Since the 1997 Asian financial crisis, the monetary authority of Taiwan decreased the interest rate nine times and had every intention to maintain a loose monetary policy. However, the lending amounts to the construction industry decreased much more sharply in spite of an increased monetary...

This paper examines the validity of purchasing power parity (PPP) using CPI and Big Mac prices. The benchmark model, i.e., the OLS method, which does not take nonstationarity into account, rejects the hypothesis of PPP regardless of prices used. We next use the panel cointegration method to...

This paper examines the validity of purchasing power parity (PPP) using CPI and Big Mac prices. The benchmark model, i.e., the OLS method, which does not take nonstationarity into account, rejects the hypothesis of PPP regardless of prices used. We next use the panel cointegration method to...

Application of a logit regression model to 555 bankruptcy filings from 30 countries from 1993 to 2009 provides insight into the factors that determined the outcomes of two formal bankruptcy resolution procedures, reorganization, and liquidation. The evidence shows that the judicial efficiency of...

The bonding hypothesis is based on the controlling shareholder in an environment of host-exchange governance voluntarily restricting its private benefits. The authors examine both the relative merits of the bonding hypothesis in poor governance environments and cross-listing decisions that have...