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Article
Publication date: 19 October 2010

Aleksandar Šević, Chandrasekhar Krishnamurti and Željko Šević

The purpose of this paper is to perform an exploratory study of depositary receipts (DRs). In addition to the geographical analysis it test several hypothesis linked to various…

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Abstract

Purpose

The purpose of this paper is to perform an exploratory study of depositary receipts (DRs). In addition to the geographical analysis it test several hypothesis linked to various DRs’ issues.

Design/methodology/approach

Using the publicly available The Bank of New York's (now The Bank of New York Mellon) database, descriptive statistics and logit analysis were applied.

Findings

It is evident that smaller firms issue DRs in lower level programs apparently due to the considerable cost barriers; firms with larger capital expenditure plans prefer to issue under level III or Rule 144A DR programs and higher quality firms, proxied by lower leverage, are likely to make higher‐level DR issues.

Research limitations/implications

The database is updated quite frequently and departures from enclosed findings are likely to occur in the years to come.

Practical implications

Management interested in issuing DRs may become acquainted with the pattern exercised by both small and large companies, or by companies with specific capital structures. In this manner the listing demonstrates less uncertainty as long as it is possible for managers to ascertain and compare own companies’ features.

Originality/value

The paper adds to the current literature regarding in‐depth analysis of the DRs market.

Details

Managerial Finance, vol. 36 no. 12
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 December 2005

Chandrasekhar Krishnamurti, Aleksandar Sevic and Zeljko Sevic

This article questions the validity of regression models when high correlations exist between independent variables and presents the application of VAR as an alternative technique…

877

Abstract

This article questions the validity of regression models when high correlations exist between independent variables and presents the application of VAR as an alternative technique through the comparison of two groups of selected stocks that represent components of Dow Jones and S&P 500 indices, respectively. The results indicate that panel regressions face serious specification problems, while the impulse response function underlines that the shock to the volume innovation has a mostly positive impact on the volatility in both S&P and Dow Jones sample, but the tendency cannot be easily accounted for. The positive impact of volatility shocks on the inter market depth is rather unexpected, but it may be associated with an increase in volume that does not enormously enhance the spread up to the point where it will be too costly for market‐makers to trade, and accordingly, quickly narrows the spread to absorb new liquidity influx in the market. In the Granger causality tests Dow Jones stocks with comparatively larger average volume depth values and price levels provide slightly stronger relations between analyzed variables compared to the stocks included in the S&P sample.

Details

Managerial Finance, vol. 31 no. 12
Type: Research Article
ISSN: 0307-4358

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Book part
Publication date: 4 April 2005

Chandrasekhar Krishnamurti and Aleksandar Šević

Extant research posits that host country investors value geographical proximity and familiarity. American investors are likely to be more familiar with business, legal and…

Abstract

Extant research posits that host country investors value geographical proximity and familiarity. American investors are likely to be more familiar with business, legal and economic conditions of Latin America compared to distant emerging market countries. Furthermore, the trading time of Latin American stock markets overlap significantly with that of U.S. markets. Therefore, we expect Latin American ADRs to enjoy better liquidity than ADRs from other emerging markets. Consistent with our expectations, we find weak evidence that ADRs from Latin America have lower effective spreads and adverse selection component of spreads compared to ADRs from other emerging markets.

Details

Latin American Financial Markets: Developments in Financial Innovations
Type: Book
ISBN: 978-1-84950-315-0

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Book part
Publication date: 4 April 2005

Harvey Arbeláez and Reid William Click

This book is an attempt to reflect on what we have learned from financial policies and financial crises in Latin America. The 21 chapters in this volume capture the developments…

Abstract

This book is an attempt to reflect on what we have learned from financial policies and financial crises in Latin America. The 21 chapters in this volume capture the developments in various ways. They cover theoretical contributions, regional empirical studies, and specific inquiries on Argentina, Brazil, Chile, Colombia, Cuba, Ecuador, Mexico, Peru and Venezuela. The breadth of methodologies implemented suggests that researchers are looking at Latin American financial markets through a variety of lenses. The chapters are divided into 7 parts, including, in Part I, an initial overview. Part II examines the foreign exchange markets in Latin America and their interactions with other markets. Part III discusses dollarization issues in the region. Part IV then takes up the issue of banking in Latin America. Equity and bond markets are considered in Parts V and VI, respectively. Lastly, Part VII considers pension systems in Latin America. Taken as a whole, the 21 chapters seize the excitement of studying Latin America and provide lessons that are applicable around the world.

Details

Latin American Financial Markets: Developments in Financial Innovations
Type: Book
ISBN: 978-1-84950-315-0

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Article
Publication date: 7 September 2015

Milesa Ž Sreckovic, Branka Kaludjerovic, Aleksander G Kovacevic, Aleksandar Bugarinovic and Dragan Družijanic

The purpose of this paper is to present the results of interaction occurring during the exposition of some specific carbon textile materials obtained in laboratory conditions to…

800

Abstract

Purpose

The purpose of this paper is to present the results of interaction occurring during the exposition of some specific carbon textile materials obtained in laboratory conditions to beams of various laser types.

Design/methodology/approach

Carbon fabric materials – fiber, felt and cloth – obtained from different precursor materials and prepared at various process conditions (oxidized, partially carbonized, carbonized, graphitized), were exposed to pulses of various lasers (Nd3+: YAG, alexandrite, ruby).

Findings

Depending on the laser power, plasma and destructive phenomena occurred. In the case of an interaction between a Nd3+: YAG laser beam and specimens of thickness in millimeter range, the authors have estimated the threshold of the energy density for drilling and discussed the possible models of the interaction.

Research limitations/implications

The results have implications in the estimations of quality as well as in the improvement of material processing, giving some new light to the changes of mechanical and optical constants of the material, as well as to the changes of carbon groups of the material, which would be useful for different types of modeling. Future research will be in the interaction of laser beams with various textile materials, where the investigation would cover the microstructure changes and the implications on cloth cutting and welding, concerning the damages as well as relief structures, specially renew for fs laser regimes.

Originality/value

The area of laser applications in the textile industry is supported by scientific and applicative exploration. However, fewer results are concerned with deep introspection into the microstructure of the damages considering the laser interaction with carbon fiber and other carbon-based textiles.

Details

International Journal of Clothing Science and Technology, vol. 27 no. 5
Type: Research Article
ISSN: 0955-6222

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