Handbook of Asian finance. Volume 1, Financial markets and sovereign wealth funds

Handbook of Asian finance Volume 1, Financial markets and sovereign wealth funds Volume 1, Financial markets and sovereign wealth funds /

Asia's miraculous recovery from the 1997 crisis ushered in unexpected transformations to its economies and financial sectors. The reasons many Asian countries are growing above 6%, with double-digit growth for a year or two in-between, are investigated by this extensive research collection....

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Detalles Bibliográficos
Otros Autores: Lee, David (David Kuo Chuen), editor (editor), Gregoriou, Greg N., 1956- editor
Formato: Libro electrónico
Idioma:Inglés
Publicado: San Diego, California : Academic Press 2014.
Edición:1st ed
Colección:Handbook of Asian Finance ; Volume 1
Materias:
Finance > East Asia.
Financial institutions > East Asia.
Asia > Commerce.
Ver en Biblioteca Universitat Ramon Llull:https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009629542406719
Tabla de Contenidos:
  • Intro
  • Half Title
  • Title Page
  • Copyright
  • Contents
  • Editor Bios
  • Contributor Bios
  • Acknowledgments
  • Introductory Chapter: Asia Finance: The Emergence of Asia Economy and New Development in Finance
  • Banking
  • Market Developments and Governance Issues
  • Sovereign Wealth Funds
  • Summary of Individual Chapters in Volume 1
  • Disclaimers
  • Part One: Banking
  • 1 Risk Rating in Asian Banks
  • 1.1 Introduction
  • 1.2 PIT Versus Behavior Modeling
  • 1.2.1 Transaction Behavior Data
  • 1.2.2 Back-Testing
  • 1.3 Transaction Behavior Scoring
  • 1.3.1 Scoring Process
  • 1.3.2 Validation
  • 1.4 Simulation and Conclusion
  • References
  • 2 Private Wealth Management in Asia
  • 2.1 Introduction
  • 2.2 Global Market Distribution of Private Wealth
  • 2.3 Asian Market Distribution of Private Wealth
  • 2.4 Asian Private Wealth Management
  • 2.5 Asian Centers of Private Wealth Management
  • 2.5.1 Hong Kong and Singapore
  • 2.5.2 China and India as Emerging Markets
  • 2.5.3 Japan's Challenges
  • 2.6 Swiss Private Banking Across Asia
  • 2.7 Conclusion
  • References
  • 3 The Banking Networks of Asian Financial Centers
  • 3.1 Introduction
  • 3.2 The Roots of Asia's Banking Networks
  • 3.3 Asia's Leading Financial Centers
  • 3.3.1 The View from HSBC
  • 3.3.2 The Ranking of Asia's Financial Centers
  • 3.4 Asia's Exchanges
  • 3.5 China's Financial Centers
  • 3.6 Conclusion
  • Acknowledgments
  • References
  • 4 Dynamics of House Prices and Bank Lending in Korea
  • 4.1 Introduction
  • 4.2 Literature Review
  • 4.3 Apartment House Prices and Bank Lending: Stylized Facts in Regional Submarkets of House in Korea
  • 4.4 Long-Run Analysis
  • 4.5 Short-Run Relationship
  • 4.6 Conclusion
  • Appendix 1. Data Descriptions and Sources
  • References
  • 5 The Effect of Bank Mergers on Shareholder Value and Performance in Japan
  • 5.1 Literature Review
  • 5.2 M&amp.
  • A in Japan's Financial Sector
  • 5.3 Methodology
  • 5.3.1 Obtaining Excess Returns
  • 5.3.2 Shareholder Value Creation Analysis
  • 5.3.3 Performance Ratio Analysis
  • 5.4 Data Description
  • 5.5 Results
  • 5.5.1 Shareholder Value Creation
  • Cumulative abnormal returns-acquirer vs. target
  • Cumulative abnormal returns-mega-mergers
  • Cumulative abnormal returns-regression analysis
  • 5.5.2 Performance Ratios
  • Performance ratios-pre-merger acquirer vs. all banks
  • Performance ratios-regression analysis
  • 5.6 Conclusions
  • Appendix
  • Acknowledgments
  • References
  • 6 A Regime-Switching Analysis of Asian Bank Stocks
  • 6.1 Introduction
  • 6.2 RavenPack News Database
  • 6.3 Data and Sample
  • 6.3.1 Return Series
  • 6.3.2 News Variables
  • 6.4 Markov Regime-Switching (MRS) Model
  • 6.5 Empirical Results
  • 6.5.1 Descriptive Statistics of the Dataset
  • 6.5.2 MRS-t Model Without News Variables
  • 6.5.3 Effects of News Sentiment Sign
  • 6.5.4 Effects of News Sentiment Dummy
  • 6.5.5 Effects of News Sentiment
  • 6.6 Conclusion
  • 6.7 Appendix A: Selected 20 Asian Banks List
  • 6.8 Appendix B: RavenPack Algorithms
  • 6.8.1 Market Response Methodology
  • 6.8.2 Expert Consensus Tagging Methodology
  • 6.8.3 Factors in the Event Sentiment Score
  • References
  • 7 Embedded Predictor Selection for Default Risk Calculation: A Southeast Asian Industry Study
  • 7.1 Introduction
  • 7.2 Data and Default Predictors
  • 7.3 Embedded Predictor Selection
  • 7.3.1 Lasso and Elastic-Net Penalties
  • 7.3.2 Regularization on Logit Model
  • 7.4 Empirical Result
  • 7.5 Conclusion
  • Acknowledgment
  • References
  • 8 Demand for International Reserve and Monetary Disequilibrium: Evidence from Emerging Asia
  • 8.1 Introduction
  • 8.2 Literature Review
  • 8.3 Stylized Facts and Adequacy of Reserves
  • 8.3.1 Stylized Facts
  • 8.3.2 Adequacy of Reserves.
  • International reserves in months of import
  • International reserve and short-term debt
  • International reserve and broad money
  • 8.4 Data Description
  • 8.5 Empirical Models and Results
  • 8.6 Conclusion
  • Acknowledgment
  • References
  • Part Tow: Market Developments and Governance Issues
  • 9 Singapore's Financial Market: Challenges and Future Prospects
  • 9.1 Introduction
  • 9.2 Growth of the Financial Sector
  • 9.2.1 Singapore's Financial Sector Success Factors
  • 9.2.2 The Development, Regulatory, and Supervisory Phases
  • The development phase
  • The regulatory phase
  • The supervisory phase
  • 9.3 The Prospects
  • 9.4 The Challenges
  • 9.4.1 The Flood, the Reservoir, and Finance
  • 9.4.2 High-Frequency Trading and H
  • 9.4.3 Asian Crisis: Lesson Learned
  • 9.4.4 Spain's Banking Crisis
  • 9.5 The Instability Paradox
  • 9.6 Micro- and Macroprudential Policies
  • 9.7 Conclusion
  • References
  • 10 Wealth Management: A Comparison of Switzerland, Singapore, and Hong Kong
  • 10.1 Introduction
  • 10.2 Switzerland
  • 10.3 Singapore
  • 10.4 Hong Kong
  • 10.5 A Comparison of Switzerland, Singapore, and Hong Kong
  • 10.6 Voices of Practitioners in Singapore
  • 10.7 Conclusion
  • References
  • 11 Asian Market Reactions to US Macroeconomic News Surprises
  • 11.1 Introduction
  • 11.2 Data
  • 11.2.1 Stock Market Data
  • 11.2.2 Announcement Data
  • 11.3 Methodology
  • 11.4 Empirical Results
  • 11.5 Conclusion
  • Acknowledgment
  • References
  • 12 Monetary Policy in Taiwan: The Implications of Liquidity
  • 12.1 Introduction
  • 12.2 Financial Innovation and the Divisia Monetary Aggregate in Taiwan
  • 12.3 Data and Methodology
  • 12.3.1 Divisia Aggregation
  • 12.3.2 Divisia Money and the Official Aggregates
  • 12.3.3 Data
  • 12.4 Results and Discussions
  • 12.4.1 Data Selection
  • 12.4.2 VAR Identification
  • 12.5 Conclusion
  • References.
  • 13 Comparative Financial Development in Asia-Pacific Since the Asia Crisis
  • 13.1 Introduction and Background
  • 13.2 The Asian Financial Crisis and Global Financial Crisis Reforms
  • 13.3 Macroeconomic Asia and Financial Systems
  • 13.4 Conclusion
  • References
  • 14 Does Asia Really have Poorer Governance? Evidence from International Variations in Self-Dealing Transparency
  • 14.1 Introduction
  • 14.2 Corporate Governance, Transparency, and Transaction Costs
  • 14.2.1 The Nature of Corporate Governance
  • 14.2.2 Corporate Governance in Asia
  • 14.2.3 Corporate Governance Transparency
  • 14.2.4 Opportunistic Behavior and Transaction Costs
  • 14.2.5 Country Determinants of Governance Transparency
  • 14.2.6 Contribution
  • 14.3 Methodology
  • 14.3.1 Dependent Variable
  • 14.3.2 Statistical Specification
  • 14.3.3 Independent Control Variables
  • 14.3.4 Additional Statistical Correction
  • 14.4 Results
  • 14.4.1 Descriptive Statistics and Preliminary Analysis
  • 14.4.2 Results of Regressions of Bounded Tobit Regressions
  • 14.4.3 Discussion
  • 14.5 Conclusion
  • Acknowledgments
  • References
  • 15 Attitudes Toward Tax Evasion in Korea: A Study in Public Finance
  • 15.1 Introduction
  • 15.2 Prior Studies
  • 15.3 The Present Study
  • 15.3.1 Methodology
  • 15.3.2 Findings
  • 15.3.3 Gender
  • 15.3.4 Age
  • 15.3.5 Employment Status
  • 15.3.6 Marital Status
  • 15.3.7 Religion
  • 15.3.8 Social Class
  • 15.3.9 Confidence in Government
  • 15.3.10 Feeling of Happiness
  • 15.3.11 Longitudinal
  • 15.4 Conclusion
  • References
  • 16 Attitudes Toward Accepting a Bribe: A Comparative Study of the People's Republic of China, Taiwan, and Hong Kong
  • 16.1 Introduction
  • 16.2 Prior Studies
  • 16.3 The Present Study
  • 16.3.1 Methodology
  • 16.3.2 Findings
  • Gender
  • Age
  • Marital status
  • 16.4 Conclusion
  • References
  • Part Three: Sovereign Wealth Funds.
  • 17 The Emergence of Sovereign Wealth Funds in Asia
  • 17.1 Introduction
  • 17.2 Stylized Facts about Developing Asia's Foreign Exchange Reserves
  • 17.3 Informal Examination of the Adequacy of Developing Asia's FOREIGN EXCHANGE Reserves
  • 17.4 Sovereign Wealth Funds as a Blueprint for Investing Developing Asia's Excess Reserves
  • 17.5 Policy Prescriptions for Developing Asia's SWFs
  • 17.6 Conclusion
  • References
  • 18 China Investment Corporation: China's Sovereign Wealth Fund
  • 18.1 Introduction
  • 18.2 Overview and Organizational Structure
  • 18.2.1 CIC International
  • 18.2.2 Central Huijin
  • 18.3 Investment Strategy
  • 18.3.1 CIC
  • 18.3.2 CIC International
  • 18.3.3 Central Huijin
  • 18.4 Current Problems
  • 18.4.1 Ministerial Conflict Between SAFE and the Ministry of Finance
  • 18.4.2 Internal Conflict Between CIC International and Central Huijin
  • 18.4.3 Unsatisfactory Performance of CIC Investments
  • 18.4.4 The Problematic Financing Mechanism of CIC International
  • 18.4.5 Low Transparency of CIC
  • 18.5 Policy Recommendations
  • 18.5.1 Better Coordination Between SAFE and the Ministry of Finance
  • 18.5.2 More Sustainable Financing Mechanism
  • 18.5.3 Enhance Investment Performance
  • 18.5.4 Improve Transparency of its Operation
  • 18.5.5 Reorganization of CIC
  • 18.6 Conclusion
  • References
  • 19 Portfolio Allocation Dynamics of China Investment Corporation in the Aftermath of the Global Financial Crisis of 2007-2009
  • 19.1 Introduction
  • 19.2 SWFs and China's Economic Policy
  • 19.2.1 Large and Growing FX Reserves of China
  • 19.2.2 Rising Costs of Sterilization
  • 19.2.3 Quest for Higher Returns
  • 19.3 CIC: Establishment and Objectives
  • 19.3.1 Immediate Circumstances Leading up to Establishment of CIC
  • 19.3.2 Establishment of CIC: Policy Disputes
  • 19.3.3 CIC: Current Structure
  • 19.3.4 Funding of CIC.
  • 19.4 Dynamics of CIC's Investment Allocation Strategies.

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