Posted on 15 December 2011.
The current financial crisis has had a severe impact on the European financial systems, reinforcing the ongoing discussion about the scale, scope, performance, safety and soundness of the financial system and its institutions. In this context, the purpose of this research is to highlight, using an empirical approach and a quantitative analysis, the vulnerabilities accumulated by the financial systems from the new EU member states (Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania) during the period before the current global economic crisis broke out and to emphasize the extremely serious consequences of the current crisis on their financial systems, the interaction between the financial sector and the real economy, the measures taken by the authorities in order to avoid the collapse of financial systems, as well as the new challenges aroused for the authorities in the current context. Finally, we argue then that building a safer financial system with better crisis management and a compelling solution for burden‐sharing should be the current priority.
The Financial System of the New EU Member States: Experiences and Current Challenges (1.1 MiB, 2,010 hits)
Posted in Economics, Issue no. 7
Posted on 15 June 2011.
Asset pricing has remained an issue of interest to scholars, investment managers and analysts without borders. Pricing of equities in environments characterized with imperfect information and determining the effect of information asymmetry on the asset have also remained a challenge. The risk the information uncertainty from the firm poses to the investors and analysts and the risk the information uncertainty from the investment opportunities of the firm poses to the managers need to be measured and incorporated into equity price. This study made an attempt to develop a model from the works of Lowry, Officer and Schwert (2007) and Reber and Fong (2008) for measuring the effect of firm and market-specific proxies of information asymmetry on equity prices in the stock market. The model developed is considered suitable for adoption in developing and emerging economies where information is considered prevalent. In addition to providing a model for measuring the effects of proxies of information asymmetry on equity prices, the study would to literature on the subject of information asymmetry as it relates to equity pricing and stock market.
Theoretical Analysis Of Firm And Market- Specific Proxies Of Information Asymmetry On Equity Prices In The Stock Markets (801.2 KiB, 1,101 hits)
Posted in Economics, Issue no. 4