Browsing by Author "Fung, Hung-Gay"
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ItemA cointegration analysis of the Asian dollar and Eurodollar interest rate transmission mechanism(Springer, 1992) Fung, Hung-Gay; Isberg, Steven; Leung, Wai KThe transmission mechanism between the Asian dollar and Eurodollar markets is investigated for the period 1981–1989 using a cointegration analysis and error correction model. Results indicate the absence of reverse causality in the Asian dollar market throughout the 1980s. In the Eurodollar market, reverse causality exists in the first half, but disappears in the second half of the decade. Both markets are evolving into rapid incorporation of prior interest rate information into current rates. These results are likely to be due to reduced market regulation, expansion of futures trading, more sophisticated telecommunications and 24-hour trading practices. ItemEthical issues across cultures: Managing the differing perspectives of China and the USA(MCB University Press, 1999) Pitta, Dennis A; Fung, Hung-Gay; Isberg, StevenUS marketers know the US standard of ethics. However, that standard can lead to ethical conflict when Americans encounter the emerging market giant, China. As smaller US companies enter China, the potential for ethical conflict increases. Reducing that potential requires knowledge. Knowing the nature and history of the two cultures can lead to an understanding of the foundation of their ethical systems. Ethics and the expectations within cultures affect all business transactions. It is vital for Western marketers to understand the expectations of their counterparts around the world. Understanding the cultural bases for ethical behavior in both the USA and China can arm a marketer with knowledge needed to succeed in cross-cultural business. Implementing that knowledge with a clear series of managerial guidelines can actualize the value of that understanding. ItemThe international transmission of eurodollar and US interest rates: A cointegration analysis(Elsevier, 1992) Fung, Hung-Gay; Isberg, StevenThe relationship between US and Eurodollar certificate of deposit (CD) rates for the period 1981–1988 is examined using an error correction model. Results indicate that there is a structural change in the CD rates. In the earlier sub-period (1981–1983), there exists unidirectional causality leading from the domestic to the external markets. In the more recent sub-period (1984–1988), however, significant reverse causality is observed. These results are likely due to expansion in the size of the Eurodollar market and an increase in the volume of Eurodollar futures trading. ItemA Note on Euroyen and Domestic Yen Interest Rates(Journal of Banking and Finance, 1995) Morse, Joel N.; Lo, Wai-Chung; Fung, Hung-GayThis study examines interest rate transmission between the London Euroyen market and the Japanese domestic CD market. The results, which span 1984 through the beginning of 1993, indicate that these two interest rate series are cointegrated. In the earlier part of the sample period, causality is strongest from the Euroyen market to domestic yen interest rates. However, strong feedback effects are observed in both directions in more recent years. The use of both vector autoregressive modeling and cointegration analysis for forecasting is supported over random walk models.