Globalization

We examine the ability of a dynamic asset-pricing model to explain the returns on G7-country stock market indices. We extend Campbell's (1996) asset-pricing model to investigate international equity returns. We also utilize and evaluate recent evidence on the predictability of stock returns. We find some evidence for the role of hedging demands in explaining stock returns and compare the predictions of the dynamic model to those from the static CAPM. Both models fail in their predictions of average returns on portfolios of high book-to-market stocks across countries.

This chapter goes beyond the now well-documented failures of the Washington consensus to begin providing the foundations of an alternative paradigm, especially relevant to the least developing country.

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Global brands represent enormous cash-producing assets. To build them requires consistency over time and across country borders. The key for developing consistent strategy across country borders is identifying the global segment and the global position. The key for implementing that strategy is often the global marketing team.

We use firm-level panel data to explore the extent to which fixed investment responds to tax reforms in 14 OECD countries. Previous studies have often found that investment does not respond to changes in the marginal cost of investment. We identify some of the factors responsible for this finding, and employ an estimation procedure that sidesteps the most important of them. In so doing, we find evidence of statistically and economically significant investment responses to tax changes in 12 of the 14 countries.

In this paper, we critically examine the recommended practice of matching currency footprints. We argue that while matching currency footprints reduces profit variability, this practice can also cause reductions in expected profitability, a point that appears to have been overlooked in current literature. The expected profit effects of matching depend on the trade-off between possible expected cost savings of sourcing abroad verses the loss of what we refer to as "strategic flexibility" in responding to competitors' pricing and quantity decisions.

The purpose of this study was to determine the significance of differences between revised IASC standards (extant in 1994) and U.S. GAAP. With the assistance of Coopers & Lybrand L.L.P., the author restated the group accounts of a sample of eight companies in a variety of industries: six Continental European companies and two companies based in Australia and New Zealand. The companies' annual reports for 1992 or 1993, as supplemented by research conducted by the companies themselves, were used to construct reconciliation tables between the revised IASC standards and U.S. GAAP.