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KFC Holdings Bhd's Development in Business and Management for Financial Environment - Case Study Example

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The paper “KFC Holdings Bhd's Development in Business and Management for Financial Environment” is a worthy variant of the case study on business. KFC Holdings (Malaysia) Berhad is an investment holding company. This company through its subsidiaries operates and manages fast-food restaurant chains like Pizza Hut and Kentucky Fried Chicken…
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Student Name: Tutor: Title: Contemporary developments in Business & management for financial environment Course: Contemporary developments in Business & management for financial environment The company chosen for this assignment is KFC Holdings (Malaysia) Berhad. This is an investment holding company. This company through its subsidiaries operates and manages fast food restaurants chains like Pizza Hut and Kentucky Fried Chicken. KFC Holdings is also in charge of breeder farms, bakery, feed mill, and hatchery (Reich, 2007). Question 1 In 2010, the total external trade of Malaysia was at RM 1.17 trillion up from RM988 billion in the year 2009. Trade surplus went down from RM118 the previous year to 110 billion in 2010. Malaysia main trading partner is China with a total trade of RM127 billion in 2009 and RM147 billion in 2010. The currency is China is known as Chinese Yuan (CN, CHN) while currency in Malaysia is Malaysian Ringgit (MY, MYA). The Malaysia Ringgit symbol can be presented as RM. The Chinese symbol is CNY. However, both the Chinese and Malaysian currencies are pegged on the USA dollar in the floating exchange regime (Hargis, 2000). Therefore, a direct comparison is not readily available since both countries prefer the US dollar. The Malaysian Ringgit has more value than the Chinese Yuan. Currently 1 Malaysian Ringgit is equivalent to 2 Chinese Yuan. The exchange rate between the Malaysian Ringgit and Chinese Yen has been fluctuating over the past ten years. The Chinese Yuan against the Malaysian Ringgit has fluctuated from a minimum of 0.44212 in 2007 to a maximum of 0.5449 in March 2009. In the recent times, the exchange rate has largely remained constant between 0.49 to 0.50 Yuan/Malaysian Ringgit. The exchange rate favors business enterprise from Malaysia trading in China. KFC Holdings will find the Chinese market very attractive for its outlets or products. The Malaysian Ringgit has more value as compared to the Chinese Yuan (Broner, Lorenzoni & Schmukler, 2003). Direct investment of KFC Holding, Malaysia, into China will require less capital owing to the value of the Malaysian Ringgit. The gaining of value the Malaysian currency against the Chinese currency gives the traders an easy time to invest and trade in China. KFC Holdings has an opportunity to invest more in China and open more restaurants outlets. Exports to China fetch more value to the Malaysian trader. The Chinese Yuan has been declining most of the time against the Malaysian Ringgit. Strong value of Malaysian currency gives advantage to traders who invest in China. Question 2 The law of one price states that identical goods have to be sold at identical prices. This can be regarded as merely an assumption. This means that a given commodity, asset, or security will have the same price when exchange rates are factored in. This is the purchasing parity concept. The law of one price exists owing to the arbitrage opportunities. If the cost of a commodity, security, or asset is different in two markets, then an arbitrageur will purchase the good in the market that is cheaper and sell it where he will fetch high prices (Bekaert & Harvey, 2000). The purchasing power parity approach continues to be very essential when it comes to exchange rates. The law of one price denotes that exchange rates have to be adjusted to compensate for price differentials which are found across countries. The law of one price does enhance international business and it makes it easy for countries to get what their imports are worth. KFC Holding Bhd, Malaysia has franchises and outlets in many parts of the world. It therefore follows that the issue of exchange rate will affect its businesses internationally. Prices have to be fixed competitively and according to the worthiness of the currency being used in a certain country. KFC restaurants have to fix prices that will enable it to get value for its money. Observing the law of one price, it will mean that they have different prices for all their outlets across the globe. A US dollar does not have the same value as a Japanese Yen. Fixed the prices of a steak to be $2 in America and 2yen in Japan will not be fair and will make the company to go at a loss in Japan since the dollar has greater strength as compared to the yen. Consequently the steak has to cost more in yen as compared to what it would cost in America. Question 3 The PPP yen/dollar exchange rate can be calculated as follows: US$300 is equivalent to 30,000 yen US$ 1 will be equivalent to….. 30,000/3000 = 100 yen/dollar exchange rate The price purchasing power yen/dollar will be 100yen/dollar. This means that one dollar is equivalent to 100yen. If the exchange rate is 130yen/dollar it means that the actual exchange rate is above the theoretical exchange rate. There is high possibility that the exchange rate will go down. The price purchasing power yen/dollar is more than what is expected. Therefore, it could be that the government intervention through monetary policy is responsible fixing the PPP yen/dollar at 130yen/dollar instead of 100yen/dollar. The likelihood of the exchange rate dropping to come closer to the ideal PPP yen/dollar is high as compared to the likelihood of rising. This is where the law of one price applies. A basket of goods has to cost the same in Japan and the USA. The market forces have to determine how much yen will cost someone in order to acquire a US dollar. The money worth of goods in the United States has to be the same in Japan. The calculated PPP yen/dollar is different from the applied PPP yen/dollar because of government intervention (Arteta, Eichengreen & Wyplosz, 2001). The exchange rate of 130yen/dollar has been fixed above the calculated exchange rate so as to achieve what is best for the local traders in the international market. The possibility of the yen appreciating is more than having it depreciated. Largely, it will remain constant. The yen is a big devalued against the dollar. Someone needs 130 yen in order to get a dollar instead of the calculated 100yen. This is particularly done in order to make it easy for exporters in Japan to export to the US. One will need a more amount of yen to buy a good when 130yen/dollar is used as opposed to when 100yen/dollar is used. This practice is done to give value to exports as well as making it easy for exporters to export due to the devalued currency. Fixing the exchange rate at 130yen/dollar is done to ensure that there are no fluctuations in the value of currency in order to increase trading. Question 5 There are different exchange rate regimes that are used by countries for their currencies. The exchange rate regimes can be grouped into three major categories which include: fixed exchange rate systems, managed floating rate systems, and flexible exchange rate systems. Flexible Exchange Rate Systems Flexible exchange rate system is whereby the currency value is determined by the market forces. This is caused by the interactions of firms, banks, and other financial institutions who seek to sell and buy currency for the objectives of clearing transactions, speculation, arbitrage, and hedging. If there is increased demand for currency, the currency will appreciate. In the same way, if there is low demand for a currency, that currency will depreciate (Bae, Karolyi & Stulz, 2003). This applies when all things remain constant. The equilibrium exchange rate in the flexible exchange rate is characterized as the value which is consistent with uncovered and covered rate parity provided values for the expected future rate and the subsequent forward exchange rate. Managed floating rate systems This is a hybrid of a flexible exchange rate system and a fixed exchange rate system. The central bank is a key participant in a managed floating exchange rate regime. The central back does not possess an explicit set value for the currency as in a fixed exchange rate regime; however, it does not permit the market to freely determine the currency’s value like in the flexible exchange rate regime. There must be some intervention (Bekaert & Harvey, 2000). The central always has an implicit target set value for the currency. From time to time it intervenes in the market for foreign exchange through selling and buying foreign and domestic currency to maintain the exchange rate close to the desired implicit value or in the range of desired target values. In the floating exchange rate regime, the central bank has stocks of foreign currency. The holdings are referred to as foreign exchange reserves. The managed floating regime work best when the implicit target is close to equilibrium rate. Fixed (pegged) Exchange rate systems This is an exchange rate regime system whereby the central bank provides a fixed exchange rate for the currency and subsequently agrees to sell and buy the domestic currency at this price. The common belief of keeping the exchange rate fixed is that a stable exchange rate facilitates investment and trade flows between countries through reduction of fluctuations in prices and hence reducing element of risk (Forbes, 2003). Presently, the financial markets have come up with sophisticated derivatives that permit firms hedging themselves from anticipated exchange rate fluctuation. Changes in supply and demand theoretical do not affect the currency’s price. The exchange rate regime used in Malaysia currency is the managed floating exchange rate system. The advantage of this exchange rate system is that the value of currency can be maintained at constant rate. This encourages trade and makes people to invest more in the country due reduced risk through exchange rate stabilization. KFC Holding benefits from this exchange rate regime since trading partners are motivated and the company does not have to worry about risk from currency fluctuation. Question 7 The 2008/09 economic and financial crisis adversely affected many countries, organizations, and industries. KFC Holdings being a chain of restaurant has its sales affected due to reduced sales. The economic crisis affected households spending and therefore many families cut down on spending. Malaysian trade and growth are highly sensitive to any global demand. Each one percent change in the global growth translates into 0.87 percent change in growth rate of Malaysia (Steger, 2009). Trade in Malaysia is more exposed to global growth. One percent increase in the global demand results into 1.87 percent increase in the level of exports, whereas one percent increase in the exchange rate translates into a 0.53 percent reduction in exports from Malaysia. On the other hand, imports are driven more by export demand as opposed to the Malaysian growth. Presently European trade makes up 10.5 percent of trade in Malaysia. The 2008/09 financial crisis adversely affected Malaysia and its financial institutions as well as investors. The ripples in the real estate market that started in America spread to a large part Asia and Europe causing many companies and banks to collapse. The financial crisis affected Malaysia trading partners particularly in Europe. The KFC Holdings outlets in those countries were not able to get the anticipated profits owing to reduced sales. People cut down on their spending especially on recreational activities. Eating out was seen as an additional cost to families and hence KFC holdings outlets could not attain their targets. The global market was affected and KFC Holding could not expand or invest more in its businesses. The global financial crisis affected many countries across the globe including Malaysia. The business of Malaysia with trading partners went down. The economic growth was affected and hence the income of households. KFC Holding revenue also went down as people cut down on spending particularly on leisure activities. Question 8 Following the 2008/09 financial crisis, governments reacted swiftly by using public money to assist domestic banking systems. By backstopping Europe financial system in Europe from collapse, governments in Europe had to deal with a banking rescue and increasing fiscal deficits as tax revenue and economic growth fell. Heavy borrowing led to 2011 debt crisis. A rescue plan to help financial institution from collapsing led to huge debts being incurred. Portugal and Greece were close to defaulting on their debt obligations. The 2011 debt crisis moved at a snail pace as compared 2009/09 financial crisis. Many trading partners of Malaysia have been affected by the debt crisis (Steger, 2009). Business has gone down as governments struggle to control their spending. The debt crisis affected Malaysian exports demand to European trading partners. The exchange rate was affected by these developments in international economies. Malaysian exports and imports were hit by reduction in demand and trade credit drying up. The European crisis could trigger a flight to safety especially to Japanese Yen (JPY) and USA dollar (USD). Restaurants belonging to KFC holding in European region were severely affected by the 2011 debt crisis. Many people lost their job through retrenchment and some had their salaries reduced. Many companies reduced spending as the governments struggled to bail oil financial institutions. Reduce income means that little many was left to be spend on KFC Holding products. Malaysian being adversely affected by changes in international trade could not wage through the debt crisis in Europe unscratched. The Europe debt crisis adversely affected Malaysian trading partners like Singapore, China, Japan, and the USA. Although the European crisis affected Malaysia, the impact was not very major. The debt crisis has taken long before it is solved. Many European countries are struggling to pay their debts and this has reduced their trading with other partners who in turn trade with Malaysia. Question 9 Inflation is the depreciation in the value of a currency so that one needs a lot of money in order to buy a cheap good. If a Kg of sugar was $3, it may cost $6 or more to buy the same good. There is an upsurge in prices. Inflation is not good for international competitiveness since it makes the imports of country to be expensive while exports become weak. Investors keep off economies that have high inflation rates which affect their daily operations. The government through the central bank undertakes to control inflation (Errunza & Miller, 2000). The common method used to control inflation is known as monetary policy as applied by the central bank. Majority of central banks use high interest rates as a means of preventing or fighting inflation. Common monetary measures used by central banks to control inflation include open market operations; cash reserve ratio, and bank rate policy. Cash reserve ratio In order to control inflation, the central bank will raise the cash reserve ratio hence reducing the ability of commercial banks to lend. In this regard, the flow of money from the commercial banks to entrepreneurs reduces. This leads to halting the rise in prices. Banks are unwilling to lend to the public since they will contravene the rules or cash reserve ratio set by the central bank. Raising the cash reserve ratio make it hard for KFC holdings to borrow money from banks for expansion or for daily operations. Bank rate policy This is the major tool of monetary control in case of inflation. If the central bank raises the bank rate, it is referred to as having adopted a dear money policy. When the bank rate increases, the cost of borrowing subsequently increase hence decreasing the commercial banks borrowing from the central bank. The flow of money to the public is reduced. Money in circulation reduces and hence the level of inflation. Increasing the bank rate affects KFC Holdings because it becomes very costly to take a loan for expansion of the business. However, high rates of inflation increases the prices of inputs used in the hotel industry hence reducing the profit gained. Open Market Operations These refer to the purchase and the sale of government bonds and securities through the central bank. In order to curb inflation, the central bank sells government bonds and securities to the public using banks. The amount of money in circulation reduces as the public reaches out to invest through buying the government security (Reich, 2007).Therefore; the level of inflation is brought down. KFC Holdings can also buy these government securities as a long term investment. The control of inflation favors KFC Holding international business across the globe. Fiscal measures The government also controls inflation through fiscal measures such as government expenditure, public borrowing, and taxation (Bae, Karolyi & Stulz, 2003). Imports can be enhanced through lowering duties imposed on them. The fiscal policy may positively or negatively affect KFC holding. Fiscal policy that puts more money in the hands of the consumers will result into booming business owing to increased purchasing power and vice versa. Question 11 KFC Holdings (Malaysia) Bhd, using its subsidiaries, takes part in restaurant, education, ancillary and, integrated poultry businesses in Malaysia and in the international market. It operates a chain of KFC restaurants. The issue of exchange rates is important to KFC Holdings international business. A favorable exchange rate leads to increase in business of KFC Holdings. A fluctuating exchange rate affects the business negatively. The managed floating exchange rate using in Malaysia favors business since it remains fairly constant or stable following the intervention of the government through the central banks whenever necessary. When the exchange rate of Malaysian Ringgit against the dollar goes up, the exports made by the company fetches more money as compared to when the exchange rate goes down. A strong currency is important for international business (Bekaert & Harvey, 2000). When KFC Holdings imports inputs when the currency strength is high, it is bound to get more products as compared to importing the same value of goods when the currency has weakened. The government intervention of using reserves or holding for local and foreign currency helps in making the value of the currency to remain fairly stable. QSR Brands Bhd is the mother of KFC Holdings and engages in many international businesses. A stable exchange rate encourages international business and KFC Holdings to continue with its operations through its subsidiaries. A strong currency is accepted in many parts in the global world as compared to a weak currency. This is why the America dollar is largely acceptable. KFC Holding will want a stable currency in order to maintain a good monetary environment for international business. The exchange rate affects the price of stock in the company and hence its attractiveness to investors. Question 12 Main financial services that are offered financial institutions in the Malaysian market are borrowing through loans/lending, short term credit, overdraft, and facilitate financial transactions that involve large sums of money. The financial system in Malaysia consists of diversified range of institutions with the mandate to serve the complex and varied needs of the domestic economy. The financial system is made up of the Islamic financial system and the conventional financial systems which exist together and operate in parallel (Kim & Singal, 2000). The Central Bank of Malaysia is at the top of financial and monetary structure of the whole country. The goal of the bank is to promote financial stability and monetary stability which creates an ample environment for Malaysian economy growth. Licensed banking institutions in Malaysia include Islamic banks, commercial banks, investment banks, international Islamic banks, and other financial institutions. Development Financial Institutions (DFI) are specialized financial institutions in Malaysia established by the government with the objective to promote and develop main sectors that are regarded as of strategic importance to the general socio-economic development goals of the entire country. Some of these sectors include SMEs, maritime, agriculture, infrastructure, and export oriented sectors. Banks and other financial institutions enable transfer of money from one person to another (Arteta, Eichengreen & Wyplosz, 2001). Customers are able to pay for services or products consumed through the bank. Banks give credit to investors to exploit any chance of investment hence stimulating the economy. KFC Holdings benefits from financial services that are offered by financial institutions. The transaction of the company and its customers are enabled through services offered by bother commercial and Islamic banks. The company can borrow money from commercial banks to expand its local or international business. Financial institutions particularly the FDIs stimulate the economy and hence leading to increased income to the customers who buy KFC Holdings services and goods. Securities and bonds offered through the commercial banks by the central bank are important in controlling inflation and giving investors returns for their money. Question 13 Some of the international financial institutions include the International Monetary Fund and the World Bank, and International Finance Corporation (IFC). IFC was established for the objective of fostering sustainable growth in countries that are developing through mobilizing capital, financing invest in the private sector, and offering advisory services. In conjunction with the private sector, IFC offers equity and loan finance for business entrepreneurs in countries that are developing and helps in expanding economies and job creation. Being a member of the World Bank Group, IFC works its activities with the International Development Association, the Multilateral Investment Guarantee Agency, and International Bank for Reconstruction and Development, but it is financially and legally independent (Kim & Singal, 2000). The objective of the World Bank is improving standards of living and poverty eradication. It promotes access to communication and information technologies in developing countries through regulatory and policy expertise as well as leveraging the private sector. The International Monetary Fund (IMF) assist in stabilizing the international financial and monetary system, provides assistance (with conditions) to countries which are experiencing problems and offers technical assistance. The decision made by the IMF can change the way of doing business. The IMF can ask a country to reduce workers in a certain sector and expand another sector. The funds provided can be used to expand other sectors like agriculture and hence raising the income of potential customers. The World Bank runs many programs that enhance international business. KFC Holdings benefits from the stable trading environment created by the World Bank, IMF, and IFC. Question 14 The World Bank This is the largest multi-lateral financier and provides policy advice in the area of ICT in countries that are developing. In the past half a decade period, the World Bank Group has offered above 3 billion of funding in more than eighty countries through its financing arms namely: Multilateral Investment Guarantee (MIGA), International Finance Corporation (IFC), and the World Bank. The mission of the World Bank is reduction of poverty and improving standards of living. The World Bank comprises of two special development institutions that are owned by 185 member countries. These are the International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD) (Allen & Gale, 2000). The IBRD is in charge of middle income countries and countries that are creditworthy poor, while IDA is in charge of the world’s poorest countries. Using IDA and IBRD interest credit, grants, and low-interest loans are offered to developing countries for health infrastructure, education, communications, and research and development. Global Information Communication Technologies (GICT) is a department that owned jointly by the International Finance Corporation and the World Bank; it enhance access to technologies of information and communication in developing countries through regulatory and policy expertise and leveraging finance of private sector. The World Bank has enhanced reforms in over eighty client governments and offered close to USD 750 million in terms of loans for ICT projects. This support is on top of other sectors’ lending projects like trade, health, finance, and education which possess components of ICT. IBRD administers Trust funds have contributed another 50 million USD to the ICT area in the last half a decade (Steger, 2009). The World Bank provides advice countries in order to stimulate economic growth and development. The decision by the World Bank to give grants of low interest loans to Malaysia leads to stimulation of the economy which gives customers more power to buy KFC Holdings products. Sanctions imposed by the World Bank can affect the local market through reducing opportunities for investment and hence negatively affecting businesses including KFC Holdings Company. Question 15 The Central Bank of Malaysia, Bank Negara Malaysia, is the top most institution in the financial and monetary structure. The main objective of the Central bank is to enhance monetary and financial stability that enhance Malaysian economy growth that is sustainable. The Central Bank has several functions as enacted in Central Bank Malaysia Act 2009. Some of these functions include: Issue of currency within Malaysia; Conduct and formulate monetary policy within Malaysia; Supervise and regulate other financial institutions which operate within the law enforced by the central bank; Exercise foresight on foreign exchange and money market; Provide oversight over systems of payment; Promote inclusive, sound, and progressive financial system; Manage and hold the foreign reserve of Malaysia; Act as a banker, financial agent, and adviser of the government and; Enhance an exchange rate regime which is consistent with the rules of the economy. The Central Bank of Malaysia has powers vested upon it through laws in order to accomplish its mandate of supervising and regulating banking institutions and non-bank financial intermediaries. The bank is in charge of financial institutions, Islamic Financial Industry, and Development Financial Institutions. The Central Bank of Malaysia is also in charge of administering the foreign exchange of the country (Kim & Singal, 2000). The decisions made by the central bank of Malaysia are very crucial or significant for the survival of KFC Holdings Bhd. Decisions on banks lending rates affects the ability of the bank to borrow money for expansion of its business. The Central Bank of Malaysia also regulates foreign exchange and hence determining the value of exchange rate, by doing so it affect Malaysia trading with other countries where KFC Holdings has its subsidiaries. The control of inflation by the Central Bank of Malaysia through monetary and fiscal policy affects the level of business through controlling affordability of products. Fiscal policies like government expenditure through the central bank stimulate the economy and increase customers’ purchasing power. KFC Holdings can positively or negatively be affected by decisions made by the Central Bank of Malaysia. Question 16 Private sector financial institutions in Malaysia include commercial banks, pension funds, Hedge and Private Equity, Mutual funds, sovereign wealth funds, and insurance companies. Commercial banks lend to entrepreneurs and also facilitate commercial transactions. KFC Holdings can request its customers to pay for services and products through the bank. Commercial banks offer an avenue for investment when they float government securities and bonds through the central bank. Commercial banks enhance trading and provide a place where KFC Holdings can keep its money safely. Increase in interest on loans prevents companies like KFC Holdings to borrow money for capital expansion (Reich, 2007).Insurance companies provide cover for the wealth and all property acquired by KFC holdings. Insurance companies also offer policy for medical cover for workers employed by KFC Holdings. Fire, accidents, theft, and other hazards can be ensured to so that the company is compensated in case of anything. Loss and damages do not have to cripple the development of the company. Mutual funds provide avenues where KFC Holdings can invest. Long term investments lead to expansion of KFC Holdings business. Pension funds are important to workers since they can still earn something after retirement (Burnside, Eichenbaum & Rebelo, 2001). KFC Holdings remit a certain amount of money to pension schemes that will pay workers once they retire or quit active service. Hedge and Private Equity provides avenues where a company can curb risk and prevent the element of uncertainty. Private sectors financial institutions are very important since they facilitate the trading of KFC Holdings both on the domestic and international market. Question 17 The financial system has become increasingly integrated and increasingly concentrated. This development has both advantages and disadvantages. Financial globalization is a common concept but its breadth and depth are unprecedented. Capital flows and capital mobility have been witnessed to increase. Government, investors, financial institutions, and borrowers are forces behind increased financial globalization. Governments enhance globalization through removal of restrictions on the domestic financial sector and the balance of payment capital account (Akyuz, 2004). Increased integration and concentration of financial systems have increased international business and enhanced methods of payment. Removal of barriers in the domestic front has enhanced exploitation of resources which has led to growth of many economies in the world. Exporting and importing have been on the rise. Investment and equity prices have been increased through liberalization. However, financial globalization through increased contagion can lead to crisis in those countries with weak fundamentals as they are exposed to reaction of both foreign and domestic investors. Spillover effects have affected countries that were doing well without increased globalization (Alba et al, 1999). Globalization can result into crises in countries that have sound fundamentals. Imperfections in international market of finance and external factors decide capital flows that make economies to be open to crises. Countries integrating into world financial markets become prone to contagion. The global financial crisis in 2008/09 and the European debt crisis in 2011 shows that increased concentration and integration in financial market are not always advantageous. KFC Holding businesses were adversely affected by the global financial crisis in 2008. The Europe debt cries also had indirect effects on the businesses of KFC Holdings. Increased integration and concentration has increased its business through capital flows and quick payment. Exchange of technological knowhow has improved many economies in the world. Bibliography Alba, P. et al 1999, Volatility and Contagion in a Financially Integrated world in Asia Pacific Financial deregulation (eds), Brouwer, Routledge. Akyuz, Y 2004, Managing Financial instability and shocks in globalizing World, Public Lecture, Tun Ismail Ali Chair, University of Malaya, Kuala Lumpur, Malaysia. Allen, F & Gale, D 2000, Financial Contagion, Journal of Political Economy, 108: 1-33. Arteta, C, Eichengreen, B & Wyplosz, C 2001, When does capital account liberalization help more that it hurts? IMF Seminars Series, 2001: 71, 1-39. Bae, K, Karolyi, A. & Stulz, R 2003, A new approach to measuring financial contagion, Review of Financial Studies, 16 (3): 717-763. Bekaert, G. & Harvey, C 2000, Foreign speculators and Emerging Equity Markets, Journal of Finance, 55: 562-613. Broner, F., Lorenzoni, G. & Schmukler, S 2003, Why do emerging markets borrow short term? Mimeo University of Maryland, Princeton University, and the World Bank. Burnside, C., Eichenbaum, M. & Rebelo, S 2001, Prospective deficits and the Asian currency crisis, Journal of Political Economy, 109 (60: 1155-1197). Domowitz, I., Glen, J & Madhavan, A 2001, Liquidity, Volatility and equity trading costs across countries and over time, International Finance, 4 (2): 221-255. Errunza, V & Miller D 2000, Market Segmentation and the cost of capital in international equity markets, Journal of Financial and Quantitative Analysis, 35 (4): 577-600. Forbes, K 2003, The Asian Flu and Russian Virus: International transmission of crisis in firm-level data, Journal of International economics, 5 (4). Hargis, K 2000, International cross-Listing and stock market development in emerging economies, International Review of Economics and Finance, 9 (2): 101-122. Kim, E. & Singal, V 2000, Stock market openings: experience of emerging economies, Journal of Business, 73 (1): 25-66. Reich, R 2007, Super-capitalism: The Transformation of business, democracy and everyday life, Vintage books, New York. Steger, M 2009, Globalization: The great ideological struggle of the twenty-first century, Rowan and Littlefield, Lanham MD. Read More
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