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1.
The Determinants of Intra-Industry Trade in Insurance Services 总被引:7,自引:0,他引:7
In light of the growing significance of trade in financial services, and the emphasis placed on trade in financial services during the Uruguay round of trade negotiations, this article is the first study of the determinants of intra‐industry trade (IIT) in insurance services. The article analyzes and measures the magnitude of IIT in insurance services for the United States. The empirical results of the determinants of IIT indicate that foreign direct investment in insurance services (FDI) is a significant contributor to the volume of trade in insurance services. These empirical findings confirm the new theoretical trade models that, unlike the traditional trade theory that considered trade and foreign direct investment in insurance services as substitutes, trade and FDI complement each other and hence multinational insurance companies are contributing to an increase in the volume of trade in insurance services. Furthermore, this study shows that trade intensity between the United States and its trading partners leads to product differentiation in insurance services and hence an increase in consumer welfare. 相似文献
2.
Public pension plans are a major type of institutional owner during the new era of investor capitalism, yet little is known about them. Based upon fund value maximization (FVM) and public choice theory (PCT), we develop hypotheses on the determinants of plan performance as measured by plan annual investment return. FVM espouses that the plan's fund or investment portfolio will be invested to maximize return for a given level of risk, while PCT holds that agency costs are significant in the public sector, and will have a negative effect on plan return. Using biennial pension plan data for 1992–96 for several hundred plans, we found that fund value maximization has a much greater influence on plan performance, but that plan performance is also subject to agency costs associated with public choice theory. 相似文献
3.
Fariborz Moshirian 《Research in International Business and Finance》2010,24(1):62-74
This study examines the post-issue stock price performance of initial public offerings (IPOs) from advanced and emerging Asian markets from 1991 to 2004. We provide a comparative assessment on the short- and long-term stock performance of Asian IPOs with comprehensive international evidence. We use several different methods to examine the robustness of IPO performance. Our results reveal that whilst there is initial underpricing in Asian IPOs, the existence of long-run underperformance for the Asian IPOs depends resoundingly on the methodology used for assessment. 相似文献
4.
In most studies of ownership and firm performance, researchers have assumed different forms of ownership do not interact in their effect on firm strategy or performance. Focusing on the role of institutional owners, this study poses two related questions: (1) What are the relationships between outside institutional shareholdings, on the one hand, and a firm's capital structure and performance, on the other? and; (2) Does the size of stockholdings by corporate executives, family owners, and insider-institutions modify those relationships? The data, collected from 40 pairs of manufacturing firms selected from as many industries over a 3-year period, shows that the size of outside institutional stockholdings has a significant effect on the firm's capital structure. We have also found that family and inside institutional owners' shareholdings moderate the relationship between outside institutional shareholdings and capital structure. Likewise, corporate executives' shareholdings supplement the relationship between outside institutional shareholdings and firms' performance. These findings suggest that internal and external coalitions interact with each other to influence the firm's conduct. 相似文献
5.
Donghui Li Fariborz Moshirian Pascal Nguyen Li-Wen Tan 《Research in International Business and Finance》2007,21(3):396-413
We examine the relationship between managerial ownership and firm performance for a sample of Chinese State-owned enterprises (SOEs) privatized over the period 1992-2000. The results indicate that managerial ownership has a positive effect on firm performance. Although return on assets (ROA) and return on sales (ROS) decline post-privatization, firms with high managerial ownership and, specially, high CEO ownership, exhibit a smaller performance decline. The difference is highly significant, with or without controlling for residual state ownership and changes in the firm's operating environment. We also find that the influence on firm performance becomes less significant at higher levels of CEO ownership. In contrast, performance continues to increase with managerial ownership. This finding suggests that, beyond a certain point, the distribution of shares would be more effective if extended to the whole management team instead of being limited to the chief executive. 相似文献
6.
Utilizing the recent dynamic panel GMM estimation techniques for 36 markets, this research investigates the relationship between banking industry volatility and future economic growth, and provides empirical evidence complementary to Cole et al. (2008) who examine the finance-growth nexus from a unique asset pricing theory perspective and document a positive relationship between bank stock returns and future economic growth that is significantly influenced by a series of country-specific and banking institutional characteristics. We find that the negative link between banking industry volatility and future economic growth is significantly affected by government ownership of banks, the enforcement of the insider trading law, systemic banking crises, and bank accounting disclosure standards, while the impact of financial development is ambiguous. The significant results are primarily driven by the data from emerging markets. 相似文献
7.
This study examines the impact of corporate news announcements released overnight on price discovery during the pre-opening period in the Australian Securities Exchange. Our results suggest that the presence of these announcements increases the efficiency of indicative opening prices and that the intensity of these announcements significantly influences the aggressiveness of pre-opening orders. Using earnings announcements to compare the speed of price adjustments in response to overnight and daytime information of a homogeneous type, we find that prices respond immediately to overnight news upon the commencement of trading, whereas adjustments based on trading-hours news tend not to be instantaneous. Overall, our evidence highlights the important role of the pre-opening period in price discovery and the prospect of further enhancing this role by timing the release of public information to occur during non-trading hours. 相似文献
8.
This paper discusses the process of globalization and analyses those pressing global issues that have been unresolved due to the lack of an integrated global system and effective international institutions. It highlights a number of global issues that require global ethics and global action. The paper discusses how a globally integrated system, with a world government, a world parliament and a world central bank as its components, is no longer an idealistic concept. The paper highlights the dynamic gains of the transformation of nations and the future of this planet, once an integrated global system is in place. It analyses the challenges overcome during the integration of the US in the 19th century and the process of the formation of the EU in the 20th century. It argues that the creation of a globally integrated system, based on new and effective international institutions would be easier to implement than the formation of the US in the 19th Century or the EU in the 20th century, as we now have technology that did not exist in the 19th century and the process of globalization has already removed many previous financial, technological, cultural, language and other barriers to integration. 相似文献
9.
Fariborz Moshirian Qiongbing Wu 《Journal of International Financial Markets, Institutions & Money》2009,19(2):351-370
While studies using balance sheet information of banks and macroeconomic indicators to forecast banking crises are prolific, empirical research using market information of banks is relatively sparse. We investigate whether banking industry volatility, constructed with the disaggregated approach from Campbell et al. [Campbell, J.Y., Lettau, M., Malkiel, B.G., Xu, Y., 2001. Have individual stocks become more volatile? An empirical exploration of idiosyncratic risk? The Journal of Finance 56, 1–43] using exclusively publicly available market information of banks, is a good predictor of systemic banking crises in the analyses including data from 18 developed and 18 emerging markets. We find that banking industry volatility performs well in predicting systemic banking crises for developed markets but very poor for emerging markets, which suggest that the impact of market forces on the soundness of the banking system might be different for developed and emerging markets. We also find that those macroeconomic and banking risk management indicators have different impact on the probability of banking crises. Therefore, the traditional cross-country results of the studies on banking crises need to be interpreted cautiously. 相似文献
10.
Paul E. Bierly III Fariborz Damanpour Michael D. Santoro 《Journal of Management Studies》2009,46(3):481-509
A firm's ability to acquire and exploit external knowledge is often critical to achieving and sustaining a competitive advantage. In this study, we adopt a multi-dimensional view of absorptive capacity and focus specifically on the application of external knowledge that has been obtained via university-firm collaborations. We examine various organizational conditions that we propose influence a firm's ability to apply external knowledge for explorative and exploitative innovations. We collected data by a survey of firms in industries that frequently work with university research centres (URCs) and from publicly available sources. Results show that predictors of exploration and exploitation of the application of external knowledge differ. Surprisingly, technological relatedness, a common measure of absorptive capacity, is negatively associated with the application of external knowledge to explorative innovations, indicating that knowledge from more distant sources is applied more to exploration. Results also indicate that the effects of two external learning capabilities (prior experience with URCs and technological capability) on knowledge application are moderated in such a way by the tacitness of the knowledge transferred that experience is a stronger predictor when the knowledge is more explicit and technological capability is a stronger predictor when the knowledge is more tacit. We discuss the implications of these findings for research on the application of external knowledge. 相似文献