2. Publicaciones
URI permanente para esta comunidadhttps://hdl.handle.net/20.500.12640/4068
Las publicaciones de ESAN reúnen una variedad de materiales académicos y prácticos que abarcan áreas fundamentales como la administración, economía, negocios, entre otros. Con enfoque en la formación y el desarrollo profesional, estas obras buscan contribuir al conocimiento y la innovación en diversas disciplinas; asimismo, proporciona información relevante y actualizada para la comunidad académica y empresarial en el ámbito local e internacional
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Ítem Solo Metadatos An empirical study of the relationships betwen corruption, capital leakages and country risk: part I(Universidad ESAN. ESAN Ediciones, 2006-06-30) Bouchet, Michel; Groslambert, BertrandThis paper investigates the relationship between corruption and capital flight in developing countries. Part I tackles the challenge of defining and measuring capital flight, as well as the various root causes of expatriated savings. Our research contributes to the corruption and capital market literature in several ways. First, the issue of capital flight has attracted less attention than that of external capital inflows in emerging market countries. In particular, capital flight has kept a low profile in academic circles until the late 1990s. In addition, research often looks at capital flight as a portfolio issue, and very few studies consider corruption as a «push factor». Second, our paper looks at why capital flight deserves renewed interest, as the globalization of financial markets broadens investment diversification opportunities for domestic residents. Increasingly, official agencies express concern regarding the recycling of generous development aid flows and heavy borrowing in the international capital markets outside the developing countries’ economies. In the aftermath of the G-7 1996 Cologne meeting, larger and broader debt relief, coupled with a strong emphasis on sustainable development policies, focuses on the urgency of capital flight repatriation. Third, we assume that corruption combines two kinds of centrifugal forces for capital leakages: corruption-driven money leaves a country because of fear of being caught by the tax and judiciary authorities; in addition, money leaves a country because of fear that a corrupt government will not provide a stable and conducive environment for safe savings and profitable investment. In Part II of our research, we test the assumption that the higher the level of corruption, the less conducive the national environment for private investment, and the greater the capital leakages.Ítem Solo Metadatos The financial services industry and society: the role of incentives/punishments, moral hazard, and conflicts of interests in the 2008 financial crisis(Universidad ESAN. ESAN Ediciones, 2017-12-01) Murray, Noel; Manrai, Ajay K.; Manrai, Lalita AjayPurpose – This paper aims to present an analysis of the role of financial incentives, moral hazard and conflicts of interests leading up to the 2008 financial crisis. Design/methodology/approach – The study’s analysis has identified common structural flaws throughout the securitization food chain. These structural flaws include inappropriate incentives, the absence of punishment, moral hazard and conflicts of interest. This research sees the full impact of these structural flaws when considering their co-occurrence throughout the financial system. The authors address systemic defects in the securitization food chain and examine the inter-relationships among homeowners, mortgage originators, investment banks and investors. The authors also address the role of exogenous factors, including the SEC, AIG, the credit rating agencies, Congress, business academia and the business media. Findings – The study argues that the lack of criminal prosecutions of key financial executives has been a key factor in creating moral hazard. Eight years after the Great Recession ended in the USA, the financial services industry continues to suffer from a crisis of trust with society. Practical implications – An overwhelming majority of Americans, 89 per cent, believe that the federal government does a poor job of regulating the financial services industry (Puzzanghera, 2014). A study argues that the current corporate lobbying framework undermines societal expectations of political equality and consent (Alzola, 2013). The authors believe the Singapore model may be a useful starting point to restructure regulatory agencies so that they are more responsive to societal concerns and less responsive to special interests. Finally, the widespread perception is that the financial services sector, in particular, is ethically challenged (Ferguson, 2012); perhaps there would be some benefit from the implementation of ethical climate monitoring in firms that have been subject to deferred prosecution agreements for serious ethical violations (Arnaud, 2010). Originality/value – The authors believe the paper makes a truly original contribution. They provide new insights via their analysis of the role of financial incentives, moral hazard and conflicts of interests leading up to the 2008 financial crisis.Ítem Solo Metadatos Return and volatility spillover across equity markets between China and Southeast Asian countries(Universidad ESAN. ESAN Ediciones, 2019-06-01) Hung, Ngo ThaiPurpose – This paper aims to study the daily returns and volatility spillover effects in common stock prices between China and four countries in Southeast Asia (Vietnam Thailand Singapore and Malaysia). Design/methodology/approach – The analysis uses a vector autoregression with a bivariate GARCHBEKK model to capture return linkage and volatility transmission spanning the period including the pre- and post-2008 Global Financial Crisis. Findings – The main empirical result is that the volatility of the Chinese market has had a significant impact on the other markets in the data sample. For the stock return linkage between China and other markets seems to be remarkable during and after the Global Financial Crisis. Notably the findings also indicate that the stock markets are more substantially integrated into the crisis. Practical implications – The results have considerable implications for portfolio managers and institutional investors in the evaluation of investment and asset allocation decisions. The market participants should pay more attention to assess the worth of across linkages among the markets and their volatility transmissions. Additionally international portfolio managers and hedgers may be better able to understand how the volatility linkage between stock markets interrelated overtime; this situation might provide them benefit in forecasting the behavior of this market by capturing the other market information. Originality/value – This paper would complement the emerging body of existing literature by examining how China stock market impacts on their neighboring countries including Vietnam Thailand Singapore and Malaysia. Furthermore this is the first investigation capturing return linkage and volatility spill over between China market and the four Southeast Asian markets by using bivariate VAR-GARCH-BEKK model. The authors believe that the results of this research’s empirical analysi would amplify the systematic understanding of spillover activities between China stock market and other stock markets.
