This paper examines the valuation impacts of outside independent directors in Korea, where a regulation requiring outside directors was instituted after the Asian financial crisis. In contrast to studies of U.S. firms, the effects of independent directors on firm performance are strongly...

This paper examines the Asian currency exposure of US firms with regard to their international operational and risk management strategies. We find that contemporaneous and lagged changes in real exchange rates have significant impacts on firm value for about 30% of the US firms with Asian...

This paper examines the Asian currency exposure of US firms with regard to their international operational and risk management strategies. We find that contemporaneous and lagged changes in real exchange rates have significant impacts on firm value for about 30% of the US firms with Asian...

The purpose of corporations has long been debated, with the traditional view asserting that a firm's primary responsibility is to maximize shareholder profits. This profit-centric approach is believed to drive efficiency, innovation, and economic growth. However, an evolving perspective argues...

Japan has always been an odd man out from the standpoint of Western norm or Western finance. It is a country that is as developed as any in the West. However, it is also a country that possesses the significant institutional and cultural traits that separate it from the West. An important...

In this age of international terrorism and international economic contagion, it is clear that globalization in its broadest sense - i.e., the breaking down of barriers - is often a double-edged sword. The world economy of the early twenty-first century offers substantial growth potential and...

To form a more perfect economic union and to establish a single market financially, economically and politically, 11 European countries founded a common currency and a European Central Bank, and created a new monetary unit, the euro, on 1st January, 1999. On that date, the old national...

This edited volume is a collection of original theoretical, empirical, institutional or policy-oriented articles on all dimensions of the Asian financial crisis. A unique feature of this book is its multi-faceted, yet in-depth articles on various dimensions of the Asian financial crisis written...