Resumen del libro

Reseña: "Many financial economists have tried to understand Why markets have performed so badly and traditional financial policies have been so ineffectual in preventing and attenuating the current crisis. This is a timely volume written by an Internationally diverse group of economists. Its focus is on banking and international finance, corporate finance and investments with a wide range of institutional perspectives and diversity of data. The book emphasizes how the particulars of asyrnmetric information can create moral hazard and adverse selection problems that can undermine the efficiency of Markets and financial policy, and makes the case for factoring such considerations into any models that are intended to guide policy."-Richard J. Herring, Jacob Safra Professor of International Banking Co-Director of the Wh"b9"srton Financial Institutions Center The Wharton School, University of Pennsylvania "This book is a unique collection of articles about the current financial crises from a global perspective, rather then evaluating selected aspects of it from a Strictly U.S. point of view. It is written for readers who are familiar with financial concepts such as asymmetric information, corporate governance, leveraged buyouts, and value-at-risk."-Benton E. Gun, PhD, Chair of Banking, University of Alabama This timely collection of papers probes into the major issues that are at the heart of our current financial market crises. The coverage of banking topics include the changing nature of intra and inter-bank markets, bank lending behavior, risk and risk-taking, the role of liquidity, return and maturity transformation issues. Issues on international financial market volatility and spillover effects are analyzed in detail, and intense discussions on capital adequacy and regulation in banking, and the potential role of banks' activities in the triggering of financial crises provide forward-looking insights. This volume will offer readers current and innovative approaches to assessing extant issues in banking and financial markets. In particular, it provides new ideas about the role of corporate governance institutions as signaling devices in exercising regulatory authority and protection of the shareholders' rights. What this volume covers in breadth, it also delves in depth with critical analyses and commentaries on the possible role of bank lending in triggering international crises, value creation in international joint ventures and the pricing of risk in international financial markets.

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indice: Acknowledgments List of Contributors Introduction and Overview Part I: Banking and International Finance 1 Chapter 1 Value-at-Risk Disclosures and the Implications on Bank Stakeholders 3 Chapter 2 Ex-Ante Versus Ex-Post Regulation of Bank Capital by Victor Fang 29 Chapter 3 Effects of International Interbank Loans on Twin Crises by Simone Varotto 59 Chapter 4 International Transmission Effects of Volatility Between Financial Markets in the G-7 Since the Introduction of the Euro by Levent Yildiran 87 Chapter 5 Country-of-Origin Determinants of Value Creation in International Joint Ventures: A Comparison of Hong Kong and U.S. Investments in China by Lucia Morales 129 Chapter 6 Maturity Transformation Strategies and Interest Rate Risk of Financial Institutions: Evidence from the German Market by Zhou Zhang 155 Chapter 7 Asymmetries in the Market Price of Risk: Evidence from Latin America by Marco Wilkens 183 Part II: Corporate Finance and Investments by Jose Moreno 199 Chapter 8 Corporate Governance Institutions as Signaling and Commitment Devices by Jose Moreno 201 Chapter 9 Managing the Costs of Issuing Common Equity: The Role of Registration Choice by Angelo Bagtiara 223 Chapter 10 The Impact of Arrangers and Buyout Sponsors on Loan Pricing in LBOs: A Cross Border Study by Laurie Krigman 265 Chapter 11 Ownership Control and Valuation Changes for Earning Announcements around U.S. Cross41stings by Canadian Firms by Irwin Morgan 299 Chapter 12 Analysis of the Investment Potential and Inflation-Hedging Ability of Precious Metals by Arturo Rubalcava 325 Chapter 13 Corporate Governance and Ownership Structure in Emerging Markets: Evidence from Latin America by John R. Zimmerman 341 Chapter 14 Asymmetric Impact of News on Stock Return Volatility by Diego Cueto 373

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