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Browsing by Author "Leung, Joanne"

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    Dividends and Exploration
    (Te Herenga Waka—Victoria University of Wellington, 2000) Faccio, Mara; Lang, Larry H.P.; Leung, Joanne
    In Western Europe and East Asia capital markets require higher dividends from corporations tightly affiliated (at the 20% level of control) to a group and within a group from corporations whose controlling shareholder has a lower ratio O/C of ownership to control rights. For loosely-affiliated corporations (whose controlling shareholder holds between 10% and 20% of control rights) dividends are positively related to O/C reflecting expropriation not contained by capital markets. Such corporations comprise 2.94% of European corporations but 15.44 % of Asian corporations. In our 9 Asian economies the 11 largest groups at the 10% level comprise 53.75% of all corporations and 84.58% of loosely-affiliated corporations so most expropriation occurs here. Dividend are higher in Europe than in Asia; having multiple large shareholders increases dividends in Europe but decreases them in Asia.
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    ItemOpen Access
    The Relative Costs of Local Telephony Across Five Countries
    (Te Herenga Waka—Victoria University of Wellington, 1999) Alger, Dan; Leung, Joanne
    In this paper we take three steps towards evaluating the relative performanceof the telecommunications markets in these five countries. First weidentify and then limit our examination to only those components of thetelecommunications network that may generate market power concerns. Wedetermine that market power concerns where they exist at all are limited tothose facilities connecting a customer with its neighboring central officecollectively called the local loop. Second we identify regional factors that maysignificantly affect relative costs for the local loop. Using data and a cost modelfrom the US to examine these regional factors we find that customer density is the most significant. Third using this same cost model along with regional data we estimate local loop costs relative to the US for New Zealand Australia the UK and Sweden.