The level of ownership in an overseas subsidiary has been an important issue in international business. Existing literature, based on transaction cost theory, predicts that firms prefer higher ownership for subsidiaries located in favorable foreign institutional environments. We propose two...

The state-of-the-art literatures, industrial economics, transaction cost theory, and real options theory explain vertical integration (VI) from the perspective of industrial characteristics. However, even within the same industry, VI greatly differs from firm to firm. This indicates that there...

Many networks of interest in the science, including social networks, computer networks and the World Wide Web, are found to be divided naturally into communities or groups. The problem of detecting communities is one of the outstanding issues in the study of network systems. Based on the...

This article examines the time series behavior of two important tourism statistical variables: ITR (International Tourism Receipts) and NITAC (Number of International Tourist Arrivals to China) over the past two decades (1984-2004). Our unit root tests reveal that both series are integrated of...

Recent studies show that large multinational enterprises (MNEs) adopt an organizational unit, called host-country headquarters (HCHQ), in key foreign countries (Ma and Delios, 2010; Ma, Delios and Lau, 2013). In this study, we examine the factors that are associated with the establishment of an HCHQ...

We examine Chinese companies that issue both A-shares in mainland China and H-shares in Hong Kong. A-shares are restricted to mainland Chinese investors, while H-shares are available to Hong Kong and international investors. We find that H-shares exhibit significant exposure to Hong Kong market...

We examine the lead-lag relation between index futures and the underlying index under three types of short-selling restrictions on stocks in Hong Kong. Our results indicate that lifting short-selling restrictions can enhance the informational efficiency of the stock market relative to the index...

We examine Chinese companies that issue both A-shares in mainland China and H-shares in Hong Kong. A-shares are restricted to mainland Chinese investors, while H-shares are available to Hong Kong and international investors. We find that H-shares exhibit significant exposure to Hong Kong market...