Articles
http://nur.nu.edu.kz:80/handle/123456789/827
2024-03-28T18:33:34ZDOMINANT CURRENCIES: HOW FIRMS CHOOSE CURRENCY INVOICING AND WHY IT MATTERS*
http://nur.nu.edu.kz:80/handle/123456789/7003
DOMINANT CURRENCIES: HOW FIRMS CHOOSE CURRENCY INVOICING AND WHY IT MATTERS*
Amiti, Mary; Itskhoki, Oleg; Konings, Jozef
We analyze how firms choose the currency of invoicing and the implications of this choice for exchange rate pass-through into export prices and quantities. Using a new data set for Belgian firms, we find currency invoicing to be an active firm-level decision, shaped by the firm’s size, exposure to imported inputs, and the currency choices of its competitors. Our results show that a firm’s currency choice, in turn, has a direct causal effect on the exchange rate pass-through into prices and quantities. Moreover, the differential price response of similar firms that invoice in different currencies is large, persists beyond a one-year horizon, and gradually wanes in the long run. This results in allocative expenditure-switching effects on export quantities, which build up over time, suggesting a role for quantity adjustment frictions in addition to price stickiness. Our findings shed light on the mechanisms that make or break a dominant currency and the consequences it has for the international transmission of shocks.
2022-01-01T00:00:00ZCORPORATE GOVERNANCE IN RUSSIAN STATE-OWNED ENTERPRISES: REAL OR SURREAL?
http://nur.nu.edu.kz:80/handle/123456789/6947
CORPORATE GOVERNANCE IN RUSSIAN STATE-OWNED ENTERPRISES: REAL OR SURREAL?
Nurgozhayeva, Roza
The narrative that defines privatisation, corporatisation, and the separation of ownership and regulatory functions as the key prerequisites for a successful state-owned enterprises’ (SOE) governance structure represents the literature's leading approach. This approach has been embedded in national laws and policies across many countries. Nonetheless, some legal scholars have scrutinised and questioned this single-minded perspective, emphasising the impact of existing institutional conditions and calling for an alternative understanding of corporate governance dynamics in different SOEs. Notwithstanding a vigorous debate on SOEs, it almost exclusively focuses on China, while Russia, being another large state-driven economy, has been missing. This article fills this gap and offers a comparative and critical perspective on the state ownership system in Russia. The analysis of Russian SOEs reveals classic governance and incentive problems attributable to state ownership. However, the question is how despite close affiliation to the State and high transaction costs caused by state interference, Russian SOEs have gained a substantial international market presence. This article answers this paradox.
2022-01-01T00:00:00ZBRINGING EXCITEMENT TO EMPIRICAL BUSINESS ETHICS RESEARCH: THOUGHTS ON THE FUTURE OF BUSINESS ETHICS
http://nur.nu.edu.kz:80/handle/123456789/6895
BRINGING EXCITEMENT TO EMPIRICAL BUSINESS ETHICS RESEARCH: THOUGHTS ON THE FUTURE OF BUSINESS ETHICS
Babalola, Mayowa T.; Bal, Matthijs; Cho, Charles H.; Garcia‑Lorenzo, Lucia; Guedhami, Omrane; Liang, Hao; Shailer, Greg; Gils, Suzanne van
To commemorate 40 years since the founding of the Journal of Business Ethics, the editors-in-chief of the journal have invited the editors to provide commentaries on the future of business ethics. This essay comprises a selection of commentaries aimed at creating dialog around the theme Bringing Excitement to Empirical Business Ethics Research (inspired by the title of the commentary by Babalola and van Gils). These editors, considering the diversity of empirical approaches in business ethics, envisage a future in which quantitative business ethics research is more bold and innovative, as well as reflexive about its techniques, and dialog between quantitative and qualitative research nourishes the enrichment of both. In their commentary, Babalola and van Gils argue that leadership research has stagnated with the use of too narrow a range of perspectives and methods and too many overlapping concepts. They propose that novel insights could be achieved by investigating the lived experience of leadership (through interviews, document analysis, archival data); by focusing on topics of concern to society; by employing different personal, philosophical, or cultural perspectives; and by turning the lens on the heroic leader (through “dark-side” and follower studies). Taking a provocative stance, Bal and Garcia-Lorenzo argue that we need radical voices in current times to enable a better understanding of the psychology underlying ethical transformations. Psychology can support business ethics by not shying away from grander ideas, going beyond the margins of “unethical behaviors harming the organization” and expanding the range of lenses used to studying behavior in context. In the arena of finance and business ethics, Guedhami, Liang, and Shailer emphasize novel data sets and innovative methods. Significantly, they stress that an understanding the intersection of finance and ethics is central to business ethics; financial equality and inclusion are persistent socio-economic and political concerns that are not always framed as ethics issues, yet relevant business policies and practices manifest ethical values. Finally, Charles Cho offers his opinion on the blurry line between the “ethical” versus “social” or “critical” aspects of accounting papers. The Journal of Business Ethics provides fertile ground for innovative, even radical, approaches to quantitative methods (see Zyphur and Pierides in J Bus Ethics 143(1):1–16, https://doi.org/10.1007/s10551-017-3549-8, 2017), as part of a broad goal of ethically reflecting on empirical research.
2022-09-15T00:00:00ZMISPRICED INDEX OPTION PORTFOLIOS
http://nur.nu.edu.kz:80/handle/123456789/6388
MISPRICED INDEX OPTION PORTFOLIOS
Constantinides, George M.; Czerwonko, Michal; Perrakis, Stylianos
In model-free out-of-sample tests, we find that the optimal portfo lio of a utility maximizing investor trading in the S&P500 Index, cash,
and index options bought at ask and written at bid prices stochas tically dominates the optimal portfolio without options and yields
returns with higher mean and lower volatility in most months from
1990 to 2013. Unlike earlier claims of overpriced puts, our portfolios
include mostly short calls and are particularly profitable when matu rity is short and volatility is high. Similar results are obtained with the
CAC and DAX indices. Neither priced factors nor a nonmonotonic
stochastic discount factor explains the excess returns.
2019-01-01T00:00:00ZRULE-MAKING, RULE-TAKING OR RULE-REJECTING UNDER THE BELT AND ROAD INITIATIVE: A CENTRAL ASIAN PERSPECTIVE
http://nur.nu.edu.kz:80/handle/123456789/6362
RULE-MAKING, RULE-TAKING OR RULE-REJECTING UNDER THE BELT AND ROAD INITIATIVE: A CENTRAL ASIAN PERSPECTIVE
Nurgozhayeva, Roza
Since the Belt and Road Initiative (BRI) was announced in 2013, China’s expanding economic, geopolitical, and business presence demonstrates its eagerness to play a more significant role in the systems of international governance and law. The BRI’s scale and influence have captured immense attention among politicians, policymakers, experts, and academics. They offer numerous interpretations of the BRI’s global and regional impact. If China claims to be a stakeholder in the international system, what are the implications for the legal systems of the BRI countries and their governance systems? To what extent does the BRI lead to the expansion of China’s institutions and legal norms? How can the BRI countries ensure that their interests in BRI projects are adequately protected? This article analyses the Central Asian perspective on the BRI. Central Asia and Kazakhstan, in particular, have strategic relevance to the BRI. Remarkably, the BRI was launched during the visit of President Xi Jinping to Kazakhstan, which means that Kazakhstan plays a critical transit role as China’s pivot to Europe. Although the BRI is an ambitious global strategy, it has provoked much criticism, especially in liberal countries. Despite China’s efforts to promote the BRI as a win–win endeavour, China’s increased economic and political influence has already led to heightened scrutiny of its role in shaping ideology, economic development, and the legal and institutional landscapes. While many academic publications address different perspectives of the BRI, the context behind BRI projects requires further attention. This article contributes to the literature by studying BRI projects in Kazakhstan and their legal framework and governance.
2020-05-21T00:00:00ZWHERE DOES CORPORATE SOCIAL CAPITAL MATTER THE MOST? EVIDENCE FROM THE COVID-19 CRISIS
http://nur.nu.edu.kz:80/handle/123456789/6042
WHERE DOES CORPORATE SOCIAL CAPITAL MATTER THE MOST? EVIDENCE FROM THE COVID-19 CRISIS
Fiordelisi, Franco; Galloppo, Giuseppe; Lattanzio, Gabriele
Firms with high social capital systematically outperform their peers during periods of economic distress. Yet, it is not clear under which institutional conditions corporate social capital is the most valuable to shareholders. By studying the performance of 1,789 firms in 27 countries during the initial phases of the COVID-19 pandemic, we document that the resilience effect of social capital is heterogeneous across countries. We identify the flexibility of a country's labor market as a critical determinant of corporate's returns on social capital-related investments. These findings are consistent with social capital hedging firms against systematic shocks by mitigating employee-related litigation risk.
2021-11-10T00:00:00Z