Since Great Britain’s return of Hong Kong’s sovereignty to the Chinese government in 1997, attention has been increasingly directed at the degree of market efficiency in the post-handover Hong Kong stock market. This study uses a sample of 542 corporate news announcements from January 1994 through December 2000 of Hong Kong and China-affiliated firms that are listed on the Stock Exchange of Hon...

Board Independence and Corporate Governance: Evidence from Director Resignations. (May 2005) Manu Gupta, B.E., South Gujarat University; M.I.B., Indian Institute of Foreign Trade Chair of Advisory Committee: Dr. L. Paige Fields As evident from recent changes in NYSE and Nasdaq listing requirements, board independence is considered an important constituent of firms’ corporate governance structur...

The banking literature has established that banks can alleviate information asymmetries between lenders and borrowers, while the Q literature has used cash flow sensitivity analysis to test whether financing constraints hinder investment. This paper investigates whether bank ties in Japan were costly for mature and healthy firms in the 1980's and 1990's, and whether banks continued to facilitat...

This paper outlines a new approach for analysing the role of trade in promoting industrial development. It offers an explanation as to why firms are reluctant to move to economies with lower labour costs, and shows how trade liberalisation can change the incentives for firms to locate in developing countries. Unilaterally liberalising imports of manufactures can promote industrialisation, but m...

Results: We find that: (1) The two tax incentives are generally not popular. SOEs are the main beneficiaries, while regional characteristics have no impact on taxpayers’ attitude to ITC or TID. The mechanism behind may be that the incentives hurt interests of firms and local governments. (2) Their effects on taxpayers’ activities including capital, employment, and production are not remarkable,...

Abstract This paper explores effect of business group affiliation on entrepreneurial orientation the affiliated firms. Building argument that organizational and governance structure influence entrepreneurship, we argue despite some potential advantage has a firm through intermediate market filling roles, entrenchment behavior groups discourages Taking firm-specific contingent perspective also p...

U novel data on European firms, this paper investigates the relationship between business groups and innovation. Controlling for various firm characteristics, we find that group affiliates are more innovative than standalones. We examine several hypotheses to explain this finding, focusing on group internal capital markets and knowledge spillovers. We find that group affiliation is particularly...