Part I: The International Environment for Service Firms -- Chapter 1: Introduction: Services in International Business -- Chapter 2: International Service Business and Globalization -- Chapter 3: Development of International Trade and Investment in Services -- Chapter 4: National Differences in...

We find that liquidity volatility negatively predicts stock returns in global markets. This relationship holds for different liquidity measures and cannot be explained by the idiosyncratic volatility effect. This puzzle can be explained by the asymmetric impact of liquidity increase and decrease...

Firms with similar credit ratings, especially junk-rated ones, tend to comove strongly with each other in stock returns. Following a firm’s downgrade to junk grade, it tends to comove more strongly with other junk-rated firms and less with investment-rated ones, which cannot be fully explained...

This study shows that to obtain a precise measure of the liquidity premium in the stock market, it is important to recognize the influence of information uncertainty on the pricing of liquidity. Information uncertainty, which is positively correlated with stock illiquidity but negatively priced...

With the rapid growth of information technology (IT), intangible capital accumulated through investment in Research and Development and other expensed investment becomes an increasingly important component of productive assets. However, under the current U.S. accounting standards, most of the...

The value investment strategy has been in the limelight since the 1930s but has faced challenges recently. We find that, while the last two decades have seen vanishing profits from value investing in the U.S., the value strategy remains successful in China’s A-share market, the second-largest...