RESPONSE ASYMMETRIES IN HONG KONG, SINGAPORE, TAIWAN, AND THAILAND EQUITY MARKETS: DOES TIME PERIOD MATTER?

Dave O Jackson,Jian yu Ma People&Global Business Association 2006 Global Business and Finance Review Vol.11 No.2

We use the price indices of four Asian emerging stock markets (Hang Seng Index for Hong Kong, the Straits Times Index for Singapore, the Weighted Index for Taiwan, Bangkok S.E.T for Thailand), and compare their performance with the S&P 500 Composite for the U.S., and the Nikkei 225 Stock Average for Japan to test the response asymmetry of emerging stock markets to stock markets in developed countries. We use several time spans to examine whether the results are consistent over time and conclude that there is response asymmetry between Asian stock markets and the US. and Japan markets over the long run but not in the short run.

THE PRICE REACTION OF RIVAL ADR FIRMS TO ACQUISITION ANNOUNCEMENTS FOR U.S. FIRMS

Dave Jackson,Joan Wiggenhorn 사람과세계경영학회 2003 Global Business and Finance Review Vol.8 No.1

This study examines the intra-industry effect of acquisition announcements from 1980-1999 and finds that the effect on rival ADRs is different than previously found for U.S. firms. The cumulative abnormal return (CAR) for the two-clay announcement window (-1.0) is a statistically significant -0.54% while U.S. firms generally have positive abnormal announcement returns. Cross-sectional regression analysis shows that subsequent acquisition announcements in the same industry have a positive stock-price impact for ADR rivals and that European firms have a greater positive response than non-European firms do.

Executive Compensation, Ownership Structureand Firm Performance in Chinese Financial Corporations

Yongli Luo,Dave O.Jackson 사람과세계경영학회 2012 Global Business and Finance Review Vol.17 No.1

Executive compensation in the U.S. banking industry has been criticized as a root cause of the recent financial crisis. This study examines the relationship between executive compensation, ownership structure, and firm performance for Chinese financial corporations during 2001- 2009. The results reveal that executive compensation in Chinese banks follows a relation-based rather than a market-based contract. There is little evidence in support of the pay-for- performance setting for Chinese executive compensation. Ownership concentration has significantly negative impacts while firm size has significantly positive impacts on CEO compensation. Further, the involvement of state ownership tends to limit executive compensation, while the compensation committee is friendly and enhances management compensation. The results suggest that the government or regulation may ensure efficient corporate governance in business activity as a helping hand when corporate governance is weak.

The Relative Performance of ADRs and U.S. stocks in October 2007 and Octobe

Tibebe A. Assefa,Dave O. Jackson 사람과세계경영학회 2010 Global Business and Finance Review Vol.15 No.2

We examine the performance of a sample of 116 ADRs and 536 U.S. stocks in October 2007 and October 2008 using a one-year buy and hold methodology. The stocks and ADRs in this study are listed on the U.S. stock exchanges. We compare their performance when the U.S. stock market was relatively high (October 2007) and sharply declining (October 2008). Our findings indicate that U.S. stocks and ADR returns differ depending on whether the U.S. stock market is relatively high or sharply declining. Generally, ADR returns are more volatile than stocks. When the market is high, ADRs perform better than U.S. stocks; and when the U.S. stock market is sharply declining, the performance is reversed. The performance of ADRs and stocks also vary by industry with the banking, communication, biotechnology, gold, and independent oil and gas industries being negatively associated with stocks compared to ADRs while the utilities, semiconductor, and insurance industries are positively associated with cumulative returns of stocks compared to ADRs.

Bank Failures 2008: An Examination of the Impact on Stockholder Risk and Wealth

Omar A. Esqueda,Dave O.Jackson 사람과세계경영학회 2011 Global Business and Finance Review Vol.16 No.1

This article investigates how recent failures of seven publicly-traded commercial banks and the banking crises of 2008 affect the wealth, the systematic and nonsystematic risk, and total risk of commercial banks. We find that the total risk of medium-sized banks is slightly more affected by the turbulence in the financial sector than larger banks. The changes in wealth are positive overall and marginally significant. Taken as a whole, the results indicate that at the end of 2008, the major consequences of the bank failure events are reflected in the level of risk and in modest changes in wealth. There is some indication that investors differentiate which bank type has more exposure, which consequently increases the risk of banks with similar characteristics as the failed banks. The best hedging strategy should therefore consider the inclusion of medium-size federally chartered banks, large banks, and money centers with a state charter only. Our results imply that regulators should more closely monitor bank holding companies based on size and charter type particularly during financial turbulence.

THE PERFORMANCE OF AMERICAN DEPOSITARY RECEIPTS: AN INDUSTRY ANALYSIS

Alma D Hales,Dave O Jackson People&Global Business Association 2008 Global Business and Finance Review Vol.13 No.2

This paper analyzes the industry performance of ADRs over eleven years (1995-2005) and the results show that ADR returns vary by industry grouping A comparison of ADR returns to a matched sample of domestic equity portfolios reveals that although both portfolios have similar average monthly returns. the associated risk varies. Reward-to-risk ratios suggest that an investor should hold hath domestic equity and ADR-industry portfolios to maximize returns. A shorter time frame (2000-2005) is considered in order to include technology-related industries which become more prominent in the 2000s. The results suggest that an investor should hold a portfolio that includes the following domestic industries. senuconductors. electronics. insurance. media, banking. food, electric, beverages. and oil/gas, and ADRs from the software. telecommunications. Internet. automotive. pharmaceuticals. airlines. and mining industries

THE COMPARATIVE EFFICIENCY OF "GRUPO" AND FOREIGN CONTROLLED BANKS IN LATIN AMERICA

K Steven Lovell,Andres E Rivas,Dave Jackson People&Global Business Association 2005 Global Business and Finance Review Vol.10 No.1

Bank efficiency studies in Latin America document that foreign banks are more efficient than local banks, but they do not isolate the performance of banks that are a part of business groups ("Grupos"). We investigate the efficiency of Grupos as compared to foreign banks and find that in the more economically free market of Chile, Grupo banks are more efficient but find no significant difference in the less economically free markets of Brazil and Mexico. We attribute our findings to agency issues, which affect both foreign and Grupo banks causing inefficient resource usage in less economically free markets. In more economically free markets, we attribute differences to increased availability of capital.

The Impact of Fasciation on Maize Inflorescence Architecture

Kim Da Eun,Jeong Jin-hee,Kang Yu Mi,Park Young-Hoon,Lee Yong-Jae,강점순,최영환,손병구,Kim Sun Tae,Jackson Dave,제병일 한국식물학회 2022 Journal of Plant Biology Vol.65 No.2

How functional genetics research can be applied to improving crop yields is a timely challenge. One of the most direct methods is to produce larger inflorescences with higher productivity, which should be accompanied by a balance between stem cell proliferation and lateral organ initiation in meristems. Unbalanced proliferation of stem cells causes the fasciated inflorescences, which reflect the abnormal proliferation of meristems, derived from the Latin word ‘fascis’, meaning ‘bundle’. Maize, a model system for grain crops, has shown tremendous yield improvements through the mysterious transformation of the female inflorescence during domestication. In this review, we focus on maize inflorescence architecture and highlight the patterns of fasciation, including recent progress.