Cointegration and the relationship between inflation and stock prices in the emerging markets of Latin America: Argentina, Brazil, Chile, Mexico

2005 ◽  
pp. 296-304
Keyword(s):  
Latin America ◽  
Emerging Markets ◽  
Stock Prices ◽  
The Relationship

scholarly journals Systematic illiquidity, characteristic illiquidity, and stock returns: Timeseries analysis

2022 ◽  
Vol 9 (2) ◽  
pp. 72-80
Author(s):  
Soltane et al. ◽  
Keyword(s):  
Emerging Markets ◽  
Stock Returns ◽  
Stock Prices ◽  
Stock Price ◽  
Stock Exchange ◽  
Systematic Risk ◽  
Timeseries Analysis ◽  
The Relationship

The objective of this research is to investigate the relationship between illiquidity and stock prices on the Tunisian stock exchange. While previous researches tended to focus on one form of illiquidity to examine this relationship, our study unifies three forms of illiquidity at the same time. Indeed, we simultaneously consider illiquidity as systematic risk, as a characteristic of the market, and as a characteristic of the stock. The aggregate illiquidity of the market is the average of individual stock illiquidity. The illiquidity risk is the sensitivity of the stock price to illiquidity shocks. Shocks of market illiquidity are estimated by the innovations in the expected market illiquidity. Results show that investors on the Tunisian stock exchange do not require higher returns when they expect a rise of market illiquidity, whereas investors on U.S markets are compensated for higher expected market illiquidity. In addition, shocks of market illiquidity provoke a fall in stock prices of small caps, while large caps are not sensitive to market illiquidity shocks. This differs slightly from results based on U.S. data where illiquidity shocks reduce all stock prices but most notably those of small caps. Robustness tests validate our findings. Our results are consistent with previous studies which reported that the “zero-return” ratio predicts significantly the return-illiquidity relationship on emerging markets.

Revisiting Macroeconomy–Stock Market Relationship During Times of Economic Crisis: A Study of Emerging Markets

2017 ◽  
Vol 13 (1-2) ◽  
pp. 52-69
Author(s):  
Gagan Deep Sharma ◽  
Mrinalini Srivastava ◽  
Mansi Jain
Keyword(s):  
Latin America ◽  
Financial Crisis ◽  
Stock Market ◽  
Emerging Markets ◽  
Economic Crisis ◽  
Global Financial Crisis ◽  
Market Returns ◽  
Stock Market Returns ◽  
Macroeconomic Variables ◽  
The Relationship

This article examines the relationship between six macroeconomic variables and stock market returns of 13 emerging markets from Latin America, Europe, Africa and Asia in the context of global financial crisis of 2008. The findings reveal some commonality in determination and variation of returns with macroeconomic variables from pre-crisis (1st January 2005–31st March 2009) to post-crisis period (1st April 2009–31st March 2016). Further, results show co-integration among most of the macroeconomic variables depicting significant implications for investors and policymakers.

Corporate social responsibility, country reputation and corporate reputation

2019 ◽  
Vol 27 (2) ◽  
pp. 178-197 ◽  
Author(s):  
Keith James Kelley ◽  
Thomas A. Hemphill ◽  
Yannick Thams
Keyword(s):  
Latin America ◽  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Emerging Markets ◽  
Shared Value ◽  
Content Type ◽  
Country Reputation ◽  
Creating Shared Value ◽  
Corporate Social ◽  
The Relationship

Purpose This paper aims to explore the relationship between corporate social responsibility (CSR) and corporate financial performance (CFP) from a shared value perspective. Adopting reputation as a multilevel form of value that mediates the CSR–CFP relationship, the paper explains how CSR initiatives may enhance both firm and country reputation and how the amount of shared value between the two leads to CFP. Design/methodology/approach The paper first establishes the theoretical foundation for the relationship between CSR and CFP. It then draws connections to a more recent stream of literature surrounding the concept of creating shared value to expand upon this relationship, adopting reputation as a multilevel form of shared value that mediates the CSR–CFP relationship. The paper further discusses moderating influences of this relationship that may vary contextually with emerging economies such as those in Latin America. Findings The paper argues that as markets become further developed, CSR initiatives will create a higher proportion of shared reputational value between a corporation and country. This is the result of from aligning CSR initiatives that benefit a society, with the strategic goals of the firm – the essence of creating of shared value – but is more difficult in emerging markets, especially volatile ones. Originality/value This paper offers insight into a complex relationship between CSR, shared reputational value and CFP by introducing the more recent concept of creating shared value. Several propositions related to this general relationship, and some related to the difference among emerging markets (such as those in Latin America), address the need for more research related to corporate and country reputation, creating shared value and in the emerging market context.

scholarly journals RELATIONSHIP ANALYSIS BETWEEN DISCLOSURE ON THE INTERNET, RISK AND RETURN IN LATIN AMERICAN COMPANIES

2017 ◽  
Vol 18 (2) ◽  
pp. 154-183
Author(s):  
TALIEH SHAIKHZADEH VAHDAT FERREIRA ◽  
ORLEANS SILVA MARTINS
Keyword(s):  
Latin America ◽  
Emerging Markets ◽  
Latin American ◽  
The Internet ◽  
Risk And Return ◽  
Relationship Analysis ◽  
Disclosure Risk ◽  
Methodological Aspects ◽  
The Relationship ◽  
Corporate Information

ABSTRACT Purpose: This study sought to examine the extent to which the internet it is utilized as a tool for the disclosure of corporate information, facilitating the transparency of companies in relation to their stakeholders. Originality/gap/relevance/implications: This study differs from previous as it fills a gap in the literature to relate a disclosure measure on the internet with the risk and return of companies in Latin America, since this literature is only possible to identify studies that analyze these variables independently or with respect to other factors. Key methodological aspects: The sample included 758 companies listed on four major exchanges in Latin America (Argentina, Chile, Brazil and Mexico), and its disclosure level was quantified and its relationship with risk and return were verified by Tobit regressions. Summary of key results: The results show that it is possible to observe that the issue of ADRs, the size and liquidity affect the relationship between disclosure, risk and return. Also, the disclosure has advanced in the region over the years, especially in Brazil. However, no significant differences were identified between the countries, to the point of impact relations with the risk and return of companies. Key considerations/conclusions: The main contributions are the expansion of evidence on these variables, relating them to each other in emerging markets.

: , , (China's Advance into Emerging Markets and Korea's Response A Focus on ASEAN, Latin America and Africa)

2013 ◽  
Author(s):  
Pil Soo Choi ◽  
Young Ho Park ◽  
Kisu Kwon ◽  
Jae Wan Cheong ◽  
Hyo-jin Lee
Keyword(s):  
Latin America ◽  
Emerging Markets

Capitalism and the State in Latin America

2020 ◽  
Author(s):  
Esteban Torres ◽  
Carina Borrastero
Keyword(s):  
Social Sciences ◽  
Latin America ◽  
Social Inequality ◽  
Latin American ◽  
The State ◽  
American Sociology ◽  
The 1950S ◽  
The Relationship

This article analyzes how the research on the relation between capitalism and the state in Latin America has developed from the 1950s up to the present. It starts from the premise that knowledge of this relation in sociology and other social sciences in Latin America has been taking shape through the disputes that have opposed three intellectual standpoints: autonomist, denialist, and North-centric. It analyzes how these standpoints envision the relationship between economy and politics and how they conceptualize three regionally and globally growing trends: the concentration of power, social inequality, and environmental depletion. It concludes with a series of challenges aimed at restoring the theoretical and political potency of the autonomist program in Latin American sociology.

scholarly journals The Influence of Government Effectiveness and Corruption on the High Levels of Homicide in Latin America

2021 ◽  
Vol 10 (5) ◽  
pp. 172
Author(s):  
Spencer P. Chainey ◽  
Gonzalo Croci ◽  
Laura Juliana Rodriguez Forero
Keyword(s):  
Economic Development ◽  
Latin America ◽  
Latin American ◽  
International Variation ◽  
Government Effectiveness ◽  
Latin American Region ◽  
Socio Economic Development ◽  
Structural Variables ◽  
The Relationship ◽  
Latin America Region

Most research that has examined the international variation in homicide levels has focused on structural variables, with the suggestion that socio-economic development operates as a cure for violence. In Latin America, development has occurred, but high homicide levels remain, suggesting the involvement of other influencing factors. We posit that government effectiveness and corruption control may contribute to explaining the variation in homicide levels, and in particular in the Latin America region. Our results show that social and economic structural variables are useful but are not conclusive in explaining the variation in homicide levels and that the relationship between homicide, government effectiveness, and corruption control was significant and highly pronounced for countries in the Latin American region. The findings highlight the importance of supporting institutions in improving their effectiveness in Latin America so that reductions in homicide (and improvements in citizen security in general) can be achieved.

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