Internationalization and cash holdings before and after the 2008 financial crisis: an empirical investigation of Latin American firms

2021 ◽  
pp. 1-18
Author(s):  
Mauricio A. Melgarejo Duran ◽  
Sheryl-Ann Stephen
Keyword(s):  
Financial Crisis ◽  
Latin American ◽  
Empirical Investigation ◽  
Cash Holdings ◽  
2008 Financial Crisis ◽  
Before And After ◽  
The 2008 Financial Crisis

scholarly journals IPO Underpricing After the 2008 Financial Crisis: A Study of the Chinese Stock Markets

2018 ◽  
Vol 10 (8) ◽  
pp. 2844 ◽  
Author(s):  
Rui Li ◽  
Wei Liu ◽  
Yong Liu ◽  
Sang-Bing Tsai
Keyword(s):  
Financial Crisis ◽  
Initial Public Offering ◽  
Small Firms ◽  
Effective Means ◽  
Ipo Underpricing ◽  
2008 Financial Crisis ◽  
Before And After ◽  
The Difference ◽  
The 2008 Financial Crisis ◽  
Public Offering

A firm’s capability of raising funding is closely related to its sustainable development. With a more efficient allocation of funding among the whole society, social resources will be better utilized. Initial Public Offering (IPO) can indeed be an effective means of raising capital for corporate ventures. Using 1069 firms which completed IPOs on Chinese stock exchanges between 1st January 2004 and 1st January 2013, we investigate the difference in IPO underpricing before and after the 2008 financial crisis. Based on OLS regression models, we find that the IPOs are less underpriced in the post-crisis period. We examine the moderating effects of firm size on the difference in IPO underpricing between pre- and post-crisis periods, finding that small firms experienced less IPO underpricing than large firms after the financial crisis. After applying different model specifications such as Robust and OProbit regressions, the results remain consistent. Our study contributes to understanding the dynamics and influences of the financial crisis on firms’ IPO cost from the perspective of information asymmetry.

scholarly journals Risk Analysis of World Major Stock Index Before and After the 2008 Financial Crisis – Based on GARCH-VaR Approach

2018 ◽  
Vol 9 (2) ◽  
pp. 39
Author(s):  
Maoguo Wu ◽  
Yanyuan Wang
Keyword(s):  
Financial Crisis ◽  
Time Lag ◽  
Policy Implications ◽  
Stock Index ◽  
2008 Financial Crisis ◽  
Before And After ◽  
The 2008 Financial Crisis ◽  
Global Stock Markets ◽  
Stock Indexes ◽  
Global Stock

In 2008, the U.S. subprime mortgage crisis overwhelmed the global financial system, which sparked drastic fluctuation of world stock index. Subsequently, the risk of investment in global stock markets has augmented considerably. Applying the VaR approach based on GARCH model, this paper attempts to thoroughly investigate the volatility of S&P 500, NASDAQ, DJIA, GDAXI and CSI 300. For the purpose of comparison, data are divided into 2 parts: before the 2008 financial crisis and after the 2008 financial crisis. Thus, the paper elaborates impacts of the 2008 financial crisis on global stock index. In addition, this paper puts forward policy implications of risk control in Chinese financial market. According to empirical results, before the 2008 financial crisis, S&P 500, NASDAQ and DJIA were relatively stable; GDAXI was slightly fluctuant while CSI 300 fluctuated dramatically. When confronting with the 2008 financial crisis, the volatility of three American stock indexes surged at once, even exceeding that of CSI 300. GDAXI, however, experienced a time lag in the increase of volatility. So far, S&P 500, NASDAQ, DJIA and GDAXI have gradually recovered. On the contrary, CSI 300 still undulates frequently and erratically.

COMPARATIVE TFP GROWTH BETWEEN GCC CONVENTIONAL AND ISLAMIC BANKS BEFORE AND AFTER THE 2008 FINANCIAL CRISIS

2020 ◽  
pp. 1-20
Author(s):  
AZZEDDINE AZZAM ◽  
BELAID RETTAB
Keyword(s):  
Financial Crisis ◽  
Technical Change ◽  
Islamic Banks ◽  
2008 Financial Crisis ◽  
Before And After ◽  
Product And Process Innovation ◽  
Product And Process ◽  
The 2008 Financial Crisis ◽  
Conventional Banks ◽  
Conventional And Islamic Banks

This paper measures and compares the performance of GCC conventional and Islamic banks in terms of total factor productivity growth (TFPG) before and after the 2008 financial crisis. The sources of TFPG are technical change, size economies, and observed asset growth. Technical change and size economies are measured by estimating a translog cost function and factor share equations. Results show that Islamic banks outperformed conventional banks overall and across different sizes. To the extent that product and process innovation improves TFPG, Islamic banks have weathered the 2008 financial crisis by being more innovative than conventional banks.

Comparing state pension reforms in EU countries before and after 2008

2017 ◽  
Vol 33 (3) ◽  
pp. 225-239 ◽  
Author(s):  
Aaron George Grech
Keyword(s):  
Financial Crisis ◽  
Negative Impact ◽  
Reform Process ◽  
2008 Financial Crisis ◽  
Pension Reforms ◽  
Permanent Change ◽  
Eu Countries ◽  
Before And After ◽  
The 2008 Financial Crisis ◽  
State Pension

AbstractMany EU countries have been carrying out substantial state pension reforms since the mid-1990s. This article studies whether the reforms that were carried out in ten EU countries before and after the 2008 financial crisis are different. This is done through an analysis of the different elements of these reforms and also by comparing pension entitlements after each set of reforms. The main conclusion is that the pre-crisis reforms were much stronger and had a more negative impact on women than the post-crisis reforms. It is harder to determine whether this represents a temporary break in the reform process or a permanent change in the orientation of pension reforms in these ten countries.

scholarly journals Impacts Of The 2008 Financial Crisis On South American Equity Markets

2014 ◽  
Vol 13 (3) ◽  
pp. 573
Author(s):  
Jae-Kwang Hwang ◽  
Young Dimkpah ◽  
Alex I. Ogwu
Keyword(s):  
Financial Crisis ◽  
Stock Returns ◽  
Latin American ◽  
Stock Markets ◽  
Financial Integration ◽  
South American ◽  
2008 Financial Crisis ◽  
International Portfolio Diversification ◽  
The 2008 Financial Crisis ◽  
Us Financial Crisis

This paper examines the transmission of the 2008 US financial crisis to four Latin American stock markets using daily stock returns from 2006 to 2009, analyzing returns before and during the 2008 financial crisis. The empirical evidence presents a financial integration by showing persistently higher volatility during the crisis period. This indicates that most of the stock markets in this study were severely hit by the US financial crisis. However, the evidence shows that Chile was less impacted by the 2008 financial crisis. The results here could be useful in international portfolio diversification decision-making in South American region.

scholarly journals Economic Growth and Government Debt of Six Large National Economies before and after the 2008 Financial Crisis

2018 ◽  
Vol 7 (4) ◽  
pp. 30
Author(s):  
Jean Loo ◽  
Haihong He
Keyword(s):  
Economic Growth ◽  
Financial Crisis ◽  
Empirical Studies ◽  
Government Debt ◽  
The United States ◽  
2008 Financial Crisis ◽  
Before And After ◽  
Negative Effect ◽  
The 2008 Financial Crisis ◽  
National Economies

This paper investigates the causal relationship between economic growth and government debt of six large national economies ten years before and ten years after the 2008 financial crisis. There have been numerous studies on whether government debt has any negative effect on economic growth. The results of most empirical studies are mixed depending on the levels of government debt, the countries included in the sample, the sample periods chosen, and the methodologies employed. This paper focuses on six large national economies, namely, the United States, Japan, Germany, the United Kingdom, France, and Canada during the periods ten years before and ten years after the most recent financial crisis of 2008. It is found that there are significant increases in the level of government debt and decreases in economic growth during the ten years after the financial crisis for all six countries. Our results show that the hypothesis that government debt does not Granger-cause economic growth is rejected for all six countries combined for the pre- financial crisis sub-period and the whole sample period, but not for the post financial crisis sub-period.  The hypothesis that economic growth does not Granger-cause government debt is also rejected for both the pre- and post- financial crisis sub-periods as well as for the whole period. In short, our investigation documented a bidirectional Granger causality between government debt and economic growth during periods ten years before, ten years after, and the combined periods before and after the 2008 financial crisis. The evidence also suggests that economic growth reduced government debt for most countries during all three sample periods.

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