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  • 1
    Online Resource
    Online Resource
    Customer market power and the provision of trade credit : evidence from Eastern Europe and Central Asia (2007)
    Washington, D.C., : The World Bank,
    Details
    UID:
    almafu_9958062375002883
    Format: 1 online resource (27 pages)
    Series Statement: Policy research working papers.
    Content: Statistics show that the sale of goods on credit is widespread among firms even when they are capital constrained and thus face relatively high costs in providing trade credit. This study provides an explanation for this by arguing that customers who possess strong market power are able to increase their customer surplus by demanding to purchase the goods on credit. This gain in customer surplus increases with the degree of asymmetric information between buyer and seller with respect to product quality. Therefore, firms that are perceived as risky are especially subject to the market power of the customer and have to sell their goods on credit. Using detailed firm-level data from a large number of firms in Eastern Europe and Central Asia, this study finds evidence consistent with this hypothesis. It finds a strong positive correlation between customer market power and trade credit provision. Furthermore, this relationship is especially strong when the supplier is more risky and in countries with limited financial sector development or a weak legal system.
    Language: English
    DOI: 10.1596/1813-9450-4284
    URL: Volltext
    URL: Volltext  (Deutschlandweit zugänglich)
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    Online Access
    Open Access Request
    FU Berlin
    HWR Berlin
    UB Potsdam
    EUV Frankfurt
    TH Brandenburg
    HTW Berlin
    Charité
    MPI Bildungsforschung
  • 2
    Online Resource
    Online Resource
    Emerging Market Liquidity and Crises / (2008)
    Washington, D.C., : The World Bank,
    Details
    UID:
    almafu_9958099245302883
    Format: 1 online resource (23 pages)
    Series Statement: Policy research working papers.
    Content: Whereas conventional wisdom argues that markets shut down during crises, with sellers struggling to find buyers, we find that markets continue to operate during financial turmoil, even in narrow and volatile emerging economies. Simple event studies indicate that both trading volume and trading costs increase in crisis times. Prices change more with each dollar transacted (pushing the Amihud illiquidity measure up) and bid-ask spreads widen. More generally, econometric estimates show that large price downturns, typical of crises, are associated with higher trading activity and increased trading costs, with trading activity declining only later as crises progress. Thus, while trading activity tends to be negatively related to trading costs during tranquil times (and across securities), this relation appears to break down during crises. These results are consistent with the analytical literature on portfolio rebalancing by heterogeneous agents in times of crises.
    Language: English
    DOI: 10.1596/1813-9450-4445
    URL: Volltext
    URL: Volltext  (Deutschlandweit zugänglich)
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Online Access
    Open Access Request
    FU Berlin
    HWR Berlin
    UB Potsdam
    EUV Frankfurt
    TH Brandenburg
    HTW Berlin
    Charité
    MPI Bildungsforschung
  • 3
    Online Resource
    Online Resource
    Location Decisions of Foreign Banks and Competitive Advantage / (2007)
    Washington, D.C., : The World Bank,
    Details
    UID:
    almafu_9958075602402883
    Format: 1 online resource (21 pages)
    Series Statement: Policy research working papers.
    Content: While institutional differences have been found to affect country growth patterns, much has remained unexplained, including how economic actors "overcome" institutional weaknesses and how internationalization helps or hinders development. Banking is an institutionally-intensive activity and the location decision of foreign banks provides a good test of how institutional differences are dealt with and how they may affect economic choices. Specifically, the authors examine whether banks seek out those markets where institutional familiarity provides them with a competitive advantage over other foreign competitor banks. Using bilateral data on banking sector foreign direct investment in all developing countries and controlling for other factors, they find that competitive advantage is an important factor in driving foreign banks' location decisions. The findings suggest that high institutional quality is not necessarily a prerequisite to attract foreign direct investment in banking and that there are specific benefits, as well as risks, to international financial integration between developing countries.
    Language: English
    DOI: 10.1596/1813-9450-4113
    URL: Volltext  (URL des Erstveröffentlichers)
    URL: Volltext  (Deutschlandweit zugänglich)
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Online Access
    Open Access Request
    FU Berlin
    UB Potsdam
    EUV Frankfurt
    HTW Berlin
    Charité
    MPI Bildungsforschung
  • 4
    Online Resource
    Online Resource
    Location Decisions of Foreign Banks And Competitive Advantage (2007)
    Washington, D.C : The World Bank
    Details
    UID:
    b3kat_BV040618718
    Format: 1 Online-Ressource (1 online resource (21 p.))
    Edition: Online-Ausgabe World Bank E-Library Archive Sonstige Standardnummer des Gesamttitels: 041181-4
    Content: While institutional differences have been found to affect country growth patterns, much has remained unexplained, including how economic actors "overcome" institutional weaknesses and how internationalization helps or hinders development. Banking is an institutionally-intensive activity and the location decision of foreign banks provides a good test of how institutional differences are dealt with and how they may affect economic choices. Specifically, the authors examine whether banks seek out those markets where institutional familiarity provides them with a competitive advantage over other foreign competitor banks. Using bilateral data on banking sector foreign direct investment in all developing countries and controlling for other factors, they find that competitive advantage is an important factor in driving foreign banks' location decisions. The findings suggest that high institutional quality is not necessarily a prerequisite to attract foreign direct investment in banking and that there are specific benefits, as well as risks, to international financial integration between developing countries
    Note: Weitere Ausgabe: Claessens, Stijn: Location Decisions of Foreign Banks And Competitive Advantage
    Additional Edition: Reproduktion von Claessens, Stijn, 1959- Location Decisions of Foreign Banks And Competitive Advantage 2007
    Language: English
    URL: Volltext
    Author information: Claessens, Stijn 1959-
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Online Access
    HWR Berlin
    EUV Frankfurt
    TH Brandenburg
    HTW Berlin
  • 5
    Online Resource
    Online Resource
    Customer market power and the provision of trade credit : evidence from Eastern Europe and Central Asia (2007)
    Washington, D.C : The World Bank
    Details
    UID:
    b3kat_BV049074339
    Format: 1 Online-Ressource (27 Seiten))
    Edition: Online-Ausg
    Content: Statistics show that the sale of goods on credit is widespread among firms even when they are capital constrained and thus face relatively high costs in providing trade credit. This study provides an explanation for this by arguing that customers who possess strong market power are able to increase their customer surplus by demanding to purchase the goods on credit. This gain in customer surplus increases with the degree of asymmetric information between buyer and seller with respect to product quality. Therefore, firms that are perceived as risky are especially subject to the market power of the customer and have to sell their goods on credit. Using detailed firm-level data from a large number of firms in Eastern Europe and Central Asia, this study finds evidence consistent with this hypothesis. It finds a strong positive correlation between customer market power and trade credit provision. Furthermore, this relationship is especially strong when the supplier is more risky and in countries with limited financial sector development or a weak legal system
    Additional Edition: Van Horen, Neeltje Customer market power and the provision of trade credit
    Language: English
    URL: Volltext  (URL des Erstveröffentlichers)
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Online Access
    EUV Frankfurt
    HTW Berlin
  • 6
    Online Resource
    Online Resource
    Emerging Market Liquidity And Crises (2008)
    Washington, D.C : The World Bank
    Details
    UID:
    b3kat_BV049074177
    Format: 1 Online-Ressource (23 Seiten))
    Edition: Online-Ausg
    Content: Whereas conventional wisdom argues that markets shut down during crises, with sellers struggling to find buyers, we find that markets continue to operate during financial turmoil, even in narrow and volatile emerging economies. Simple event studies indicate that both trading volume and trading costs increase in crisis times. Prices change more with each dollar transacted (pushing the Amihud illiquidity measure up) and bid-ask spreads widen. More generally, econometric estimates show that large price downturns, typical of crises, are associated with higher trading activity and increased trading costs, with trading activity declining only later as crises progress. Thus, while trading activity tends to be negatively related to trading costs during tranquil times (and across securities), this relation appears to break down during crises. These results are consistent with the analytical literature on portfolio rebalancing by heterogeneous agents in times of crises
    Additional Edition: Yeyati, Eduardo Levy Emerging Market Liquidity And Crises
    Language: English
    URL: Volltext  (URL des Erstveröffentlichers)
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Online Access
    EUV Frankfurt
    HTW Berlin
  • 7
    Online Resource
    Online Resource
    Customer market power and the provision of trade credit : evidence from Eastern Europe and Central Asia (2007)
    Washington, D.C., : The World Bank,
    Details
    UID:
    edocfu_9958062375002883
    Format: 1 online resource (27 pages)
    Series Statement: Policy research working papers.
    Content: Statistics show that the sale of goods on credit is widespread among firms even when they are capital constrained and thus face relatively high costs in providing trade credit. This study provides an explanation for this by arguing that customers who possess strong market power are able to increase their customer surplus by demanding to purchase the goods on credit. This gain in customer surplus increases with the degree of asymmetric information between buyer and seller with respect to product quality. Therefore, firms that are perceived as risky are especially subject to the market power of the customer and have to sell their goods on credit. Using detailed firm-level data from a large number of firms in Eastern Europe and Central Asia, this study finds evidence consistent with this hypothesis. It finds a strong positive correlation between customer market power and trade credit provision. Furthermore, this relationship is especially strong when the supplier is more risky and in countries with limited financial sector development or a weak legal system.
    Language: English
    DOI: 10.1596/1813-9450-4284
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Open Access Request
    FU Berlin
  • 8
    Online Resource
    Online Resource
    Customer market power and the provision of trade credit : evidence from Eastern Europe and Central Asia (2007)
    Washington, D.C., : The World Bank,
    Details
    UID:
    edoccha_9958062375002883
    Format: 1 online resource (27 pages)
    Series Statement: Policy research working papers.
    Content: Statistics show that the sale of goods on credit is widespread among firms even when they are capital constrained and thus face relatively high costs in providing trade credit. This study provides an explanation for this by arguing that customers who possess strong market power are able to increase their customer surplus by demanding to purchase the goods on credit. This gain in customer surplus increases with the degree of asymmetric information between buyer and seller with respect to product quality. Therefore, firms that are perceived as risky are especially subject to the market power of the customer and have to sell their goods on credit. Using detailed firm-level data from a large number of firms in Eastern Europe and Central Asia, this study finds evidence consistent with this hypothesis. It finds a strong positive correlation between customer market power and trade credit provision. Furthermore, this relationship is especially strong when the supplier is more risky and in countries with limited financial sector development or a weak legal system.
    Language: English
    DOI: 10.1596/1813-9450-4284
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Open Access Request
    Charité
  • 9
    Book
    Book
    Location decisions of foreign banks and competitive advantage (2007)
    Washington, DC : World Bank, Financial and Private Sector Development, Off. of the Vice President [u.a.]
    Details
    UID:
    gbv_525387773
    Format: 20 S. , graph. Darst.
    Series Statement: Policy research working paper 4113
    Note: Internetausg.: http://www-wds.worldbank.org/external/default/WDSContentServer/IW3P/IB/2007/01/17/000016406_20070117121100/Rendered/PDF/wps4113.pdf
    Language: English
    Keywords: Arbeitspapier ; Graue Literatur
    Author information: Claessens, Stijn 1959-
    Library Location Call Number Volume/Issue/Year Availability
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    Book
    Stabi Berlin get availability status
  • 10
    Book
    Book
    International financial integration through the law of one price (2006)
    Washington, DC : World Bank, Development Research Group, Growth and Investment Team
    Details
    UID:
    gbv_511890869
    Format: 42 S. , graph. Darst
    Series Statement: Policy research working paper 3897
    Note: Internetausg.: http://wdsbeta.worldbank.org/external/default/WDSContentServer/IW3P/IB/2006/04/19/000016406_20060419155915/Rendered/PDF/wps3897.pdf
    Language: English
    Keywords: Arbeitspapier ; Graue Literatur
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Book
    Stabi Berlin get availability status
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