{"id":512,"date":"2025-02-04T19:39:03","date_gmt":"2025-02-04T17:39:03","guid":{"rendered":"https:\/\/sites.uwasa.fi\/mfjuva\/?page_id=512"},"modified":"2026-03-27T18:05:06","modified_gmt":"2026-03-27T16:05:06","slug":"20203div4-2","status":"publish","type":"page","link":"https:\/\/sites.uwasa.fi\/mfjuva\/all-issues\/20203div4-2\/","title":{"rendered":""},"content":{"rendered":"

Deep-Market by IAS-19: A Unified Cross-Country Approach for Discount Rate Selection<\/a><\/p>\n

Multinational Finance Journal, 2020, vol. 24, no. 3\/4, pp. 119\u2013154<\/p>\n

Haim Kedar-Levy<\/strong>, Ben Gurion University of the Negev, Israel<\/em><\/p>\n

Elroi Hadad<\/strong>, Shamoon Collage of Engineering (SCE), Israel<\/em><\/p>\n

Gitit Gur-Gershgoren<\/strong>, Ono Academic College, Israel<\/em><\/p>\n

Abstract:
\nThe discount rate reporting entities apply for future employee benefits obligations has a profound impact on their present value, both at the firm and at the country level. The IAS-19 accounting standard requires the existence of a \u2018deep market\u2019 in high-quality corporate bonds in order to use their yields as the discount rate, and in its absence, the often-lower government bond yields should be used. From a financial economics perspective, the term \u2018deep market\u2019 is vaguely defined in IAS-19, therefore we propose a dual approach. First, from the macro-economic perspective, we explore funding liquidity, and second, from the micro-economic perspective, we measure the illiquidity premium in high-quality corporate bonds. We argue that both aspects are essential because they are inter-connected. Our approach is tested empirically on a sample of 32 countries, with detailed analysis of the Israeli market as a case in point.<\/p>\n

Keywords:IAS-19; deep market; employee benefits; market liquidity; funding liquidity<\/p>\n

Citation (Format 1)<\/strong>
\nKedar-Levy, Haim, Elroi Hadad, and Gitit Gur-Gershgoren, 2020, Deep-Market by IAS-19: A Unified Cross-Country Approach for Discount Rate Selection,\u00a0Multinational Finance Journal<\/em>\u00a024, 119-154.
\nCitation (Format 2)<\/strong>
\nKedar-Levy, H., Hadad, E., Gur-Gershgoren, G., 2020. Deep-Market by IAS-19: A Unified Cross-Country Approach for Discount Rate Selection. Multinational Finance Journal 24, 119-154.<\/p>\n

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U.S. FDI and Shareholder Rights Protection in Developed and Developing Economies<\/a><\/p>\n

Multinational Finance Journal, 2020, vol. 24, no. 3\/4, pp. 155\u2013182<\/p>\n

Vishaal Baulkaran<\/strong>, University of Lethbridge, Canada<\/em><\/p>\n

Nathaniel C. Lupton<\/strong>, San Jose State University, USA<\/em><\/p>\n

Abstract:
\nWe examine the impact of shareholder rights protection on U.S multinational firms\u2019 Foreign Direct Investments (FDI). We hypothesize that the expropriation of wealth is less likely to occur in countries with strong shareholder rights and hence, these countries will attract more FDI relative to countries with weaker shareholder rights protection. We also hypothesize that this relationship will be more important for developing countries compared to developed countries. Based on an analysis of US FDI data over the period 1997-2016, we find support for our predictions. These findings emphasize the importance of institutional development for economic development, via the attraction of FDI.<\/p>\n

Keywords:FDI; expropriation; shareholder rights; multinational firms<\/p>\n

Citation (Format 1)<\/strong>
\nBaulkaran, Vishaal, and Nathaniel C. Lupton, 2020, U.S. FDI and Shareholder Rights Protection in Developed and Developing Economies,\u00a0Multinational Finance Journal<\/em>\u00a024, 155-182.
\nCitation (Format 2)<\/strong>
\nBaulkaran, V., Lupton, N., 2020. U.S. FDI and Shareholder Rights Protection in Developed and Developing Economies. Multinational Finance Journal 24, 155-182.<\/p>\n

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The M&A Exit Outcome of High-Tech Startups<\/a><\/p>\n

Multinational Finance Journal, 2020, vol. 24, no. 3\/4, pp. 183\u2013209<\/p>\n

Carmen Cotei<\/strong>, University of Lethbridge, Canada<\/em><\/p>\n

Joseph Farhatn<\/strong>, Central Connecticut State University, USA<\/em><\/p>\n

Abstract:
\nIn this paper we analyze which factors explain the M&A exit outcome of high-technology startups using the confidential version of the Kauffman Firm Survey data. Our findings reveal that innovation activity is the most important factor in explaining the M&A exit outcome which indicates that acquirers value the growth potential signaled through intellectual property rights, research and development activity and therefore, businesses with high quality innovations are the most attractive targets for acquisitions. We also show that new, high-tech ventures owned by highly educated entrepreneurs are more likely to exit via M&A. These owners have better access to financial and social capital, which positively impacts the entrepreneur\u2019s ability to create a business that is harvestable and increases the chance that the business will, indeed, be harvested.<\/p>\n

Keywords: Mergers and acquisitions; entrepreneurial exit; innovation; technology-based startups<\/p>\n

Citation (Format 1)<\/strong>
\nCotei, Carmen, and Joseph Farhat, 2020, The M&A Exit Outcome of High-Tech Startups, Multinational Finance Journal<\/em>\u00a024, 183-209.
\nCitation (Format 2)<\/strong>
\nCotei, C., Farhat, J., 2020. The M&A Exit Outcome of High-Tech Startups. Multinational Finance Journal 24, 183-209.<\/p>\n

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Monetary Policy, Risk Aversion and Uncertainty in an International Context<\/a><\/p>\n

Multinational Finance Journal, 2020, vol. 24, no. 3\/4, pp. 211-266<\/p>\n

Sakshi Saini<\/strong>, Institute of Economic Growth, India<\/em><\/p>\n

Sanjay Sehgaln<\/strong>, University of Delhi, India<\/em><\/p>\n

Florent Deisting<\/strong>, \u00a0Groupe ESC Pau, France<\/em><\/p>\n

Abstract:
\nThis paper analyses the interaction of monetary policy (both domestic and global), risk aversion and uncertainty for a set of advanced and emerging economies in vector autoregressive (VAR) framework. Variance risk premium (VRP) is used as a measure of risk aversion and computed as the difference between the risk-neutral and the physical expectation of the return variance. VRP is positive on average for all economies and exhibits significant inter-temporal variation. Results reveal that expansionary monetary policy leads to a short-term increase in risk aversion and a decrease in uncertainty. Central banks respond by reducing the policy rate in response to risk aversion and uncertainty shocks. Both risk aversion and uncertainty exhibit a higher magnitude of response to domestic as compared to the global monetary policy shocks. Further, we find that risk aversion positively affects risk premium and thus, considerably explains variations in excess returns in the market.<\/p>\n

Keywords: Monetary policy; risk aversion; uncertainty; variance risk premium; structural VAR; panel VAR<\/p>\n

Citation (Format 1)<\/strong>
\nSaini, Sakshi, Sanjay Sehgal, and Florent Deisting, 2020, Monetary Policy, Risk Aversion and Uncertainty in an International Context,\u00a0Multinational Finance Journal<\/em>\u00a024, 211-266.
\nCitation (Format 2)<\/strong>
\nSaini, S., Sehgal, S., Deisting, F., 2020. Monetary Policy, Risk Aversion and Uncertainty in an International Context. Multinational Finance Journal 24, 211-266.<\/p>\n","protected":false},"excerpt":{"rendered":"

Deep-Market by IAS-19: A Unified Cross-Country Approach for Discount Rate Selection Multinational Finance Journal, 2020, vol. 24, no. 3\/4, pp. 119\u2013154 Haim Kedar-Levy, Ben Gurion University of the Negev, Israel Elroi Hadad, Shamoon Collage of Engineering (SCE), Israel Gitit Gur-Gershgoren, Ono Academic College, Israel Abstract: The discount rate reporting entities apply for future employee benefits […]<\/p>\n","protected":false},"author":557,"featured_media":0,"parent":221,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-512","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/pages\/512"}],"collection":[{"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/comments?post=512"}],"version-history":[{"count":14,"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/pages\/512\/revisions"}],"predecessor-version":[{"id":1941,"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/pages\/512\/revisions\/1941"}],"up":[{"embeddable":true,"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/pages\/221"}],"wp:attachment":[{"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/media?parent=512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}