市场潜能、原材料接近度与日本食品产业在华投资的区位选择

运用《中国进出企业一览》(2003—2004年版)中的数据实证研究了市场潜能和原材料接近度在日本食品产业在华投资区位选择中的作用效果。基于Reddingand Venables[1]和Harris[2]测算了我国各省市自治区的市场潜能和原材料接近度,通过区位选择模型分析发现,国内市场潜能对日资食品产业投资的进入具有正的效果,但是不如用GDP衡量的"本地市场"变量大。国外市场潜能则具有最大的效果。日本食品产业倾向于投资在原材料接近度高的省份,但效果也不及用农业总产出衡量的"本地原材料"变量。     

The winner–loser effect in Japanese stock returns

This study examines the winner–loser effect using stocks listed on the Tokyo Stock Exchange (TSE) from 1975 to 1997. We uncover significant return reversals dominating the Japanese markets, especially over shorter periods such as 1 month. No momentum effect is observed, however. The 1-month return reversal remains significant even after adjusting for firm characteristics or risk. While the 1-month return reversal is not related to industry classification, it is partially a result of higher future returns to loser stocks with low trading volume. Our results show that investor overreaction may be a possible explanation for the 1-month return reversal in Japan.     

The Determinants of Foreign Direct Investment in Transition Economies: A Meta‐analysis

In this paper, we conduct a meta‐analysis of studies that empirically examine the relationship between economic transformation and foreign direct investment (FDI) performance in Central and Eastern Europe and the former Soviet Union over the past quarter century. More specifically, we synthesise the empirical evidence reported in previous studies that deal with the determinants of FDI in transition economies, focusing on the impacts of transition factors. We also perform meta‐regression analysis to specify determinant factors of the heterogeneity among the relevant studies and the presence of publication‐selection bias. We find that the existing literature reports a statistically significant non‐zero effect as a whole, and a genuine effect is confirmed for some FDI determinants beyond the publication‐selection bias.