We examine stock market reactions to the announcement of outside director appointments in Taiwan. Our empirical findings indicate significantly positive reactions to such announcements, as cumulative abnormal returns reach 4.776 percent. We also find that abnormal returns are positive and higher...

This paper develops a critique of the standard principal-agent approach to corporate governance by developing the idea of a family based corporate governance system (FBS). FBS is contrasted with the bank-led system (BLS) and equity market based system (EMS). Both BLS and EMS are closely...

This paper presents a hybrid model for predicting the occurrence of currency crises by using the neuro fuzzy modeling approach. The model integrates the learning ability of neural network with the inference mechanism of fuzzy logic. The empirical results show that the proposed neuro fuzzy model...

The main purpose of this paper is to offer a somewhat novel theory of deep democracy from a political and social economy perspective. The theory of deep democracy presented here makes a distinction between formal aspects of democracy and the deeper structural aspects. In order for democracy to...

The United States has a large and persistent current account deficit. Yet, U.S.'s income receipts from the rest of the world have exceeded its income payments to the rest of the world for many years. This appears to be paradoxical because for a country with a negative net foreign assets...

Following Schumpeter we assume that innovation in specific firms, or groups of firms, can have economy-wide effects. Models based on this idea can be shown to have multiple equilibria. The idea of a positive feedback loop innovation system or POLIS is formalized by picking an appropriate...

In the fast developing digital technological revolution even the newly industrialized economies (the NIEs) have found it hard to catch up and maintain the pace required for not falling behind. The so-called developing economies are clearly at a great disadvantage in such a fast paced...

Can banks learn to be rational in their lending activities? The answer depends on the institutionally bounded constraints to learning. From an evolutionary perspective the functionality (for survival) of "learning to be rational" creates strong incentives for such learning without, however,...

In this paper I have tried to pursue two related objectives. First, I have tried to gauge the impact of Japanese aid on South and Southeast Asia. My second objective in this paper is to offer an approach to relate governance and aid-effectveness that could be applied to the aid and macroeconomic...

This paper analyzes the problems of regional co-operation in South Asia within a general political and social economy approach towards a "fractured or fragmented globalization". The word globalization, as commonly used, is largely a descriptive and not an analytical category. This paper attempts...