This article adopts a new technique, developed by Hurlin (2004), to test for Granger causality between capital structure and corporate operating characteristics including time-invariant, firm-specific effects in heterogeneous panel data from five US industries over the period 1980 to 2002....

This paper attempts to partially answer the question of how leadership matters in a Flat World (Friedman, 2006) based upon the experiences of a comprehensive six-month American cultural immersion program at Millersville University in Pennsylvania begun in 1996. The paper examines the social...

We examine the impact of joint ventures between industrial companies located in Japan and the U.S. on their stockholders' wealth. Consistent with previous evidence, stockholders of both Japanese and U.S. companies earn significant positive abnormal returns, on average. Further results show that...

While China had been vigorously pursuing economic reform since the late 1980s, it wasn't until the 2005-2006 time period that non-tradable stock reform took place. The case of Hunan Valin Steel provides a rich look inside about the dynamics of the non-tradable share reform in China, and...

The phenomenon of low-balling reported in the financial press involves downward biased projections of earnings by managers or analysts, thereby artificially lowering market expectations and creating a positive earnings surprise when actual earnings are announced. This study reports that the...