RISS 검색 - 국내학술지논문

1
DETERMINANTS OF CAPITAL STRUCTURE, DIVIDEND POLICY, AND INSIDER OWNERSHIP IN JAPANESE CORPORATIONS

Gulser Meric,Larissa Kyj,Ilhan Meric,Christopher Lacke People&Global Business Association 2003 Global Business and Finance Review Vol.8 No.1
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  스콜라
The relationship between a firm's operational characteristics on one hand and its managerial ownership, debt, and dividend policies on the other has received considerable attention in finance literature. The determinants of each policy are generally studied independently. However. the firm's managerial ownership, debt, and dividend levels are related not only to the firm's operational characteristics but also directly to each other In this study, we use a three-stage least squares (3SLS) simultaneous equations model to study the interaction between the financial Leverage, dividend policy, insider ownership decisions in Japanese non-financial corporations. We find that dividend policy, business risk and profitability are significant determinant of financial leverage financial Leverage, business risk, and profitability are significant determinants of dividend policy; and, institutional ownership and business risk are significant determinants of insider ownership in Japanese non-financial corporations. These findings are generally in line with earlier findings for U.S. non-financial corporations. However, there are some important differences.
2
PORTFOLIO DIVERSIFICATION WITH COUNTRY INDEX FUNDS

Gulser Meric,Mitchell Ratner,Ilhan Meric People&Global Business Association 2008 Global Business and Finance Review Vol.13 No.2
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  KCI
  
  스콜라
In this paper, we use a novel application of the Capital Assets Pricing Model (CAP M) with country betas to determine if U.S. investors would benefit by adding iShares exchange-traded country index funds into their portfolios. Our findings indicate that U.S. investors would benefit by including any of the 21 iShares country index funds studied in the paper in their portfolios. We also use the Markowitz mean-variance portfolio optimization approach to determine which iShares country index funds can make the greatest contribution to global portfolios. We find that U.S. investors could increase the portfolio return per unit of volatility risk by increasing the foreign investment component in their global portfolios.
3
THE DIMINISHING BENEFIT OF GLOBAL PORTFOLIO DIVERSIFICATION

Ilhan Meric,Gulser Meric People&Global Business Association 2004 Global Business and Finance Review Vol.9 No.2
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  KCI
  
  스콜라
In this paper, we study the impact of the September 11, 2001 terrorist attacks in the U.S. and the ensuing war against terrorism during the post-September-11 period on the co-movements of the U.S., Japanese, Australian, U.K., and German stock markets. Our rolling correlation analysis results indicate that correlation between the U.S. stock market and the world's other major stock markets increased substantially, and therefore, the benefit of global portfolio diversification to U.S. investors with these markets decreased considerably after September 11, 2001. Our Granger causality test results indicate that there is a closer linkage between the U.S. stock market and the world's other major stock markets in the post-September-11 period than in the pre-September-11 period.
4
DO SECTOR RETURNS LEAD THE STOCK MARKET? THE INTERNATIONAL EVIDENCE

Mitchell Ratner,Ilhan Meric,Gulser Meric People&Global Business Association 2006 Global Business and Finance Review Vol.11 No.2
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This paper investigates the lead/lag relationship between the returns of a country's stock market index and 10 primary sector index returns. The sample consists of the Group of Seven (G-7) industrialized countries from January 1974 through December 2003. This study documents a statistically significant lead/lag relationship between sector returns and the stock market index returns in all seven countries. No sector is consistently significant across countries. The results of this study support the gradual information diffusion hypothesis: information travels slowly between asset classes.

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