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					                     International Finance Review,
                An annual book series (ISSN 1569-3767),
             Volume 1-8 (published by Elsevier Science) and
        Volume 9 and after (published by Emerald Publishing, UK):
            Founding Editor, J. Jay Choi (jjchoi@temple.edu)
The IFR publishes theme-oriented volumes on various issues in international finance, such as
international business finance, international investment and capital markets, global risk
management, international corporate governance and institution, currency markets, emerging
market finance, international economic integration, and related issues in international financial
economics.


Volume 1: Asian Financial Crisis: Financial, Structural, and International Dimensions, Edited by
J. Jay Choi, 2000, Elsevier Science (ISBN 0-7623-0686-6)

Volume 2: European Monetary Union and Capital Markets, Edited by J. Choi and J. Wrase, 2001,
Elsevier Science (ISBN 0-7623-0830-3)

Volume 3: Global Risk Management: Financial, Operational, and Insurance Strategies, Edited by
J. Jay Choi and Michael R. Powers, 2002, Elsevier Science (ISBN 0-7623-0982-2)

Volume 4: The Japanese Finance: Corporate Finance and Capital Markets in Changing Japan,
Edited by J. Jay Choi and Takato Hiraki, 2003, Elsevier Science (ISBN 0-7623-1068-5)

Volume 5: Latin American Financial Markets: Developments in Financial Innovations, Edited by
Harvey Arbeláez and Reid W. Click, 2004, Elsevier Science (ISBN 0-7623-1163-0)

Volume 6: Emerging European Financial Markets: Independence and Integration Post-
Enlargement, Edited by J. A. Batten and C. Kearney, 2006, Elsevier Science (ISBN 0-7623-1264-
5)

Volume 7: Value Creation in Multinational Enterprise, Edited by J. Jay Choi and Reid W. Click,
2007, Elsevier Science (ISBN 0-7623-1392-7)

Volume 8: Asia-Pacific Financial Markets: Integration, Innovation and Challenges, Edited by
Suk-Joong Kim and Michael McKenzie, 2008, Elsevier Sicence (ISBN 978-0-7623-1471-3)

Volume 9: Institutional Approach to Global Corporate Governance: Business Systems and
Beyond, Edited by J. Jay Choi and Sandra Dow, 2008, Emerald Publishing (ISBN 978-1-84855-
320-0)

Volume 10: Currency, Credit and Crisis: In Search of Financial Stability, Edited by J. Jay Choi
and Michael G. Papaioannou, Emerald Publishing, 2009
IFR Volume 1: Asian Financial Crisis: Financial, Structural, and International
Dimensions, Edited by J. Jay Choi, 2000, Elsevier Science (ISBN 0-7623-0686-6)

PART I. AN OVERVIEW OF THE ASIAN FINANCIAL CRISIS.

The Asian financial crisis: moral hazard in more ways than one
J. Jay Choi, 3-14

Was capitalism or cronyism the cause of Asia's economic crisis
J.W. Dean, 15-44

Origins and policy implications of the Asian financial crisis
Phil-Sang Lee, Kyung Suh Park, 45-78

Korean financial crisis and reform: an overview
Daesik Kim, Jaeha Park, 79-122

The Asian five: from financial crisis to economic recovery
M. Faizul Islam, 123-148

PART II. INTERNATIONAL CAPITAL FLOWS AND CRISIS

East Asian crises and global capital flows: cause or effect?
C. Lingle, R. Mondejar, 149-174

Financial liberalization, capital mobility, and financial crises
Jiawen Yang, 175-198

The impact of liberalization and regionalism on capital markets in emerging Asian economies
C. Bilson, V. Hooper and M. Jaugietis, 199-238

PART III. CRISIS AND REFORM IN THE FINANCIAL SECTOR.

Two years after financial reform: capital market developments in Korea
Woon-Youl Choi, Yeong-Ho Woo, 239-262

Korean banking reform following the Asian financial crisis
Hisanori Kataoka, 263-292

The Asian financial crisis: an evaluation of market intervention policies by Hong Kong regulators
A.K. Bhattacharya, 293-306

PART IV. CRISIS AND REFORM IN THE INDUSTRIAL SECTOR.

Asian crisis and implications for industrial policies
Sung-Hee Jwa, Jung-Hwan Seo, 307-356

Financial crisis and perspectives on Korean economic development
Young Back Choi, 357-378
Ownership structure and family control in Korean conglomerates
Ungki Lim, 379-410

The Asian paradox of miracle and debacle: an exploratory study
P. Ping Li, Tung-lung Chang, 411-438

Part V. Cultural Factors and Post-Crisis Opportunities.

How cultural factors led to risky antecedent market conditions and the 1997 Asian economic
crisis
E.A. Kellerman, I. Alon, 439-458

Sociopolitical analysis of Korean economic crisis of 1997
S.J. Chang, 459-480

Business in ASEAN's core. Post-crisis opportunities amidst the economic debris
Zafar U. Ahmed, F.L. Bartels and J.R.M. Gordon, 481-501
IFR Volume 2: European Monetary Union and Capital Markets, Edited by J. Choi and J.
Wrase, 2001, Elsevier Science (ISBN 0-7623-0830-3)

PART I: AN OVERVIEW OF EUROPEAN MONETARY UNION AND CAPITAL MARKETS

Monetary union and market integration: Capital and goods market issues pertaining to the
launching of the Euro
J.J. Choi, J. Wrase, 3-12

PART II: APPROACHING MONETARY UNION IN EUROPE: HISTORY AND
FOUNDATIONS

Historical overview of the transition to monetary union in Europe.
K. Phillips, J. Wrase, 13-20

An retrospective structural break analysis of the French German interest rate differential in the
run-up to EMU
J. Henry, P. McAdam, 21-50

Volatility and misalignments of EMS and other currencies during 1974-1998
M.G. Papaioannou, 51-98

PART III: EUROPEAN MONETARY UNION AND CAPITAL MARKETS

The impact of the Euro on primary equity markets
E.K. Gatzonas, 99-136

Country and industry effects in Euroland's equity markets
I.J.M. Arnold, 137-156

Intra-day transmission of international stock prices
C.S. Eun, J.G. Jeong, 157-178

Part IV: Monetary and Fiscal Policy Issues in the Monetary Union

Organization and policy procedures of the European system of central banks
J. Wrase, 179-194

Monetary and fiscal policy rules in the European economic and monetary union: A simulation
analysis
G. Haber, R. Neck, W.J. Mckibbin, 195-218

Is there potential for monetary union outside Europe?
V. Hooper, 219-232

PART V: TRADE AND MARKET POWER

Monetary union expansion: The role of market power in trade
M.M. Spiegel, 233-246
The European monetary union vs. U.S.A, cooperation and competition: An examination of
welfare benefits
L.B. Ramrattan, C.D. Tully, M. Szenberg, 247-266

The Euro exchange rate and consumer prices
S. Ranki, 267-275
IFR Volume 3: Global Risk Management: Financial, Operational, and Insurance
Strategies, Edited by J. Jay Choi and Michael R. Powers, 2002, Elsevier Science (ISBN
0-7623-0982-2)

PART I: RISK: CONCEPT, MEASUREMENT AND MANAGEMENT

Global Risk Management: Concepts and Strategies
J. Jay Choi and Michael R. Powers, 3-6

Risk, Public Perception, and Education: Quantitative and Qualitative Risk
Martin Shubik, 7-14

What’s New in Value at Risk? A Selective Survey
Neil D. Pearson, 15-38

Leapfrogging the Variance: The Financial Management of Extreme-Event Risk
Michael R. Powers, 39-60

PART II: MARKET, CREDIT, AND FINANCIAL RISK

Assessing Market and Credit Risk of Country Funds: A Value-at-Risk Analysis
Michael G. Papaioannou and E. K. Gatzonas, 61-80

Frictions and Tax-Advantaged Hedge Fund Returns
David M. Schizer, 81-96

Financial versus Operational Hedging
Bhagwan Chowdhry, 97-106

PART III: INTERNATIONAL RISK

A Simple Model of Foreign Exchange Exposure
Gordon M. Bodnar and Richard C. Marston, 107-116

The Impact of the Asian Financial Crisis on Multinationals
George Allayannis and James P. Weston, 117-130

Managing Political Risk in the Age of Terrorism
Llewellyn D. Howell, 131-156

PART IV: INSURING RISK

Security Measures and Determination of Capital Requirements
Jean-Pierre Berliet, 157-162

Integrating Reinsurance Strategy with Asset Strategy to Achieve Capital Efficiencies
Joan Lamm-Tenant, 163-170

The Flight to Quality? Global Capacity and U.S. Reinsurance Prices
Mary A. Weiss and Joon-Hai Chung, 171-205
IFR Volume 4: The Japanese Finance: Corporate Finance and Capital Markets in
Changing Japan, Edited by J. Jay Choi and Takato Hiraki, 2003, Elsevier Science (ISBN
0-7623-1068-5)

PART I: AN OVERVIEW AND COMPARATIVE ANALYSIS

The Japanese Finance: Is It Unique?
Jongmoo Jay Choi and Takato Hiraki, 3-10

An Analysis of the Relative Performance of Japanese and Foreign Money Management
Stephen J. Brown, William N. Goetzmann, Takato Hiraki, and Noriyoshi Shiraishi, 11-34

The Impacts of Japanese Price-Competitive IPO Auctions versus the U.S. Underwriter-Priced
IPOs
Richard H. Pettway, 35-58

PART II: CORPORATE FINANCE AND CONTROL

The Japanese Market for Corporate Control and Managerial Incentives
Jun-Koo Kang and Takeshi Yamada, 59-86

Internal Cash Flows and Investment Decisions: A Comparative Study of the US and Japan
Raj Aggarwal and Sijing Zong, 87-106

The Supply of Trade Credit in Japanese Firms
Richard L. Constand, 107-134

IPO Mechanisms: A Comparison of Book-Building, Discriminatory Price Auctions and Uniform
Price Auctions
Jaclyn Beierlein and Hideaki Kiyoshi Kato, 135-154

PART III: EQUITY AND DERIVATIVE MARKETS

The Efficiency of the Japanese Equity Market
Jun Nagayasu, 155-172

Index-Futures Arbitrage in Japan
Y. Peter Chung, Jun-Koo Kang, and S. Ghon Rhee, 173-198

Price and Volume Effects Associated With A Change in the Nikkei 225 Index List: New
Evidence from the Big Change on April 2000
Hideki Hanaeda and Toshio Serita, 199-226

Did Option Markets Anticipate The Decline In Japanese Stock Prices In 1990?
Naoya Takezawa and Nobuya Takezawa, 227-232

An Analysis of Japanese Return Dynamics Conditional on United States Monday Holiday
Closures
Takato Hiraki and Edwin D. Maberly, 233-252
PART IV: BANKING AND BOND MARKETS

Disintermediation and Bond Market Developments in Japan
Peter G. Szilagyi and Jonathan A. Batten, 253-278

Bank Stock Returns, Interest Rate Changes, and the Regulatory Environment: New Insights From
Japan
John Paul Broussard, Kenneth A. Kim, and Piman Limpaphayom, 279-302

Is Issuing Subordinated Debt by Japanese Banks Effective In the Japanese Market?
Ayami Kobayashi, 303-324

Comparison of the Short-Term and the Long-Term Characteristics of the Japanese and the US
Spot Interest Rate
Kenji Wada, 325-346

PART V: INTERNATIONAL CAPITAL MARKET LINKAGES AND TRANSACTIONS

Information, Trading Volume and International Stock Market Comovements
Louis Gagnon and G. Andrew Karolyi, 347-378

The Time-Varying Behaviour of Credit Spreads On Yen Eurobonds
Jonathan A. Batten, Warren P. Hogan, and Seppo Pynnonen, 379-404

Determinants of the Initial Decisions by Japanese Firms to Undertake Foreign Direct Investment
Yutaka Horiba and Kazuo Yoshida, 405-424

Part VI: Currency Prediction and Exposure
Estimation and Prediction of the Japanese Yen/US Dollar Rate Using An Adaptive Time-Varying
Model
Ahmed S. Abutaleb, Yuzo Kumasaka, and Michael G. Papaioannou, 425-442

Does the Day-of-the-Week Effect in Foreign Currency Markets Disppear? Evidence from the
Yen/Dollar Market
Nobuyoshi Yamori and Panos Mourdoukoutas, 443-460

The Exchange Exposure of the Japanese Firms
Jongmoo Jay Choi, Takato Hiraki, and Nobuya Takezawa, 461-478
IFR Volume 5: Latin American Financial Markets: Developments in Financial
Innovations, Edited by Harvey Arbeláez and Reid W. Click, 2004, Elsevier Science
(ISBN 0-7623-1163-0)

PART I: AN OVERVIEW

Latin Finance: Evolution or Revolution?
Harvey Arbeláez and Reid W. Click, 3-14

The Flow of Capital to Latin America, 1973-2000
Lall Ramrattan, Aron A. Gottesman and Michael Szenberg, 15-33

FDI and Stock Market Development in Selected Latin American Countries
Wendy M. Jeffus, 35-44

Capital Budgeting Decisions: A Survey of Latin American Practices
Harvey Arbeláez, 45-61

PART II: THE FOREIGN EXCHANGE MARKETS AND INTERACTION WITH OTHER
MARKETS

How Sensitive Is Volatility to Exchange Rate Regimes? – The Case of Chile
Viviana Fernández, 65-97

Brazilian Real Futures Trading and Volatility in the Brazilian Equity Market
Cynthia J. Brown and Roberto Curci, 99-111

PART III: DOLLARIZATION

Dollarization in Cuba
Rémy Herrera and Paulo Nakatani, 115-134

Dollarization and Political Risk: Is There a Place for Politics?
Harvey Arbeláez, 135-162

Lending of Last Resort, Bank Monitoring and Endogenous Financial Dollarization
Germana Corrado, 163-188

PART IV: BANKING IN LATIN AMERICA

Concentration and Internationalization of the Mexican Banking Sector
Roberto J. Santillán-Salgado, 191-230

Bankruptcy in Banks from Ecuador: Solvency versus Panic Theory
Franco Parisi, Carlos Maquieira, and Antonino Parisi, 231-247

Political Distortions and Spread of Banking Crises Across the Pacific Rim
Victor Vaugirard, 249-269

PART V: LATIN AMERICAN EQUITY MARKETS
Day of the Week and Month of the Year Effects at the Latin American Emerging Markets
Alejandra Cabello and Edgar Ortiz, 273-304

Proximity Preference and Market Liquity: Evidence from Latin American ADRs
Chandrasekhar Krishnamurti and Aleksandar Šević, 305-327

Alternative Beta Risk Estimators in Emerging Markets: The Latin American Case
Robert D. Brooks, Robert W. Faff, Tim Fry, and Diana Maldonado-Rey, 329-344

Open Market Stock Repurchases at São Paolo Stock Exchange – BOVESPA
Jairo Laser Procianoy, Luis Fernando Moreira, 345-363

An Empirical Analysis of U.S. Equity Market Spillover Effects into the Equity and Labor
Markets of Brazil
Alhassan Bangura and Roberto Curci, 365-381

PART VI: LATIN AMERICAN BOND MARKETS

Negative Liquidity Premia and the Shape of the Term Structure of Interest Rates: Evidence from
Chile
Viviana Fernández, 385-414

Embedded Governance in Corporate Bond Indentures: Evidence from Brazil, 1998-2001
Richard Saito, Hsia Hua Sheng, Senichiro Koshio, and Marcos Galileu de Lorena Dutra, 415-437

PART VII: PENSION FUNDS

Is the Latin American Pension Reform Model Transferable? An Assessment Utilizing the
Venezuelan Social Security System
J. Tim Query and Evaristo Diz, 441-460

Optimal Portfolio Allocations and Funded Pension Systems: The Case of Chile
Mirko Cardinale, 461-520
IFR Volume 6: Emerging European Financial Markets: Independence and Integration
Post-Enlargement, Edited by J. A. Batten and C. Kearney, 2006, Elsevier Science (ISBN
0-7623-1264-5)


Interdependence and integration in emerging European financial markets
Jonathan A. Batten and Colm Kearney, 1-14

PART I: FISCAL POLICY

Fiscal policy surveillance in the enlarged European Union: Procedural checks or simple
arithmetic?
Nico Groenendijk, 17-45

The impact of fiscal variables on risk premiums in central and eastern European countries
Dalia Grigonyte, 47-68

PART II: MONETARY POLICY AND BANKING

Monetary policy operational frameworks compared: Euro area versus some non-Euro area
countries
Orazio Mastroeni, 71-97

What accession countries need to know about the ECB: A comparative analysis of the
independence of the ECB, the Bundesbank and the Reichsbank
Richard A. Werner, 99-115

A comparative study of bank efficiency in central and eastern Europe: The role of foreign
ownership
Peter Zajc, 117-156

A comparative study of banks’ balance sheets in the European Union and European transition
countries, 1995-2003
Ilko Naaborg and Bert Scholtens, 157-178

Governance by supranational interdependence: Domestic policy change in the Turkish financial
services industry
Caner Bakir, 179-211

PART III: FINANCIAL INNOVATION AND LIBERALIZATION

The development of financial derivatives markets in an expanded EU
Jing Chi and Martin Young, 215-234

Financial liberalization and business cycles: The experience of the new EU member states
Lucio Vinhas de Souza, 235-259

Common factors in Euro-denominated emerging market bond spreads
Patrick McGuire and Martijn Schrijvers, 261-280
Romanian financial markets
Michael Skully and Kym Brown, 281-321

PART IV: EQUITY MARKET INTEGRATION

Conditional contemporaneous correlations among European emerging markets
Seppo Pynnonen, 325-351

The links between central, east European and western security markets
Roy Kouwenberg and Albert Mentink, 353-381

The relations between emerging European and developed stock markets before and after the
Russian crisis of 1997-1998
Brian M. Lucey and Svitlana Voronkova, 383-413

Trading versus non-trading returns: Evidence from Russia and the U.K.
Uri Ben-Zion and Niklas Wagner, 415-427

PART V: FDI AND ENLARGEMENT

Foreign direct investment in emerging and transition European countries
Steven Globerman, Daniel Shapiro and Yao Tang, 431-459

Foreign direct investment, stock exchange development, and economic growth in central and
eastern Europe
Yusaf H. Akbar, Heather Elms and Tej S. Dhakar, 461-472

The impact of EU enlargement on FDI flows
Kalman Kalotay, 473-499
IFR Volume 7: Value Creation in Multinational Enterprise, Edited by J. Jay Choi and
Reid W. Click, 2007, Elsevier Science
(ISBN 0-7623-1392-7)

PART I: AN OVERVIEW

Introduction to Value Creation in Multinational Enterprise
J. Jay Choi and Reid W. Click, 3-15

PART II: MULTINATIONALS AND FOREIGN DIRECT INVESTMENT

Strategic and Financial Determinants of Foreign Direct Investments
J. Jay Choi and Eric C. Tsai, 19-60

Modeling the Evolutionary Sequence of International Joint Ventures
Elmar Lukas, 61-73

New Trends and Performance of Korean Outward FDI after the Financial Crisis
Seong-Bong Lee, 75-96

PART III: STRATEGIES AND FIRM PERFORMANCE

The Value Creation Perspective of International Strategic Management
Reid W. Click, 99-123

Ownership Structure, Diversification Strategy, and Performance: Implications for Asian
Emerging Market Multinational Enterprises
Juichuan Chang, 125-148

Successful Adaptation Strategies of Multinational Enterprises in Central and Eastern Europe
Roxana Wright, 149-167

The Relationship between Organizational Structures and Performance: The Case of Fortune 500
Nicole Avdelidou-Fischer, 169-206

PART IV: MERGERS AND ACQUISITIONS

Difficulties in Value Creation: Telecom New Zealand’s Acquisition of AAPT Ltd.
Alireza Tourani-Rad and Zoltan Toth, 209-227

Analysis of Global Competitors’ Reaction to Mega Merger Announcements by an MNC: The
Case of Citicorp-Travelers Merger
Isaac Otchere and Suhadi Mutopo, 229-254

A Combined Cascade Model to Explain Industrial Consolidation: Theory and an Application to
Steel
Huaichuan Rui, 255-281

PART V: FINANCE AND GOVERNANCE
Measuring and Managing the Foreign Exchange Exposure of Chinese Companies
Patrick J. Schena, 285-306

U.K. Measures of Firm-Lived Equity Duration
Richard A. Lewin, Marc J. Sardy, and Stephen E. Satchell, 307-338

Multinationals and Exchange Rate Pass-Through
Alexandra Lai and Oana Secrieru, 339-364

Corporate Governance in Russia: A Case of Timeliness of Financial Reporting in the Telecom
Industry
Robert W. McGee, 365-390

PART VI: THE FINANCIAL SERVICES SECTOR

Mergers and Consolidation of Financial Service Firms: Global Trends and Strategies for Value
Creation
Edward C. Boyer and J. Jay Choi, 393-417

Cross-Border Investment in the Latin American Banking Sector
Jesús Arteaga-Ortiz, Harvey Arbeláez and Wendy M. Jeffus, 419-438

PART VII: THE INFLUENCE OF THE STATE

Governance and Political Risk
Arvind K. Jain, 441-460

Strategic Trade Policy for Small States: A Political Economy Perspective
Jaleel Ahmad, 461-473

Strategic IPO Underpricing: The Role of Chinese State Ownership
Yong Wang, Xiaotian (Tina) Zhang, 475-495

Multinationals versus State Power in an Area of Globalization: The Case of Microsoft in China
Jean-Marc F. Blanchard, 497-534

Internationalization and Value Creation in the Global Textiles and Apparel Industry: A
Comparative Analysis of Lithuania and Moldova
Sanford L. Moskowitz, 535-564

Strategy during an Industry Crisis: The Post-Quota Experience of Turkish Apparel Manufacturers
Liesl Riddle, 565-587
IFR Volume 8: Asia-Pacific Financial Markets: Integration, Innovation and Challenges,
Edited by Suk-Joong Kim and Michael McKenzie, 2008, Elsevier Sicence (ISBN 978-0-
7623-1471-3)

PART I: AN OVERVIEW

Introduction to Asia-Pacific Financial Markets: Integration, Innovation and Challenges
Suk-Joong Kim and Michael McKenzie, 3-13

PART II: ASIA-PACIFIC STOCK MARKET INTEGRATION

A New Approach for Estimating Relationships between Stock Market Returns: Evidence of
Financial Integration in the Southeast Asian Region, 17-37
T.J. Brailsford, T.J. O’Neill, and J. Penm

Correlation Dynamics between Asia-Pacific, EU and US Stock Returns, 39-61
Stuart Hyde, Don Bredin and Nghia Nguyen

Conditional Autocorrelation and Stock Market Integration in the Asia Pacific, 63-94
Suk-Joong Kim and Michael D. McKenzie

The Impact of the Opening Up of the B-Share Markets on the Integration of the Chinese Stock
Markets, 95-116
Langnan Chen, Steven Li and Weibin Lin

A Single Currency for ASEAN-5: An Empirical Study of Economic Convergence and Symmetry,
117-139
Zhi Lu Xu, Bert D. Ward and Christopher Gan

PART III: BUBBLES AND SPILLOVERS

Periodically Collapsing Bubbles in the Asian Emerging Stock Markets, 143-155
Ako Doffou

Currency Crises in Asia: A Multivariate Logit Approach, 157-173
Jan P.A.M. Jacobs, Gerard H. Kuper and Lestano

Evidence of Bubbles in the Malaysian Stock Markets, 175-202
Gary J. Rangel and Subramaniam S. Pillay

PART IV: STOCK MARKETS

Abnormal Returns After Large Stock Price Changes: Evidence from Asia-Pacific Markets, 205-
227
Vu Thang Long Pham, Do Quoc Tho Nguyen and Thuy-Duong Tô

Price Limits in Asia-Pacific Financial Markets: The Case of the Shanghai Stock Exchange, 229-
244
Bert Scholtens and Yao Liu
China’s Securities Markets: Challenges, Innovations, and the Latest Developments, 245-262
Xinyi Yuan, Wei Fan, and Qiang Liu

Temporal Causality of Return of Index Futures and Stock Markets: Evidence from Malaysia, 263-
288
Wee Ching Pok

Price Behaviour Surrounding Block Transactions in Stock Index Futures Markets: International
Evidence, 289-303
Alex Frino, Jennifer Kruk and Andrew Lepone

PART V: CORPORATE FINANCE

The Determinants of Capital Structure: Evidence from Vietnam, 307-326
Van Nam Nguyen, Biger Nahum and Xuan Quyen Hoang

Shareholders’ Value Creation and Destruction: The Stock Prices’ Effects of Merger
Announcement in Japan, 327-345
Ognjenka Zrilic and Yasuo Hoshino

Takeovers and Shareholder Value Creation of the Stock Exchange of Thailand, 347-370
D.E. Allen and A. Soongswang

PART VI: FUNDS MANAGEMENT

Herd Behaviour of Chinese Mutual Funds, 373-391
Jean Jinghan Chen, Xinrong Xiao and Peng Cheng

Performance Persistence of Pension Fund Managers: Evidence from Hong Kong Mandatory
Provident Funds, 393-424
Patrick Kuok-Kun Chu

Financial Market Implications of India’s Pension Reform, 425-443
Hélène Poirson


PART VII: BANKING AND DEBT MARKETS

On the Safety and Soundness of Chinese Banks in the Post-WTO Era, 447-470
Lei Xu and Chien-Ting Lin

MARKET DISCIPLINE BY C.D. HOLDERS: EVIDENCE FROM JAPAN WITH A
COMPARISON TO THE US, 471-495
Ayami Kobayashi

WHAT ARE THE NEXT STEPS FOR BOND MARKET DEVELOPMENT IN THAILAND?,
497-519
Jonathan A. Batten and Pongsak Hoontrakul
IFR Volume 9: Institutional Approach to Global Corporate Governance: Business
Systems and Beyond, Edited by J. Jay Choi and Sandra Dow, 2008, Emerald Publishing
(ISBN 978-1-84855-320-0)

PART I: AN OVERVIEW: CORPORATE GOVERNANCE AND GLOBAL CONTEXT

Probing Corporate Governance Globally: Impacts of Business Systems and Beyond, 3-31
Raj Aggarwal, Jongmoo Jay Choi and Sandra Dow

How “Attractive” is Good Governance for FDI?, 33-54
Giorgio Fazio and G.M. Chiara Talamo

PART II: THE ENLARGED STAKEHOLDER PERSPECTIVE

How do Japanese Banks Discipline Small and Medium-Sized Borrowers?: An Investigation of the
Deployment of Lending Technologies, 57-80
Hirofumi Uchida, Gregory F. Udell, and Nobuyoshi Yamori

Business-Society Reciprocity as a Guideline for Global Corporate Governance, 81-96
S. J. Chang

Expanding the limits of Corporate Responsibility: An institutional approach, 97-115
Alice de Jonge

The Theory and Practice of Government De-regulation, 117-139
Shann Turnbull

PART III: INTERNAL GOVERNANCE MECHANISMS: BOARD OF DIRECTORS AND
EXECUTIVE COMPENSATION

Corporate Governance Mechanisms and Performance Related CEO Turnover, 143-161
Atreya Chakraborty and Shahbaz Sheikh

Size and Advisory Role of Corporate Boards, 163-185
Arun Upadhyay

Financial Contracts for CEO’s: Expropriation or Effective Corporate Governance?, 187-206
Olivier Maisondieu-Laforge, Yong H. Kim, and Young S. Kim

Corporate Governance & Interlisted Stocks: The Persistence of Country Specific Traits, 207-238
Sandra Dow and Jean McGuire

PART IV: OWNERSHIP AND CONTROL

The Information Content of Ticker Symbol Change: Evidence from Multiple Class Shares, 241-
266
Najah Attig

The dual roles of Japanese main banks: Contrast before and after the Bubble-bursting, 267-300
Yong-Cheol Kim and Kooyul Jung
PART V: THE IMPACT OF LEGAL TRADITION

Legal Rights Matter: Evidence from Panel Data on Creditor Protection and Debt, 303-336
Thomas W. Hall and Fredrik Jörgensen

Derivative Claims, the UK Companies Act 2006 and Corporate Governance: A Roadmap to
Nowhere?, 337-384
Arad Reisberg

Corporate Governance and Ultimate Control, 385-413
Narjess Boubakri, Omrane Guedhami and Oumar Sy

Scorecard on Corporate Governance in East Asia: A Comparative Study, 415-458
Yan Leung Cheung and Hasung Jang

PART VI: EXTRA-LEGAL INSTITUTIONS

The Nature of Political Connections and Firm Value, 461-494
Cao Jiang

An End of History for Corporate Governance? The Resilience of Culture, 495-520
Loong Wong
IFR Volume 10: Currency, Credit and Crisis: In Search of Financial Stability, Edited by J.
Jay Choi and Michael Papaioannou, Emerald Publishing, 2009

PART 1: AN OVERVIEW: FINANCIAL CRISES AND GLOBAL CONTEXT

The US versus Asian Financial Crisis
Jongmoo Jay Choi and Michael G. Papaioannou

The Sub Prime Market Crisis, Structured Products in the Securities Credit Markets, and
Hedge Funds
Rosaria Troia

PART II: IDENTIFYING CAUSES: INSTITUTIONS AND REGULATION

Blame the Bankers? An Empirical Study of Cyclical Credit Quality
Risto Herrala

Regulatory Use of Credit Ratings: How it Impacts the Behavior of Market Constituents
Viktoria Baklanova

On Regulating Financial Innovations
Eduardo Pol

PART III: THE INTERNATIONAL ECONOMIC AND FINANCIAL SETTING

Important Structural Trends and Developments In the Foreign Exchange and OTC
Derivative Markets
Harvey Arbeláez and E. K. Gatzonas

Interaction Between Stock Crisis and Exchange Crisis in Emerging Convertible Currency
Markets
Nabiha Nefzi and Mounira Ben Arab

Exchange Rate Changes and Price Dynamics in Poland
Piotr Misztal

Russian Banking in Transition: Survey and Synthesis
Mikhail A. Sherstnev

PART IV: THE ROLE OF PUBLIC DEBT AND GOVERNMENT GUARANTEES

Assessing Sovereign Bond Portfolios: Some Risk Measures
Michael Papaioannou

Currency Swaps and Australian Debt Management Practice
Alham Yusuf and Jonathan Batten
Evaluating the Implicit Guarantee to Fannie Mae and Freddie Mac Using Contingent
Claims
Michael Gapen

PART V: THE IMPACT OF MONETARY POLICIES AND ECONOMIC
MICROSTRUCTURE

Effectiveness of Monetary Policy: Market Reactions and Volatility Interactions
Thomas Lee and John Zyren

Are Microfinance Institutions in Developing Countries a Safe Harbour Against the
Contagion of Global Recession?
Roberto Moro Visconti

Trade Credit during Financial Crises: Do Negotiated Agreements Work? Alexander
Agronovsky and Christoph Trebesch

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