Business Groups And Risk Sharing Around The World
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Business Groups And Risk Sharing Around The World
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Author : Tarun Khanna
language : en
Publisher:
Release Date : 2000
Business Groups And Risk Sharing Around The World written by Tarun Khanna and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with categories.
A new data-set from 15 emerging markets and pre-war and modern Japan is used to examine the popular view that business groups - ubiquitous in most emerging markets - facilitate risk-sharing by smoothing the profitability of their affiliates.
How Does Financial Globalization Affect Risk Sharing Patterns And Channels
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Author : M. Ayhan Kose
language : en
Publisher: International Monetary Fund
Release Date : 2007-10
How Does Financial Globalization Affect Risk Sharing Patterns And Channels written by M. Ayhan Kose and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-10 with Business & Economics categories.
In theory, one of the main benefits of financial globalization is that it should allow for more efficient international risk sharing. This paper provides a comprehensive empirical evaluation of the patterns of risk sharing among different groups of countries and examines how international financial integration has affected the evolution of these patterns. Using a variety of empirical techniques, we conclude that there is at best a modest degree of international risk sharing, and certainly nowhere near the levels predicted by theory. In addition, only industrial countries have attained better risk sharing outcomes during the recent period of globalization. Developing countries have, by and large, been shut out of this benefit. The most interesting result is that even emerging market economies, which have experienced large increases in cross-border capital flows, have seen little change in their ability to share risk. We find that the composition of flows may help explain why emerging markets have not been able to realize this presumed benefit of financial globalization. In particular, our results suggest that portfolio debt, which has dominated the external liability stocks of most emerging markets until recently, is not conducive to risk sharing.
International Risk Sharing During The Globalization Era
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Author : Mr.Akito Matsumoto
language : en
Publisher: International Monetary Fund
Release Date : 2009-09-01
International Risk Sharing During The Globalization Era written by Mr.Akito Matsumoto and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-09-01 with Business & Economics categories.
Though theory suggests financial globalization should improve international risk sharing, empirical support has been limited. We develop a simple welfare-based measure that captures how far countries are from the ideal of perfect risk sharing. We then take it to data and find international risk sharing has, indeed, improved during globalization. Improved risk sharing comes mostly from the convergence in rates of consumption growth among countries rather than from synchronization of consumption at the business cycle frequency. Our finding explains why many existing measures fail to detect improved risk sharing-they focus only on risk sharing at the business cycle frequency.
The Consequences Of Business Group Affiliation
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Author : Rosy Locorotondo
language : en
Publisher:
Release Date : 2015
The Consequences Of Business Group Affiliation written by Rosy Locorotondo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
In contrast to the popular assumption of independence made in the classic corporate finance literature, many companies around the world are linked through common ownership to form business groups. This paper reviews the growing literature on the consequences of business group membership. The presence of internal capital markets within the group may lead to an increased availability of financial resources and more optimal investment allocation due to reduced asymmetric information. Moreover, intragroup guarantees and a group reputation effect may also improve the access to external financing, and group members can engage in risk sharing and risk reducing activities. The existence of business groups may, however, also have negative effects, including expropriation of wealth from minority shareholders, support of inefficient affiliates, political rent-seeking and excessive use of market power. The trade-off between these costs and benefits leads to mixed empirical evidence on the impact of group affiliation on profitability and innovation.
Cross Country Consumption Risk Sharing A Long Run Perspective
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Author : Mr.Zhaogang Qiao
language : en
Publisher: International Monetary Fund
Release Date : 2010-03-01
Cross Country Consumption Risk Sharing A Long Run Perspective written by Mr.Zhaogang Qiao and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-03-01 with Business & Economics categories.
This paper estimates an empirical nonstationary panel regression model that tests long-run consumption risk sharing across a sample of OECD and emerging market (EM) countries. This is in contrast to the existing literature on consumption risk sharing, which is mainly about risks at business cycle frequency. Since our methodology focuses on identifying cointegrating relationships while allowing for arbitrary short-run dynamics, we can obtain a consistent estimate of long-run risk sharing while disregarding any short-run nuisance factors. Our results show that long-run risk sharing in OECD countries increased more than that in EM countries during the past two decades.
The Oxford Handbook Of Business Groups
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Author : Asli M. Colpan
language : en
Publisher: Oxford University Press
Release Date : 2010-08-05
The Oxford Handbook Of Business Groups written by Asli M. Colpan and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-08-05 with Business & Economics categories.
This handbook provides a comprehensive analysis of business groups around the world. It focuses on the adaptive and competitive capabilities of business groups and their evolutionary dynamics, as well as considering the historical and theoretical contexts of business groups.
Asian Business Groups
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Author : Michael Carney
language : en
Publisher: Elsevier
Release Date : 2008-06-30
Asian Business Groups written by Michael Carney and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-06-30 with Business & Economics categories.
The Asian economic landscape is dominated by various types of business group. Asian Business Groups provides a comprehensive review and introduction to the different types of business group. The origins and founding context of groups from particular national settings form the basic structure of the book. Emphasis is given to both the similarities and differences in group governance and performance and the implications for Asian international competitiveness are addressed. Multidisciplinary framework that integrates managerial, sociological, and economic perspectives on business groups and permits analysis of both their positive and negative aspects Comprehensive survey of empirical findings on the financial and market performance Sensitivity to the changing historical context and major events that have shaped business group development and dynamics
Business Groups In The West
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Author : Asli M. Colpan
language : en
Publisher: Oxford University Press
Release Date : 2018-02-02
Business Groups In The West written by Asli M. Colpan and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-02-02 with Business & Economics categories.
This volume aims to explore the long-term evolution of different varieties of large enterprises in today's developed economies. It focuses on the economic institution of business groups and attempts to comprehend the factors behind their rise, growth, struggle, and resilience; their behavioral and organizational characteristics; and their roles in national economic development. The volume seeks to enhance the scholarly and policy-oriented understanding of business groups in developed economies by bringing together state-of-the-art research on the characteristics and contributions of large enterprises in an evolutionary perspective. While business groups are a dominant and critical organization model in contemporary emerging economies and have lately attracted much attention in academic circles and business presses, their counterparts in developed economies have not been systematically examined. This book aims to fill this gap in the literature and is the first scholarly attempt to explore the evolutional paths and contemporary roles of business groups in developed economies from an internationally comparative perspective. In doing so, it argues that business groups actually rose to function as a critical factor of industrial dynamics in the context of Second Industrial Revolution in the late nineteenth century. They have adapted their characteristic roles and transformed to fit to the changing market and institutional settings. As they flexibly co-evolve with the environment, the volume shows that business groups can remain as a viable organization model in the world's most advanced economies today.
The Family Business Group Phenomenon
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Author : Marita Rautiainen
language : en
Publisher: Springer
Release Date : 2018-10-30
The Family Business Group Phenomenon written by Marita Rautiainen and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-10-30 with Business & Economics categories.
This edited collection analyses the unexplored concept of the family business group, evaluating the opportunities and advantages that it creates for entrepreneurs. Raising a number of important questions, the authors construct a new research agenda for the complex topic of the family business group, which will ultimately assess its contribution towards the economy and society in general. The chapters provide a core understanding of the phenomenon and cover its formation, nature and complexities, as well as offering a holistic perspective and exploring factors such as scale, size and regional contexts. A useful tool for those researching small businesses, organisation, and business strategy, this book highlights the key advantages of family business group structures in both developed and developing countries, and local and national contexts.
Pooling Risk Among Countries
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Author : Jean Imbs
language : en
Publisher: International Monetary Fund
Release Date : 2007-06
Pooling Risk Among Countries written by Jean Imbs and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-06 with Business & Economics categories.
In this paper, we identify the groups of countries where international risk-sharing opportunities are most attractive. We show that the bulk of risk-sharing gains can be achieved in groups consisting of as few as seven members, and that further marginal benefits quickly become negligible. For many such small groups, the welfare gains associated with risk sharing can amount to one order of magnitude larger than Lucas's classic calibration suggested for the United States, under similar assumptions on utility. Why do we not observe more arrangements of this type? Large welfare gains can only be achieved within groups where contracts are probably seen as relatively difficult to enforce. International diversification can thus yield substantial gains, but these may remain untapped owing to potential partners' weak institutional quality and a history of default on international obligations. Noting that existing risk sharing arrangements often have a regional dimension, we speculate that shared economic interests such as common trade may help sustain such arrangements, though risk-sharing gains are smaller when membership is constrained on a regional basis.