کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5063269 1476680 2014 22 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Foreign shocks and international cost of equity destabilization. Evidence from the MENA region
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
پیش نمایش صفحه اول مقاله
Foreign shocks and international cost of equity destabilization. Evidence from the MENA region
چکیده انگلیسی

This paper investigates whether foreign financial shocks can destabilize the cost of equity in emerging markets. After a theoretical discussion, we develop annual metrics for the international cost of equity, financial integration, spillovers and shift-contagion vulnerability in a sample of 535 Middle East and North African firms from Egypt, Tunisia, Morocco and Jordan over the 1998-2011 period. We then analyze the impact of foreign shocks on the international cost of equity, using a set of SGMM and PVAR models. Our results indicate that external shocks can increase the cost of equity in mature emerging markets.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Emerging Markets Review - Volume 18, March 2014, Pages 101-122
نویسندگان
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