Template-Type: ReDIF-Article 1.0
Author-Name: Daoping (Steven) He
Author-Name: Jenny Teruya
Author-Name: Takashi Shimizu
Title: STICKY SELLING, GENERAL, AND ADMINISTRATIVE COST BEHAVIOR AND ITS CHANGES IN JAPAN
Abstract: This study examines whether Japanese firms’ selling, general, and administrative costs are sticky. We also investigate the determinants of cost stickiness in Japan and test whether Japanese managers changed their cost behavior after the stock market collapse in 1990. We find that similar to US firms, Japanese firms also demonstrate sticky selling, general, and administrative cost behavior; however, the stickiness of selling, general, and administrative costs in Japan is less likely to be adjusted due to temporary changes in their performance. We also find that there is a significant decrease in the magnitude of stickiness in Japan after the asset bubble burst, showing that Japanese managers adjusted their cost behavior in the post-bubble era. 
Classification-JEL: M40 
Keywords: Cost behavior, Japanese firms
Journal: Global Journal of Business Research
Pages: 1-10
Volume: 4
Issue: 4
Year: 2010
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v4n4-2010/GJBR-V4N4-2010-1.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:4:y:2010:i:4:p:1-10

Template-Type: ReDIF-Article 1.0
Author-Name: Matthew C. Chang
Author-Name: Shi-jie Jiang
Title: SURRENDER EFFECTS ON POLICY RESERVES: A SIMULATION ANALYSIS OF INVESTMENT GUARANTEE CONTRACTS
Abstract: The assumption of dynamic lapse behavior is path-dependence related to the performance of underlying assets. This causes the pricing and reserving of investment guarantee products to be more difficult to deal with. The lack of actual experience of such policyholders’ behavior is also an essential problem when launching such guarantee products. The purpose of this paper is to attempt to measure the impact of dynamic surrender assumptions on policy reserves of investment guarantee contracts. We consider a single-premium version of a variable annuity, deducted periodically by a fixed percentage of policyholders’ account as margin offset, with six-year deferred maturity benefit. This deferred maturity benefit is a kind of investment guarantee. Utilizing two dynamic policyholders’ lapse formula suggested by American Academy of Actuaries and the Swiss Reinsurance company, the simulation results show markets condition assumptions have a tremendous effects upon the magnitude of reserves. This implies that it is a crucial part of risk management considerations for such products. Reserves adequacy testing is necessary when market condition shifts dramatically. The numerical implementation of the simulation results allow us to identify some comparative statistical properties and to identify the appropriate reserving routine of variable annuity with investment guarantee. 
Classification-JEL: G22; C50 
Keywords: Policyholders’ Behavior; Dynamic Lapse; Variable Annuity; Guaranteed Minimum Accumulation Benefit (GMAB)
Journal: Global Journal of Business Research
Pages: 11-21
Volume: 4
Issue: 4
Year: 2010
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v4n4-2010/GJBR-V4N4-2010-2.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:4:y:2010:i:4:p:11-21

Template-Type: ReDIF-Article 1.0
Author-Name: Akihiko Takahashi
Author-Name: Kyo Yamamoto
Title: A NEW HEDGE FUND REPLICATION METHOD WITH THE DYNAMIC OPTIMAL PORTFOLIO
Abstract: This paper provides a new hedge fund replication method, which extends Kat and Palaro (2005) and Papageorgiou, Remillard and Hocquard (2008) to multiple trading assets with both long and short positions. The method generates a target payoff distribution by the cheapest dynamic portfolio. The work here extends the work of of Dybvig (1988) to a continuous-time framework and dynamic portfolio optimization where the dynamic trading strategy is derived analytically by applying Malliavin calculus. It is shown that cost minimization is equivalent to maximization of a certain class of von Neumann-Morgenstern utility functions. The method is applied to the replication of a CTA/Managed Futures Index in practice. 
Classification-JEL: G11, G20, G23
Keywords: Hedge Fund Replication, Dynamic Portfolio Optimization, Martingale Method, Malliavin Calculus
Journal: Global Journal of Business Research
Pages: 23-34
Volume: 4
Issue: 4
Year: 2010
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v4n4-2010/GJBR-V4N4-2010-3.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:4:y:2010:i:4:p:23-34

Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Hsi Huang
Author-Name: Ching-Ping Wang
Author-Name: Kun-Hui Lin
Author-Name: Wan-Ru Jhao
Title: DOES CORPORATE GOVERNANCE AFFECT INSTITUTIONAL OWNERSHIP AND SHARE REPURCHASE DECISIONS?
Abstract: This study investigates the relevance among corporate governance mechanism, institutional ownership and share repurchase decisions. Examining 220 exchange-listed companies in Taiwan during 2004 to 2006, the main findings are as follows. First, corporate governance mechanisms affect share repurchase decisions as well as institutional investor ownership. Next, the ownership of institutional investor depends on the interaction between corporate governance mechanisms and share repurchase decisions. Additionally, the share repurchase decision is influenced by interaction between corporate governance mechanisms and ownership of institutional investors. Finally, when the company size is incorporated as a control variable, the adjusted R-square for the multiple regression is improved.  
Classification-JEL: G32; G34
Keywords: Corporate governance, institutional ownership, share repurchase
Journal: Global Journal of Business Research
Pages: 35-40
Volume: 4
Issue: 4
Year: 2010
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v4n4-2010/GJBR-V4N4-2010-4.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:4:y:2010:i:4:p:35-40

Template-Type: ReDIF-Article 1.0
Author-Name: Anne B. Fosbre
Author-Name: Paul B. Fosbre
Author-Name: Ellen M. Kraft
Title: A ROADBLOCK TO US ADOPTION OF IFRS IS LIFO INVENTORY VALUATION
Abstract: A roadblock exists between International Financial Reporting Standards, (IFRS) and United States Generally Accepted Accounting Standards, (US GAAP) in the area of acceptable methods of inventory valuation. IFRS recognizes the First In First Out Method, FIFO, and the Weighted Average Method of Inventory Valuation as acceptable methods of inventory valuation. It does not recognize or allow the Last In First Out Method of Inventory Valuation, LIFO, as currently used in the United States. Canceling LIFO would require most large US companies to pay excessive amounts of additional income tax to the Internal Revenue Service, IRS. In order for the United States to adopt IFRS Accounting Standards, the elimination of LIFO would have to occur. 
Classification-JEL: M41, M48 
Keywords: IFRS, LIFO, FIFO, Inventory Valuation, LIFO Conformity Requirement
Journal: Global Journal of Business Research
Pages: 41-49
Volume: 4
Issue: 4
Year: 2010
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v4n4-2010/GJBR-V4N4-2010-5.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:4:y:2010:i:4:p:41-49

Template-Type: ReDIF-Article 1.0
Author-Name: Hussein Abdulla El-Omari
Author-Name: H. Martin Shane 
Title: OPINION LEADERS AND THEIR INFLUENCE ON CONSUMER PURCHASING BEHAVIOR IN SAUDI ARABIA
Abstract: Current thinking on opinion leaders varies with respect to key features distinguishing these individuals. Some studies emphasize influence as the crucial determinant, others stress knowledge, and still others focus primarily on information transmission. Most research, however, see a combination of knowledge or expertise and influence as characterizing the opinion leader. From a marketing perspective in some product categories, opinion leaders appear to be more knowledgeable about and involved with the product class. This study examines the existence of TV opinion leadership and the purchasing of TV sets in Saudi Arabia, and the characteristics opinion leaders and non-leaders have. In addition, the study re-examines the Two-Step Flow model to assess its validity in Saudi Arabia. The findings reported in this article indicated that the concept of TV opinion leadership exists in Saudi Arabia. And those opinion leaders were more likely to have some social characteristics than followers. In addition, those opinion leaders were found to be both information givers and seekers. The validity of the Two-Step Flow model of communication was also re-examined in Saudi Arabia. The findings support the existing literature on the inaccuracy of this model and, therefore, a multi-step model of communication would be relevant for the Saudi context. 
Classification-JEL: C80; D91; M16; M31
Keywords: Data collection, consumer choice, international business administration, marketing and advertising
Journal: Global Journal of Business Research
Pages: 51-70
Volume: 4
Issue: 4
Year: 2010
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v4n4-2010/GJBR-V4N4-2010-6.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:4:y:2010:i:4:p:51-70

Template-Type: ReDIF-Article 1.0
Author-Name: Amod Choudhary
Title: IMPACT OF WOMEN HEADS-OF-STATE ON HUMAN DEVELOPMENT
Abstract: This study explores the relationship between women heads-of-state and their impact on Human Development in their country. Mainly, the intent of this paper is to determine whether women heads-of-state do a better job as compared to their male counterparts in improving health, education and economic status of their citizenry. A thorough review of Human Development Index (HDI) data shows that although women heads-of-state have a higher and positive impact on HDI as compared to their male counterparts, this difference in their performance is not statistically significant. The source of the data used in this study is Human Development Reports available at http://hdr.undp.org/statistcs/. The HDI data used in this study is from Human Development Reports 1998, 2002, and 2008. 
Classification-JEL: E2, I1, I2
Keywords: Human Development Index (HDI), Life Expectancy, Adult Literacy, Gross Enrollment, Education Index, Gross Domestic Product (GDP) 
Journal: Global Journal of Business Research
Pages: 71-79
Volume: 4
Issue: 4
Year: 2010
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v4n4-2010/GJBR-V4N4-2010-7.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:4:y:2010:i:4:p:71-79

Template-Type: ReDIF-Article 1.0
Author-Name: Amrita Batchuluun
Author-Name: Joung Yol Lin
Title: AN ANALYSIS OF MINING SECTOR ECONOMICS IN MONGOLIA
Abstract: This paper provides an assessment of the mining sector and shows how it is critical for further sustainable growth in Mongolia. In 1990, Mongolia transferred from socialism to a parliamentary democracy and since then has implemented political and economic reforms that have constituted a sweeping break from the past; succeeding in a way that very few other post communist nations have been able to do. The Mongolian economy was mostly influenced by agriculture and small and medium sized businesses; however since the late 1990s, the Mongolian capital market has had a strong correlation with the fate of Mongolia’s mining deposits, which are of worldwide interest. If these deposits were exploited, the Mongolian capital market would boom and thus strongly effect the whole economic situation. During the last few years the mining sectors have started to provide an important contribution to the GDP. Unfortunately without previous experience and the appropriate legal environment, the mining industry faces great challenges in further development; at same time investment opportunities for the whole country have been delayed for an uncertain period. Thus, this paper emphasizes how to maintain the sustainability of Mongolian economic growth while identifying and analyzing the main difficulties, challenges and strategic efforts in the mining sector and determining appropriate solutions based on international experience and practices. 
Classification-JEL: A1; D2; G00; L00; L5; O4
Keywords: Mongolia, mining industry, investment, economic growth
Journal: Global Journal of Business Research
Pages: 81-93
Volume: 4
Issue: 4
Year: 2010
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v4n4-2010/GJBR-V4N4-2010-8.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:4:y:2010:i:4:p:81-93

Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Fong Reynoso
Author-Name: Luis Ernesto Ocampo Figueroa
Title: INTANGIBLE RESOURCES AS A DETERMINANT OF ACCELERATED INTERNATIONALIZATION
Abstract: The aim of this research is to analyze the internationalization strategies followed by small and medium enterprises (SMEs) of Jalisco. Specifically, we want to identify cases of early internationalization, and how SMEs get and manage their resources. We developed an analytical framework based on the resource-based view of the firm and on two internationalization models, the Uppsala and the Born-Global. The purpose is to allow the analysis of different typologies of internationalized SMEs. The empirical results show the internationalization strategies of SMEs follow two main trends: the first presents a gradual internationalization, as suggests the Uppsala model and the second follows an accelerated internationalization, agreeing with the born-global approach. An interesting finding is that accelerated internationalization is not an exclusive behavior of technology intensive or innovating companies. In fact, it is possible to find born-global SMEs even in mature and traditional sectors. This is possible thanks to the control of strategic intangible resources like experience and relational capital of managers. These findings contribute to extend and deepen the knowledge of born global companies. 
Classification-JEL: F23; M16
Keywords: Resource-Based View, Intangible Assets, Born-Global companies, SMEs.
Journal: Global Journal of Business Research
Pages: 95-105
Volume: 4
Issue: 4
Year: 2010
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v4n4-2010/GJBR-V4N4-2010-9.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:4:y:2010:i:4:p:95-105

Template-Type: ReDIF-Article 1.0
Author-Name: Andreas Klein
Author-Name: Parimal Bhagat
Title: WE-COMMERCE: EVIDENCE ON A NEW VIRTUAL COMMERCE PLATFORM
Abstract: The proliferation of the Internet and the latest mobile communication technologies have given rise to new forms of communication that made it easier for sellers as well as consumers to communicate and conduct business in real time and in virtual space with manufacturers, retailers or among each other. In addition, consumers are building social networks for interacting, and for collectively buying products (We-Commerce). From the sellers’ perspective, they are stepping away from traditional forms of a single buyer-seller relationship and formerly dominant group building processes. By tapping into consumer networks and using consumers as marketing assets, marketers can enhance sales volumes, save marketing spending, and increase profits. This paper (1) provides an overview of grouping phenomena in marketing. It then (2) points out different platforms of group commerce in virtual surroundings, and (3) elaborates the influence of group mechanisms onto the consumer’s decision-making process. Eventually, (4) further research questions are presented. 
Classification-JEL: L81, M30, M31 
Keywords: We-commerce, consumer groups; consumer bundling/flocking; consumer behavior on the Internet; group/collective buying
Journal: Global Journal of Business Research
Pages: 107-124
Volume: 4
Issue: 4
Year: 2010
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v4n4-2010/GJBR-V4N4-2010-10.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:4:y:2010:i:4:p:107-124

Template-Type: ReDIF-Article 1.0
Author-Name: Victor Lewis
Author-Name: James Larson
Author-Name: Kenneth D. Kay
Title: THE IMPACT OF CALIFORNIA BUDGET DEFICITS ON THE CRIMINAL JUSTICE SYSTEM: EVIDENCE AND RECOMMENDATIONS
Abstract: At the same time that the State of California faces crushing annual budget deficits, the Governor faces a mandate from the federal courts to significantly reduce prison overcrowding. California prisons were originally designed to hold fewer than 100,000 inmates. They are currently housing over 170,000 inmates. The problem facing California lawmakers is how to reconcile looming budget cuts, including those in the corrections system and the court system, with the mandate to reduce the number of prisoners. One suggested plan, to grant early release to approximately 27,000 inmates, has run into stiff opposition from police and prosecutor groups. They cite recent high profile abductions and murders committed by parolees who were released early to live in treatment centers and half-way houses. Criminal justice experts also predict that the early release of inmates will increase recidivism rates in a state that already has the nation’s highest recidivism rate. This paper will explore and review the ongoing political and fiscal battles over the allocation of scarce public funds currently taking place in California, and the direct impact it will have on the criminal justice system in California and the rest of the United States. 
Classification-JEL: 
Keywords: 
Journal: Global Journal of Business Research
Pages: 125-132
Volume: 4
Issue: 4
Year: 2010
File-URL: http://www.theibfr2.com/RePEc/ibf/gjbres/gjbr-v4n4-2010/GJBR-V4N4-2010-11.pdf
File-Format: Application/pdf
Handle: RePEc:ibf:gjbres:v:4:y:2010:i:4:p:125-132