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RISS 인기검색어
- 검색키워드
- 저자 : J Barry Lin (검색결과 5 건)
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J Barry Lin People&Global Business Association 2000 Global Business and Finance Review Vol.5 No.1
Initial entry into new export market is often time-consuming and costly. This is particularly so in emerging markets where foreign products are less known. While leading companies may gain substantial initial market share, followers often enjoy lower market entry costs, particularly when the learning experience and market-acceptance gained by the first mover spills over to followers. Such high first-mover cost, relative to the lower follower cost, may lead to an incentive to free-ride and disincentive for first-entry. A game-theoretical model is used to analyze international market entry under follower competition. The competitive environment analyzed in this paper provides a rational foundation for national government to offer export assistance. Government assistance can counteract on the disincentive caused by potential free-riding followers. The differential effects between targeted export assistance and general export assistance are illustrated. Optimal government assistance is suggested.
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OVERREACTION AND SHORT-TERM MARKET FACTORS IN THE INTEREST RATE FUTURES MARKETS
J Barry Lin,T Chotigeat People&Global Business Association 2000 Global Business and Finance Review Vol.5 No.2
Evidence of stock price overreaction is well documented in most stock markets, but it is quite limited in interest rate futures markets. This paper empirically investigates whether and to what degree, overreaction in interest rate future markets is influenced by recent information (short-term market factors). Using daily data from the interest rates of Eurodollar futures and U.S. T-bond futures, some degree of overreaction was found to be related to short-term market factors. These results have important implications for practitioners, i.e., the opportunity to gain abnormal returns by adopting a "contrarian" investment strategy. For hedgers, transactions are better conducted in days with normal levels of trading activity, as measured in terms of trading volume, intraday volatility, and market movement. On the contrary, professional traders, arbitrageurs, and speculators would find it more attractive to concentrate on days with abnormal levels of trading activity to exploit the larger degree of inefficiency in prices.
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SIZE EFFECT IN THE RELATIONSHIP BETWEEN EQUITY OWNERSHIP STRUCTURE AND CORPORATE PERFORMANCE
J Barry Lin,Bing sheng Yi People&Global Business Association 2003 Global Business and Finance Review Vol.8 No.1
This paper investigates the relationship between firm performance and different kinds of corporate equity ownership-insider ownership. institutional ownership. and blookholder ownership--for a sample of 2,822 publicly listed companies in the United States 1998. There are significant differences between small and large firms in the relationship between ownership structure and firm performance. Specifically. for small firms. institutional ownership has a significant positive effect on firm performance. while blockholding has a negative bur insignificant effect. In contrast. large firms. blockholding has a significant negative effect on firm performance. and institutional ownership has a positive but insignificant effect. It appears that the roles played by these large shareholders are different for small firms vs. large firms. Insider ownership has no significant effect on firm performance. indicating that. on average. firms have endogenously-determined optimal degrees of insider holding.
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THE GOLD AND SILVER FUTURES MARKETS: AN ANALYSIS OF SHORT-TERM PRICE REVERSAL BEHAVIOR
J Barry Lin,T Chotigeat,Amy Ho People&Global Business Association 2003 Global Business and Finance Review Vol.8 No.2
Many studies of stock markets provide evidence of overreaction and price reversals. Using a contrarian-trading scheme, this study provides evidence that price reversals in the gold and silver futures markets are related to information flow, change in trading volume, and intraday volatility. A larger information flow is associated with larger price reversals. Large price reversals also tend to occur on days with lower trading volume and days with a sharp change in trading volume from the prior day. Negative market movements are associated with larger price reversals than positive market movements. Larger price reversals also tend to occur on days with high intraday volatility.
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CORPORATE LEVERAGE AND FUTURE GROWTH: EVIDENCE FROM INDONESIA'S EMERGING CAPITAL MARKET
J Barry Lin,T Chotigeat,Bing sheng Yi People&Global Business Association 2004 Global Business and Finance Review Vol.9 No.2
This study investigates the relationship between leverage and future corporate growth, using a ten-year sample of Indonesian firms. The leverage effect is found to be insignificant for the overall sample, unlike the earlier findings by Lang et al. (1996) for firms in a well-developed market such as the U.S. However, when firms are sorted by size and Tobin's q, only the small low-q firms indicate a statistically significant negative effect of leverage on future corporate growth. This is evidence consistent with the fact that the Indonesian economy has been dominated by large firms which have better access to capital markets, and also that small firms with high growth potential do not suffer from debt-overhang, although small firms with low growth potential do.
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