Recent studies show that large multinational enterprises (MNEs) adopt an organizational unit, called host-country headquarters (HCHQ), in key foreign countries (Ma and Delios, 2010; Ma, Delios and Lau, 2013). In this study, we examine the factors that are associated with the establishment of an HCHQ...

Many networks of interest in the science, including social networks, computer networks and the World Wide Web, are found to be divided naturally into communities or groups. The problem of detecting communities is one of the outstanding issues in the study of network systems. Based on the...

The level of ownership in an overseas subsidiary has been an important issue in international business. Existing literature, based on transaction cost theory, predicts that firms prefer higher ownership for subsidiaries located in favorable foreign institutional environments. We propose two...

The state-of-the-art literatures, industrial economics, transaction cost theory, and real options theory explain vertical integration (VI) from the perspective of industrial characteristics. However, even within the same industry, VI greatly differs from firm to firm. This indicates that there...

This article examines the time series behavior of two important tourism statistical variables: ITR (International Tourism Receipts) and NITAC (Number of International Tourist Arrivals to China) over the past two decades (1984-2004). Our unit root tests reveal that both series are integrated of...

This paper proposes a simple back testing procedure that is shown to dramatically improve a panel data model's ability to produce out of sample forecasts. Here the procedure is used to forecast mutual fund alphas. Using monthly data with an OLS model it has been difficult to consistently predict...

Consider an economy in which the underlying security returns follow a linear factor model with constant coeffcients. While portfolios that invest in these securities willin general, have a linear factor structure, it will be one with time-varying coeffcients. However, under certain assumptions...

This paper proposes a simple back testing procedure that is shown to dramatically improve a panel data model's ability to produce out of sample forecasts. Here the procedure is used to forecast mutual fund alphas. Using monthly data with an OLS model it has been difficult to consistently predict...