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Despite the benefits of international diversification, the home equity bias phenomenon is well documented in the portfolio choice literature. The purpose of this paper is…
Despite the benefits of international diversification, the home equity bias phenomenon is well documented in the portfolio choice literature. The purpose of this paper is to investigate whether the same investment behavior applies to domestic socially responsible investments (SRIs) where ethical screenings should be the selection criteria.
The authors apply the model by Coval and Moskowitz (1999), Grinblatt and Keloharju (2001) and Agarwal and Hauswald (2010) to uncover the effect of distance relative to screenings on SRI domestic portfolio choice. For the first time, the authors test the robustness of distance effect by using time bias, which is the travel time between the fund manager and the company’s headquarter.
The authors find that SRIs exhibit a strong preference for locally headquartered firms. After controlling for screening activity and other fund characteristics, the authors still find a strong distance bias in SRI fund portfolio decision-making. The authors find that this bias is mostly observed in SRI fund with social screening and that fund holding characteristics determine the propensity of fund managers to invest locally. The results suggest that the local bias puzzle exists in SRI.
This study provides avenue for future research to examine whether the same local bias is found in SRI investment in other countries where they have different characteristics and behavior. Also, the evidence that local bias exists in SRI investment may need further analysis as to whether this is conflicting with the objectives of SRI, which focus more on ethical beliefs.
The results suggest that many local firms in the same city currently held by an SRI fund will not be held by this fund if it is in another city. The implications of the findings are that geographic proximity, along with ethical screenings, is an important dimension to how SRI fund invests.
This study is the first that examines local bias in SRI funds by using portfolio holding data.
Excellenzen meine sehr verehrten Damen und Herren liebe Kollegen Es ist mir eine besondere Freude und Ehre, erstmals einen AIEST Kongress in der Sozialistischen Republik…
Excellenzen meine sehr verehrten Damen und Herren liebe Kollegen Es ist mir eine besondere Freude und Ehre, erstmals einen AIEST Kongress in der Sozialistischen Republik der Tschechoslowakei zu eröffnen und dies in der prächtigen Stadt Prag, der Hauptstadt und dem kulturellen und politischen Mittelpunkt. Die Stadt ist durch ihr reiches Erbe an kulturellen Gütern besonders für unsern 34. Kongress geeignet. Auf den berechtigten Wunsch der Organisatoren des diesjährigen Kongresses hin haben wir das Thema “Tourismus und architektonisches Erbe — kulturelle, rechtliche, wirtschaftliche und marketing‐orientierte Aspekte” gewählt.
Presents over sixty abstracts summarising the 1999 Employment Research Unit annual conference held at the University of Cardiff. Explores the multiple impacts of…
Presents over sixty abstracts summarising the 1999 Employment Research Unit annual conference held at the University of Cardiff. Explores the multiple impacts of globalization on work and employment in contemporary organizations. Covers the human resource management implications of organizational responses to globalization. Examines the theoretical, methodological, empirical and comparative issues pertaining to competitiveness and the management of human resources, the impact of organisational strategies and international production on the workplace, the organization of labour markets, human resource development, cultural change in organisations, trade union responses, and trans‐national corporations. Cites many case studies showing how globalization has brought a lot of opportunities together with much change both to the employee and the employer. Considers the threats to existing cultures, structures and systems.
Since China initiated its “go global” policy that promotes its overseas investment, China’s Outward Foreign Direct Investment (OFDI) has increased almost twenty times during the last 10 years, reaching $55.9 billion in 2008. The issue of internationalization of Chinese OFDI has attracted increasing attention of researchers from a business perspective. This article systematically reviews the previous studies on overseas investments by Chinese MNEs and discusses the characteristics of Chinese internationalization behavior at both firm level and country level. The internationalization of Chinese companies cannot be understood as a simple game of “catch up” with established MNEs, and more firm‐level empirical studies should be carried out on how these characteristics influence firms’ strategic decisions.
Man has been seeking an ideal existence for a very long time. In this existence, justice, love, and peace are no longer words, but actual experiences. How ever, with the American preemptive invasion and occupation of Afghanistan and Iraq and the subsequent prisoner abuse, such an existence seems to be farther and farther away from reality. The purpose of this work is to stop this dangerous trend by promoting justice, love, and peace through a change of the paradigm that is inconsistent with justice, love, and peace. The strong paradigm that created the strong nation like the U.S. and the strong man like George W. Bush have been the culprit, rather than the contributor, of the above three universal ideals. Thus, rather than justice, love, and peace, the strong paradigm resulted in in justice, hatred, and violence. In order to remove these three and related evils, what the world needs in the beginning of the third millenium is the weak paradigm. Through the acceptance of the latter paradigm, the golden mean or middle paradigm can be formulated, which is a synergy of the weak and the strong paradigm. In order to understand properly the meaning of these paradigms, however, some digression appears necessary.
Defines national culture, summarizing and comparing various models of national culture, including single and multiple dimension models, historical‐social models in high and low context and monochronic and polychronic cultures. Discusses their relevance to the study and practice of local and international management, and tabulates the main features of each model.
This monograph contains abstracts from the 2005 Employment Research Unit Annual Conference Cardiff Business School,Cardiff University, 6‐7th September 2005
This monograph contains abstracts from the 2005 Employment Research Unit Annual Conference Cardiff Business School, Cardiff University, 6‐7th September 2005
Presents a special issue, enlisting the help of the author’s students and colleagues, focusing on age, sex, colour and disability discrimination in America. Breaks the…
Presents a special issue, enlisting the help of the author’s students and colleagues, focusing on age, sex, colour and disability discrimination in America. Breaks the evidence down into manageable chunks, covering: age discrimination in the workplace; discrimination against African‐Americans; sex discrimination in the workplace; same sex sexual harassment; how to investigate and prove disability discrimination; sexual harassment in the military; when the main US job‐discrimination law applies to small companies; how to investigate and prove racial discrimination; developments concerning race discrimination in the workplace; developments concerning the Equal Pay Act; developments concerning discrimination against workers with HIV or AIDS; developments concerning discrimination based on refusal of family care leave; developments concerning discrimination against gay or lesbian employees; developments concerning discrimination based on colour; how to investigate and prove discrimination concerning based on colour; developments concerning the Equal Pay Act; using statistics in employment discrimination cases; race discrimination in the workplace; developments concerning gender discrimination in the workplace; discrimination in Japanese organizations in America; discrimination in the entertainment industry; discrimination in the utility industry; understanding and effectively managing national origin discrimination; how to investigate and prove hiring discrimination based on colour; and, finally, how to investigate sexual harassment in the workplace.
The planning and construction of innovative university science and technology parks are facilitated on the basis of urban planning reconstruction, and the sustainable…
The planning and construction of innovative university science and technology parks are facilitated on the basis of urban planning reconstruction, and the sustainable development of our country is the main basis for the implementation of the innovation plan and future design of university science and technology parks. However, some aspects of the transformation of a city have impeded the planning and development of university science parks. In order to solve this problem, in this study, the overall planning and successful establishment of science and technology parks in well-known universities were analyzed; and “Cambridge Future” was selected as the practical example and basis for the construction of innovative university science and technology parks; and then CATIC Science City in Nanjing was used as the object of empirical analysis. In addition, the construction of these parks in universities was evaluated through the case analysis and the excellent design strategies and results, and the planning model and construction concept of these parks were proposed after the contradiction between the transition stage of cities and the design of university science parks was resolved.