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Item type:Publication, Emerging market stock valuation: new evidence from Peru(Inderscience Publishers, 2020-12-22)There is still a debate regarding which valuation multiples can estimate the price of a stock. Nevertheless, recent research has not considered previous relevant findings and authors are still in an 'exploratory' phase that targets multiples randomly, without analysing intentionally developed and emerging markets separately. The purpose of the investigation is to determine how strongly do the valuation multiples preferred by the literature all around the world explain the price of the stocks in emerging countries such as Peru, through panel data multiple linear regression models. Specific delimitations based on the literature are considered. Results show that: a) the model composed by valuation multiples from different emerging markets studies correlates strongly with the stock price throughout 20 years of analysis; b) the model can be reduced to a very short but statistically solvent expression; c) the commodity-related business is introduced as a novel explanatory variable. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Do institutions mitigate the uncertainty effect on sovereign credit ratings?(Pontificia Universidad Católica del Perú. Departamento de Economía, 2022-07)In a more integrated economic and financial world, sovereign credit ratings have become one of the most important factors for countries that seek to access funds in the international bond market. First, we jointly analyzed institutions and uncertainty as determinants of sovereign credit ratings, and second, we tested whether strong institutions soften the impact of uncertainty. Using a sample of 74 countries from 2003 to 2020 for the major agencies Moody’s, Standard & Poor’s, and Fitch, and employing an ordered estimator approach, we find that institutions have a positive effect, whereas uncertainty has a negative effect, and the interaction between them is systematically negative. These results indicate that strong institutions reduce the negative effect of uncertainty on sovereign credit ratings. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, The economic consequences of the loan guarantees and firm’s performance: a moderate role of corporate social responsibility(SAGE Publishing, 2021-10-04)This study examines the causal relationship between loan guarantee and firm’s performance through a moderate role of corporate social responsibility (CSR). This study used 350 non-financial firms of China for data analysis. This study used annual panel data set from non-financial firms starting from 2009 to 2019. The findings show that a positive significant association exists among the relationship between loan guarantee and firm’s performance. Moreover, a moderate role of Corporate Social Responsibility also strengthens the relationship between the loan guarantee and firm’s performance. Furthermore, the logit regression results show that the loan guarantee, financial performances and CSR are negatively affecting the long-term zero-debts through all combinations. Also, the financial performances and loan guarantees are negatively influencing the constraints of firms in China, which shows that the financial performances and loan guarantee improvement of the firms lead to removing the constraints of firms in China. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Stock markets dynamics and environmental pollution: emerging issues and policy options in Asia(Springer Science+Business Media, 2021-06-29) - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Political Institutions, Economic Uncertainty and Sovereign Credit Ratings(Elsevier Ltd, 2023-05-01)Sovereign credit rating is an important factor for countries to access funds in the international bond market. First, we jointly analyzed political institutions and uncertainty as determinants of sovereign credit ratings; and second, we test whether the interaction between them matters. Using a sample of 71 countries from 2003 to 2020 for the major agencies Moody's, Standard & Poor's, and Fitch, we find that political institutions have a positive effect, whereas uncertainty has a negative effect, and their interaction is systematically negative. These results indicate that lower uncertainty could strengthen the positive effect of political institutions on sovereign credit ratings. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Measuring Regional Competitiveness(Sage Publications India Pvt. Ltd, 2023-01-01)The objective of this article is to propose a new methodological approach to determine the level of competitiveness of subnational territories (regions). To this end, the relationship between regions’ economic performance and the determinant of regional competitiveness is studied. The regions’ level of competitiveness can be considered an unobserved effect and, to determine it, a model is proposed that takes into account unobserved heterogeneity, which is postulated to be a simplification of regional competitiveness within a country, that is, the element that can explain the differences in the region’s economic performance. An econometric panel data model with fixed effects using the dummy variables technique is proposed. The dependent variable represents a model region and is constructed by averaging all of the regions’ GDPs in real terms, as an approximation of a model region. For the independent variables, five dimensions are proposed to explain regional competitiveness. The data used are based on 91 variables for each one of the 25 regions of Peru from 2012 to 2018. The main finding is proof that the model is significant and correlates with the theoretical model. In this sense, the proposed model adequately explains the economic performance of the model region, and the estimations for each of the regions of Peru are relevant when it comes to measuring the differences between them in order to have a new way to measure regional competitiveness.