Why do reits engage in open-market repurchases?

We investigate why real estate investment trusts (REITs) still engage in open-market repurchases given the unique 95 percent payout requirement. We provide evidence that the motivations for REITs to repurchase stocks are different from those of unregulated firms found by the existing literature. Instead of using funds from operations, REITs appear to finance stock repurchases by issuing new debt and/or selling assets and investments. Unlike ordinary corporations, REITs stock repurchases are not motivated by cash distribution, capital structure, and undervalued equity. However, REITs are more likely to buy back stocks when employees own a higher level of stock options. Also, we find that REITs are more likely to buy back stocks when they have a higher institutional ownership and/or inside ownership.     

Evidence on the Timing and Determinants of Overfunded Pension Plan Termination

This paper examines the factors associated with the timing of overfunded pension plan termination.     

Did Japan's shopping coupon program increase spending?

In March 1999, 31 million “shopping coupons” worth 20,000 yen each were distributed to Japanese families with children and to the elderly. The coupons expired after six months and could only be used within the recipient's local community. We use variation in the number of children across families and in the number of recipients across prefectures to measure the effect of the coupons on spending. We find that coupons had a positive effect on spending on semi-durables, but no effect on spending on nondurables or services. The marginal propensity to consume on semi-durables was 0.1–0.2 when the coupons were distributed in March. The results using regional variation provide stronger evidence that spending did not fall after the coupons had been redeemed.     

An overview of Asian equity markets

This study overviews the development of 11 Asian equity markets, namely, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Philippines, Singapore, Taiwan, and Thailand. Prior to the onset of the global financial crisis, the Asian stock exchanges were generally bullish, underpinned particularly by China's robust economic performance. Innovations in financial products and services have been growing in importance, as stock exchanges in these countries have been making a concerted effort to introduce new features and best practices, with the objectives of raising market efficiency, enhancing service quality, and generally bringing operations up to par with international standards. But the potential to realize or support market efficiency can only be possible within an adequate legal framework, a sound market infrastructure, and appropriate corporate governance mechanisms. Thus, many challenges are still to be overcome in the region.     

Cultural Consonance in Leisure,Leisure Satisfaction,Life Satisfaction,and Self-Rated Health in Urban Taiwan

The purpose of this study threefold: to determine whether a shared cultural model of the importance of a set of leisure activities to a good leisure life existed in urban Taiwan, the degree to which cultural consonance in leisure mediates the relationship between leisure constraints and leisure satisfaction, and the degree to which leisure satisfaction affects life satisfaction and self-rated health. Results indicate that a cultural model of the importance of leisure activities to a good leisure life existed among sample members. Second, higher levels of self-reported participation in leisure activities that are culturally agreed upon as more important for a good leisure life are more strongly associated with leisure satisfaction than are activities culturally agreed upon as less important. Finally, leisure satisfaction strongly predicts both life satisfaction and self-rated health.     

A performance evaluation model for international tourist hotels in Taiwan—An application of the relational network DEA

This research utilizes relational network data envelopment analysis to construct a model to analyze the efficiency and effectiveness of international tourist hotels (ITHs) in Taiwan. The different production processes within the hotel are evaluated, as well as the relationships between efficiency, effectiveness, and overall performance. Finally, based on the results, we recommend ways of enhancing the overall performance of the hotel industry in Taiwan.     

Knowledge exchange in networked organizations: does place matter?

While many studies of knowledge exchange have been undertaken in private and service organizations, government and R&D enterprises, few have studied scientific inter‐organizational collaborations. Furthermore, in the literature on international networks there has been a tendency to assume that knowledge exchange will be inevitably enhanced by global dispersion. Two linked dynamics deserving further study are the role of geographic proximity and the role of information and communication technologies in facilitating knowledge flow across international networks. Studies of intra‐ and inter‐firm knowledge transfer, managerial work values and cultural norms all point to China as being a fascinating counterpoint for the way knowledge exchange might occur in Europe. So in this study of the ATLAS collaboration, a ‘big science’ global network of 3,500 physicists, we explore the perceptions of two subgroups: UK physicists working in Europe and Chinese scientists based in Beijing and HeFei. Findings from 24 interviews and non‐participant observation reveal that face‐to‐face working at European Organization for Nuclear Research (Geneva) is not without its difficulties, but for a variety of sociocultural reasons, it is primarily the Chinese scientists who perceive themselves to be inhibited from full participation in effective knowledge exchange.     

Risk,balanced skills and entrepreneurship

This paper proposes that risk aversion encourages individuals to invest in balanced skill profiles, making them more likely to become entrepreneurs. By not taking this possible linkage into account, previous research has underestimated the impacts of both risk aversion and balanced skills on the likelihood individuals choose entrepreneurship. Data on Dutch university graduates provide an illustration supporting our contention. We raise the possibility that even risk-averse people might be suited to entrepreneurship; and it may also help explain why prior research has generated somewhat mixed evidence about the effects of risk aversion on selection into entrepreneurship.     

An integrated model for analyzing the development of the 4G telecommunications market in Taiwan

Previous studies of development trends in the telecommunications industry have estimated market potential but have seldom integrated analyses of customer preferences and macro-environmental factors (political, economic, social, and technological analyses). In order to more accurately analyze 4G technological trends and market penetration and provide implications for businesses and policymakers, we use conjoint analysis to analyze customers' preferences for telecommunications technology and integrate the results with data from scenario analysis and the Delphi method to address possible scenarios for the development of 2G, 3G, Worldwide Interoperability for Microwave Access (WiMAX), and long-term evolution (LTE) in Taiwan. We then use the innovation diffusion model to forecast the sales volume for these four technologies in Taiwan over the next 10 years. Finally, we provide suggestions for policymaking and strategic actions for 4G stakeholders.     

Antecedents and Consequences of User Coproduction in Information System Development Projects

Based on a coproduction concept highlighted by service‐dominant logic, this study attempts to understand the antecedents and consequences of user coproduction in information system development projects. As a key contribution, we posit that user coproduction is influenced by social capital between users and developers; we then postulate that user coproduction determines the project outcomes. Paired data collected from both user representatives and developers by using a survey approach was used to test proposed hypotheses. The results showed that user coproduction has a positively significant influence on project outcomes, and social capital between user representatives and developers is also associated with user coproduction.