INTERNATIONAL INVESTORS' EXPOSURE TO RISK IN EMERGING MARKETS

We examine the empirical differences in emerging market betas (β's) taken across four major currencies (U.S. dollar, British sterling, Japanese yen, and German mark) where the β's are either mean-variance or mean-lower partial moment β's. The mean variance β's are found to be statistically similar to lower partial moment β's in most cases, which suggests they are robust to nonnormality in the data. The difference between the two β's has become less significant in recent years as emerging markets have become more stable. Furthermore, evidence is presented that β's obtained from both risk measures and calculated from returns denominated in different currencies have the same ordinal association. This shows the primacy of local risk over foreign exchange risk. We conclude that international investors can continue to use the mean-variance β in assessing risk in emerging markets, although investors should not give it a conventional equilibrium interpretation.     

Using Leading Indicators to Forecast U.S. Home Sales in a Bayesian Vector Autoregressive Framework

This article uses Bayesian vector autoregressive models to examine the usefulness of leading indicators in predicting U.S. home sales. The benchmark Bayesian model includes home sales, price of homes, mortgage rate, real personal disposable income, and unemployment rate. We evaluate the forecasting performance of six alternative leading indicators by adding each, in turn, to the benchmark model. Out-of-sample forecast performance over three periods shows that the model that includes building permits authorized consistently produces the most accurate forecasts. Thus, the intention to build in the future provides good information with which to predict U.S. home sales. Another finding suggests that leading indicators with longer leads outperform the short-leading indicators.     

Foreign debt supply in an imperfect international capital market: Theory and evidence

We investigate the determinants of foreign borrowing costs in a stochastically growing economy. We find that these increase with the debt-wealth ratio, depending also upon the volatilities of domestic and foreign origin, and the length of debt contract. In addition, the sensitivity of the short-term debt supply to the debt-wealth ratio exceeds that of long-term debt, and the effects of volatility on the borrowing premium, growth of wealth, and its volatility, depend on the relative size of a direct effect and a secondary portfolio-adjustment effect of the initial shock, as well as the length of the debt contract. Panel regressions suggest that the empirical evidence generally support the theoretical predictions.     

Foreign issuers in the U.S. PIPE market

We document that the use of private investment in public equity (PIPE) by foreign firms listed on U.S. exchanges is growing even faster than its use by U.S. firms. On average, foreign firm PIPE stock deals represent a similar proportion of the firm's market capitalization to U.S. firm PIPEs, but suffer less of a share price discount than U.S. firm PIPE issuances, a relation that is robust to consideration of exchange, deal size, share turnover and return volatility. We document that hedge funds are only small investors in foreign firm PIPEs issued in the U.S., which tend to be purchased by pensions, government funds and corporations. PIPE, in combination with the reverse merger method of going public, provides a cost-effective means for foreign firms to raise capital in the U.S. capital market.     

The impact of buyer dependence on buyer opportunism in buyer–supplier relationships: The moderating role of relational norms

The impact of buyer dependence on opportunism against the supplier is examined in this research. Extant literature provides support for both a positive and an inverse relationship between these constructs. In this research, these competing predictions are subsumed under a more general model where the effect of dependence on opportunism is moderated by the level of relational norms present in the buyer–supplier relationship. Results of an experiment with purchasing managers and one replication provide support for the hypotheses that (a) dependence and opportunism will be positively related under low relational norms, and (b) dependence and opportunism will be inversely related under high relational norms. © 1997 John Wiley & Sons, Inc.     

A cross cultural study of gender-role orientation and entrepreneurial self-efficacy

The study of gender differences in entrepreneurial self-efficacy to date has produced inconclusive results. Cross-cultural studies are virtually non-existent. The present study seeks to understand the complex interplay of biological sex, socialized gender-roles, and culture on entrepreneurial self-efficacy and motivation to become an entrepreneur. Findings indicate that among American business students the traditional view of “entrepreneur as male” is fading. For the next generation of business leaders and entrepreneurs, a new entrepreneur stereotype is emerging that balances stereotypical feminine and masculine characteristics. These findings were not replicated in Spain where traditional gender-role stereotypes associated with entrepreneurship persist, even among business students. Implications for entrepreneurial education are discussed as they relate to the development of skills associated with venture creation.     

认清房地产投资的风险

房地产市场正在变得越来越有吸引力,与股市和债市相比,它具有较小的波动性和可观的收益。在21世纪之初的几年内,房地产已经成为市场上的明星。     

Communities Of Practice, Foucault And Actor-Network Therory

The paper discusses some of the main contributions to the theory of communities of practice (COP theory), especially as it relates to organizational learning. The paper does not attempt a full overview but concentrates on the notion of power relations. Early COP theory was formulated as part of situated learning theory, and promised to work on issues of social context and unequal power relations. Foucault's work and actor-network theory (ANT) is introduced and forms the basis of a constructive critique of COP theory. The paper argues that COP theory and ANT can enrich each other and together make a stronger contribution to our understanding of organizational learning. Specifically, these perspectives question the value in viewing organizations as formal, canonical entities as far as learning and change are concerned.