bring novelty in the final offer without affecting the ongoing operation, while other component aim at improving the internal working processes, with minimal effects on the final offer to end users. We discuss the benefits of a network-level perspective for each case. 相似文献
We examine shareholder wealth effects in a heterogeneous sample of 115 European leveraged going private transactions from
1997 to 2005. Average abnormal returns as reaction to the LBO announcement amount to 24.20%. In cross-sectional regressions,
we find that these value gains can largely be attributed to differences in corporate governance: on a macro level, abnormal
returns for pre-LBO shareholders are larger in countries with a poor protection of minority shareholders. On a firm level,
companies with a high pre-LBO free float and comparatively weak monitoring by shareholders tend to show high abnormal returns.
Furthermore, companies that are undervalued with respect to an industry peer-group exhibit higher announcement returns, indicating
that agency conflicts and/or market inefficiencies can serve as an explanation.