Purpose: Drawing on the corporate association framework and attribution theory, the purpose of this paper is twofold: first, to examine the shield effects of CSR-linked sport sponsorship on consumer attitudes toward a sponsor, attribution patterns in a sponsor’s service failure and repurchase...

Currency carry trades–buying high-deposit-rate currencies and selling low-deposit-rate currencies–earn positive excess returns over time. The literature has heretofore explained this phenomenon based on currency differences. We examine the possibility that the bank default risk of...

This article critically examines two conventional ideas about cross-ownership: (1) it is almost impossible to takeover a cross-owned group of firms; (2) the controlling shareholder of a cross-owned group of firms extracts certain benefit from his/her control right. Through a simple analysis, we...

This paper examines whether the dividend valuation changed after corporate accounting scandals such as that of Enron in October 2001 broke out. We find that dividend increasing firms experienced positive abnormal returns in the industry affected by corporate scandals up to four months after the...

We examine the efficiency of the internal capital market under three alternative ownership structures -- the dispersed ownership, the concentrated ownership and the Controlling-Minority-Shareholder (CMS) structure. Although the highest efficiency is achieved under the concentrated ownership, our...

We present a simple analytical framework that illustrates the impact of two types of market liberalization on stock prices: cold turkey versus gradual liberalization. Using this theoretical framework, we show that gradual stock market liberalization can have a negative impact on stock prices...