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Course: LZ 55, Fall 2009School: Cornell
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Three Essays on International <a href="/keyword/joint-ventures/" >joint ventures</a> , Behavioral Finance, and International Portfolio Investment Dissertation Abstract Lanyue Zhou Cornell University Essay One: Managerial Hubris and International <a href="/keyword/joint-ventures/" >joint ventures</a> : Evidence from...
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Three Essays on International <a href="/keyword/joint-ventures/" >joint ventures</a> , Behavioral Finance, and International Portfolio Investment Dissertation Abstract Lanyue Zhou Cornell University Essay One: Managerial Hubris and International <a href="/keyword/joint-ventures/" >joint ventures</a> : Evidence from U.S.-China JV Announcements (Job Market Paper) <a href="/keyword/joint-ventures/" >joint ventures</a> constitute an essential part of foreign direct investment, and this paper is the first to relate the hubris hypothesis (Roll, 1986) to international <a href="/keyword/joint-ventures/" >joint ventures</a> . I investigate shareholder wealth effects of US-China joint venture announcements from 1985 to 2007, utilizing the SDC database. The results show that, on average, investing in China through <a href="/keyword/joint-ventures/" >joint ventures</a> is a wealth-creating activity for US shareholders. However, there is considerable cross-sectional disparity in wealth effects. The worst <a href="/keyword/joint-ventures/" >joint ventures</a> are made by firms with the best recent performance, which suggests that managerial hubris drives bad joint venture investments and damages shareholders wealth. There is no evidence that agency problems lower shareholder announcement returns significantly. Trading around announcements is consistent with the hubris explanation. The results also suggest that an independent and vigilant board may resist the detrimental effects of managerial hubris. Essay Two: International <a href="/keyword/joint-ventures/" >joint ventures</a> , Country Risk, and Value Creation, joint with Kin-Yip Ho The analysis of international <a href="/keyword/joint-ventures/" >joint ventures</a> (IJVs) has been the focus of many empirical studies in international finance and business, partly because the performance implications of IJVs for their parent companies remain mixed and the factors influencing the creation of shareholder value for JV partners are still not entirely clear. In this paper, we focus on the shareholder wealth effects of IJV announcements made by publicly-listed US firms by employing SDC platinum <a href="/keyword/joint-ventures/" >joint ventures</a> database. Specifically, we study the effect of the destination country risk on the shareholder value of US firms announcing IJVs by using different measures of country risk. In general, shareholders of US firms announcing IJV investments in foreign countries realize positive abnormal returns. However, the impact of country risk on the shareholder value is ambiguous, as it depends on the country risk measure. There is some evidence that value creation is lower in politically risky regimes, and this is apparently consistent with the theory that such regimes jeopardize the value-inuse of deployed resources. In contrast, using other measures of country risk, we find that the wealth gains are much higher for IJVs undertaken in high-risk countries versus low-risk countries. We suggest that this finding could be because IJVs conducted by US firms are structured in ways that enable these firms to manage the destination country risk and increase shareholder value in the process. Essay Three: What Drives Foreign Portfolio Investment in the U.S.? Lanyue Zhou Abstract Page 1 of 2, Oct 2008 The explosion of foreign portfolio investment has attracted the attention of academics, policymakers, regulators, and investors, yet the motivation for it is not well understood. The existing literature typically analyzes U.S. portfolio investment in other co...
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