We create globally diversified real estate portfolios using cointegration methods over 1992-2009. Cointegration is robust to intertemporal correlation instability, identifies markets that share common factors and long-term trends, and identifies leading markets that do not respond to deviations...

Using a sample of 8,232 firms from 81 countries, we investigate the effect of government ownership on financial constraint and the effect of financial constraint on corporate performance. In addition, we address the moderating role of country-level corruption on those two relationships. Results...

To capture the role of politics in tourism, we propose a novel measure to quantify political relations based on text analysis of published diplomatic statements. We explain how political relations affect outbound tourist flows from China to Japan and Korea. Estimated on monthly data...

This paper investigates how accounting standards (AS) convergence influences Chinese firms' overseas mergers and acquisitions (M&As) and shows that this convergence significantly promotes Chinese firms' overseas M&As. Specifically, we find that both the probability of success and the value of...