This paper examines the importance of investment opportunities and free cash flow in assessing the stock market reaction to announcements of cross-border investments in China by Taiwanese firms. Our results support the investment opportunities hypothesis that Taiwanese firms with favorable...

This paper examines whether concessionary tax rates and tax incentives can attract foreign direct investment (FDI) into certain designated areas in China. Since China opened its doors to foreign investors in 1979, tax benefits have been used extensively to attract FDI into different areas. In...

In this article we use the hysteresis model of investment developed by Brennan and Schwartz, and Dixit, and we extend it to capture the impact of interacting uncertainties on a firm with foreign operations. We develop a three-country, four-factor model where both continuous revenues and...

The purpose of our research is to develop an algorithm that optimally schedules municipal debt redemptions. It is our hypothesis that segmented investor demand, the existing term structure, the temporal behavior of municipal project revenues and reinvestment opportunities for interim revenue...

This paper examines the mean-variance efficiency of a number of factor models in UK stock returns. The paper also explores, using the approach of MacKinlay (1995), whether missing risk factors or nonrisk-based explanations best explain the pricing errors of the different factor models. The...

Most of the parameters used to describe the credit rating are in linguistic terms, which are vague and difficult to put into precise numerical values. Fuzzy set theory, which was developed to handle this kind of vagueness, is used to represent and to aggregate the various linguistic data usually...

We investigate two hypotheses regarding the information content of dividend change announcements. The first is that the "importance" of information signaled by a dividend change depends on the reliability of earnings forecasts existing before the dividend announcement. The second hypothesis is...

This paper evaluates the performance of 114 international equity managers over the January 1988-December 1997 period. Performance tests are conducted using Sharpe (1966) and Jensen (1968) performance methodologies. The managers are divided into mutual fund (n = 54) and separately managed fund (n...