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The purpose of this paper is to provide a complementary analysis of finance journals that are often being overlooked in prior studies. Specifically, the authors examine the Australian Business Dean Council’s (ABDC’s) C-ranked journals in terms of their authors’ affiliations with US colleges, US colleges with Association to Advance Collegiate Schools of Business (AACSB) accreditations, and US colleges with AACSB doctoral program accreditations.

A list of C-ranked journals is downloaded from the ABDC’s website. Full-text articles of these journals are downloaded from library databases for the five-year period of 2009-2013. Author affiliations are collected from the corresponding articles. Journal histories, journal editor locations, Cabell’s journal rankings, and acceptance rates are collected from the ABDC’s database, Cabell’s Directory, journal websites, and library databases. The final sample consists of 28 finance journals.

The authors find that these journals have a substantial number and percentage of authors from US colleges. Among the US authors, about 92 percent of them are from AACSB accredited schools and most of them are from AACSB accredited schools with doctoral programs. The findings support the notion that these journals are important publication outlets for US researchers. The authors also find that journals with longer histories and US-based editors have a higher percentage of US authors. In addition, journals with better Cabell’s journal rankings and higher rejection rates have higher percentage of US authors from AACSB accredited schools with doctoral programs.

C-ranked journals are often neglected in prior studies on journal characteristics because they are less well-known and less likely to be cited. However, these journals constitute as many as half of all finance journals in the ABDC database and can be important publication outlets for finance researchers. This study contributes to the literature by examining the author characteristics of these journals, namely, the proportions of authors who come from US colleges and authors who come from AACSB accredited US programs. Such an analysis will provide valuable insight into the value of these journals.

Generation Xers in Japan continue to draw increasing attention not only because they constitute a promising segment for many products and services but also because they are expected to play a critical role in shaping their country’s political and economic relations with other countries. This paper examines their attitudes toward US products, businesses, and government. It also examines their behavioral intentions and their expectations of their government in terms of managing American business involvement in Japan. Findings and implications are presented.

This study examines the issue of cross‐continental publishing in real estate research to understand the research interaction between the two major English‐speaking countries and to determine if a home bias exists. This study also determines the extent to which authors from other countries publish in US and UK journals, and provide a ranking of non‐US universities and authors. The survey of top US and UK real estate journals from 1993 through 1998 reveals that a home bias exists. The home bias concentration is higher in US journals than in UK journals, while UK journals exhibit more balanced origins, emanating not only from the USA/Canada, but also from Australia, New Zealand and Asia. In addition, the study reveals that the Universities of Reading, Ulster and Glasgow are well placed among European universities, while the National University of Singapore ranks well in Asia. Top US researchers tend to publish exclusively in US journals; likewise the same is observed for UK researchers. However, some notable exceptions are observed. Finally, a possible reason for the home bias could be the different research approaches undertaken by US and UK journals.

The purpose of this paper is to investigate the spillover effect of the US macroeconomic news on the first two moments of the Vietnamese stock market returns.

The author collected market expectation and actual announcements data for 12 key US macroeconomic announcements for the period from August 2000 to September 2009 from Bloomberg. The dataset consists of monthly Non‐farm payroll (NFPM), Unemployment level (UNEMP), Gross Domestic Product percentage level (GDP), Housing statistics (HOMEST), Industrial production (INDP), Leading Indicator (LEAD), Retail Sales (SALES), Consumer Price Index (CPI), Producer Index (PPI), Current Account (CA, quarterly), Trade Balance (BOT), and the Federal Reserve's target rates (FOMC, 8 times a year and ad hoc meetings if needed). The MA‐EGARCH (1,1) model is used for the empirical test of the US macroeconomic news spillover effects on the VNI index.

In general, the US real economic news has the strongest effect on the first two moments of the Vietnamese stock returns. This can be interpreted as evidence that Vietnamese market participants believe that the USA is targeting real economic activities other than other variables. It is also shown that even though the US stock market (proxied by S&P500 index) significantly affects the Vietnamese stock market returns, the spillover effect of the US macroeconomic news is still significant.

The author does not explore further on the transmission channels of the spillover effects of the US news on the Vietnamese stock market, reserving this task for future research.

The paper contributes to the extant literature in several ways. First, to the author's knowledge, the current literature lacks empirical evidence for the impact of the US macroeconomic news on the first two moments of the Vietnamese stock markets. Given the growing integration between the two economies, evidenced by the fact that the USA is Vietnam's largest foreign direct investor and importer, the US macroeconomic news is very important, not only for Vietnamese policy makers but also for market participants. Furthermore, the choice of a small and open market with increasing exposure to the world economy and vulnerable to the US news (i.e. Vietnam) would help in reducing the problem of endogeneity bias in previous studies employing large economy pairs, as the US news might affect the Vietnamese stock market but not the reverse. Finally, previous studies tend to investigate the impact of macro news only on conditional returns. In this study, both conditional returns and the conditional variance of returns are modelled simultaneously in a time‐varying framework (MA‐GARCH) to better capture the impact of macroeconomic news on stock returns and stock market volatility.

The purpose of this article is to assess the pricing of stocks that are traded on both a US stock exchange and a non‐US stock exchange to determine whether interaction exists between the two exchanges.

This article identifies extreme price movements of stocks (winners and losers) in the non‐US stock exchanges that also trade as American depository receipts (ADRs) in the US market, and measure the US market response. Also identifies extreme price movements of stocks (winners and losers) in the US stock exchanges that also trade in the non‐US markets, and measure the non‐US market response.

Finds a significant reversal of winners and losers in the US market, which suggests that the US market attempts to correct the pricing in non‐US markets. Also finds that extreme ADR price movements in the US markets are followed by corrections in the non‐US market.

Market participants appear to monitor unusual stock price movements that just occurred in other markets, and correct for unusual price movements that cannot be rationalized. Such activity in global markets expedites the process by which price discrepancies are corrected. The evidence also suggests that the cost of equity in one market can be influenced by the actions of investors in another market.

This study of non‐US stocks that are cross‐listed in the US in the form of ADRs allows us to examine the interaction of pricing in a stock's local market with pricing in the US market.

The purpose of this paper is to highlight areas of particular interest to non‐US investment funds in the second installment of the US Treasury Department's written guidance under the Foreign Account Tax Compliance Act (FATCA).

The paper explains the background to FATCA and the Treasury Department's guidance on procedures for identifying US accounts among pre‐existing individual accounts, “pass‐thru payments” to “recalcitrant account holders” or non‐compliant foreign financial institutions (FFIs), FFIs deemed to be FATCA‐compliant, and centralized compliance options for certain affiliated groups of FFIs; explains next steps and offers future guidance.

FATCA was enacted in March 2010 to ensure that there is no gap in the ability of the US government to determine the ownership of US assets in foreign accounts and to prevent offshore tax abuses by US persons – in particular to prevent a US person from escaping US tax liability by owning US assets through foreign accounts.

Various industry groups are expected to press Treasury for guidance that would alleviate the FATCA burdens on widely held investment vehicles and funds that prohibit investment by reportable US account holders. In the interim, non‐US funds should begin to decide whether to permit reportable US account holders and to determine who will be responsible for performing the due diligence required to identify US account holders.

The paper provides practical guidance from experienced financial services lawyers.

The purpose of this paper is to provide a brief overview of some common hedge fund structures and some of the tax considerations that are significant in choosing among these structures.

The focus of this article is US federal income tax considerations, particularly in the circumstance where the fund manager includes, at least in part, persons who are US individual taxpayers. The structures described here, including limited partnerships organized under US law, offshore investment companies, and master‐feeder structures, serve as basic building blocks for many other variations that may be appropriate, depending on a number of factors, including investment objectives (e.g. capital appreciation versus dividend income), anticipated investors (e.g. non‐US investors and investors subject to special regulatory regimes) and the composition of the investment managers (e.g. managers that include both US and non‐US principals).

Hedge funds must be structured carefully to avoid unfavorable US tax consequences and each structure has both advantages and disadvantages.

An essential summary of tax structures for hedge fund managers and advisers.

To analyze the recent SEC no-action relief allowing a non-US investment company to invest as a feeder fund in a US registered open-end management investment company without complying with all of the conditions of Section 12(d)(1)(E) of the Investment Company Act of 1940.

This article discusses the various conditions that a non-US investment company investing as a foreign feeder in a US registered open-end management investment company must satisfy in order to avoid complying with certain provisions of Section 12(d)(1)(E) of the Investment Company Act of 1940. In addition, the article analyzes certain potential tax and regulatory challenges facing firms seeking to rely on the relief.

This article concludes that the SEC no-action relief is an incremental step in reducing barriers to global distribution of US registered funds and may marginally increase the use of cross-border master-feeder arrangements as contemplated by the no-action letter. Nevertheless, this article cautions that significant impediments to global distribution of US registered funds remain, including tax withholding and non-US law issues.

This article contains valuable information about the regulatory impediments to global distribution of US registered funds, as well as learned assessments of the impact of recent developments in this space by experienced securities lawyers.