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  • MPI Bildungsforschung  (5)
  • Kreisbibliothek Havelland Rathenow
  • Berlinische Galerie
  • SB Putlitz
  • Schmukler, Sergio L.  (5)
  • 1
    Online Resource
    Online Resource
    How Firms use Domestic and International Corporate Bond Markets (2012)
    Washington, D.C : The World Bank
    Details
    UID:
    gbv_834975890
    Format: Online-Ressource (46 p)
    Edition: 2012 World Bank eLibrary
    Content: This paper provides the first comprehensive documentation of how firms use domestic and international corporate bond markets. Debt issues in domestic and international markets have different characteristics, not explained by differences across firms or countries. International issues tend to be larger, of shorter maturity, denominated in foreign currency, include more fixed rate contracts, and entail lower yields. These patterns remain when analyzing issues by firms from countries with more developed domestic markets and higher financial integration, and even when comparing issues conducted by the same firm in different markets. These findings are consistent with the views that (1) frictions limit the ability of investors and firms to enter into certain contracts in certain markets, (2) domestic and international markets provide distinct financial services and firms use them as complements, and (3) firms with access to domestic and international markets enjoy advantages relative to those that rely solely on domestic markets
    Additional Edition: Gozzi, Juan Carlos How Firms use Domestic and International Corporate Bond Markets
    Language: English
    DOI: 10.1596/1813-9450-6209
    URL: Volltext  (Deutschlandweit zugänglich)
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    Online Access
    Open Access Request
    Stabi Berlin
    UB Potsdam
    MPI Bildungsforschung
  • 2
    Online Resource
    Online Resource
    Market discipline under systemic risk : evidence from bank runs in emerging economies (2004)
    [Washington, D.C] : World Bank
    Details
    UID:
    gbv_724213570
    Format: Online-Ressource
    Edition: Online-Ausg. World Bank E-Library Archive Also available in print
    Series Statement: Policy research working paper 3440
    Content: "Levy-Yeyati, Martinez Peria, and Schmukler show that systemic risk exerts a significant impact on the behavior of depositors, sometimes overshadowing their responses to standard bank fundamentals. Systemic risk can affect market discipline both regardless of and through bank fundamentals. First, worsening systemic conditions can directly threaten the value of deposits by way of dual agency problems. Second, to the extent that banks are exposed to systemic risk, systemic shocks lead to a future deterioration of fundamentals not captured by their current values. Using data from the recent banking crises in Argentina and Uruguay, the authors show that market discipline is indeed quite robust once systemic risk is factored in. As systemic risk increases, the informational content of past fundamentals declines. These episodes also show how few systemic shocks can trigger a run irrespective of ex-ante fundamentals. Overall, the evidence suggests that in emerging economies, the notion of market discipline needs to account for systemic risk. This paper--a product of the Finance Team, Development Research Group--is part of a larger effort in the group to study market discipline"--World Bank web site
    Note: Includes bibliographical references , Title from PDF file as viewed on 10/29/2004 , Also available in print.
    Additional Edition: Levy Yeyati, Eduardo Market discipline under systemic risk
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
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    Online Resource
    Online Access
    Stabi Berlin
    UB Potsdam
    MPI Bildungsforschung
  • 3
    Online Resource
    Online Resource
    Drivers and obstacles to banking SMEs : the role of competition and the institutional framework (2008)
    [Washington, D.C] : World Bank
    Details
    UID:
    gbv_724231358
    Format: Online-Ressource
    Edition: Online-Ausg. World Bank E-Library Archive Also available in print
    Series Statement: Policy research working paper 4788
    Content: "This paper studies the factors banks perceive as drivers and obstacles to financing small and medium enterprises (SMEs), focusing on the role of competition and the institutional framework. Using a survey of banks in Argentina and Chile, the paper shows that, despite alleged differences in the countries' environments regarding rules, regulations, and ease of doing business, SMEs have become a strategic segment for most banks in both countries. In particular, banks have begun to target SMEs due to the significant competition in the corporate and retail sectors. They perceive the SMEs market as highly profitable, large, and with good prospects. Moreover, banks are developing coping mechanisms to overcome the particular institutional obstacles present in each country and to compete for SMEs. Banks' interest in SMEs is not based on government programs, yet policy action might help reduce the cost of providing financing, especially long-term lending. "--World Bank web site
    Note: Includes bibliographical references , Title from PDF file as viewed on 5/8/2009 , Also available in print.
    Additional Edition: Torre, Augusto de la Drivers and obstacles to banking SMEs
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
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    Stabi Berlin
    UB Potsdam
    MPI Bildungsforschung
  • 4
    Online Resource
    Online Resource
    Bank Involvement With SMES : Beyond Relationship Lending (2008)
    Washington, D.C : The World Bank
    Details
    UID:
    gbv_724229876
    Format: Online-Ressource (1 online resource (75 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Content: The "conventional wisdom" in academic and policy circles argues that, while large and foreign banks are generally not interested in serving SMEs, small and niche banks have an advantage in doing so because they can overcome SME opaqueness through relationship lending. This paper shows that there is a gap between this view and what banks actually do. Banks perceive SMEs as a core and strategic business and seem well positioned to expand their links with SMEs. The recent intensification of bank involvement with SMEs in various emerging markets documented in this paper is neither led by small or niche banks nor highly dependent on relationship lending. Rather, all types of banks are catering to SMEs and larger, multiple-service banks have in fact a comparative advantage in offering a wide range of products and services on a large scale, through the use of new technologies, business models, and risk management systems
    Additional Edition: de la Torre, Augusto Bank Involvement With SMES
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
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    Online Resource
    Online Access
    Stabi Berlin
    UB Potsdam
    MPI Bildungsforschung
  • 5
    Online Resource
    Online Resource
    The Internationalization of China's Equity Markets (2023)
    Washington, D.C : The World Bank
    Details
    UID:
    gbv_1877052671
    Format: 1 Online-Ressource (66 pages)
    Content: The internationalization of China's equity markets started in the early 2000s but accelerated after 2012, when Chinese firms' shares listed in Shanghai and Shenzhen gradually became available to international investors. This paper documents the effects of the post-2012 internationalization events by comparing the evolution of equity financing and investment activities for (i) domestic listed firms relative to firms that already had access to international investors and (ii) domestic listed firms that were directly connected to international markets relative to those that were not. The paper shows significant increases in financial and investment activities for domestic listed firms and connected firms, with sizable aggregate effects. The evidence also suggests that the rise in firms' equity issuances was primarily and initially financed by domestic investors. Foreign ownership of Chinese firms increased once the locally issued shares became part of the Morgan Stanley Capital International (MSCI) Emerging Markets Index in 2018
    Additional Edition: Erscheint auch als Druck-Ausgabe Cortina, Juan J The Internationalization of China's Equity Markets Washington, D.C. : The World Bank, 2023
    Language: English
    DOI: 10.1596/1813-9450-10513
    URL: Deutschlandweit zugänglich
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    Online Resource
    Open Access Request
    Stabi Berlin
    UB Potsdam
    MPI Bildungsforschung
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