articles fo rcritical review project

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Chapter 1
Hofstede, Geert, Cheryl A. Van Deusen, Carolyn Mueller, Thomas A. Charles, and the
Business Goals Network, “What Goals Do Business Leaders Pursue? A Study in Fifteen
Countries,” Journal of International Business Studies, Fourth Quarter, 2002, Volume 39, No.
4, pp. 785-803
Jensen, Michael C., “Value Maximization, Stakeholder Theory, and the Corporate Objective
Function,” Journal of Applied Corporate Finance, Fall 2001, Volume 14, No. 3, pp. 8-21
Kaplan, Steven, “Corporate Governance and Corporate Performance: A Comparison of
Germany, Japan, and the U.S,” Journal of Applied Corporate Finance, Winter 1997,Volume
9, No. 4, pp. 86-93
Pedersen, Torben, and Steen Thomsen, “European Patterns of Corporate Ownership,” Journal
of International Business Studies, Volume 28, No. 4, Fourth Quarter1997, pp. 759-778
2
Miller, Merton H., “Financial Markets and Economic Growth,” Journal of Applied Corporate
Finance, Fall 1998, Volume 11, No. 3, pp.8-15
Rajan, Raghuram G., and Luigi Zingales, “Which Capitalism? Lessons From the East Asia
Crisis,” Journal of Applied Corporate Finance, Fall 1998, Volume 11, No. 3, pp. 40-48
Singal, Vijay, “Floating Currencies, Capital Controls, or Currency Boards: What’s the Best
Remedy for the Currency Crisis,” Journal of Applies Corporate Finance, Winter 1999,
Volume 11, No. 4, pp.49-56
3
International Monetary Fund, Balance of Payments Statistics Yearbook, annual.
Obstfeld, Maurice, and Alan M. Taylor, “Globalization and Capital Markets,” paper presented
at NBER conference on Globalization in Historical Perspective, Santa Barbara, May 4-5,
2001
Walter, Ingo, ”The Mechanisms of Capital Flight,” in Capital Flight and Third World Debt,
edited by Donald R. Lessard and John Williamson, Institute for International Economics,
Washington D.C., 1987, p. 104
4
Bank for International Settlements, “Central Bank Survey of Foreign Exchange and
Derivatives Market Activity in April 2004,” October 2004
Glassman, Debra, “Exchange Rate Risk and Transaction Costs: Evidence from Bid-Ask
Spreads,” Journal of International Money and Finance, Dec 1987, Volume 6, No. 4, pp. 479491
Zaheer, Srilata, “Circadian Rhythms: The Effects of Global Market Integration on the
Currency Trading Industry,” Journal of International Business Studies, Fourth Quarter 1995,
Volume 26, No. 4, pp. 699-728
5
Giddy, Ian H., and Gunter Dufey, “Uses and Abuses of Currency Options,” Journal of
Applied Corporate Finance, Fall 1995, Volume 8, No. 3, pp.49-57
Huckins, Nancy White and Anoop Rai, “Market Risk for Foreign Currency Options: Basle’s
Simplified Model,” Financial Management, Spring 1999, Volume 28, No.1, pp.99-109
Melino, Angelo, and Stuart M. Turnbull, “Misspecification and the Pricing and Hedging of
Long-Term Currency Options,” Journal of International Money and Finance, June 1995,
Volume 14, No. 3, pp. 373-393
1
6
Cumby, Robert E., and Maurice Obstfeld, “A Note on Exchange Rate Expectations and
Nominal Interest Differentials: A Test of the Fisher Hypothesis,” Journal of Finance, June
1981, pp. 697-703
Ohno, Kenichi, “Exchange Rate Fluctuations, Pass Through, and Market Share,” IMF Staff
Papers, June 1990, Volume 37, No. 2, pp.294-310
Rogoff, Kenneth, “The Purchasing Power Parity Puzzle,” Journal of Economic Literature,
June 1996, Volume 34, No. 2, pp. 647-668
7
Levich, Richard, International Financial Market: Prices and Policies (Boston: Irwin
McGraw-Hill, 1998).
Krugman, Paul R., and Maurice Obstfeld, International Economics: Theory and Policy, Third
Edition (New York: Harper Collins,1994).
8
Bodnar, Gordon M., “1998 Wharton Survey of Financial Risk Management by U.S. NonFinancial Firms,” Financial Management, Winter 1998, Volume 24., No 4., pp. 70-91
Briys, Eric, and Francois de Varenne, “Optimal Hedging and the Partial Loss Offset,”
European Financial Management, November1998, Volume 4, No. 3, pp. 321-334
Smith, Clifford W., Jr., Charles W. Smithson, and D. Sykes Wiltord, ”Financial Engineering:
Why Hedge?”, in The Handbook of Financial Engineering, Clifford W. Smith, Jr., and
Charles W. Smithson, eds. (New York: Harper Business, 1990) pp. 126-138
Stulz, Rene M., “Rethinking Risk Management,” Journal of Applied Corporate Finance, Fall
1996, Volume 9, No. 3, pp. 8-24
9
Capel, Jeanette, “A Real Options Approach to Economic Exposure Management,” Journal of
International Financial Management and Accounting, 1997, Volume 8, No.2, pp. 87-113
Harris, Trevor S., and Nahun D. Melumad, and Toshi Shibano, “An Argument Against
Hedging by Matching the Currency of Costs and Revenues,” Journal of Applied Corporate
Finance, Fall 1996, Volume 9, No. 3, pp. 90-97
Luehrman, Timothy A., “The Exchange Rate Exposure of a Global Competitor,” Journal of
International Business Studies, 1990, Volume 21, No.2, pp. 225-242
Miller, Kent D., and Jeffrey J. Reuer, “Firm Strategy and Economic Exposure to Foreign
Exchange Rate Movements,” Journal of International Business Studies, Third Quarter 1998,
Volume 29, No. 3, pp. 493-514
10
Ball, Ray, “Making Accounting International: Why, How, and How Far Will It Go?” Journal
of Applied Corporate Finance, Fall 1995, Volume 8, No. 3, pp.19-29
Houston, Carol Olson, “Translation Exposure Hedging Post SFAS No. 52,” Journal of
International Financial Management and Accounting, Summer and Autumn 1990, Volume 2,
Nos. 2 and 3, pp. 145-170
Ruland, Robert G., and Timothy S. Doupnik, “Foreign Currency Translation and the Behavior
of Exchange Rates,” Journal of International Business Studies, Fall 1988, pp. 461-476
2
11
Dimson, Elroy, Paul Marsh, and Mike Staunton, Triumph of the Optimists: 101 Years of
Global Investment Returns (Princeton N.J., Princeton University Press, 2002), Chapters 12
and 13
Domowitz, Ian, Jack Glen, and Ananth Madhavan, “Market Segmentation and Stock Prices:
Evidence from an Emerging Market,” The Journal of Finance, June 1997, Volume 52, No. 3,
pp. 1059-1085
Kwok, Chuck C.Y., and David M. Reeb, “Internationalization and Firm Risk: An UpstreamDownstream Hypothesis,” Journal of International Business Studies, Volume 31, Issue 4,
2000, pp. 611-630
Reeb, David M., Chuck C.Y. Kwok, and H. Young Baek, “Systematic Risk of the
Multinational Corporation,” Journal of International Business Studies, Second Quarter 1998,
pp. 263-279
Stulz, Rene M., “Does the Cost of Capital Differ Across Countries? An Agency Perspective,”
European Financial Management, 1996, Volume 2,pp.11-22
12
Boutchkova, Maria K., and William L. Megginson, “Privatization and the Rise of Global
Capital Markets,” Financial Management, Winter 2000, Volume 29, Issue 4, pp. 31-76
Foerster, Stephen R., and G. Andrew Karolyi, “The Effects of Market Segmentation and
Investor Recognition on Asset Prices: Evidence from Foreign Stock Listing in the United
States,” The Journal of Finance, June 1999, Volume 54, No. 3, pp. 981-1013
Saudagaran, Shahrokh M., and Gary C. Biddle, “Foreign Listing Location: A Study of MNEs
and Stock Exchanges in Eight Countries,” Journal of International Business Studies, Second
Quarter 1995, Volume 26, No. 2, pp. 319-341
Sundaram, Anant K., and Dennis E. Logue, “Valuation Effects of Foreign Company Listings
on U.S. Exchanges,” Journal of International Business Studies, First Quarter 1996, Volume
27, no. 1, pp. 67-88
Wu, Congsheng, and Chuck C.Y. Kwok, “Why Do U.S. Firms Choose Global Equity
Offerings?”, Financial Management, Summer 2002, Volume 31, Issue 2, pp. 47-65
13
Hill, Claire A., “Securitization: A Financing Strategy for Emerging Market Firms,” Journal of
Applied Corporate Finance, Fall 1998, Volume 11, No. 3, pp. 55-65
Johnson, Greg, and Thomas Funkhouser, “Yankee Bonds and Cross-Border Private
Placements,” Journal of Applied Corporate Finance, Fall 1999, Volume 10, No.3, pp. 34-45
Lee, Kwang Chul, and Chuck C.Y. Kwok, “Multinational Corporations vs. Domestic
Corporations: International Environmental Factors and Determinants of Capital Structure,”
Journal of International Business Studies, Summer 1988, pp. 195-217
Rajan, Raghuram, and Luigi Zingales, “Debt, Folklore, and Cross-Country Differences in
Financial Structure,” Journal of Applied Corporate Finance, Winter 1998, Volume 10, No. 4,
pp. 102-107
Wald, John K., “How Firm Characteristics Affects Capital Structure: An International
Comparison,” The Journal of Financial Research, Summer 1999, Volume 12, No.2, pp. 161187
3
14
Brown, Keith C., and Donald J. Smith, “Default Risk and Innovations in the Design of
Interest Rate Swaps,” Financial Mangement, Summer 1993, Volume 22, No. 2, pp. 94-105
Ho, T. S., Richard Stapleton, and Marti G. Subrahmanyam, “The Risk of Currency Swap: A
Multivariate Binomial Methodology,” European Financial Management, March 1998,
Volume 4, Number 1, pp. 9-28
Smith, Clifford W., Jr., Charles W. Smithson, and Lee Macdonald Wakeman, “The Market
for Interest Rate Swaps,” Financial Management, Winter 1988, pp. 34-44
Solnik, Bruno, “Swap Pricing and Default Risk: A Note,” Journal of International Financial
Management and Accounting, Spring 1990, Volume 2, No. 1, pp. 79-91
15
Buckley, Peter J., “The Limits of Explanation: Testing of Internalization Theory of the
Multinational Enterprise,” Journal of International Business Studies, Summer 1988, pp.181193
Buckley, Peter J., and Mark Casson, “ An Economic Model of International Joint Venture
Strategy,” Journal of International Business Studies, Special Issue 1996, Volume 27, No. 5,
pp. 849-876
Dunning, John H., “Location and the Multinational Enterprise: A Neglected Factor?,” Journal
of International Business Studies, First Quarter 1998, Volume 29, No. 1, pp. 45-66
Dunning, John H., “The Eclectic Paradigm of International Production: A Restatement and
Some Possible Extensions,” Journal of International Business Studies, Spring 1988, pp. 1-32
Wells, Louis T., Jr., “Multinationals and the Developing Countries,” Journal of International
Business Studies, First Quarter 1998, Volume 29, No. 1, pp. 101-114
16
Godfrey, Stephen, and Ramon Espinosa, “A Practical Approach to Calculating Costs of
Equity for Investments in Emerging Markets,” Journal of Applied Corporate Finance, Fall
1996, Volume 9, No. 3, pp. 80-89
Hervey, Michael G., “A Survey of Corporate Programs for Managing Terrorist Threats,”
Journal of International Business Studies, Third Quarter 1993, pp. 465-478
Lee, Suk Hun, “Relative Importance of Political Instability and Economic Variables on
Perceived Country Creditworthiness,” Journal of International Business Studies, Fourth
Quarter 1993, pp. 801-812
Lessard, Donald R., “Incorporating Country Risk in the Valuation of Offshore Projects,”
Journal of Applied Corporate Finance, Fall 1996, Volume 9, No. 3, pp. 52-63
17
Frisch, Daniel J., “Economics of International Tax Policy: Some Old and New Approaches,”
Tax Notes, April 30, 1990, pp. 581-591
PriceWaterhouseCoopers, Corporate Taxes: A Worldwide Summary (New York:
PriceWaterhouseCoopers, 2002.
Scholes, Myron S., and Mark A. Wolfson, Taxes and Business Strategy: A Planning
Approach, (Englewood Cliffs, NJ: Prentice-Hall, 1992), Chapter 14, “Multinational Tax
Planning”
Weisfelder, Christine J., “Home Country Taxation and the Theory of International
Production,” Journal of International Financial Management and Accounting, October 1994,
Volume 5, No. 3, pp. 193-213
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18
Brealey, Richard A., Ian A. Cooper, and Michael A. Habib, “Using Project Finance to Fund
Infrastructure Investments,” Journal of Applied Corporate Finance, Fall 1996, Volume 9, No.
5, pp. 25-38
Dixit, Avinash K., and Robert S. Pindyck, “The Options Approach to Capital Investments,”
Harvard Business Review, May/Jun 1995, pp. 105-115
Godfrey, Stephen, and Ramon Espinosa, “A Practical Approach to Calculating the Cost of
Equity for Investments in Emerging Markets,” Journal of Applied Corporate Finance, Fall
1996, Volume 9, Number 3, pp. 80-89
Keck, Tom, Eric Levengood, and Al Longfield, “Using Discounted Flow Analysis in an
International Setting: A Survey of Issues in Modeling the Cost of Capital,” Journal of Applied
Corporate Finance, Fall 1998, Volume 11, No. 3, pp. 82-99
19
Bank of America Roundtable on Evaluating and Financing Foreign Direct Investment,”
Journal of Applied Corporate Finance, Fall 1996, Volume 9, No.3, pp. 64-79
Lee, Tung-Jean, and Richard E. Caves, “Uncertain Outcomes of Foreign Investment:
Determinants of Profits After Large Acquisitions,” Journal of International Business Studies,
Third Quarter 1998, Volume 29, No. 3, pp. 563-582
Luehrman, Timothy A., “What’s It Worth?: A General Manager’s Guide to Valuation,”
Harvard Business Review, May 1997
Luehrman, Timothy A., “Strategy as a Portfolio of Real Options,” Harvard Business Review,
September-October 1998, pp. 89-99
20
Denis, David J., Diane K. Denis, and Keven Yost, “Global Diversification, Industrial
Diversification, and Firm Value,” Journal of Finance, October 2002, Volume &, No. 5, pp.
1951-1979
Dimson, Elroy, Paul Marsh, and Mike Stauton, Triumph of the Optimists: 101 Years of Global
Investment Returns (Princeton N.J., Princeton University Press, 2002), Chapters 8 and 15
Fama, Eugene, and Kenneth R. French, “Value Versus Growth: The International Evidence,”
Journal of Finance, December 1998, Volume 53, No. 6, pp. 1975-1999
Guffin, John M., and G. Andrew Karolyi, “Another Look at the Role of the Industrial
Structure of Markets for International Diversification Strategies,” Journal of Financial
Economics, December 1998, Volume 50, No. 3, pp. 351-373
Kim, E. Han, and Vijay Singal, “Are Open Markets Good for Foreign Investors and Emerging
Nations?” Journal of Applied Corporate Finance, Fall 1997, Volume 10, no. 3, pp. 18-33
Lins, Karl V., and Henri Serves, “Is Corporate Diversification Beneficial in Emerging
Markets?” Financial Management, Summer 2002, Volume 31, Issue 2, pp. 5-31
Smith, Roy C., and Ingo Walter, “Risks and Rewards in Emerging Market Investments,”
Journal of Applied Corporate Finance, Fall 1997, Volume 10, No. 3, pp. 8-17
21
Al-Aaron, Mohammad F., Parvos Adam, and Sed. Akhter, “Transfer Pricing Determinants of
U.S. Multinationals” Journal of International Business Studies, Third Quarter, 1990, pp. 409425
Barrett, M. Edgar, “Case of the Tangled Transfer Price,” Harvard Business Review, May/June
1977, pp. 20-36, 176-178
Dewenter, Kathryn L., and Vincent A. Warther, “Dividends, Asymmetric Information, and
Agency Conflicts: Evidence from a Comparison of the Dividend Policies of Japanese and
U.S. Firms,” Journal of Finance, June 1998, Volume 53, No. 3, pp. 879-904
5
22
Gentry, James A., Dileep R. Mehta, S. K. Bhattacharya, Robert Cobbaut, and Jean-Louis
Scaringella, “An International Study of Management Perceptions of the Working Capital
Process,” Journal of International Business Studies, Spring-Summer 1979, pp. 28-38
Houpt, James V., “International Trends for U.S. Banks and Banking Markets,” Staff Study of
the Board of Governors of the Federal Reserve System, No. 156, May 1988
Srinivasan, VenKat, Susan E. Moeller, and Yong H. Kim, “International Cash Management:
State-of-the-Art and Research Directions,” Advances in Financial Planning and Forecasting,
1990, Volume 4, Part B, pp. 161-194
“International Working Capital Practices of the Fortune 200,” Financial Practice Education,
Fall/Winter 1996, Volume 6, Issue 2
23
Dominguez, Luis V., and Carlos G. Sequeira, “Determinants of LDC Exporters’ Performance:
A Cross-National Study,” Journal of International Business Studies, First Quarter 1993, pp.
19-40
Hennart, Jean-Francois, ”Some Empirical Dimensions of Countertrade,” Journal of
International Business Studies, Second Quarter 1990, pp. 243-270
Lecraw, Donald J., “The Management of Countertrade: Factors Influencing Success,” Journal
of International Business Studies, Spring 1989, pp. 41-59
24
Kerkvliet, Joe, and Michael H. Moffett, “The Hedging of an Uncertain Future Foreign
Currency Payment,” Journal of Financial and Quantitative Analysis, December 1991,
Volume 26, No. 4, pp. 565-578
Smith, Clifford W., and René M. Stulz, “The Determinants of Firms’ Hedging Policies,”
Journal of Financial and Quantitative Analysis, December 1985, volume 20, No. 4, pp. 390405
Stulz, René M., “Optimal Hedging Policies,” Journal of Financial and Quantitative Analysis,
June 1984, Volume 19, No. 2, pp. 127-140
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