摘要:

AbstractThis study analyzes the association between the degree of international involvement (DOI) and risk. Both systematic risk (measured by the market model beta) and total risk (measured by variance of return) are analyzed. Betas of fully diversified foreign stock portfolios are shown to be lower than betas of domestic portfolios. Therefore, if the beta of a foreign investment by a U.S. firm is equal to the average beta of an investment in the foreign market, then overall firm beta will decrease as DOI increases (hypothesis). While total risk might be decreased due to the diversification provided by increasing DOI, currency, political, and other risks could cause total risk to increase. Briefly, the results of this study suggest that (1) systematic risk is negatively related to DOI even after controlling for other factors known to be associated with systematic risk, (2) intertemporal changes in systematic risk are negatively related to intertemporal changes in DOI, and (3) in contrast to the results of previous research, DOI is not negatively related to total risk and, in fact, intertemporal changes in total firm risk are marginally positively related to intertemporal changes in DOI.Our results suggest that increasing DOI decreases systematic risk but increases total risk. Year to year changes in both beta and variance of return appear to be related to year to year changes in DOI. While currency, political, and other risks of international operations increase total risk, these risks apparently can be diversified away resulting in a beta that behaves as a blending of its previous level and the beta of a fully diversified investment in the foreign market.

ISSN:0954-1314    

DOI:10.1111/j.1467-646X.1995.tb00047.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

AbstractAlong the lines of Amihud and Mendelson (1987a, 1989,1991), this study investigates the unique trading mechanism of the Korea Stock Exchange (KSE) and its intraday behavior of stock price volatility. The evidence from this study indicates that the introduction of an additional clearing procedure at the afternoon closing makes price discovery process more efficient than before from the viewpoint of stock price volatility. Hence, such trading mechanisms can be applied to emerging stock markets as well as developed stock markets. In addition, based on intraday analysis, stock price volatilities appear to occur mainly during the trading period, not during the lunch break or overnight period. Consequently, the results confirm the previous studies that information arrival and trading activities are the main sources of volatility.

ISSN:0954-1314    

DOI:10.1111/j.1467-646X.1995.tb00048.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

ISSN:0954-1314    

DOI:10.1111/j.1467-646X.1995.tb00049.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

AbstractNew Zealand is currently experiencing a liberal and competitive economic environment which has led to a greater investment interest in corporate securities. Likewise, New Zealand firms are also developing strategies to attract investors, for example, through voluntary disclosure of information. Therefore, the level of information voluntarily disclosed by New Zealand companies is of interest to prospective investors. The purpose of this study is to examine empirically the relationship between five firm‐specific characteristics and the general level of accounting information voluntarily disclosed by companies listed on New Zealand Stock Exchange (NZSE). In this study thea prioriexpectations are based on agency theory. The five firm‐specific characteristics examined are: firm size, leverage, assets‐in‐place, type of auditor, and foreign listing status. The results obtained from cross‐sectional regression show that firm size, foreign listing status and leverage are significantly related to the extent of voluntary disclosure. In contrast assets‐in‐place and type of auditor are not significant explanatory variables. A study of this type would be of particular relevance to accounting policy makers because,inter alia,it helps them in (a) understanding corporate disclosure behaviour, (b) explaining why firms adopt certain disclosure strategies, and (c) developing a coherent and acceptable set of mandatory disclosure

ISSN:0954-1314    

DOI:10.1111/j.1467-646X.1995.tb00050.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

Book Reviews in this ArticleJAMES A. SCHWIKART, SIDNEY J. GRAY AND CLARE B. ROBERTS, editors.Internarional Accounting: A Case ApproachROBERT FEINSCHRIBER, editor.Transfer Pricing Handbook

ISSN:0954-1314    

DOI:10.1111/j.1467-646X.1995.tb00051.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY