Pub Date : 2016-09-27DOI: 10.3868/S070-005-016-0017-1
Yan Li, Sisi Sheng
{"title":"Does Mood Affect the Efficiency of Credit Approval? Evidence from Online Peer-to-Peer Lending","authors":"Yan Li, Sisi Sheng","doi":"10.3868/S070-005-016-0017-1","DOIUrl":"https://doi.org/10.3868/S070-005-016-0017-1","url":null,"abstract":"","PeriodicalId":54175,"journal":{"name":"Frontiers of Business Research in China","volume":"10 1","pages":"470-506"},"PeriodicalIF":4.5,"publicationDate":"2016-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70270253","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-09-27DOI: 10.3868/s070-005-016-0018-8
Sheng Zhang, Yuan Li, Jingyu Chen
{"title":"CEO Power, CEO Age and the Policy Instrument Property of State-Owned-Enterprises","authors":"Sheng Zhang, Yuan Li, Jingyu Chen","doi":"10.3868/s070-005-016-0018-8","DOIUrl":"https://doi.org/10.3868/s070-005-016-0018-8","url":null,"abstract":"","PeriodicalId":54175,"journal":{"name":"Frontiers of Business Research in China","volume":"10 1","pages":"507-524"},"PeriodicalIF":4.5,"publicationDate":"2016-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70270299","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-09-27DOI: 10.3868/S070-005-016-0014-0
Jun Yuan, L. MacLean, Kuan Xu, Yonggan Zhao
If common factors jointly a ect country stock markets, it is an indication of the global stock market integration. Common factors may a ect some markets more/less than other markets, an indication of the degree of the global stock market integration/segmentation. In this paper, we study the intergration of global stock markets based on the returns on exchange traded funds (ETFs) for the U.S., Canada, U.K., Germany, France, Italy, Australia and Japan. The relationship between country ETF returns and common risk factors may be time-varying across countries, and that favors a regime switching (RS) factor model for the dynamics of the country ETF returns. A RS factor model for the relationship between country ETF returns and common risk factors is tted to daily data for period from May 31, 2000 to March 31, 2014. We use the data to test a hierarchy of hypotheses on country ETF returns: (1) common factor exposure across all country ETFs and all regimes; (2) common factor exposure across some country ETFs and all regimes, and (3) common factor exposure across some country ETFs and some regimes. The RS factor model for ETF returns ts the data well and the common factors have variable e ects across countries and over regimes. JEL Codes: C13, C32, G12
{"title":"Regime Dependent Sensitivity of Country Exchange Traded Funds to Common Risk Factors","authors":"Jun Yuan, L. MacLean, Kuan Xu, Yonggan Zhao","doi":"10.3868/S070-005-016-0014-0","DOIUrl":"https://doi.org/10.3868/S070-005-016-0014-0","url":null,"abstract":"If common factors jointly a ect country stock markets, it is an indication of the global stock market integration. Common factors may a ect some markets more/less than other markets, an indication of the degree of the global stock market integration/segmentation. In this paper, we study the intergration of global stock markets based on the returns on exchange traded funds (ETFs) for the U.S., Canada, U.K., Germany, France, Italy, Australia and Japan. The relationship between country ETF returns and common risk factors may be time-varying across countries, and that favors a regime switching (RS) factor model for the dynamics of the country ETF returns. A RS factor model for the relationship between country ETF returns and common risk factors is tted to daily data for period from May 31, 2000 to March 31, 2014. We use the data to test a hierarchy of hypotheses on country ETF returns: (1) common factor exposure across all country ETFs and all regimes; (2) common factor exposure across some country ETFs and all regimes, and (3) common factor exposure across some country ETFs and some regimes. The RS factor model for ETF returns ts the data well and the common factors have variable e ects across countries and over regimes. JEL Codes: C13, C32, G12","PeriodicalId":54175,"journal":{"name":"Frontiers of Business Research in China","volume":"10 1","pages":"385-431"},"PeriodicalIF":4.5,"publicationDate":"2016-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70269976","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-09-01DOI: 10.3868/s070-005-016-0009-8
Tingru Cui, Deliang Wang, J. Ping
{"title":"The Exploration of Crisis Management Strategies: Looking Back and Ahead","authors":"Tingru Cui, Deliang Wang, J. Ping","doi":"10.3868/s070-005-016-0009-8","DOIUrl":"https://doi.org/10.3868/s070-005-016-0009-8","url":null,"abstract":"","PeriodicalId":54175,"journal":{"name":"Frontiers of Business Research in China","volume":"10 1","pages":"220-244"},"PeriodicalIF":4.5,"publicationDate":"2016-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70269884","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-09-01DOI: 10.3868/S070-005-016-0011-9
Gert Bruche, Ying Hong
This study investigates the internationalization and resource accumulation process of the three largest Chinese construction machinery companies: Sany, XCMG and Zoomlion. It takes a longitudinal approach to analyze the internationalization process of the three companies over the last 25 years. Although the three companies’ paths in the early acquisition of technologies and firm-specific advantages (FSA) differ significantly, however, their internationalization process exhibits similar pattern. They all exploit the same home-country based FSAs in their south-south expansion into other emerging markets, and seem to mimic each other in their strategic moves. In the south-north expansion into advanced economies they skip the export stage and rely almost exclusively on foreign direct investment of both forms, greenfield and M&A, to pursue asset augmenting objectives and overcome their “liability of origin”. The study concludes by discussing several topics of interest, such as the implications of accelerated resource accumulation, the impact on competition with advanced multinationals in the home market or possible effects on the level of state support and risk taking behavior in the internationalization process by the companies’ ownership type.
{"title":"Resource Acquisition, Internationalization, and the Catch-up Path of Chinese Construction Machinery Champions—The Case of Sany, XCMG, and Zoomlion","authors":"Gert Bruche, Ying Hong","doi":"10.3868/S070-005-016-0011-9","DOIUrl":"https://doi.org/10.3868/S070-005-016-0011-9","url":null,"abstract":"This study investigates the internationalization and resource accumulation process of the three largest Chinese construction machinery companies: Sany, XCMG and Zoomlion. It takes a longitudinal approach to analyze the internationalization process of the three companies over the last 25 years. Although the three companies’ paths in the early acquisition of technologies and firm-specific advantages (FSA) differ significantly, however, their internationalization process exhibits similar pattern. They all exploit the same home-country based FSAs in their south-south expansion into other emerging markets, and seem to mimic each other in their strategic moves. In the south-north expansion into advanced economies they skip the export stage and rely almost exclusively on foreign direct investment of both forms, greenfield and M&A, to pursue asset augmenting objectives and overcome their “liability of origin”. The study concludes by discussing several topics of interest, such as the implications of accelerated resource accumulation, the impact on competition with advanced multinationals in the home market or possible effects on the level of state support and risk taking behavior in the internationalization process by the companies’ ownership type.","PeriodicalId":54175,"journal":{"name":"Frontiers of Business Research in China","volume":"10 1","pages":"290-323"},"PeriodicalIF":4.5,"publicationDate":"2016-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70270089","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-09-01DOI: 10.3868/S070-005-016-0010-2
Zhe Li, Deming Dai, F. Wang
{"title":"The Relation between Abnormal Main Fund Movements and Subsequent Earnings Management: Political Costs and Political Connections","authors":"Zhe Li, Deming Dai, F. Wang","doi":"10.3868/S070-005-016-0010-2","DOIUrl":"https://doi.org/10.3868/S070-005-016-0010-2","url":null,"abstract":"","PeriodicalId":54175,"journal":{"name":"Frontiers of Business Research in China","volume":"10 1","pages":"245-289"},"PeriodicalIF":4.5,"publicationDate":"2016-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70269942","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-09-01DOI: 10.3868/S070-005-016-0008-1
Ming-Hua Liu, Che Xu
This study investigates how equity investors react to bank loan announcements in China using an event study methodology. By estimating the average Cumulative Abnormal Returns (CARs) over the event period and controlling for the impact of other factors such as borrower, lender and loan characteristics, we find that the overall reaction is negative. However, the results for the two sub-sample periods are different. After the onset of the Global Financial Crisis, the average CARs are no longer statistically different from zero, indicating higher lending standards and improvement in the quality of credit analysis of Chinese banks.
{"title":"The Global Financial Crisis and Stock Market Reaction to Bank Loan Announcements","authors":"Ming-Hua Liu, Che Xu","doi":"10.3868/S070-005-016-0008-1","DOIUrl":"https://doi.org/10.3868/S070-005-016-0008-1","url":null,"abstract":"This study investigates how equity investors react to bank loan announcements in China using an event study methodology. By estimating the average Cumulative Abnormal Returns (CARs) over the event period and controlling for the impact of other factors such as borrower, lender and loan characteristics, we find that the overall reaction is negative. However, the results for the two sub-sample periods are different. After the onset of the Global Financial Crisis, the average CARs are no longer statistically different from zero, indicating higher lending standards and improvement in the quality of credit analysis of Chinese banks.","PeriodicalId":54175,"journal":{"name":"Frontiers of Business Research in China","volume":"29 1","pages":"176-219"},"PeriodicalIF":4.5,"publicationDate":"2016-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70269678","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-09-01DOI: 10.3868/S070-005-016-0007-4
P. Fu, Jun Liu, Xiaoli Ji, Su Zhong, Guangtao Yu
{"title":"Leading in a Highly Competitive Environment: Effects of CEO Confident Leadership on Follower Commitment in China","authors":"P. Fu, Jun Liu, Xiaoli Ji, Su Zhong, Guangtao Yu","doi":"10.3868/S070-005-016-0007-4","DOIUrl":"https://doi.org/10.3868/S070-005-016-0007-4","url":null,"abstract":"","PeriodicalId":54175,"journal":{"name":"Frontiers of Business Research in China","volume":"10 1","pages":"149-175"},"PeriodicalIF":4.5,"publicationDate":"2016-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70270048","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-09-01DOI: 10.3868/s070-005-016-0012-6
Fengbin Wang, Chi Zhang, Chunyan Sun, Zhexiong Tao
{"title":"Midea’s Re-adoption of M-form Structure","authors":"Fengbin Wang, Chi Zhang, Chunyan Sun, Zhexiong Tao","doi":"10.3868/s070-005-016-0012-6","DOIUrl":"https://doi.org/10.3868/s070-005-016-0012-6","url":null,"abstract":"","PeriodicalId":54175,"journal":{"name":"Frontiers of Business Research in China","volume":"10 1","pages":"324-362"},"PeriodicalIF":4.5,"publicationDate":"2016-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70269749","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-04-12DOI: 10.3868/s070-005-016-0003-6
Xin-chun Li, Wenping Ye, Pengxiang Zhang, Xiao Xiao
{"title":"Regional Guanxi Culture and Entrepreneurs’ Action Logic: A Multilevel Analysis","authors":"Xin-chun Li, Wenping Ye, Pengxiang Zhang, Xiao Xiao","doi":"10.3868/s070-005-016-0003-6","DOIUrl":"https://doi.org/10.3868/s070-005-016-0003-6","url":null,"abstract":"","PeriodicalId":54175,"journal":{"name":"Frontiers of Business Research in China","volume":"10 1","pages":"50-75"},"PeriodicalIF":4.5,"publicationDate":"2016-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70269131","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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