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Author: Bok Baik Publisher: ISBN: Category : Languages : en Pages : 44
Book Description
Using foreign institutional ownership data in the U.S. from 1990 to 2007, we examine whether foreign institutional investors face liabilities of foreignness (LOF) in the U.S. stock market. We find that foreign institutional investors prefer low information asymmetry stocks more than domestic institutional investors and this preference for low information asymmetry stocks is particularly strong among foreign institutional investors from countries with high LOF. More important, we find that a change in foreign institutional ownership is negatively related to future returns, while this relation does not exist for domestic institutional ownership. The negative relation between the change in foreign institutional ownership and future returns is more pronounced when investors face a greater LOF in the U.S. stock market, for instance, when they are from countries with higher institutional distance, information asymmetry, unfamiliarity, and cultural differences. The negative effect of country-specific LOF factors on the return forecasting power of foreign institutional investors is more evident when they trade stocks with higher information asymmetry. Overall, these findings suggest that foreign institutional investors face significant LOF costs in the U.S. stock market, resulting in their poor ability to forecast returns.
Author: Bok Baik Publisher: ISBN: Category : Languages : en Pages : 44
Book Description
Using foreign institutional ownership data in the U.S. from 1990 to 2007, we examine whether foreign institutional investors face liabilities of foreignness (LOF) in the U.S. stock market. We find that foreign institutional investors prefer low information asymmetry stocks more than domestic institutional investors and this preference for low information asymmetry stocks is particularly strong among foreign institutional investors from countries with high LOF. More important, we find that a change in foreign institutional ownership is negatively related to future returns, while this relation does not exist for domestic institutional ownership. The negative relation between the change in foreign institutional ownership and future returns is more pronounced when investors face a greater LOF in the U.S. stock market, for instance, when they are from countries with higher institutional distance, information asymmetry, unfamiliarity, and cultural differences. The negative effect of country-specific LOF factors on the return forecasting power of foreign institutional investors is more evident when they trade stocks with higher information asymmetry. Overall, these findings suggest that foreign institutional investors face significant LOF costs in the U.S. stock market, resulting in their poor ability to forecast returns.
Author: Jean-Paul Laron Publisher: World Scientific ISBN: 9812835008 Category : Business & Economics Languages : en Pages : 300
Book Description
Examines the rise of Chinese companies in international markets. This book provides an overview of the strategies of Chinese multinationals in terms of international marketing and branding, M&As and international joint ventures, management of technology, organization and human resource management.
Author: Fang Cai Publisher: ISBN: Category : Languages : en Pages : 38
Book Description
It is an established fact that investors favor the familiar%u2014be it domestic securities or, within a country, the securities of nearby firms%u2014and avoid investments that would provide the greatest diversification benefits. While we do not rule out familiarity as an important driver of portfolio allocations, we provide new evidence of investors%u2019 international diversification motive. In particular, our analysis of the security-level U.S. equity holdings of foreign and domestic institutional investors indicates that institutional investors reveal a preference for domestic multinationals (MNCs), even after controlling for familiarity factors. We attribute this revealed preference to the desire to obtain %u201Csafe%u201D international diversification. We then show that holdings of domestic MNCs are substantial and, after accounting for this home-grown foreign exposure, that the share of %u201Cforeign%u201D equities in investors%u2019 portfolios roughly doubles, reducing (but not eliminating) the observed home bias.
Author: Alvaro Cuervo-Cazurra Publisher: Cambridge University Press ISBN: 1107073146 Category : Business & Economics Languages : en Pages : 241
Book Description
This book examines the challenges faced by emerging market multinationals as they develop their international operations and proposes actionable solutions.
Author: Douglas Cumming Publisher: Oxford University Press ISBN: 0192577700 Category : Business & Economics Languages : en Pages : 560
Book Description
The Oxford Handbook of Hedge Funds provides a comprehensive overview of the hedge fund industry from a global perspective, bringing together insights from theoretical and applied research. The book seeks to both introduce the industry and what it does to scholars and practitioners new to the area, and to provide more advanced insights to those with extensive expertise in the area. The handbook explains the main context in which hedge funds operate, how the raise capital, and their structure and governance. It evaluates the main factors that have affected the operation of hedge funds, including competition from mutual funds, the market environment, and financial regulation, explains key concepts such as hedge fund flows, and core issues of practice, such as hedge fund manager fees. This volume provides insights into the principle head fund strategies and how these have changed over the years. The behavioural dimensions of hedge fund behaviour are evaluated, as are fintech's consequences. The volume evaluates the effects of hedge funds on the firms they invest in, in terms of internal governance, strategy and practice. Furthermore, it explores a range of ethical issues around the operation of hedge funds, how they fit within the wider political economy, and changes in hedge fund regulation and taxation strategies.
Author: J Carlos Jarillo Publisher: Routledge ISBN: 1136016252 Category : Business & Economics Languages : en Pages : 182
Book Description
Strategic Networks examines the new style of industrial co-ordination which enables independent companies to work so closely together that they can sometimes present a 'single face' to the outside world. Co-ordination is not achieved by mergers and acquisitions, but through the creation of a 'strategic network' of companies working towards the same goals. Based on the author's extensive research, the book first analyses the economic arguments for industry co-ordination, and suggests in which industries it is most likely to occur. The second part of the book focuses on * managerial implications for this type of organization * impact on responsibilties * control without ownership * co-operation instead of competition * how to set up alliances and how to maintain them A wide range of international examples and cases are featured in the book. J. Carlos Jarillo is Professor of Strategy at the University of Geneva (previously Professor of General Management and International Strategy at IMD, Switzerland). His research on strategy has been widely published in more than two dozen articles and books. He also acts as senior adviser to a large number of international corporations.
Author: Laszlo Tihanyi Publisher: Emerald Group Publishing ISBN: 1780529090 Category : Business & Economics Languages : en Pages : 498
Book Description
Part of "Advances in International Management" series, this title presents contemporary research by leading and emerging scholars working on institutional theory. It also presents theoretical frameworks of institutions and proposes interesting ideas that provide the foundation for doctoral dissertations and research projects.
Author: Timothy Devinney Publisher: Emerald Group Publishing ISBN: 0857240854 Category : Business & Economics Languages : en Pages : 668
Book Description
A volume that concentrates on the substantive gaps in the IB/IM field and addresses whether these gaps are resolvable with the theoretical and methodological toolkit.
Author: Andrea Ciani Publisher: World Bank Publications ISBN: 1464815585 Category : Business & Economics Languages : en Pages : 178
Book Description
Economic and social progress requires a diverse ecosystem of firms that play complementary roles. Making It Big: Why Developing Countries Need More Large Firms constitutes one of the most up-to-date assessments of how large firms are created in low- and middle-income countries and their role in development. It argues that large firms advance a range of development objectives in ways that other firms do not: large firms are more likely to innovate, export, and offer training and are more likely to adopt international standards of quality, among other contributions. Their particularities are closely associated with productivity advantages and translate into improved outcomes not only for their owners but also for their workers and for smaller enterprises in their value chains. The challenge for economic development, however, is that production does not reach economic scale in low- and middle-income countries. Why are large firms scarcer in developing countries? Drawing on a rare set of data from public and private sources, as well as proprietary data from the International Finance Corporation and case studies, this book shows that large firms are often born large—or with the attributes of largeness. In other words, what is distinct about them is often in place from day one of their operations. To fill the “missing top†? of the firm-size distribution with additional large firms, governments should support the creation of such firms by opening markets to greater competition. In low-income countries, this objective can be achieved through simple policy reorientation, such as breaking oligopolies, removing unnecessary restrictions to international trade and investment, and establishing strong rules to prevent the abuse of market power. Governments should also strive to ensure that private actors have the skills, technology, intelligence, infrastructure, and finance they need to create large ventures. Additionally, they should actively work to spread the benefits from production at scale across the largest possible number of market participants. This book seeks to bring frontier thinking and evidence on the role and origins of large firms to a wide range of readers, including academics, development practitioners and policy makers.
Author: Bok Baik
Author: Bok Baik
Author: Jean-Paul Laron
Author: Fang Cai
Author: Alvaro Cuervo-Cazurra
Author: Douglas Cumming
Author: Stephen Hymer
Author: J Carlos Jarillo
Author: Laszlo Tihanyi
Author: Timothy Devinney
Author: Andrea Ciani