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The determinants of mutual fund size: a cross-country analysis

Antunes, António Manuel Guedes
Fonte: Instituto Universitário de Lisboa Publicador: Instituto Universitário de Lisboa
Tipo: Dissertação de Mestrado
Publicado em //2007 ENG
Relevância na Pesquisa
56.04%
Mestrado em Finanças; This paper examines the relation between mutual fund size, fund attributes and country characteristics. Data on mutual funds is drawn from Lipper Hindsight, a database that covers mutual funds around the world. The sample includes 42,699 open-end funds from 18 countries in 2004. Individual fund size is measured in two different ways: using the relative weight of the industry and of the asset class. The results show that money market and real estate funds are usually larger while equity funds seem to be negatively related to size. There is strong evidence that primary funds, those complying UCITS rules and older funds are larger. Among the set of strategies adopted by a fund, results show that mutual funds investing in other funds (funds of funds external and internal) are smaller. Funds that invest in government bonds tend to be larger in the whole industry. Strikingly, we do not find statistical evidence that funds investing domestically are larger than those investing abroad. High annual and redemption charges impact mutual fund size negatively. The results on annual charges are stronger for the U.S. and equity mutual funds. Results on fixed effect factors enhance the importance of the country specificities explaining mutual fund size. Funds tend to be smaller in countries that are more economically developed (measured by GDPpc) and with more investor protection and better accounting standards. In order to test the robustness of the results we also split the sample into sub-samples: U.S. funds vs. non-U.S. funds and Equity Funds vs. Bond Funds.; Esta tese analisa a relação entre a dimensão dos fundos de investimento (medida pelo valor líquido global do fundo) os respectivos atributos individuais e as características dos países onde estão domiciliados. A amostra utilizada inclui 42.699 fundos abertos de 18 países relativos a 2004. Os resultados mostram que os fundos de tesouraria e os fundos imobiliários são maiores comparativamente com os fundos de acções. Os fundos primários e que cumprem com o quadro normativo da UE para este tipo de produto (UCITS) apresentam um valor líquido global maior o mesmo sucedendo com os fundos mais antigos. No que respeita ao tipo de estratégia adoptada os resultados mostram que os fundos que investem noutros fundos são geralmente menores. Por seu turno os fundos que investem em obrigações de dívida pública tendem a ser maiores. Surpreendentemente...

The effect of firm and country characteristics on mandatory disclosure compliance

Lucas, Sónia Maria Ribeiro
Fonte: Instituto Universitário de Lisboa Publicador: Instituto Universitário de Lisboa
Tipo: Dissertação de Mestrado
Publicado em //2011 ENG
Relevância na Pesquisa
66.2%
Mestrado em Contabilidade; Our study investigates the role of firm and country characteristics in determining the level of compliance with mandatory disclosure requirements. We also examine whether the role of firm characteristics hold across different country environments. Our empirical study relies on European Union listed firms included on the STOXX Europe 600 Index and on their level of compliance with IFRS 3, Business Combinations disclosure requirements. Our results demonstrate that both firm and country characteristics develop a significant task in explaining the level of compliance with mandatory disclosure requirements. They confirm that firms located in a common-law country have the strongest, and firms located in a French-civil-law country the weakest, level of compliance with IFRS 3 disclosure requirements, with firms located in a Scandinavian- and German-civil-law country placed in the middle. Our findings also suggest that return on assets is the main determinant of the level of compliance with IFRS 3 disclosure requirements in the group of common-law plus Scandinavian- and Germancivil- law countries, while leverage is the main determinant in the group of French-civil-law countries.; O nosso estudo analisa a influência das características das empresas e dos países sobre o nível de cumprimento dos requisitos de divulgação obrigatórios. Também analisamos se o impacto das características das empresas sobre o nível de cumprimento dos requisitos de divulgação obrigatórios varia de acordo com os diferentes países. O nosso estudo empírico baseia-se em empresas cotadas na União Europeia...

Skills, Exports, and the Wages of Five Million Latin American Workers

Brambilla, Irene; Carneiro, Rafael Dix; Lederman, Daniel; Porto, Guido
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
46.15%
The returns to schooling or the skill premium is a key parameter in various literatures, including globalization and inequality and international migration. This paper explores the skill premium and its link to exports in Latin America, thus linking the skill premium to the emerging literature on the structure of trade and development. Using data on employment and wages for over five million workers in sixteen Latin American economies, the authors estimate national and industry-specific skill premiums and study some of their determinants. The evidence suggests that both country and industry characteristics are important in explaining skill premiums. The analysis also suggests that the incidence of exports within industries, the average income per capita within countries, and the relative abundance of skilled workers are related to the underlying industry and country characteristics that explain skill premiums. In particular, higher sectoral exports are positively linked with the skill premium at the industry level...

Patterns of Long Term Growth in Sub-Saharan Africa

Arbache, Jorge Saba; Page, John
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
36.13%
Using the most recent purchasing power parity data for 44 sub-Saharan African countries, this paper examines the characteristics of long run growth in Africa between 1975 and 2005. The authors investigate the following issues: cross-country income structure, income convergence, the country level distribution of income, growth and income persistence, and formation of convergence clubs.

The Structural Determinants of External Vulnerability

Loayza, Norman V.; Raddatz, Claudio
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
36.16%
The authors examine empirically how domestic structural characteristics related to openness and product- and factor-market flexibility influence the impact that terms-of-trade shocks can have on aggregate output. For this purpose, they apply an econometric methodology based on semi-structural vector auto-regressions to a panel of 90 countries with annual observations for the period 1974-2000. Using this methodology, the authors isolate and standardize the shocks, estimate their impact on GDP, and examine how this impact depends on the domestic conditions outlined above. They find that larger trade openness magnifies the output impact of external shocks, particularly the negative ones, while improvements in labor market flexibility and financial openness reduce their impact. Domestic financial depth has a more nuanced role in stabilizing the economy. It helps reduce the impact of external shocks particularly in environments of high exposure-that is, when trade and financial openness are high, firm entry is unrestricted, and labor markets are rigid.

Equity, Welfare, and the Setting of Trade Policy in General Equilibrium

Francois, Joseph; Rojas-Romagosa, Hugo
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
46.01%
The authors analyze general equilibrium relationships between trade policy and the household distribution of income, decomposing social welfare into real income level and variance components and emphasizing Gini and Atkinson indexes. They embed these inequality-adjusted social welfare functions in a general equilibrium structure mapping from tariff protection to household inequality. This yields predictions regarding the linkages between trade protection, country characteristics, and inequality within a broad general equilibrium framework. In addition, the authors can separate the efficiency and equity effects of tariffs on welfare. They then examine endogenous tariff formation when policymakers care about both equity and special interests.

Openness Can Be Good for Growth : The Role of Policy Complementarities

Chang, Roberto; Kaltani, Linda; Loayza, Norman
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
36.14%
The authors study how the effect of trade openness on economic growth depends on complementary reforms that help a country take advantage of international competition. This issue is illustrated with a simple Harris-Todaro model where output gains after trade liberalization depend on the degree of labor market flexibility. In that model, trade protection may ameliorate the problem of underemployment (and underproduction) in sectors affected by labor market distortions. Hence, trade liberalization unambiguously increases per capita income only when labor markets are sufficiently flexible. The authors then present some panel evidence on how the growth effect of openness depends on a variety of structural characteristics. For this purpose, they use a non-linear growth regression specification that interacts a proxy of trade openness with proxies of educational investment, financial depth, inflation stabilization, public infrastructure, governance, labor-market flexibility, ease of firm entry, and ease of firm exit. They find that the growth effects of openness are positive and economically significant if certain complementary reforms are undertaken.

Latent Trade Diversification and Its Relevance for Macroeconomic Stability

Lederman, Daniel; Pienknagura, Samuel; Rojas, Diego
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Trabalho em Andamento
EN_US
Relevância na Pesquisa
46.01%
Traditional measures of trade diversification only take into account contemporaneous export baskets. These measures fail to capture a country’s ability to respond to shocks by allocating factors of production into activities for which it has already paid the fixed costs associated with exporting. This paper corrects for the shortcoming of traditional measures of diversification by introducing a novel measure of trade diversification—latent diversification—and proposes a proxy to measure latent diversification, which is calculated by taking into account the entire history of a country’s exports. The paper shows that the observed gaps between traditional measures of diversification and the proposed proxy of latent diversification are sizeable; countries hold latent export baskets that are, on average, three times as large as their average contemporaneous export basket, and these gaps are largest for poor and small countries. Moreover, latent diversification is an important determinant of volatility—more diversified latent export baskets are associated with lower terms of trade volatility and...

Towards an integrative framework of brand country of origin recognition determinants : a cross-classified hierarchical model

Cerviño, Julio
Fonte: Emerald Publicador: Emerald
Tipo: info:eu-repo/semantics/acceptedVersion; info:eu-repo/semantics/article Formato: text/plain; application/pdf
Publicado em //2011 ENG
Relevância na Pesquisa
46.11%
To propose a framework integrating the types and levels of the determinants of brand CO recognition and to provide evidence on Internet users’ brand CO recognition rates using a sample of multi-regional and global brands from a variety of product categories and countries. We integrate 'level-1' consumer and brand characteristics and 'level-2' product category and country effects in a single framework. Data obtained through an original on-line survey hosted by Yahoo provide the basis for the empirical analysis. Seven hypotheses are tested using a two-level cross-classified random-effect model (‘HCM2’) : (a) Education is positively related with brand CO recognition; (b) experience with brands is positively related with brand CO recognition; (c) integration between the consumer and the country of a foreign brand is positively related with brand CO recognition; (d) Internet users’ classification performance is significantly better for domestic than for foreign brands; (e) brand-name congruence with true brand origin is positively related with brand CO recognition; (f) brand equity explains brand CO recognition, and (g) product categories with higher consumer involvement enhance brand CO recognition. Brand CO recognition performance by Internet users is in line with classification performance rates reported in other studies dealing with well-know and global brands. The main limitation is the cross-sectional study design. The research implications suggest that scholars should consider level-2 product category and country characteristics in their models...

Strengthening Public Financial Management : Exploring Drivers and Effects

Fritz, Verena; Sweet, Stephanie; Verhoeven, Marijn
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
36.17%
This paper explores two relationships, first between country characteristics and the quality of public financial management ('drivers'), and second between the quality of public financial management systems and expected outcomes ('effects'). On the influence of country characteristics, the paper investigates economic factors (income level, growth, and resource dependency), population size, levels and sources of revenue, and three macro-political characteristics -- political stability, regime type, and the presence of programmatic parties. These characteristics jointly explain about 40 percent of the variation in the quality of public financial management across countries. Furthermore, first-difference analysis suggests that countries with lower initial public financial management quality improve at a higher rate over time. This implies that structural factors set the scene for the likelihood of better or worse performance, but also that there is substantial variation among countries sharing certain characteristics and reform opportunities exist even in unfavorable environments. Methodologically...

Relative Returns to Policy Reform : Evidence from Controlled Cross-Country Regressions

de Castro, Alexandre Samy; Goldin, Ian; Pereira da Silva, Luiz A.
Fonte: World Bank Publicador: World Bank
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
Relevância na Pesquisa
46.01%
The authors aim at contributing to understand the dispersion of returns from policy reforms using cross-country regressions. The authors compare the "before reform" with "after reform" GDP growth outcome of countries that undertook import-liberalization and fiscal policy reforms. They survey a large sample (about 54) of developing countries over the period 1980-99. The benefits of openness to trade and fiscal prudence have been extensively identified in the growth literature, but the evidence from simple cross-section analysis can sometimes be inconclusive and remains vulnerable to criticism on estimation techniques, such as identification, endogeneity, multi-colinearity, and the quality of the data. The authors use a different analytical framework that establishes additional controls. First, they construct a counterfactual control group. These are countries that-under specific thresholds-did not introduce policy reforms under scrutiny. Second, the authors also try to use the most appropriate variable of policy reform...

What Matters to African Firms? The Relevance of Perceptions Data

Gelb, Alan; Ramachandran, Vijaya; Shah, Manju Kedia; Turner, Ginger
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
Relevância na Pesquisa
46.2%
Can perceptions data help us understand investment climate constraints facing the private sector? Or do firms simply complain about everything? In this paper, the authors provide a picture of how firms' views on constraints differ across countries in Sub-Saharan Africa. Using the World Bank's Enterprise Surveys database, they find that reported constraints reflect country characteristics and vary systematically by level of income-the most elemental constraints to doing business (power, access to finance, ability to plan ahead) appear to be most binding at low levels of income. As countries develop and these elemental constraints are relaxed, governance-related constraints become more problematic. As countries move further up the income scale and the state becomes more capable, labor regulation is perceived to be more of a problem-business is just one among several important constituencies. The authors also consider whether firm-level characteristics-such as size, ownership, exporter status, and firms' own experience-affect firms' views on the severity of constraints. They find that...

Growth Trends in the Developing World : Country Forecasts and Determinants

Ianchovichina, Elena; Kacker, Pooja
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
Relevância na Pesquisa
46.02%
The authors present real per capita GDP growth forecasts for all developing countries for the period 2005-14. For 55 of these countries, representing major world regions and accounting for close to 80 percent of the developing world's GDP, they forecast the growth effects of the main forces underpinning growth, assuming that these evolve following past trends. The authors find that for the average developing country the largest growth dividend comes from continued improvement in public infrastructure, followed by the growth contributions of rising secondary school enrollment, trade openness, and financial deepening. The joint contribution of these four growth determinants to average, annual per capita GDP growth in the next decade is estimated to be 1 percentage point. Failure to keep improving public infrastructure alone could reduce this growth dividend by 50 percent. The forecasted growth contributions differ by country qualitatively and quantitatively.

Financial Structure and Economic Development : Firm, Industry, and Country Evidence

Beck, Thorsten; Demirguc-Kunt, Asli; Levine, Ross; Maksimovic, Vojislav
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
46.02%
The authors explore the relationship between financial structure - the degree to which a financial system is market- or bank-based - and economic development. They use three methodologies: 1) The cross-country approach uses cross-country data to assess whether economies grow faster with market- or bank-based systems. 2) The industry approach uses a country-industry panel to assess whether industries that depend heavily on external financing grow faster in market- or ban-based financial systems, and whether financial structure influences the rate at which new firms are created. 3) The firm-level approach uses firm-level data across a broad selection of countries to test whether firms are more likely to grow beyond the rate predicted by internal resources, and short-term borrowings in market- or bank-based financial systems. The cross-country regressions, the industry panel estimations, and the firm-level analyses, provide remarkably consistent conclusions: a) Financial structure is not an analytically useful way to distinguish financial systems. b) Financial structure does not help us understand economic growth...

The Middle Class Consensus and Economic Development

Easterly, William
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
46.08%
Modern political economy stresses "society's polarization" as a determinant of development outcomes. Among the most common dorms of social conflict are class polarization, and ethnic polarization. A middle class consensus is defined as a high share of income for the middle class and a low degree of ethnic polarization. A middle class consensus distinguishes development successes from failures. A theoretical model shows how groups - distinguished by class or ethnicity - will under-invest in human capital and infrastructure when there is "leakage" to another group. The author links the existence of a middle class consensus to exogenous country characteristics, such as resource endowments, along the lines of the provocative thesis of Engerman and Sokoloff (1997), that tropical commodity exporters are more unequal than other societies. The author confirms this hypothesis with cross-country data. This makes it possible to use resource endowments as instruments for inequality. A higher share of income for the middle class and lower ethnic polarization...

What Are the Links between Aid Volatility and Growth?

Markandya, Anil; Ponczek, Vladimir; Yi, Soonhwa
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
46.06%
This paper adds to aid volatility literature in three ways: First it tests the validity of the aid volatility and growth relationship from various aspects: across different time horizons, by sources of aid, and by aid volatility interactions with country characteristics. Second, it investigates the relationship by the level of aid absorption and spending. Third, when examining the relationship between International Development Association aid volatility and growth, it isolates International Development Association aid volatility due to the recipient country's performance from that due to other sources. The findings suggest that, in the long run, on average, aid volatility is negatively correlated with real economic growth. But the relationship is not even. It is stronger for Sub-Saharan African countries than for other regions and it is not present in middle-income countries or countries with strong institutions. For economies where aid is fully absorbed, aid volatility matters for long-run growth; economies with full aid spending also bear a negative impact of aid volatility on long-run growth. Where aid is not fully absorbed...

Economic Growth in Ghana : Determinants and Prospect

Raggl, Anna K.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
46.09%
This paper employs a simple cross-country panel framework to assess the determinants of growth in Ghana's gross domestic product over the past four decades. A set of standard covariates is used to explain growth rates. Natural resource variables are included because the effects of natural resource rents in gross domestic products are of particular interest for Ghana. Using the preferred specification, Ghana's growth potential is predicted for the upcoming decades under different scenarios. The results indicate that under the most pessimistic scenario of no improvements in the determinants of growth compared with the period 2005-09, Ghana's gross domestic product per capita growth rates will stagnate at approximately 4.5 percent during the next decade and decrease thereafter. If the policy measures and country characteristics improve in the way they did in the past three decades, average per capita growth rates of roughly 5.5 percent could be reached during 2015-34. Taking into account the expected oil production until 2034 adds 0.6 percentage points to projected gross domestic product growth rates on average.

Where in the World are you? Assessing the Importance of Circumstance and Effort in a World of Different Mean Country Incomes and (Almost) No Migration

Milanovic, Branko
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
Relevância na Pesquisa
46.11%
Suppose that all people in the world are allocated only two characteristics: country where they live and income class within that country. Assume further that there is no migration. This paper shows that 90 percent of variability in people's global income position (percentile in world income distribution) is explained by only these two pieces of information. Mean country income (circumstance) explains 60 percent, and income class (both circumstance and effort) 30 percent of global income position. The author finds that about two-thirds of the latter number is due to circumstance (approximated by the estimated parental income class under various social mobility assumptions), which makes the overall share of circumstance unlikely to be less than 75-80 percent. On average, "drawing" one-notch higher income class (on a twenty-class scale) is equivalent to living in a 12 percent richer country. Once people are allocated their income class, it becomes important, not only whether the country they are allocated to is rich or poor...

A influência dos valores pessoais dos consumidores no efeito país de origem: um estudo com eletrodomésticos chineses; The influence of consumers' personal values on the country of origin effect: a study with chinese household products

Giraldi, Janaina de Moura Engracia
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Tese de Doutorado Formato: application/pdf
Publicado em 30/11/2006 PT
Relevância na Pesquisa
36.12%
Os estereótipos que as pessoas tendem a desenvolver com relação a outras pessoas e países e, conseqüentemente, aos produtos fabricados nesses países, podem transcender as avaliações de marcas ou produtos específicos e determinar, até certo ponto, as suas intenções de compra e o seu comportamento. Este é o chamado efeito país de origem. Os trabalhos efetuados sobre o tema indicam que o efeito país de origem pode ser moderado por uma variedade de informações intrínsecas e extrínsecas sobre o produto, e por fatores ambientais e culturais. Como existem poucas pesquisas acadêmicas sobre a influência dos valores pessoais nas avaliações de diferentes países e de produtos estrangeiros, torna-se relevante um estudo que investigue esta relação. Neste contexto, a presente tese aborda o seguinte problema de pesquisa: quais valores pessoais afetam as avaliações dos consumidores sobre produtos estrangeiros, com base na imagem dos países de origem desses produtos? Especificamente, procurou-se verificar se existem diferenças na referida relação, dependendo de características demográficas dos consumidores, como sexo, idade, familiaridade com o país e formação educacional. A pesquisa empírica caracterizou-se como sendo predominantemente exploratória...

Admitting Mistakes: Home Country Effect on the Reliability of Restatement Reporting

Srinivasan, Suraj; Wahid, Aida Sijamic; Yu, Gwen
Fonte: Harvard University Publicador: Harvard University
Tipo: Artigo de Revista Científica
EN_US
Relevância na Pesquisa
45.9%
We study the frequency of restatements by foreign firms listed on U.S. exchanges. We find that the restatement rate of U.S. listed foreign firms is significantly lower than that of comparable U.S. firms and that the difference depends on the firm's home country characteristics. Foreign firms from countries with a weak rule of law are less likely to restate than are firms from strong rule of law countries. While the lower rate of restatements can represent an absence of errors, it can also indicate a lack of detection and disclosure of errors and irregularities. We infer the magnitude of detection and disclosure by associating the frequency of restatements with the quality of the firm's internal reporting system. We find that only U.S. firms and foreign firms from strong rule of law countries show a positive association between restatement frequency and internal control weaknesses. Firms from weak rule of law countries show no significant association. We interpret these findings as home country enforcement affecting firms' likelihood of detecting and reporting existing accounting irregularities. This suggests that for U.S. listed foreign firms, less frequent restatements can be a signal of opportunistic reporting rather than a lack of accounting errors and irregularities.