Ownership,evergreening and crisis: an analysis of bank–firm relationships in India

Employing data on publicly listed firms for 1995–2012, the article examines the behaviour of bank lending and interest cost and how it evolved during the crisis. The evidence suggests that high-Non-performing Loans (NPL) main banks raised their lending and lowered lending rates during the crisis, especially to risky, low-profit firms, indicative of a flight from quality. A disaggregation of the possible reasons for the flight from quality provides evidence in favour of short-termism behaviour by banks. The analysis also provides evidence in support of tunnelling by risky firms, which became amplified during the crisis. The net effect of these developments was a perceptible reduction in overall employment.     

Everyday Lives in Vertical Neighbourhoods: Exploring Bangladeshi Residential Spaces in Toronto's Inner Suburbs

In the Toronto Census Metropolitan Area (CMA), almost a third of the total housing stock is comprised of high‐rise apartment buildings. Not only do most new immigrants reside in these structures upon arrival, they often continue living here for a prolonged period, for a variety of interrelated economic and psychological reasons. It is therefore important to ask: How do these vertical structures affect the life worlds of the residents? What functions do these spaces perform? How do immigrants develop attachments to these spaces, and how do they make them their own? By drawing upon the experiences of 30 Bangladeshi immigrant households in Toronto's inner suburbs, I demonstrate that even though these vertical stacks are not conducive to frequent social interaction by design, the residents variously transform such functional spaces into unique ‘Bengali’ neighbourhoods that are filled with ambivalent feelings of hope and despair, imaginations of the future, becoming a place they can call home away from home.     

Why is it a man’s world,after all? Women on bank boards in India

Employing information on all publicly listed Indian banks covering the period 2003–2012, the study explores whether gender diversity impacts bank behaviour. The evidence suggests that the value addition to banks from the induction of women on their boards of directors is not compelling, although executive women directors enhance bank stability. Looking across ownership, the evidence suggests that gender diversity in state-owned banks enhances stability, but at the cost of lower profitability.     

Introduction to the Special Issue The Maturation of a Developing Industry: REITs in the 1990s

The Journal of Real Estate Finance and Economics -     

Uncertainty,economic growth its impact on tourism,some country experiences

This paper investigates in a time series framework over the period 1995 to 2016, the impact of uncertainty on tourism. The paper explores the causal association of both political uncertainty and economic uncertainty between tourism and other macroeconomic variables for the countries of France, Greece, and the United States. The political uncertainty is proxied through terrorism index and the economic uncertainty is explained through the Economic Policy Index. The unit root test and the ARDL cointegration are applied for unknown structural breaks. In the long run uncertainty adversely affects the tourism industry in all the countries under study.     

STRATEGIC RULES ON SPECULATION IN THE FOREIGN EXCHANGE MARKET

In this article we specify the conditions for profitable speculaion in the foreign exchange market with spot and forward contracts. We derive the unique strategic rules from the initial two‐choice situations in a given environment. Finally, in a more complex structure involving covered arbitrage, speculative profits are computed with iterative plays. JEL classification: F310     

HEDGING WITH INTERNATIONAL STOCK INDEX FUTURES: AN INTERTEMPORAL ERROR CORRECTION MODEL

In this paper we extend the traditional price change hedge ratio estimation method by applying the theory of cointegration to hedging with stock index futures contracts for France (CAC 40), the United Kingdom (FTSE 100), Germany (DAX), and Japan (NIKKEI). Previous studies ignore the last period's equilibrium error and short-run deviations. The findings of this study indicate that the hedge ratios obtained from the error correction method are superior to those obtained from the traditional method as evidenced by the likelihood ratio test and out-of-sample forecasts. Using the procedures developed in this paper, hedgers can control the risk of their portfolios more effectively at a lower cost.     

The Hedging Effectiveness of ECU Futures Contracts: Forecasting Evidence from an Error Correction Model

In this paper, the traditional price change hedge ratio estimation method is extended by applying the theory of cointegration in case of hedging with European Currency Unit (ECU) futures contracts. Previous studies ignore the last period's equilibrium error and short-run deviations. The findings of this study indicate that the hedge ratio estimated by the error correction method is superior to the one obtained from the traditional method, as evidenced by the likelihood ratio test and out-of-sample forecasts. Hedgers can control the risk of their portfolios more effectively at a lower cost.     

Debt, Growth and Budgetary Regimes

Within the Barro (1990) model of productive public services, but with the inclusion of public debt, we derive and characterize on the balanced growth path, a set of welfare‐maximizing fiscal rules under two budgetary regimes – one with only the standard dynamic government budget constraint, and the other involving the golden rule of public finance. We demonstrate analytically that the optimal fiscal policy differs in the two budgetary regimes considered. We also analyse two cases within the second regime: one, where the ratio of current spending to tax revenues is parametrically given, and another, where this ratio is optimally chosen by the government.