We examine whether securities laws in the host countries influence the capital structure choice of United States (US) multinational corporations. We develop firm-level global indices to classify each corporation in terms of its exposure to the security laws that govern the rights of security...

The authors argue that multinational corporations have contributed and can continue to contribute enormously to the reduction of global poverty. The authors grant that public corporations exist to maximize value for their shareholders. But with the creation of a new institution, the authors...

Purpose – Exit strategies are critical for external private equity holders, such as venture capitalists and business angels, to receive investment returns successfully. The paper models the exit decision as a fixed date with the option to exit early, and develop an approach to help private...

Purpose – The purpose of this paper is to investigate how foreign and domestic investors differ in their beliefs about the relative merits of a firm's political connections. Design/methodology/approach - These differences are employed to explain cross-sectional variation in the previously...

We investigate how foreign involvement in the ownership of privately held entrepreneurial firms affects pollution fees levied by national and provincial governments in China (environmental levies). Because provincial governments have considerable control over environmental policies, differences...

We use a continuous-time model to derive return and wealth distributions for leveraged portfolios over long holding periods. These theoretical distributions closely match empirical distributions obtained from a resampling procedure. The expected annualized return is a concave function of the...

We investigate the evolution of cooperative behaviors with increasing neighborhood size on diluted lattices. For three typical pairwise game models which include prisoner’s dilemma, snowdrift and stag hunt games, all numerical results indicate that cooperation can persist or emerge around the...

It is well-known that individual diversity is a typical feature within the collective population. To model this kind of characteristics, we propose an evolutionary model of public goods game with two types of players (named as A and B), where players are located on the sites of a square lattice...