German dividends typically carry a tax credit which makes the dividend worth 42.86% more to a taxable German shareholder than to a tax-exempt or foreign shareholder. This results in a penalty for foreign investors who buy and hold German dividend-paying stocks. I document that, as a result of the credit, the ex-day drop exceeds the dividend by more than one-half of the tax credit, and show that...

Policymakers in both the developed and less developed worlds have increasingly considered intellectual property protection as a major means to attract foreign direct investment (Yu, 2007, pp. 892–901). However, stronger intellectual property protection is not always needed to attract such investment. In the case of China, foreign investors were not attracted by the strong intellectual property ...

Ownership structure and industry characteristics as internal and external factors respectively significantly impact the export performance of Chinese manufacturing firms. Three different yet related models, namely, logit, tobit and ordered probit models, that correspond to three different indicators of export performance are considered. It was found that the export performance of Chinese manufa...

In recent years, because of the high potential for insurability in Turkey and the rapid improvement of insurance sector, foreign investors are interested in Turkish insurance market. Since insurability rate has reached saturation point in their countries, foreign investors tended to make investments in Turkey and start to purchase local insurance companies in Turkey. In this paper we analyze fi...

We study the role of institutional investors around the world using a comprehensive data set of equity holdings from 27 countries. We find that all institutional investors have a strong preference for the stock of large firms and firms with good governance, while foreign institutions tend to overweight firms that are cross-listed in the U.S. and members of the Morgan Stanley Capital Internation...

Foreign direct investment has been diffusing across Chinese regions, but the coastinterior gap in attracting FDI has been widening. We examine the empirical relevance of three alternative theories in explaining FDI location in China: agglomeration economies, comparative advantage, and FDI location tournament among Chinese regions. Using provincial level data for the 1990s, the paper finds stron...

2 ABSTRACT Cross-border venture capital investment has grown dramatically. Drawing upon observations about the liability of foreignness, previous research has shown that foreign venture capitalists (VCs) tend to partner with local VCs in order to offset information asymmetry and the liabilities of foreignness. Much of the literature has suggested that local VCs should help reduce operational un...