International Finance Review,
An annual book series (ISSN 1569-3767),
Volume 1-8 (published by Elsevier Science) and
Volume 9 and after (published by Emerald Publishing, UK):
Founding Editor, J. Jay Choi (jjchoi@temple.edu)
The IFR publishes theme-oriented volumes on various issues in international finance, such as
international business finance, international investment and capital markets, global risk
management, international corporate governance and institution, currency markets, emerging
market finance, international economic integration, and related issues in international financial
economics.
Volume 1: Asian Financial Crisis: Financial, Structural, and International Dimensions, Edited by
J. Jay Choi, 2000, Elsevier Science (ISBN 0-7623-0686-6)
Volume 2: European Monetary Union and Capital Markets, Edited by J. Choi and J. Wrase, 2001,
Elsevier Science (ISBN 0-7623-0830-3)
Volume 3: Global Risk Management: Financial, Operational, and Insurance Strategies, Edited by
J. Jay Choi and Michael R. Powers, 2002, Elsevier Science (ISBN 0-7623-0982-2)
Volume 4: The Japanese Finance: Corporate Finance and Capital Markets in Changing Japan,
Edited by J. Jay Choi and Takato Hiraki, 2003, Elsevier Science (ISBN 0-7623-1068-5)
Volume 5: Latin American Financial Markets: Developments in Financial Innovations, Edited by
Harvey Arbeláez and Reid W. Click, 2004, Elsevier Science (ISBN 0-7623-1163-0)
Volume 6: Emerging European Financial Markets: Independence and Integration PostEnlargement, Edited by J. A. Batten and C. Kearney, 2006, Elsevier Science (ISBN 0-7623-12645)
Volume 7: Value Creation in Multinational Enterprise, Edited by J. Jay Choi and Reid W. Click,
2007, Elsevier Science (ISBN 0-7623-1392-7)
Volume 8: Asia-Pacific Financial Markets: Integration, Innovation and Challenges, Edited by
Suk-Joong Kim and Michael McKenzie, 2008, Elsevier Sicence (ISBN 978-0-7623-1471-3)
Volume 9: Institutional Approach to Global Corporate Governance: Business Systems and
Beyond, Edited by J. Jay Choi and Sandra Dow, 2008, Emerald Publishing (ISBN 978-1-84855320-0)
Volume 10: Currency, Credit and Crisis: In Search of Financial Stability, Edited by J. Jay Choi
and Michael G. Papaioannou, Emerald Publishing, 2009
IFR Volume 1: Asian Financial Crisis: Financial, Structural, and International
Dimensions, Edited by J. Jay Choi, 2000, Elsevier Science (ISBN 0-7623-0686-6)
PART I. AN OVERVIEW OF THE ASIAN FINANCIAL CRISIS.
The Asian financial crisis: moral hazard in more ways than one
J. Jay Choi, 3-14
Was capitalism or cronyism the cause of Asia's economic crisis
J.W. Dean, 15-44
Origins and policy implications of the Asian financial crisis
Phil-Sang Lee, Kyung Suh Park, 45-78
Korean financial crisis and reform: an overview
Daesik Kim, Jaeha Park, 79-122
The Asian five: from financial crisis to economic recovery
M. Faizul Islam, 123-148
PART II. INTERNATIONAL CAPITAL FLOWS AND CRISIS
East Asian crises and global capital flows: cause or effect?
C. Lingle, R. Mondejar, 149-174
Financial liberalization, capital mobility, and financial crises
Jiawen Yang, 175-198
The impact of liberalization and regionalism on capital markets in emerging Asian economies
C. Bilson, V. Hooper and M. Jaugietis, 199-238
PART III. CRISIS AND REFORM IN THE FINANCIAL SECTOR.
Two years after financial reform: capital market developments in Korea
Woon-Youl Choi, Yeong-Ho Woo, 239-262
Korean banking reform following the Asian financial crisis
Hisanori Kataoka, 263-292
The Asian financial crisis: an evaluation of market intervention policies by Hong Kong regulators
A.K. Bhattacharya, 293-306
PART IV. CRISIS AND REFORM IN THE INDUSTRIAL SECTOR.
Asian crisis and implications for industrial policies
Sung-Hee Jwa, Jung-Hwan Seo, 307-356
Financial crisis and perspectives on Korean economic development
Young Back Choi, 357-378
Ownership structure and family control in Korean conglomerates
Ungki Lim, 379-410
The Asian paradox of miracle and debacle: an exploratory study
P. Ping Li, Tung-lung Chang, 411-438
Part V. Cultural Factors and Post-Crisis Opportunities.
How cultural factors led to risky antecedent market conditions and the 1997 Asian economic
crisis
E.A. Kellerman, I. Alon, 439-458
Sociopolitical analysis of Korean economic crisis of 1997
S.J. Chang, 459-480
Business in ASEAN's core. Post-crisis opportunities amidst the economic debris
Zafar U. Ahmed, F.L. Bartels and J.R.M. Gordon, 481-501
IFR Volume 2: European Monetary Union and Capital Markets, Edited by J. Choi and J.
Wrase, 2001, Elsevier Science (ISBN 0-7623-0830-3)
PART I: AN OVERVIEW OF EUROPEAN MONETARY UNION AND CAPITAL MARKETS
Monetary union and market integration: Capital and goods market issues pertaining to the
launching of the Euro
J.J. Choi, J. Wrase, 3-12
PART II: APPROACHING MONETARY UNION IN EUROPE: HISTORY AND
FOUNDATIONS
Historical overview of the transition to monetary union in Europe.
K. Phillips, J. Wrase, 13-20
An retrospective structural break analysis of the French German interest rate differential in the
run-up to EMU
J. Henry, P. McAdam, 21-50
Volatility and misalignments of EMS and other currencies during 1974-1998
M.G. Papaioannou, 51-98
PART III: EUROPEAN MONETARY UNION AND CAPITAL MARKETS
The impact of the Euro on primary equity markets
E.K. Gatzonas, 99-136
Country and industry effects in Euroland's equity markets
I.J.M. Arnold, 137-156
Intra-day transmission of international stock prices
C.S. Eun, J.G. Jeong, 157-178
Part IV: Monetary and Fiscal Policy Issues in the Monetary Union
Organization and policy procedures of the European system of central banks
J. Wrase, 179-194
Monetary and fiscal policy rules in the European economic and monetary union: A simulation
analysis
G. Haber, R. Neck, W.J. Mckibbin, 195-218
Is there potential for monetary union outside Europe?
V. Hooper, 219-232
PART V: TRADE AND MARKET POWER
Monetary union expansion: The role of market power in trade
M.M. Spiegel, 233-246
The European monetary union vs. U.S.A, cooperation and competition: An examination of
welfare benefits
L.B. Ramrattan, C.D. Tully, M. Szenberg, 247-266
The Euro exchange rate and consumer prices
S. Ranki, 267-275
IFR Volume 3: Global Risk Management: Financial, Operational, and Insurance
Strategies, Edited by J. Jay Choi and Michael R. Powers, 2002, Elsevier Science (ISBN
0-7623-0982-2)
PART I: RISK: CONCEPT, MEASUREMENT AND MANAGEMENT
Global Risk Management: Concepts and Strategies
J. Jay Choi and Michael R. Powers, 3-6
Risk, Public Perception, and Education: Quantitative and Qualitative Risk
Martin Shubik, 7-14
What’s New in Value at Risk? A Selective Survey
Neil D. Pearson, 15-38
Leapfrogging the Variance: The Financial Management of Extreme-Event Risk
Michael R. Powers, 39-60
PART II: MARKET, CREDIT, AND FINANCIAL RISK
Assessing Market and Credit Risk of Country Funds: A Value-at-Risk Analysis
Michael G. Papaioannou and E. K. Gatzonas, 61-80
Frictions and Tax-Advantaged Hedge Fund Returns
David M. Schizer, 81-96
Financial versus Operational Hedging
Bhagwan Chowdhry, 97-106
PART III: INTERNATIONAL RISK
A Simple Model of Foreign Exchange Exposure
Gordon M. Bodnar and Richard C. Marston, 107-116
The Impact of the Asian Financial Crisis on Multinationals
George Allayannis and James P. Weston, 117-130
Managing Political Risk in the Age of Terrorism
Llewellyn D. Howell, 131-156
PART IV: INSURING RISK
Security Measures and Determination of Capital Requirements
Jean-Pierre Berliet, 157-162
Integrating Reinsurance Strategy with Asset Strategy to Achieve Capital Efficiencies
Joan Lamm-Tenant, 163-170
The Flight to Quality? Global Capacity and U.S. Reinsurance Prices
Mary A. Weiss and Joon-Hai Chung, 171-205
IFR Volume 4: The Japanese Finance: Corporate Finance and Capital Markets in
Changing Japan, Edited by J. Jay Choi and Takato Hiraki, 2003, Elsevier Science (ISBN
0-7623-1068-5)
PART I: AN OVERVIEW AND COMPARATIVE ANALYSIS
The Japanese Finance: Is It Unique?
Jongmoo Jay Choi and Takato Hiraki, 3-10
An Analysis of the Relative Performance of Japanese and Foreign Money Management
Stephen J. Brown, William N. Goetzmann, Takato Hiraki, and Noriyoshi Shiraishi, 11-34
The Impacts of Japanese Price-Competitive IPO Auctions versus the U.S. Underwriter-Priced
IPOs
Richard H. Pettway, 35-58
PART II: CORPORATE FINANCE AND CONTROL
The Japanese Market for Corporate Control and Managerial Incentives
Jun-Koo Kang and Takeshi Yamada, 59-86
Internal Cash Flows and Investment Decisions: A Comparative Study of the US and Japan
Raj Aggarwal and Sijing Zong, 87-106
The Supply of Trade Credit in Japanese Firms
Richard L. Constand, 107-134
IPO Mechanisms: A Comparison of Book-Building, Discriminatory Price Auctions and Uniform
Price Auctions
Jaclyn Beierlein and Hideaki Kiyoshi Kato, 135-154
PART III: EQUITY AND DERIVATIVE MARKETS
The Efficiency of the Japanese Equity Market
Jun Nagayasu, 155-172
Index-Futures Arbitrage in Japan
Y. Peter Chung, Jun-Koo Kang, and S. Ghon Rhee, 173-198
Price and Volume Effects Associated With A Change in the Nikkei 225 Index List: New
Evidence from the Big Change on April 2000
Hideki Hanaeda and Toshio Serita, 199-226
Did Option Markets Anticipate The Decline In Japanese Stock Prices In 1990?
Naoya Takezawa and Nobuya Takezawa, 227-232
An Analysis of Japanese Return Dynamics Conditional on United States Monday Holiday
Closures
Takato Hiraki and Edwin D. Maberly, 233-252
PART IV: BANKING AND BOND MARKETS
Disintermediation and Bond Market Developments in Japan
Peter G. Szilagyi and Jonathan A. Batten, 253-278
Bank Stock Returns, Interest Rate Changes, and the Regulatory Environment: New Insights From
Japan
John Paul Broussard, Kenneth A. Kim, and Piman Limpaphayom, 279-302
Is Issuing Subordinated Debt by Japanese Banks Effective In the Japanese Market?
Ayami Kobayashi, 303-324
Comparison of the Short-Term and the Long-Term Characteristics of the Japanese and the US
Spot Interest Rate
Kenji Wada, 325-346
PART V: INTERNATIONAL CAPITAL MARKET LINKAGES AND TRANSACTIONS
Information, Trading Volume and International Stock Market Comovements
Louis Gagnon and G. Andrew Karolyi, 347-378
The Time-Varying Behaviour of Credit Spreads On Yen Eurobonds
Jonathan A. Batten, Warren P. Hogan, and Seppo Pynnonen, 379-404
Determinants of the Initial Decisions by Japanese Firms to Undertake Foreign Direct Investment
Yutaka Horiba and Kazuo Yoshida, 405-424
Part VI: Currency Prediction and Exposure
Estimation and Prediction of the Japanese Yen/US Dollar Rate Using An Adaptive Time-Varying
Model
Ahmed S. Abutaleb, Yuzo Kumasaka, and Michael G. Papaioannou, 425-442
Does the Day-of-the-Week Effect in Foreign Currency Markets Disppear? Evidence from the
Yen/Dollar Market
Nobuyoshi Yamori and Panos Mourdoukoutas, 443-460
The Exchange Exposure of the Japanese Firms
Jongmoo Jay Choi, Takato Hiraki, and Nobuya Takezawa, 461-478
IFR Volume 5: Latin American Financial Markets: Developments in Financial
Innovations, Edited by Harvey Arbeláez and Reid W. Click, 2004, Elsevier Science
(ISBN 0-7623-1163-0)
PART I: AN OVERVIEW
Latin Finance: Evolution or Revolution?
Harvey Arbeláez and Reid W. Click, 3-14
The Flow of Capital to Latin America, 1973-2000
Lall Ramrattan, Aron A. Gottesman and Michael Szenberg, 15-33
FDI and Stock Market Development in Selected Latin American Countries
Wendy M. Jeffus, 35-44
Capital Budgeting Decisions: A Survey of Latin American Practices
Harvey Arbeláez, 45-61
PART II: THE FOREIGN EXCHANGE MARKETS AND INTERACTION WITH OTHER
MARKETS
How Sensitive Is Volatility to Exchange Rate Regimes? – The Case of Chile
Viviana Fernández, 65-97
Brazilian Real Futures Trading and Volatility in the Brazilian Equity Market
Cynthia J. Brown and Roberto Curci, 99-111
PART III: DOLLARIZATION
Dollarization in Cuba
Rémy Herrera and Paulo Nakatani, 115-134
Dollarization and Political Risk: Is There a Place for Politics?
Harvey Arbeláez, 135-162
Lending of Last Resort, Bank Monitoring and Endogenous Financial Dollarization
Germana Corrado, 163-188
PART IV: BANKING IN LATIN AMERICA
Concentration and Internationalization of the Mexican Banking Sector
Roberto J. Santillán-Salgado, 191-230
Bankruptcy in Banks from Ecuador: Solvency versus Panic Theory
Franco Parisi, Carlos Maquieira, and Antonino Parisi, 231-247
Political Distortions and Spread of Banking Crises Across the Pacific Rim
Victor Vaugirard, 249-269
PART V: LATIN AMERICAN EQUITY MARKETS
Day of the Week and Month of the Year Effects at the Latin American Emerging Markets
Alejandra Cabello and Edgar Ortiz, 273-304
Proximity Preference and Market Liquity: Evidence from Latin American ADRs
Chandrasekhar Krishnamurti and Aleksandar Šević, 305-327
Alternative Beta Risk Estimators in Emerging Markets: The Latin American Case
Robert D. Brooks, Robert W. Faff, Tim Fry, and Diana Maldonado-Rey, 329-344
Open Market Stock Repurchases at São Paolo Stock Exchange – BOVESPA
Jairo Laser Procianoy, Luis Fernando Moreira, 345-363
An Empirical Analysis of U.S. Equity Market Spillover Effects into the Equity and Labor
Markets of Brazil
Alhassan Bangura and Roberto Curci, 365-381
PART VI: LATIN AMERICAN BOND MARKETS
Negative Liquidity Premia and the Shape of the Term Structure of Interest Rates: Evidence from
Chile
Viviana Fernández, 385-414
Embedded Governance in Corporate Bond Indentures: Evidence from Brazil, 1998-2001
Richard Saito, Hsia Hua Sheng, Senichiro Koshio, and Marcos Galileu de Lorena Dutra, 415-437
PART VII: PENSION FUNDS
Is the Latin American Pension Reform Model Transferable? An Assessment Utilizing the
Venezuelan Social Security System
J. Tim Query and Evaristo Diz, 441-460
Optimal Portfolio Allocations and Funded Pension Systems: The Case of Chile
Mirko Cardinale, 461-520
IFR Volume 6: Emerging European Financial Markets: Independence and Integration
Post-Enlargement, Edited by J. A. Batten and C. Kearney, 2006, Elsevier Science (ISBN
0-7623-1264-5)
Interdependence and integration in emerging European financial markets
Jonathan A. Batten and Colm Kearney, 1-14
PART I: FISCAL POLICY
Fiscal policy surveillance in the enlarged European Union: Procedural checks or simple
arithmetic?
Nico Groenendijk, 17-45
The impact of fiscal variables on risk premiums in central and eastern European countries
Dalia Grigonyte, 47-68
PART II: MONETARY POLICY AND BANKING
Monetary policy operational frameworks compared: Euro area versus some non-Euro area
countries
Orazio Mastroeni, 71-97
What accession countries need to know about the ECB: A comparative analysis of the
independence of the ECB, the Bundesbank and the Reichsbank
Richard A. Werner, 99-115
A comparative study of bank efficiency in central and eastern Europe: The role of foreign
ownership
Peter Zajc, 117-156
A comparative study of banks’ balance sheets in the European Union and European transition
countries, 1995-2003
Ilko Naaborg and Bert Scholtens, 157-178
Governance by supranational interdependence: Domestic policy change in the Turkish financial
services industry
Caner Bakir, 179-211
PART III: FINANCIAL INNOVATION AND LIBERALIZATION
The development of financial derivatives markets in an expanded EU
Jing Chi and Martin Young, 215-234
Financial liberalization and business cycles: The experience of the new EU member states
Lucio Vinhas de Souza, 235-259
Common factors in Euro-denominated emerging market bond spreads
Patrick McGuire and Martijn Schrijvers, 261-280
Romanian financial markets
Michael Skully and Kym Brown, 281-321
PART IV: EQUITY MARKET INTEGRATION
Conditional contemporaneous correlations among European emerging markets
Seppo Pynnonen, 325-351
The links between central, east European and western security markets
Roy Kouwenberg and Albert Mentink, 353-381
The relations between emerging European and developed stock markets before and after the
Russian crisis of 1997-1998
Brian M. Lucey and Svitlana Voronkova, 383-413
Trading versus non-trading returns: Evidence from Russia and the U.K.
Uri Ben-Zion and Niklas Wagner, 415-427
PART V: FDI AND ENLARGEMENT
Foreign direct investment in emerging and transition European countries
Steven Globerman, Daniel Shapiro and Yao Tang, 431-459
Foreign direct investment, stock exchange development, and economic growth in central and
eastern Europe
Yusaf H. Akbar, Heather Elms and Tej S. Dhakar, 461-472
The impact of EU enlargement on FDI flows
Kalman Kalotay, 473-499
IFR Volume 7: Value Creation in Multinational Enterprise, Edited by J. Jay Choi and
Reid W. Click, 2007, Elsevier Science
(ISBN 0-7623-1392-7)
PART I: AN OVERVIEW
Introduction to Value Creation in Multinational Enterprise
J. Jay Choi and Reid W. Click, 3-15
PART II: MULTINATIONALS AND FOREIGN DIRECT INVESTMENT
Strategic and Financial Determinants of Foreign Direct Investments
J. Jay Choi and Eric C. Tsai, 19-60
Modeling the Evolutionary Sequence of International Joint Ventures
Elmar Lukas, 61-73
New Trends and Performance of Korean Outward FDI after the Financial Crisis
Seong-Bong Lee, 75-96
PART III: STRATEGIES AND FIRM PERFORMANCE
The Value Creation Perspective of International Strategic Management
Reid W. Click, 99-123
Ownership Structure, Diversification Strategy, and Performance: Implications for Asian
Emerging Market Multinational Enterprises
Juichuan Chang, 125-148
Successful Adaptation Strategies of Multinational Enterprises in Central and Eastern Europe
Roxana Wright, 149-167
The Relationship between Organizational Structures and Performance: The Case of Fortune 500
Nicole Avdelidou-Fischer, 169-206
PART IV: MERGERS AND ACQUISITIONS
Difficulties in Value Creation: Telecom New Zealand’s Acquisition of AAPT Ltd.
Alireza Tourani-Rad and Zoltan Toth, 209-227
Analysis of Global Competitors’ Reaction to Mega Merger Announcements by an MNC: The
Case of Citicorp-Travelers Merger
Isaac Otchere and Suhadi Mutopo, 229-254
A Combined Cascade Model to Explain Industrial Consolidation: Theory and an Application to
Steel
Huaichuan Rui, 255-281
PART V: FINANCE AND GOVERNANCE
Measuring and Managing the Foreign Exchange Exposure of Chinese Companies
Patrick J. Schena, 285-306
U.K. Measures of Firm-Lived Equity Duration
Richard A. Lewin, Marc J. Sardy, and Stephen E. Satchell, 307-338
Multinationals and Exchange Rate Pass-Through
Alexandra Lai and Oana Secrieru, 339-364
Corporate Governance in Russia: A Case of Timeliness of Financial Reporting in the Telecom
Industry
Robert W. McGee, 365-390
PART VI: THE FINANCIAL SERVICES SECTOR
Mergers and Consolidation of Financial Service Firms: Global Trends and Strategies for Value
Creation
Edward C. Boyer and J. Jay Choi, 393-417
Cross-Border Investment in the Latin American Banking Sector
Jesús Arteaga-Ortiz, Harvey Arbeláez and Wendy M. Jeffus, 419-438
PART VII: THE INFLUENCE OF THE STATE
Governance and Political Risk
Arvind K. Jain, 441-460
Strategic Trade Policy for Small States: A Political Economy Perspective
Jaleel Ahmad, 461-473
Strategic IPO Underpricing: The Role of Chinese State Ownership
Yong Wang, Xiaotian (Tina) Zhang, 475-495
Multinationals versus State Power in an Area of Globalization: The Case of Microsoft in China
Jean-Marc F. Blanchard, 497-534
Internationalization and Value Creation in the Global Textiles and Apparel Industry: A
Comparative Analysis of Lithuania and Moldova
Sanford L. Moskowitz, 535-564
Strategy during an Industry Crisis: The Post-Quota Experience of Turkish Apparel Manufacturers
Liesl Riddle, 565-587
IFR Volume 8: Asia-Pacific Financial Markets: Integration, Innovation and Challenges,
Edited by Suk-Joong Kim and Michael McKenzie, 2008, Elsevier Sicence (ISBN 978-07623-1471-3)
PART I: AN OVERVIEW
Introduction to Asia-Pacific Financial Markets: Integration, Innovation and Challenges
Suk-Joong Kim and Michael McKenzie, 3-13
PART II: ASIA-PACIFIC STOCK MARKET INTEGRATION
A New Approach for Estimating Relationships between Stock Market Returns: Evidence of
Financial Integration in the Southeast Asian Region, 17-37
T.J. Brailsford, T.J. O’Neill, and J. Penm
Correlation Dynamics between Asia-Pacific, EU and US Stock Returns, 39-61
Stuart Hyde, Don Bredin and Nghia Nguyen
Conditional Autocorrelation and Stock Market Integration in the Asia Pacific, 63-94
Suk-Joong Kim and Michael D. McKenzie
The Impact of the Opening Up of the B-Share Markets on the Integration of the Chinese Stock
Markets, 95-116
Langnan Chen, Steven Li and Weibin Lin
A Single Currency for ASEAN-5: An Empirical Study of Economic Convergence and Symmetry,
117-139
Zhi Lu Xu, Bert D. Ward and Christopher Gan
PART III: BUBBLES AND SPILLOVERS
Periodically Collapsing Bubbles in the Asian Emerging Stock Markets, 143-155
Ako Doffou
Currency Crises in Asia: A Multivariate Logit Approach, 157-173
Jan P.A.M. Jacobs, Gerard H. Kuper and Lestano
Evidence of Bubbles in the Malaysian Stock Markets, 175-202
Gary J. Rangel and Subramaniam S. Pillay
PART IV: STOCK MARKETS
Abnormal Returns After Large Stock Price Changes: Evidence from Asia-Pacific Markets, 205227
Vu Thang Long Pham, Do Quoc Tho Nguyen and Thuy-Duong Tô
Price Limits in Asia-Pacific Financial Markets: The Case of the Shanghai Stock Exchange, 229244
Bert Scholtens and Yao Liu
China’s Securities Markets: Challenges, Innovations, and the Latest Developments, 245-262
Xinyi Yuan, Wei Fan, and Qiang Liu
Temporal Causality of Return of Index Futures and Stock Markets: Evidence from Malaysia, 263288
Wee Ching Pok
Price Behaviour Surrounding Block Transactions in Stock Index Futures Markets: International
Evidence, 289-303
Alex Frino, Jennifer Kruk and Andrew Lepone
PART V: CORPORATE FINANCE
The Determinants of Capital Structure: Evidence from Vietnam, 307-326
Van Nam Nguyen, Biger Nahum and Xuan Quyen Hoang
Shareholders’ Value Creation and Destruction: The Stock Prices’ Effects of Merger
Announcement in Japan, 327-345
Ognjenka Zrilic and Yasuo Hoshino
Takeovers and Shareholder Value Creation of the Stock Exchange of Thailand, 347-370
D.E. Allen and A. Soongswang
PART VI: FUNDS MANAGEMENT
Herd Behaviour of Chinese Mutual Funds, 373-391
Jean Jinghan Chen, Xinrong Xiao and Peng Cheng
Performance Persistence of Pension Fund Managers: Evidence from Hong Kong Mandatory
Provident Funds, 393-424
Patrick Kuok-Kun Chu
Financial Market Implications of India’s Pension Reform, 425-443
Hélène Poirson
PART VII: BANKING AND DEBT MARKETS
On the Safety and Soundness of Chinese Banks in the Post-WTO Era, 447-470
Lei Xu and Chien-Ting Lin
MARKET DISCIPLINE BY C.D. HOLDERS: EVIDENCE FROM JAPAN WITH A
COMPARISON TO THE US, 471-495
Ayami Kobayashi
WHAT ARE THE NEXT STEPS FOR BOND MARKET DEVELOPMENT IN THAILAND?,
497-519
Jonathan A. Batten and Pongsak Hoontrakul
IFR Volume 9: Institutional Approach to Global Corporate Governance: Business
Systems and Beyond, Edited by J. Jay Choi and Sandra Dow, 2008, Emerald Publishing
(ISBN 978-1-84855-320-0)
PART I: AN OVERVIEW: CORPORATE GOVERNANCE AND GLOBAL CONTEXT
Probing Corporate Governance Globally: Impacts of Business Systems and Beyond, 3-31
Raj Aggarwal, Jongmoo Jay Choi and Sandra Dow
How “Attractive” is Good Governance for FDI?, 33-54
Giorgio Fazio and G.M. Chiara Talamo
PART II: THE ENLARGED STAKEHOLDER PERSPECTIVE
How do Japanese Banks Discipline Small and Medium-Sized Borrowers?: An Investigation of the
Deployment of Lending Technologies, 57-80
Hirofumi Uchida, Gregory F. Udell, and Nobuyoshi Yamori
Business-Society Reciprocity as a Guideline for Global Corporate Governance, 81-96
S. J. Chang
Expanding the limits of Corporate Responsibility: An institutional approach, 97-115
Alice de Jonge
The Theory and Practice of Government De-regulation, 117-139
Shann Turnbull
PART III: INTERNAL GOVERNANCE MECHANISMS: BOARD OF DIRECTORS AND
EXECUTIVE COMPENSATION
Corporate Governance Mechanisms and Performance Related CEO Turnover, 143-161
Atreya Chakraborty and Shahbaz Sheikh
Size and Advisory Role of Corporate Boards, 163-185
Arun Upadhyay
Financial Contracts for CEO’s: Expropriation or Effective Corporate Governance?, 187-206
Olivier Maisondieu-Laforge, Yong H. Kim, and Young S. Kim
Corporate Governance & Interlisted Stocks: The Persistence of Country Specific Traits, 207-238
Sandra Dow and Jean McGuire
PART IV: OWNERSHIP AND CONTROL
The Information Content of Ticker Symbol Change: Evidence from Multiple Class Shares, 241266
Najah Attig
The dual roles of Japanese main banks: Contrast before and after the Bubble-bursting, 267-300
Yong-Cheol Kim and Kooyul Jung
PART V: THE IMPACT OF LEGAL TRADITION
Legal Rights Matter: Evidence from Panel Data on Creditor Protection and Debt, 303-336
Thomas W. Hall and Fredrik Jörgensen
Derivative Claims, the UK Companies Act 2006 and Corporate Governance: A Roadmap to
Nowhere?, 337-384
Arad Reisberg
Corporate Governance and Ultimate Control, 385-413
Narjess Boubakri, Omrane Guedhami and Oumar Sy
Scorecard on Corporate Governance in East Asia: A Comparative Study, 415-458
Yan Leung Cheung and Hasung Jang
PART VI: EXTRA-LEGAL INSTITUTIONS
The Nature of Political Connections and Firm Value, 461-494
Cao Jiang
An End of History for Corporate Governance? The Resilience of Culture, 495-520
Loong Wong
IFR Volume 10: Currency, Credit and Crisis: In Search of Financial Stability, Edited by J.
Jay Choi and Michael Papaioannou, Emerald Publishing, 2009
PART 1: AN OVERVIEW: FINANCIAL CRISES AND GLOBAL CONTEXT
The US versus Asian Financial Crisis
Jongmoo Jay Choi and Michael G. Papaioannou
The Sub Prime Market Crisis, Structured Products in the Securities Credit Markets, and
Hedge Funds
Rosaria Troia
PART II: IDENTIFYING CAUSES: INSTITUTIONS AND REGULATION
Blame the Bankers? An Empirical Study of Cyclical Credit Quality
Risto Herrala
Regulatory Use of Credit Ratings: How it Impacts the Behavior of Market Constituents
Viktoria Baklanova
On Regulating Financial Innovations
Eduardo Pol
PART III: THE INTERNATIONAL ECONOMIC AND FINANCIAL SETTING
Important Structural Trends and Developments In the Foreign Exchange and OTC
Derivative Markets
Harvey Arbeláez and E. K. Gatzonas
Interaction Between Stock Crisis and Exchange Crisis in Emerging Convertible Currency
Markets
Nabiha Nefzi and Mounira Ben Arab
Exchange Rate Changes and Price Dynamics in Poland
Piotr Misztal
Russian Banking in Transition: Survey and Synthesis
Mikhail A. Sherstnev
PART IV: THE ROLE OF PUBLIC DEBT AND GOVERNMENT GUARANTEES
Assessing Sovereign Bond Portfolios: Some Risk Measures
Michael Papaioannou
Currency Swaps and Australian Debt Management Practice
Alham Yusuf and Jonathan Batten
Evaluating the Implicit Guarantee to Fannie Mae and Freddie Mac Using Contingent
Claims
Michael Gapen
PART V: THE IMPACT OF MONETARY POLICIES AND ECONOMIC
MICROSTRUCTURE
Effectiveness of Monetary Policy: Market Reactions and Volatility Interactions
Thomas Lee and John Zyren
Are Microfinance Institutions in Developing Countries a Safe Harbour Against the
Contagion of Global Recession?
Roberto Moro Visconti
Trade Credit during Financial Crises: Do Negotiated Agreements Work? Alexander
Agronovsky and Christoph Trebesch
PART VI: LESSONS FOR MAINTAINING FINANCIAL STABILITY
From Wall Street to Main Street – A European Perspective
Andreas Mattig and Stefan Morkoetter
Risk Management Lessons from Madoff Fraud
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