Home
|
The Society
|
Membership
|
Board of Directors
|
Multinational Finance Journal
|
Annual Conferences
Search
Date Range
in
Title
Author
Abstract
Full Text
Keywords
All Years
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
to:
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Forthcoming Articles
Published Articles
Volume 28 (2024)
Volume 28, Numbers 3 & 4
38-75 (September/December 2024)
Volume 28, Numbers 1 & 2
Pages 1-37 (March/June 2018)
Volume 26 (2023)
Volume 27, Numbers 3 & 4
48-66 (September/December 2023)
Volume 27, Numbers 1 & 2
1-47 (March/June 2023)
Volume 26 (2022)
Volume 26, Numbers 3 & 4
27-59 (September/December 2022)
Volume 26, Numbers 1 & 2
1-26 (March/June 2022)
Volume 25 (2021)
Volume 25, Numbers 3 & 4
(September/December 2021)
Volume 25, Numbers 1 & 2
(March/June 2021)
Volume 24 (2020)
Volume 24, Numbers 3 & 4
Pages 119-266 (September/December 2020)
Volume 24, Numbers 1 & 2
Pages 1-117 (March/June 2020)
Volume 23 (2019)
Volume 23, Numbers 3 & 4
Pages 141-272 (September/December 2019)
Volume 23, Numbers 1 & 2
Pages 1-139 (March/June 2019)
Volume 22 (2018)
Volume 22, Numbers 3 & 4
Pages 119-254 (September/December 2018)
Volume 22, Numbers 1 & 2
Pages 1-118 (March/June 2018)
Volume 21 (2017)
Volume 21, Number 4
Pages 211-283 (December 2017)
Volume 21, Number 3
Pages 133-210 (September 2017)
Volume 21, Number 2
Pages 49-132 (June 2017)
Volume 21, Number 1
Pages 1-48 (March 2017)
Volume 20 (2016)
Volume 20, Number 4
Pages 273-354 (December 2016)
Volume 20, Number 3
Pages 181-271 (September 2016)
Volume 20, Number 2
Pages 85-179 (June 2016)
Volume 20, Number 1
Pages 1-83 (March 2016)
Volume 19 (2015)
Volume 19, Number 4
Pages 223-313 (December 2015)
Volume 19, Number 3
Pages 149-221 (September 2015)
Volume 19, Number 2
Pages 77-147 (June 2015)
Volume 19, Number 1
Pages 1-75 (March 2015)
Volume 18 (2014)
Volume 18, Numbers 3 & 4
Pages 169-336 (September/December 2014)
Volume 18, Numbers 1 & 2
Pages 1-167 (March/June 2014)
Volume 17 (2013)
Volume 17, Numbers 3 & 4
Pages 149-369 (September/December 2013)
Volume 17, Numbers 1 & 2
Pages 1-148 (March/June 2013)
Volume 16 (2012)
Volume 16, Numbers 3 & 4
Pages 155-301 (September/December 2012)
Volume 16, Numbers 1 & 2
Pages 1-154 (March/June 2012)
Volume 15 (2011)
Volume 15, Numbers 3 & 4
Pages 157-296 (September/December 2011)
Volume 15, Numbers 1 & 2
Pages 1-156 (March/June 2011)
Volume 14 (2010)
Volume 14, Numbers 3 & 4
Pages 153-317 (September/December 2010)
Volume 14, Numbers 1 & 2
Pages 1-151 (March/June 2010)
Volume 13 (2009)
Volume 13, Numbers 3 & 4
Pages 155-321 (September/December 2009)
Volume 13, Numbers 1 & 2
Pages 1-154 (March/June 2009)
Volume 12 (2008)
Volume 12, Numbers 3 & 4
Pages 157-312 (September/December 2008)
Volume 12, Numbers 1 & 2
Pages 1-155 (March/June 2008)
Volume 11 (2007)
Volume 11, Numbers 3 & 4
Pages 157-322 (September/December 2007)
Volume 11, Numbers 1 & 2
Pages 1-156 (March/June 2007)
Volume 10 (2006)
Volume 10, Numbers 3 & 4
Pages 153-305 (September/December 2006)
Volume 10, Numbers 1 & 2
Pages 1-151 (March/June 2006)
Volume 9 (2005)
Volume 9, Numbers 3 & 4
Pages 131-269 (September/December 2005)
Volume 9, Numbers 1 & 2
Pages 1-130 (March/June 2005)
Volume 8 (2004)
Volume 8, Numbers 3 & 4
Pages 141-274 (September/December 2004)
Volume 8, Numbers 1 & 2
Pages 1-139 (March/June 2004)
Volume 7 (2003)
Volume 7, Numbers 3 & 4
Pages 107-230 (September/December 2003)
Volume 7, Numbers 1 & 2
Pages 1-106 (March/June 2003)
Volume 6 (2002)
Volume 6, Numbers 3 & 4
Pages 131-258 (September/December 2002)
Volume 6, Number 2
Pages 65-130 (June 2002)
Volume 6, Number 1
Pages 1-63 (March 2002)
Volume 5 (2001)
Volume 5, Number 4
Pages 225-311 (December 2001)
Volume 5, Number 3
Pages 155-224 (September 2001)
Volume 5, Number 2
Pages 87-154 (June 2001)
Volume 5, Number 1
Pages 1-86 (March 2001)
Volume 4 (2000)
Volume 4, Numbers 3 & 4
Pages 159-288 (September/December 2000)
Volume 4, Numbers 1 & 2
Pages 5-153 (March/June 2000)
Volume 3 (1999)
Volume 3, Number 4
Pages 223-282 (December 1999)
Volume 3, Number 3
Pages 147-221 (September 1999)
Volume 3, Number 2
Pages 71-145 (June 1999)
Volume 3, Number 1
Pages 1-70 (March 1999)
Volume 2 (1998)
Volume 2, Number 4
Pages 245-310 (December 1998)
Volume 2, Number 3
Pages 167-244 (September 1998)
Volume 2, Number 2
Pages 85-165 (June 1998)
Volume 2, Number 1
Pages 1-83 (March 1998)
Volume 1 (1997)
Volume 1, Number 4
Pages 255-324 (December 1997)
Volume 1, Number 3
Pages 169-254 (September 1997)
Volume 1, Number 2
Pages 93-168 (June 1997)
Volume 1, Number 1
Pages 1-80 (March 1997)
Forthcoming Articles
()
General Information
()
Published Articles By Year
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
1997 - 2025
Volume 16, Numbers 1 & 2 / March/June 2012 , Pages 1-154
Download Article 161.33 Kb
Screening Creditworthiness of SME's: The Case of Small Business Assistance in Turkey
Multinational Finance Journal, 2012, vol. 16, no. 1/2, pp. 1-20 |
https://doi.org/10.17578/16-1/2-1
Selçuk Caner
, International Monetary Fund, Washington D.C., USA
Mehmet Baha Karan
, Hacettepe University, Ankara, Turkey
Corresponding Author
Email: mbkaran@hacettepe.edu.tr
Abstract:
In this paper we estimate creditworthiness of small and medium-sized enterprises (SMEs) that receive financial and non-financial incentives from the small business development administration (KOSGEB) in Turkey. Assessing creditworthiness of SMEs to qualify for government support remains a concern since standard methods based on financial information on firms would be inadequate due to lack of transparent financial information. Such businesses apply for government support because they would not qualify for funding from financial institutions. To assess the creditworthiness of these businesses other firm-level data is essential. A logit model is used to estimate riskiness of SMEs including non-financial data obtained from the business survey obtained by KOSGEB. We find that efficient and internationally competitive SMEs are unlikely to default. Firms with high creditworthiness are also managed by owners and focus on their core businesses.
Keywords : Risk; creditworthiness; credit risk; default; SME; logit
View in Bib TeX Format
View Cite Format 1
View Cite Format 2
Download Article 181.38 Kb
What are the Causes and Effects of M&As? The UK Evidence
Multinational Finance Journal, 2012, vol. 16, no. 1/2, pp. 21-47 |
https://doi.org/10.17578/16-1/2-2
Jie (Michael) Guo
, Durham University, U.K.
Corresponding Author
Email: jie.guo@dur.ac.uk
Dimitris Petmezas
, University of Surrey, U.K.
Abstract:
This paper examines the link between the causes and effects of mergers and acquisitions. By using a sample of UK acquisitions, which have the distinct characteristics of limited use of stock as means of payment and dominance of private acquisitions, the evidence shows that, on average, there is a substantial price run-up for acquirers prior to an acquisition announcement followed by a significant drop of bidder’s price in the post-event period. This indicates, to an extent, that corporate acquisitions are the effect of good performance rather than the cause. However, the results also reflect that a relatively better acquisition strategy for a firm to create value is by making many small acquisitions rather than a small number of large acquisitions, implying that acquisitions also drive performance. Overall, the evidence found is mixed and suggests that in the UK market, acquisition returns cannot be solely based on the market driven explanation.
Keywords : mergers & acquisitions; price run-up; method of payment; frequent bidders; long-term wealth effects
View in Bib TeX Format
View Cite Format 1
View Cite Format 2
Download Article 206.72 Kb
International Cross-Listing and Shareholders’ Wealth
Multinational Finance Journal, 2012, vol. 16, no. 1/2, pp. 49-86 |
https://doi.org/10.17578/16-1/2-3
Olga Dodd
, Auckland University of Technology, New Zealand
Corresponding Author
Email: olga.dodd@aut.ac.nz
Christodoulos Louca
, Cyprus University of Technology, Cyprus
Abstract:
This study evaluates the relationship between international cross-listings and shareholders’ wealth across different host markets and across time. For a sample of cross-listings by European companies in the US, in the UK, and within Europe, the findings show that US and UK cross-listings, on average, result in positive cumulative abnormal returns around the announcement of cross-listing. No such evidence exists for the rest of European cross-listings. In addition, the Sarbanes-Oxley Act (SOX) of 2002 affects negatively the wealth benefits of US cross-listings, while wealth creation around UK cross-listings is primarily concentrated in Alternative Investment Market listings rather than Main Market listings. There is no evidence that the introduction of the Euro affects the wealth effects of cross-listings within the Eurozone. Finally, this study provides evidence on the relative importance of alternative theories on the wealth effects of cross-listing, including market segmentation, legal bonding, liquidity, investor recognition, proximity preference, market timing and business strategy theories, after considering the effect of the introduction of the Euro and the adoption of SOX. The results show that significance of the alternative theories varies across host markets and over time.
Keywords : Cross-listing; shareholders? wealth; Euro; AIM; the Sarbanes-Oxley Act
View in Bib TeX Format
View Cite Format 1
View Cite Format 2
Download Article 130.62 Kb
The International Specialist Strategy: Financial Funding and Deployment
Multinational Finance Journal, 2012, vol. 16, no. 1/2, pp. 87-103 |
https://doi.org/10.17578/16-1/2-4
Briance Mascarenhas
, Rutgers University, USA
Corresponding Author
Email: mascaren@camden.rutgers.edu
Abstract:
Many firms facing global competition are seeking to become specialists. This study examines international specialists, defined as companies that produce, sell, and expand internationally within one industry. This study examines their capital sourcng and deployment. Analysis of a knowledge-intensive industry, pharmaceuticals, suggests that firms which pursue this focused strategy match their funding and deployment of financial resources. They use equity funding and invest it heavily in research in order to develop international proprietary niches.
Keywords : strategy; focus; niche; international; diversification; finance
View in Bib TeX Format
View Cite Format 1
View Cite Format 2
Download Article 769.06 Kb
Long Memory and Volatility Dynamics in the US Dollar Exchange Rate
Multinational Finance Journal, 2012, vol. 16, no. 1/2, pp. 105-136 |
https://doi.org/10.17578/16-1/2-5
Guglielmo Maria Caporale
, Brunel University, UK
Corresponding Author
Email: Guglielmo-Maria.Caporale@brunel.ac.uk
Luis Gil-Alana
, University of Navarra, Spain
Abstract:
This paper focuses on nominal exchange rates, specifically the US dollar rate vis-à-vis the Euro and the Japanese Yen at a daily frequency. In the paper both absolute values of returns and squared returns are modelled using long-memory techniques, being particularly interested in volatility modelling and forecasting. Compared with previous studies using fractional integration such as Granger and Ding (1996), a more general model is estimated, which allows for dependence not only at the zero but also at other frequencies. The results show differences in the behaviour of the two series: a long-memory cyclical model and a standard I(1) model seem to be the most appropriate for the US dollar rate vis-à-vis the Euro and the Japanese Yen respectively.
Keywords : Fractional integration; Long memory; Exchange rates, Volatility
View in Bib TeX Format
View Cite Format 1
View Cite Format 2
Download Article 203.05 Kb
Fractal Measures in Market Microstructure Research
Multinational Finance Journal, 2012, vol. 16, no. 1/2, pp. 137-154 |
https://doi.org/10.17578/16-1/2-6
Rossitsa Yalamova
, University of Lethbridge, Canada
Corresponding Author
Email: rossitsa.yalamova@uleth.ca
Abstract:
This paper proposes the generalized use of fractional Brownian motion in a multifractal trading time framework to reveal variation in the index price diffusion process that appears before and after 'extreme' events of distinct origin. "Crashes" following internal self-organization and those caused by external shocks differ in the relaxation process. The goal of this paper is to test for differences in the price diffusion process related to the organization of trading.
Keywords : trading mechanics; multifractal spectrum; extreme events
View in Bib TeX Format
View Cite Format 1
View Cite Format 2
Copyright © 2010. All rights reserved. Multinational Finace Society. Design and Development by:
Exarsis Business Solutions Ltd.
This work is licensed under a
Creative Commons Attribution-NonCommercial 4.0 International License
.