Showing papers in "Research in International Business and Finance in 2004"

TL;DR: In this paper, the authors present a clinical examination of the money laundering process, the international extent of the problem and global efforts to introduce anti-money laundering measures and regulation in recent years.

TL;DR: In this article, the authors investigated the announcement effect of large bank mergers in the European and US stock market and calculated cumulative abnormal returns on the basis of the performance vis-a-vis the market and a sector index.

TL;DR: In this article, the authors examined the daily returns of 29 foreign exchange rates in the New York market and found that the day-of-the-week effect existed in the 1980s for some, not all, currencies.

TL;DR: In this paper, the flying geese metaphor is applied to emerging foreign direct investment (FDI) patterns in Europe and the Mediterranean, and a new investment promotion policy for Central and Eastern Europe is proposed.

TL;DR: In this article, the authors investigate the behavior of implied market volatility indices for the U.S. and Germany under a straightforward mean reversion model that allows for Poisson jumps.

TL;DR: In this article, the authors examined the interrelationship between stock prices in the US and Korea by applying the vector autoregression (VAR) model to the daily stock prices at three different level of aggregation.

TL;DR: In this paper, the authors examined the welfare effect of tourism on the host economy with imperfect competition and found that the optimal levels of tourism occur at the situations that tourists bring negative social externalities to the economy.

TL;DR: This article examined the effects of international trade on US productivity and found that trade can affect domestic productivity through economies-of-scale effects, competition effects, reallocation effects, and spillover effects.

TL;DR: In this article, a report about the perception of dividends by chief financial officers (CFOs) is presented, which encompasses five countries, on three continents, and covers three types of economies.

TL;DR: In this article, the authors define financial globalisation as a process whereby financial markets internationally are integrated so closely that they can be considered as a single market, which is a necessary condition for financial globalization.

TL;DR: In this paper, the authors proposed time-varying idiosyncratic risk as a component driving conditional abnormal returns and outlined a corresponding Engle et al. ARCH-M market model.

TL;DR: This paper investigated whether past ineffective derivative hedging contributes to explaining future derivatives use and found evidence that past ineffective hedgers tend to increase their future use of FXDs, indicating that as exchange markets and risk management practices change, the use of derivatives to manage exchange rate risk also changes.

TL;DR: The authors analyzed the performance of American depository receipts (ADRs) traded throughout the 1990s and found that these securities offer a diversification and portfolio performance benefit when combined with a domestic portfolio (proxied by the S&P 500).

TL;DR: In this article, the authors adopt a BEKK-GARCH framework and employ a systematic approach to jointly examine structural breaks in the Hong Kong cash index and index futures volatility and volatility spillovers from the S&P 500 cash and futures.

TL;DR: In this article, a societal theory of institutional change is proposed to analyze globalization effects in a more systematical way, and the effects of globalization forces on organization and management in Germany and Japan in comparison to the US and the UK, by tracing their impact on the systems of corporate governance, industrial relations and human resources.

TL;DR: In this article, a bargaining approach was used to examine the operational hedging technique of currency collars and the simulation results showed that as long as one of the firms is more risk averse than the other, both firms gain from a currency collar.

TL;DR: In this article, the authors developed and estimated a model of the Thai firm during the crisis and found that firms with the highest debt-equity ratios suffered the steepest declines in earnings per share from the financial distressed costs.

TL;DR: In this article, the authors study the evolution of the market structure in a model of price advertising with a variable that controls the degree of openness of regional markets, and the main result of the model is that in equilibrium the structure of a global market is the duopoly.

TL;DR: This paper investigated the demand for finance Ph.D.s from 1989 to 2001 and found that the most desired areas of expertise are corporate/business finance, investments, and bank management/financial markets and institutions.

TL;DR: In this paper, the FTSE 100 share price index was used to compare three option pricing models: the Black-Scholes option pricing model, a GARCH (1, 1) model priced under a risk-neutral framework, and a gARCH ( 1, 1)-model priced under systematic consumption risk, and they found that accounting for consumption risk only provided improved accuracy for in-the-money call options.