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Determinants of Capital Structure in India(1990-1998): A Dynamic Panel Data Approach
( Basudeb Guha Khasnobis ),( Saumitra N. Bhaduri ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2002 Journal of Economic Integration Vol.17 No.4
Conventional wisdom on capital structure choices has been by and large confined to the United States and a few advanced countries having institutional similarities. In this paper we make an attempt to provide some insight into the capital structure choice of developing countries through a case study of the Indian corporate sector. We develop a dynamic panel data model that explicitly takes into account the possibility of adjustment cost to reach optimal capital structure. The results suggest that restructuring cost is important in adjustment towards an optimal capital structure. We identify the key determinants of the speed of adjustment towards optimal capital structure and also highlight important differences across cohorts formed on the basis of firm-specific attributes.
Two Alternative Sequences of WTO Negotiations: Implications for Welfare
( Basudeb Guha Khasnobis ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2004 Journal of Economic Integration Vol.19 No.2
We develop a partial equilibrium, sequential model of trade negotiation between an OECD country and two developing countries. First, we show that there are substantive qualitative and quantitative differences in the state of market access and domestic support that emerge under possible alternative sequences in which the negotiating game can be played. We then explore the welfare implications of such alternative sequences on the various stakeholders within the OECD. The welfare outcomes point to various lobbying activities which can influence the trade negotiator and contribute to the confusion and disagreement on who should commit to its policies first.
Who Gains From Tariff Escalation?
( Basudeb Guha Khasnobis ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2004 Journal of Economic Integration Vol.19 No.2
With the help of a simple model of production and trade, we examine the differential impact of tariff escalation on skilled and unskilled wages in an economy. Our findings provide a lobbying-based explanation of the prevalence of tariff escalation in developed countries. It also predicts the possible response of the developing country and shows how similar lobbying activity in that country can slow the pace of liberalization of service sector trade.
Devaluation and Competitiveness: Evidence from the Tea and Cotton Textiles Industries
( Basudeb Guha Khasnobis ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 1997 Journal of Economic Integration Vol.12 No.1
This paper measures the effect of currency rate changes on the competitive-ness of India`s main export industries, Tea and Cotton Textiles. In contrast to the conventional approach that uses data from commodity markets, the present study is based on data from stock markets. The analysis is done in two parts. The first part reports estimates of somewhat significant currency rate exposure of the major Tea and Cotton Textiles exporting firms in India and other countries. The second part reports the movements of the average excess returns of the exposed Indian firms, based on an event-study of the devaluation of the Rupee in 1991. The theory behind the econometric models invokes only the efficiency property of financial markets and seems less controversial than its counterpart in the conventional approach. (JEL Classification: F0)
The Dynamics of the Real and Nominal Exchange Rates of India
Guha-Khasnobis, Basudeb,Ranign, Rajiv 세종대학교 국제경제연구소 2003 Journal of Economic Integration Vol.14 No.1
This paper examines the dynamics of the real and nominal exchange rates for India with respect to its major trade partners,viz, the US, UK, Germany, Japan, France, Canada and Belgium. We test(ⅰ)the cross correlations between the nominal exchange rate and the relative price levels and between the real and the nominal exchange rate for short-run analysis(ⅱ) whether nominal exchange rates and relative prices are well characterized as non-stationary I(1)processes. An important policy implication in the present Indian scenario is that a devaluation of the currency may indeed change the real exchange rate and affect the trade balance.
Determinants of Capital Structure in India : A Dynamic Panel Data Approach 1990-1998
Guha-Khasnobis, Basudeb,Bhaduri, Saumitra N. 세종대학교 국제경제연구소 2002 Journal of Economic Integration Vol.17 No.4
Conventional wisdom on capital structure choices has been by and large confined to the United States and a few advanced countries having institutional similarities. In this paper we make an attempt to provide some insight into the capital structure choice of developing countries through a case study of the Indian corporate sector. We develop a dymic panel data model that explicitiy takes into account the possibility of adjustment cost to reach optimal captial structure. The results suggest that restructuring cost is important in adjustment towards an optimal capital structure. We identify the key determinants of the speed of adjustment towards optimal capital structure and also highlight important differences across cohorts formed on the basis of firm-specific attributes.
Devaluation and Competitiveness : Evidence from the Tea and Cotton Textiles Industries
Guha-Khasnobis, Basudeb 세종대학교 국제경제연구소 1997 Journal of Economic Integration Vol.12 No.1
This paper measures the effect of currency rate changes on the competitiveness of India's main export industries, Tea and Cotton Textiles. In contrast to the conventional approach that uses data from commodity markets, the present study is based on data from stock markets. The analysis is done in two parts. The first part reports estimates of somewhat significant currency rate exposure of the major Tea and Cotton Textiles exporting firms in India and other countries. The second part reports the movements of the average excess returns of the exposed Indian firms, based on an event-study of the devaluation of the Rupee in 1991. The theory behind the econometric models invokes only the efficiency property of financial markets and seems less controversial than its counterpart in the conventional approach(JEL Classification: F0)