Global Crisis Period Research Articles

VOLATILITY IN STOCK RETURN SERIES OF VIETNAM STOCK MARKET

This paper studies the features of the stock return volatility using GARCH models and the presence of structural breaks in return variance of VNIndex in the Vietnam stock market by using the iterated cumulative sums of squares (ICSS) algorithm. Using a long-span data, GARCH and GARCH in mean (GARCH-M) models seems to be effective in describing daily stock returns’ features. About structural breaks, when applying ICSS to standardized residuals filtered from GARCH (1, 1) model, the number of volatility shifts significantly decreases in comparison with the raw return series. Events corresponding to those breaks and altering the volatility pattern of stock return are found to be country-specific. Not any shifts are found during global crisis period. Further evidence also reveals that when sudden shifts are taken into account in the GARCH models, volatility persistence remarkably reduces and that the conditional variance of stock return is much affected by past trend of observed shocks and variance. Our results have important implications regarding advising investors on decisions concerning pricing equity, portfolio investment and management, hedging and forecasting. Moreover, it is also helpful for policy-makers in making and promulgating the financial policies.

Exchange rate exposure in the Asian emerging markets

This paper investigates the impact of foreign exchange rate change on stock returns in the Asian emerging markets. The asymmetric exchange exposure framework and real exchange rates are used in this paper to capture the different exposures between currency appreciation and depreciation and the high inflation effect in the emerging markets. My empirical results show that there did exist extensive exchange rate exposure in the Asian emerging markets from 1997 to 2010. Moreover, foreign exchange exposure became more significant or greater during the 1997 Asian crisis and the 2008 global crisis periods, despite the frequent central banks’ interventions during these periods. The greater exchange exposure during the crisis periods can be attributable to net exporters or firms with dollar assets, implying that firms can reduce exchange exposures by decreasing their export ratio or dollar assets holding during times of crisis.

PECULIARITIES OF FDI PERFORMANCE IN DEVELOPED, DEVELOPING AND UNDERDEVELOPED COUNTRIES

The aim of this article is to evaluate impact of FDI on sustainable development indicators of differently developed countries during two periods of time: a time span before (2000−2007) and a time span embracing the global economic crisis period (2000–2009). Reviewed ample supply of relevant scientific literature made a presumption to arise that the impact of FDI differs in developed, developing and underdeveloped countries, i.e. depends on the level of development: developed countries benefit most, developing less and underdeveloped least. Countries are attributed to respective groups according to their level of development and indicators are chosen for investigation. The following indicators capable of reflecting FDI impact on enhancing wellbeing in unevenly developed countries are: GDP, exports, inflation, population, life expectancy at birth, primary school pupils, infant mortality, total health expenditure per capita, total tax rate, internet users, residential consumption of electricity , and differences between developed and underdeveloped countries in the field of economic, social, business environment are taken into account. Several other hypotheses have been formulated and FDI impact on sustainable development indicators has been estimated with the help of empirical research in order to test the initial presumption. Obtained results enabled to compare peculiarities of FDI performance during two periods of time.

Black Women's Studies: From Theory to Transformative Practice

The current period of global capitalist crisis presents daunting challenges for struggles against transnational capital, white supremacy, and global heteropatriarchy.1 A complex theoretical and pra...

Равновесные модели экономики в период мирового финансового кризиса

Равновесные модели экономики в период мирового финансового кризиса

Measuring the Technical Efficiency of Telecommunication Sector within Global Crisis: Comparison of G8 Countries and Turkey

In recent years, there has been a fierce competition in the telecommunication sector. Technologic competition has made the competition in the sector a kind of strategic war. The sector of which role increased in terms of economic developments has entered a reconstruction process at an equal rate in all countries. In fact, countries which apprehend the future of the sector will also determine the future of economy. In this respect the aim of this study is to make performance benchmarking by using Data Envelopment Analysis and Malmquist Total Factor Productivity Index on telecommunication sector which is thought as one of the most important signs of national economies in the global economic crisis environment. This benchmarking, which includes the period of global crisis between the years of 2007-2010, targets to measure to what extent countries have been affected from the global crisis environment by means of performance evaluation among the strongest telecom managements of countries such as Turkey and Group of Eight (G8) countries? In the study, annual activity reports of the managements and a variety of input and output variables acquired from various research institutions were used as a data set.

The costs of compliance? Views of Sri Lankan apparel manufacturers in times of global economic crisis

Complementing the rise of ethical trading initiatives there has been a parallel growth in the number of academic studies tracking their origins and evolution, and assessing the implementation and success of social auditing practices. Despite this, the consequences and responses to the implementation of codes of conduct relating to labour standards at sites of production remains an understudied topic. This article focuses on those issues in the context of the global apparel industry using evidence from interviews with managers in the Sri Lankan garment manufacturing sector. In particular, it focuses on the contradictions and tensions inherent in compliance, and the anxieties management face during a period of global economic crisis, in a country which is generally considered to be in the vanguard of promoting and protecting ethical labour standards

China in the Period of Global Crisis: Beneficiary, Victim or Culprit?

This article analyzes new opportunities and challenges associated with Chinas entry into the world economy against the background of the recent crisis. It is shown that Chinas domestic macroeconomic disequilibria contributed heavily to the global disbalances which resulted in the global financial crisis. Extremely high rates of saving and investment, along with the huge trade surplus of China, are a mirror reflection of the US economic problems, such as negative gross saving rate, overdependence on consumer demand for economic growth, trade deficit and hefty inflows of foreign capital. Chinas economic cycle broke even in late 2007 - early 2008 that was aggravated with the recession in the developed countries. Hence Chinas economy met with unprecedented economic difficulties. Chinas government stabilization policy was up to the mark, and the economy has accelerated again. But deepening institutional reforms is essential for harmonic economic growth.

End-Devonian extinction and a bottleneck in the early evolution of modern jawed vertebrates

The Devonian marks a critical stage in the early evolution of vertebrates: It opens with an unprecedented diversity of fishes and closes with the earliest evidence of limbed tetrapods. However, the latter part of the Devonian has also been characterized as a period of global biotic crisis marked by two large extinction pulses: a "Big Five" mass extinction event at the Frasnian-Famennian stage boundary (374 Ma) and the less well-documented Hangenberg event some 15 million years later at the Devonian-Carboniferous boundary (359 Ma). Here, we report the results of a wide-ranging analysis of the impact of these events on early vertebrate evolution, which was obtained from a database of vertebrate occurrences sampling over 1,250 taxa from 66 localities spanning Givetian to Serpukhovian stages (391 to 318 Ma). We show that major vertebrate clades suffered acute and systematic effects centered on the Hangenberg extinction involving long-term losses of over 50% of diversity and the restructuring of vertebrate ecosystems worldwide. Marine and nonmarine faunas were equally affected, precluding the existence of environmental refugia. The subsequent recovery of previously diverse groups (including placoderms, sarcopterygian fish, and acanthodians) was minimal. Tetrapods, actinopterygians, and chondrichthyans, all scarce within the Devonian, undergo large diversification events in the aftermath of the extinction, dominating all subsequent faunas. The Hangenberg event represents a previously unrecognized bottleneck in the evolutionary history of vertebrates as a whole and a historical contingency that shaped the roots of modern biodiversity.

Does strategic corporate performance depend on corporate financial architecture? Empirical study of European, Russian and other emerging market’s firms

Performance of the firm depends on its structural dimensions: capital structure, ownership structure and corporate governance. Their interactions are known as corporate financial architecture according to S. Myers. In this paper we analyze financial architecture which is a mix of ownership structure, capital structure, control and board’s composition, and therefore, provides the given framework for improving corporate performance. We contribute to the literature by different attributes of our study. In contrast to most empirical papers on performance, we develop integrated rather than segmented approach combining the intrinsic components of corporate financial design in one research model. We introduce new variable to capture the structure of ownership for the purpose of performance analysis. Our third contribution is based on comparative analysis of the influence of financial architecture over corporate performance in rather different capital market environment: developed European and emerging (developing) capital market’s countries. We start with a classic empirical model of the impact of ownership structure, capital structure and other components of financial architecture on the corporate performance. Further we verify the validity of exogenous nature of key variables of the classic model when applying it to companies in developed and emerging market environment. Our results could have some important policy implications for the firms in normal economic environment as well as in the period of global economic crisis. We found that the higher proportion of related ownership which indicates investors with significant voting power and the board’s composition affect firm performance positively. The related shareholders and independent directors seem to add more value to firms while the impact of government ownership differs depending on the country. The emerging market’s sample versus the one from developed countries proves the stronger influence of corporate financial architecture over performance.

INTELLIGENT ORGANIZATION COMPETENCIES: MANAGEMENT MODELS PERSPECTIVE

In this article authors are identifying the intelligent organization management competencies, circumstanced by deep global changes and crisis period in politics and economic aeries. The aim of the article is to recognize the organization which is retransforming because of knowledge economy and how important is to create the system to manage the information and knowledge in organization. This organization is identified as intelligent organization, which must to get the competencies providing to successful competition and to make a strong lodgement in global market. Intelligent organization is identified as organization able to create and implant innovations, to achieve, recode, integrate, diffuse and use information and knowledge in organization, to change and transform, seeking for the success in the knowledge economy. In the article authors present integrated changes management model in intelligent organization and integrated intelligent organization competencies model. These models provide how and with what instrumentality intelligent organization can successfully proceed in transforming economic space.