Using a database of Chinese firms, we examine the effects of technology spillovers not only between foreign entrants and local firms but also between "modernized" local firms to other local firms. Our results show that the increased presence of foreign multinationals within industries and in...

This study proposes necessary modifications to the existing internationalization–performance relationship to meet the idiosyncrasies of China-specific contexts. We first hypothesize an S-shaped internationalization–performance relationship as the baseline and then investigate the moderating...

A sports lottery in Korea presents a unique opportunity for comparing a parimutuel-type sports lottery market against a bookmaker market outside the realm of horse racing. Using two- and three-game soccer final-score betting in the sports lottery market in Korea, which features matches in the...

This study explores when foreign subsidiaries outperform comparable local firms by evaluating the performance of local firms acquired by multinationals vs continuing local firms. This comparison allows us to single out foreign ownership effects. We employ the propensity score matching method and...

I provide evidence on the inefficient internal capital market hypothesis by examining the separation of a conglomerate through a spinoff. I document that (i) pre-spinoff firms are valued less than a portfolio of the industry matched single segment firms be cause headquarters allocates funds...