This paper examines how capital account liberalization （CAL） affects foreign direct investment （FDI） inflows. Authors use a dynamic panel model encompassing 14 Middle East countries over the period from 1985 to 20...This paper examines how capital account liberalization （CAL） affects foreign direct investment （FDI） inflows. Authors use a dynamic panel model encompassing 14 Middle East countries over the period from 1985 to 2009. The findings suggest that countries that are able to reap the benefits of the capital openness policy satisfy certain threshold conditions regarding the level of financial development and institutional quality. Thus to promote FDI, governments in this region should develop a set of policies that not only focus on financial openness, but also on the improvement of the financial system and legal institutions.展开更多
Capital market participants take seriously into consideration the value relevance of earnings for security valuation. This study examines the value relevance of earnings when earnings are transitory, i.e., there is gr...Capital market participants take seriously into consideration the value relevance of earnings for security valuation. This study examines the value relevance of earnings when earnings are transitory, i.e., there is great variability in earnings. It hypothesizes that the relationship between earnings and security returns worsens when earnings are transitory and this robustness is country specific. The dataset consists of more than 1,100 French firm-year observations over a nine year period. Empirical results show that when earnings are transitory, investors pay more attention to operating cash flows and less attention to earnings, a result indicating that investors penalize firms with unstable earnings. These results should be of great importance to financial analysts, investors and bankers for investing and credit decisions, especially after the recent global financial crisis.展开更多
Leung Chun-ying（fifth right）,Chief Executive of Hong Kong Special Administrative Region,and Hong Kong Exchanges and Clearing Chairman Chow Chung-kong（fourth left）jointly beat a gong to mark the inauguration of the...Leung Chun-ying（fifth right）,Chief Executive of Hong Kong Special Administrative Region,and Hong Kong Exchanges and Clearing Chairman Chow Chung-kong（fourth left）jointly beat a gong to mark the inauguration of the Shenzhen-Hong Kong Stock Connect in Hong Kong on December 5. Under the new scheme, mainland investors can trade shares on the stock exchange of Hong Kong through local brokers, and Hong Kong investors can buy and sell stocks on the tech-heavy Shenzhen bourse. The arrangement is the second link between mainland and Hong Kong capital markets, after the Shanghai-Hong Kong Stock Connect was launched in 2014.展开更多
文摘This paper examines how capital account liberalization （CAL） affects foreign direct investment （FDI） inflows. Authors use a dynamic panel model encompassing 14 Middle East countries over the period from 1985 to 2009. The findings suggest that countries that are able to reap the benefits of the capital openness policy satisfy certain threshold conditions regarding the level of financial development and institutional quality. Thus to promote FDI, governments in this region should develop a set of policies that not only focus on financial openness, but also on the improvement of the financial system and legal institutions.
文摘Capital market participants take seriously into consideration the value relevance of earnings for security valuation. This study examines the value relevance of earnings when earnings are transitory, i.e., there is great variability in earnings. It hypothesizes that the relationship between earnings and security returns worsens when earnings are transitory and this robustness is country specific. The dataset consists of more than 1,100 French firm-year observations over a nine year period. Empirical results show that when earnings are transitory, investors pay more attention to operating cash flows and less attention to earnings, a result indicating that investors penalize firms with unstable earnings. These results should be of great importance to financial analysts, investors and bankers for investing and credit decisions, especially after the recent global financial crisis.
文摘Leung Chun-ying（fifth right）,Chief Executive of Hong Kong Special Administrative Region,and Hong Kong Exchanges and Clearing Chairman Chow Chung-kong（fourth left）jointly beat a gong to mark the inauguration of the Shenzhen-Hong Kong Stock Connect in Hong Kong on December 5. Under the new scheme, mainland investors can trade shares on the stock exchange of Hong Kong through local brokers, and Hong Kong investors can buy and sell stocks on the tech-heavy Shenzhen bourse. The arrangement is the second link between mainland and Hong Kong capital markets, after the Shanghai-Hong Kong Stock Connect was launched in 2014.
