scholarly journals Country-Level Size Effects in International Asset Pricing

2021 ◽  
Vol 11 (1) ◽  
pp. 29-40
Author(s):  
Crina Pungulescu
Keyword(s):  
Size Effects ◽  
Market Integration ◽  
Developed Countries ◽  
Emerging Countries ◽  
Expected Returns ◽  
Large Set ◽  
Country Level ◽  
Control Factors ◽  
Size Premium ◽  
Financial Market Integration

This paper investigates whether small markets offer higher risk-adjusted expected returns using a large set of developed and emerging markets over a time span of up to four decades. The results show that expected returns are significantly lower in larger markets, an effect more pronounced in emerging rather than developed countries. The relationship between size effects and the level of market segmentation in emerging countries is further explored in the context of financial market integration. The size premium is strong and persistent over time independently of the (fading) segmentation premium documented in the literature. Markets size effects remain statistically and economically significant in the presence of various control factors and account for up to 1% per year in terms of expected returns in emerging countries.

Prospects for Applying the Experience of Financial Cooperation within the ASEAN + Russia Framework

2020 ◽  
Vol 26 (10) ◽  
pp. 1068-1079
Author(s):  
L. A. Anosova ◽  
L. S. Kabir
Keyword(s):  
Financial Market ◽  
Market Integration ◽  
Developed Countries ◽  
Individual Member ◽  
Member States ◽  
Financial Cooperation ◽  
Asean Member ◽  
Stage Of Development ◽  
Financial Market Integration ◽  
Asean Countries

Aim. The presented study aims to summarize the experience of ASEAN countries in the harmonization of national legislations regulating the financial markets of the Association’s individual member states and to systematize approaches used by this regional bloc when building cooperation in the financial sector within the ASEAN + framework.Tasks. The authors analyze an association’s experience of coordinating a financial market regulation policy among a group of countries; examine the experience of ASEAN’s financial cooperation with other countries within the ASEAN + framework, primarily with the region’s leading countries — China, Japan, and the Republic of Korea; assess the current level of financial and trade interaction between Russia and ASEAN member states (ASEAN + Russia framework).Methods. This study uses general scientific methods of cognition to examine various aspects of the financial market integration policy of ASEAN member states, trends in the current state and development of the pursued policy, and major directions for its modernization.Results. ASEAN countries have devoted considerable time to building relations in the field of financial market integration. However, this process has not reached the level of development that would indicate a significant breakthrough in the convergence of financial regulation or progress in the harmonization of national legislations of ASEAN member states. At the current stage of development, the pace of financial integration is slowing down. ASEAN countries have developed a structure of international financial relations, where developed countries and multinational companies play a significant role. In these circumstances, key ASEAN partners have to compete in order to change the established relations. The current results of cooperation within the ASEAN + framework do not provide a clear indication of its effectiveness.Conclusions. Since Russia’s financial cooperation with ASEAN countries is currently at the stage of formation, obtaining results from its development requires more active efforts to create an institutional environment for cooperation and finding promising projects and junction points for its development.

scholarly journals How consumer-based brand equity relates to market share of global and local brands in developed and emerging countries

2020 ◽  
Vol 37 (2) ◽  
pp. 345-375
Author(s):  
Lia Zarantonello ◽  
Silvia Grappi ◽  
Marcello Formisano ◽  
Josko Brakus
Keyword(s):  
Market Share ◽  
Brand Equity ◽  
Developed Countries ◽  
Emerging Countries ◽  
Large Set ◽  
Brand Associations ◽  
Content Type ◽  
Market Shares ◽  
Global And Local ◽  
The Relationship

PurposeThe purpose of this paper is to investigate the relationship between consumer-based brand equity (CBBE) – conceptualized as consisting of brand awareness, perceived quality, brand associations, perceived value and brand loyalty – and market share for different brand types (global versus local) in different country groups (developed versus emerging).Design/methodology/approachThis paper combines consumer–survey-based data, experts' coding and retail panel data of fast-moving consumer goods (FMCG) brands in 29 countries.FindingsIn developed countries, the relationship between each CBBE component (except for brand associations) with market share is stronger for local than global brands. In emerging countries, the relationship between each CBBE component with market share is stronger for global than local brands.Research limitations/implicationsThis paper contributes to better understanding the relationships between CBBE and market share by showing how CBBE components relate to market share for different brand types (global and local) in different country groups (developed and emerging). Limitations arise from constraints related to existing datasets (e.g. limited number of variables and type of product categories considered).Practical implicationsThis paper offers insights to managers working in multinational FMCG companies, as it suggests which CBBE components relate more strongly to the global or local brands' market shares in different countries.Originality/valueThis paper analyzes the relationship between CBBE and market share by focusing on different brand types (global versus local) in different country groups (developed versus emerging). It does so by using a company dataset and showing correspondence with conceptualizations and measures of brand equity from the academic literature. It also considers a large set of 29 countries, extending research beyond national boundaries.

scholarly journals A Gap in Brain Gain for Emerging Countries: Evidence of International Immigration on Non-Resident Patents

2020 ◽  
Vol 14 (1) ◽  
pp. 7
Author(s):  
Bolortuya Enkhtaivan ◽  
Jorge Brusa ◽  
Zagdbazar Davaadorj
Keyword(s):  
Developed Countries ◽  
Emerging Countries ◽  
Culture Learning ◽  
Host Countries ◽  
Creative People ◽  
Brain Gain ◽  
Ample Evidence ◽  
The World ◽  
Controversial Topic ◽  
Global Data

Immigration is a controversial topic that draws much debate. From a human sustainability perspective, immigration is disadvantageous for home countries causing brain drains. Ample evidence suggests the developed host countries benefit from immigration in terms of diversification, culture, learning, and brain gains, yet less is understood for emerging countries. The purpose of this paper is to examine the presence of brain gains due to immigration for emerging countries, and explore any gaps as compared to developed countries. Using global data from 88 host and 109 home countries over the period from 1995 to 2015, we find significant brain gains due to immigration for emerging countries. However, our results show that there is still a significant brain gain gap between emerging and developed countries. A brain gain to the developed host countries is about 5.5 times greater than that of the emerging countries. The results hold after addressing endogeneity, self-selection, and large sample biases. Furthermore, brain gain is heterogenous by immigrant types. Skilled or creative immigrants tend to benefit the host countries about three times greater than the other immigrants. In addition, the Top 10 destination countries seem to attract the most creative people, thus harvest the most out of the talented immigrants. In contrast, we find countries of origin other than the Top 10 seem to send these creative people to the rest of the world.

Sign in / Sign up

Export Citation Format

Share Document