In recent years, emerging markets such as India and Indonesia have encouraged / required multinational firms (MNFs) to produce and sell goods locally. This might change MNFs' previous supply chain structure of "overseas-production-local-sale" (OPLS) to "ocal-production-local-sale" (LPLS). Tax...

Many U.S. IT companies began to realize the important role of tax planning in recent years and started strategically establishing retail subsidiaries in favorable tax jurisdictions. Significant increase of after-tax profits can be achieved by internally trading their own intellectual properties,...

We propose an estimate of the optimal portfolio weights under parameter uncertainty. In theory, we prove that our new estimate is close to the true value with an upper bound. Empirical evidence shows that our new estimate can consistently outperform the naive diversification method (1/N Rule),...

Trillions of dollars of derivatives are trading in many markets regularly, but little is known about the direct interactions between different types of derivatives referencing the same firm. This study is the first to examine the impact of credit derivatives on equity derivatives. We show that...

This paper examines the diversification benefits of iShares in comparison to closed-end country funds (CECFs) and American Depository Receipts (ADRs) between April 1996 and December 2013. iShares are country-specific exchange traded funds that track specific Morgan Stanley Capital International...

Consider a remanufacturing system consisting of a brand, a new component supplier (Supplier N), and a remanufactured component supplier (Supplier R). The brand priorly purchases remanufactured components and then assembles them into final products, while Supplier R collects the end-of-life...