Stock return, risk, and legal environment around the world

This paper investigates how the legal environment in a country influences performance and risk of stock across countries at different developmental stages and of various rules of jurisdiction. Using data of 4916 stocks from 37 countries, our empirical findings confirm that equities in countries with English common law origin have higher risk premiums than those in civil law countries, particularly for countries of the French/Spanish code. The indicators representing high efficiency in law system, low corruption, strong legal protection of investors' rights, and reliable political environment are associated with low risk and high performance. The various elements of legal procedural formalism, however, have differing effects on volatility and return.     

＂Improved Product Development Processes Are Necessary＂ ---An Exclusive Interview with Dr. Alastair Bacon,General Manager-Prodrive China

Q： How long have you been in China doing business？ What impressed you most during your stay？ Could you share some examples with us？     

More Thoughts on the SH Expo

Vistor number Up to July 12,73days have past since the opening day of the Shanghai Expo,marking 40% of the whole 184 day Expo period,running from May 1 to October31,2010.The total number of visitors has reached 26,375,700 perosn-times,roughly 38% of the 70million person target,or an average of 380 thousand visitors per day.     

Managing the Monetary Consequences of Reserve Accumulation in Emerging Asia

Abstract

The huge increase in international reserve holdings by Asian countries since the 1997 crisis has been one of the most important recent developments on the international financial scene. These buildups have contributed substantially to concerns about the creation of excessive global liquidity. How justified these concerns are depends heavily on the extent to which the reserve accumulating countries have been able to sterilize the effects on their domestic monetary aggregates. We use a unified theoretical framework to undertake dynamic estimations of the magnitude of sterilization and offset coefficients (which measure the degree of capital mobility) for a large set of Asian economies. We find that despite substantial capital mobility there has been a high degree of effective sterilization to date.     

Language,knowledge transfer and firm’s strategic assets: the strategic role of language in knowledge transfer to China

This article is intended to examine the exact role of language in intra-firm cross-country knowledge transfer from the perspective of developing firm’s strategic assets. We find that inadequate language ability can lead to communication failures and cultural misunderstanding, and has the potential to destroy the process of knowledge transfer. Hence, language is not an operational issue but of strategic importance to the transfer of knowledge within multinational enterprises. As language ability is uniquely related to the specific technical, managerial and cultural aspects of a firm, hard to substitute and imitate, it should be regarded as one of the firm’s strategic assets and be dealt at strategic level.     

Avoiding household food waste,one step at a time: The role of self-efficacy,convenience orientation,and the good provider identity in distinct situational contexts

A primary cause of food waste in households is a lack of food capabilities. Yet, the antecedents of food capabilities and its relationship with causes of food waste across different situational contexts remain poorly understood. We apply self-efficacy theory in combination with convenience orientation and good provider identity in a mixed-methods study. Findings reveal that the sequential structure of self-efficacy explains how capabilities contribute to food waste avoidance. A good provider identity, however, increases food waste, and also turns out to further convenience orientation. Food capabilities, in turn, reduce convenience orientation. Qualitative insights shed light on consumer's own accounts of their abilities. The findings contribute to a theory-based understanding of how consumers manage the complex issue of food waste. Findings imply that public policy and marketing should aim to strengthen consumers' self-efficacy beliefs and redefine the good provider identity, in particular in social contexts, to reverse its effect on waste.     

Quotes on China's Development Problems

Crisis influence on China＇s three driving forces
The financial crisis didn＇t influence the consumption （one of the three driving forces） much, but indeed influence the trade （negative effects）, and the investment （stimulating effects）.