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Academic Journal
Finance

“Market Linkages Between the US and Japan: An Application to the Fisheries Industry”

Recent trends in globalization of Pacific Basin commodity markets raises important questions concerning the nature of market integration and price linkages. This paper examines this issue by testing for price linkages between the United States and Japan for two species whose exports from the U.S. to Japan have risen considerably over the past decade. Empirical results indicate segmentation of price linkages for sablefish but probable price linkages for some thornyhead markets. Findings suggest that markets for these species may be less sensitive to price changes in Japan than would be expected based on commodity flows.
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Julie Ann Elston, James Hastie and Dale Squires "Market Linkages Between the US and Japan: An Application to the Fisheries Industry" Japan and the World Economy Japan and the World Economy 517-530 pages 1999

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Academic Journal
Finance

“New venture legitimacy: the conditions for angel investors”

Favorable legitimacy judgments by potential resource providers are critical for the survival and growth of new ventures. We examine which aspects of a venture’s activities, structures, and outcomes, as conveyed by its narrative, are associated with legitimacy judgments by potential angel investors in a sample of 176 new venture proposals. We find that entrepreneurial ventures with quality top management teams, advisors, and developed products are viewed more favorably by angel investors and likely have better access to these investors. This research provides new insights into the establishment of legitimacy within the economically important angel capital market.
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John Becker Blease and Jeffrey Sohl "New venture legitimacy: the conditions for angel investors" Small Business Economics 735-749. pages 2015 View on: Google Scholar

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Academic Journal
Finance

“Private Debt, Unused Credit Lines, and Seasoned Equity Offerings”

We study a sample of SEOs to examine the impact of private debt and unused credit lines on SEO underpricing and long-run stock and operating performance. We do not find significant effects of private debt financing on SEO underpricing and long-run stock underperformance. However, firms with more bank debt and unused lines of credit exhibit significantly better pre-issue operating performance. Changes in operating performance from the pre-issue year to the post-issue period are negatively related to the size of unused credit lines. Capital spending decreases with the size of unused credit lines in the year prior to SEOs, but increases following SEOs. Our overall evidence suggests that the post-issue operating performance we observed may be a result of overinvestment, which is enhanced by unused credit lines.
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Yang Liu and Jimmy Yang "Private Debt, Unused Credit Lines, and Seasoned Equity Offerings" Quarterly Review of Economics and Finance 376-388 pages 2011 View on: Google Scholar

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