Ownership of Cross–Listed Equities: An Investigation of Turnover, Diversification, and Risk

Using data for a sample of Malaysian stocks that are traded in both Malaysia and Singapore, we show that the turnover rate (trading volume relative to shares held) is significantly higher in the foreign market than in the domestic market. We also find that ownership of cross–listed shares by foreign investors is not motivated by diversification benefits. Instead, we find that the proportion of a firm's shares held in Singapore is directly related to the firm's level of systematic risk.     

How similar is the world in the internet era? A comparison of e‐business in China,Russia, and Sweden

Much has been written about how e‐business can serve as a strong homogenizing influence and essentially make the world into one market. Yet, little research has empirically investigated this question. This study seeks to describe e‐business activity in China, Sweden, and Russia to identify similarities and differences in the portfolios of e‐business applications in these countries. Our results indicate that different e‐business applications are emerging as more prevalent in different countries. © 2006 Wiley Periodicals, Inc.     

Elicitation using multiple price list formats

We examine the properties of a popular method for eliciting choices and values from experimental subjects, the multiple price list format. The main advantage of this format is that it is relatively transparent to subjects and provides simple incentives for truthful revelation. The main disadvantages are that it only elicits interval responses, and could be susceptible to framing effects. We consider extensions to address and evaluate these concerns. We conclude that although there are framing effects, they can be controlled for with a design that allows for them. We also find that the elicitation of risk attitudes is sensitive to procedures, subject pools, and the format of the multiple price list table, but that the qualitative findings that participants are generally risk averse is robust. The elicitation of discount rates appear less sensitive to details of the experimental design. Electronic Supplementary Material Supplementary material is available in the online version of this article at . JEL Classification C9, D81, D91 An erratum to this article is available at .     

The Effects of Participation and Job-Relevant Information on the Relationship Between Evaluative Style and Job Satisfaction

This study investigates the intervening effects of budgetary participation and job-relevant information on the relationship between budget emphasis and job satisfaction. It proposes that budgetary participation and job-relevant information are endogenous to budget emphasis. Using the path analytical technique and based on a sample of 152 senior managers, the study found that budget emphasis has an insignificant direct effect on job satisfaction, but a strong indirect effect through job-relevant information and budgetary participation. The results also indicate that job-relevant information has an intervening effect on the relationship between participation and job satisfaction.     

Cross-Listings and Home Market Trading Volume: The Case of Malaysia and Singapore

Cross‐listings of equities internationally are becoming more common. Using data for Europe and North America, previous studies reject the order flow diversion hypothesis, which states that international cross‐listings reduce home‐country trading volume. We test this hypothesis using data for equities cross‐listed in Singapore and Malaysia. We find that trading volume in Malaysia fell 42.9% when Singapore markets were closed for holidays. Furthermore, we show that trading volume in Malaysia did not increase following the implementation of regulations that ended the trading of Malaysian equities in Singapore in 1998. Hence, we reject the order flow diversion hypothesis.     

Trends in international business thought and literature: Parallels between the east and the west: The teachings of ancient Chinese philosophers and the echoes from western management theorists

This article aims to bridge the gap between an oriental culture and a western approach to management concepts and practice with a view to exploring a culturally fit style of management for China. Comparisons are drawn between the teachings of early Chinese philosophers and scholars with those of their western counterparts. It is envisaged that hidden links may be eventually found so that management as a universal concept with cultural variations may be the trend in the nineties and beyond.     

感受WHO''S NEXT

主推"都市风格"品牌 WHO'S NEXT展会创利11年来,目的即在于满足一个过去不存在的市场:15至25周岁消费者市场.WHO'S NEXT展是时装界第一个体现这股潮流的国际性活动. 这一年龄层的新生代受到的重要影响有:流行音乐(说唱乐、嬉皮乐),体育运动(滑冰,滑雪),但既没有针对他们的销售(专卖店),也没有针对他们的展会.这一领域本身风格就非常都市化,因此展商的一半都是"都市风格"的品牌.     

When is a tax neutral?

A proportional income tax is said to be neutral if variations in the tax rate do not affect the optimal composition of the consumption commodities of a utility maximizing consumer. It is shown that neutrality obtains if and only if the indirect utility function of the consumer is groupwise homothetic. If the income tax rates on labor and property incomes are allowed to differ, then neutrality obtains if and only if the indirect utility function of the consumer is homothetically separable. If, in addition, it is required that the proportional income tax be neutral with respect to not only consumption commodities but also to leisure, then 'the indirect utility function must have the form: $\text{V = V(f(w)+H}{}^1\text{(p))}$, where w and p are the normalized prices of leisure and consumption respectively, and H¹(p) is homogeneous of degree one in p.     

"坚持有所为,有所不为"专访天津防织工业大学校长张宏伟

<中国纺织>:天津工业大学在科学技术创新、重大科学技术成果转化和高新技术产业化中取得不少突破,促进纺织工业科技进步做出了贡献,并获得中国纺织工业协会科学技术贡献奖.请您谈一下天津工业大学目前的产学研结合的状况如何?     

苏拉:彰显科枝的力量专访苏拉纺织系统(苏州)有限公司总经理徐林峰先生

<中国纺织>:苏拉宣称苏拉成功要素之一就是技术革新领先,那么苏拉如何看待技术创新在市场竞争中的重要性?苏拉怎样做到在纺纱设备技术创新方面始终保有绝对优势?