Journal of Asia Business Studies: Volume 4 Issue 1

On the Relationship Between Asian Credit Default Swap and Equity Markets

Kam C. Chan, Hung‐Gay Fung, Gaiyan Zhang

When extended to sovereign issuers, the Merton‐type structural model suggests a negative relationship between sovereign credit default swap (CDS) spreads and stock prices. In…

What Drives Returns and Underpricing of Seasoned Equity Offerings in Taiwan?

Hung‐Gay Fung, Pei‐Shan Tsai, Chin‐Ping Yu

We use over 200 firms in Taiwan to examine two issues: (1) how investors in Taiwan react to seasoned equity offerings (SEOs) when firms plan to make capital investments, and (2…

Do Spinoffs Create Value in Hong Kong?

Terence Tai‐Leung Chong, Daniel Wai‐Hong Wong, Venus Khim‐Sen Liew

There is a broad consensus in the literature that spinoffs tend to create value for shareholders and exhibit positive long‐run excess returns. However, most of the prior studies…

The Predictability of REITs Returns: Evidence From Japan

Wai Cheong Shum, Karen H.Y. Wong

Using Japan REITs stock data, this paper examines the risk‐return relations conditional on up and down markets periods. The results show that beta is significantly and positively…

Corporate Restructuring and Governance Implications: A Case Study of the Guoco Group

Yuanto Kusnadi

I study a series of restructuring activities undertaken by Guoco Group Limited in recent years and the implications on minority shareholders. The divestment of Dao Heng Bank Group…

Long‐term Dependence in Asian Foreign Exchange Markets

Shu‐Fan Hsieh, So‐De Shyu

We investigate the long‐term dependency behavior of Asian foreign exchange markets by using rescaled range analysis. Emerging markets in Korea, Taiwan, India, and Thailand, show…

Outsourcing in India: The Past, Present, and Future

Sumita Raghuram

Mr. N. Krishnakumar is the Chief Executive Officer and Managing Director of MindTree Consulting and the Chairperson of Emerging Companies Forum, NASSCOM, India. MindTree…