Suggestions for Research Themes and Publications
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* International finance has emerged as one of the most active and exciting areas of management for positive and normative research in recent years. The international economic environment has changed radically, raising new questions but also providing fascinating observations of the interaction of the various elements of the world financial system. At the same time, financial theory has progressed substantially in its ability to treat rigorously the complexities of international finance. Further, empirical evidence regarding the efficiency of markets has significantly altered traditional perspectives on foreign exchange markets and international financial transactions. JIBS actively solicits articles in international finance which will be of interest to the non-specialist as well as the specialist in finance. JIBS readers represent a cross-section of functions and disciplines with a common interest in the multinational firm and other modes of international transfers of goods and factors of production and the interaction of these alternative modes with the relevant politicaleconomic and sociocultural environments. In general, articles suitable for publication in JIBS will contribute to the positive theory of international business relationships or will provide normative guidelines for international business practice which transcend the finance function. These studies will often fall into the middle ground between rigorous empirical studies based on extensive data sets and more descriptive, less definitive studies focusing on smaller yet richer samples of micro-level data. In judging such articles, JIBS will attempt to balance the desire for high theoretical and empirical standards with the relevance and difficulty of doing research on a particular topic. Three broad areas of research offer considerable promise within these guidelines in addition to the positive empirical studies based on macroeconomic and asset market data that characterize much current financial research. These are: 1) positive empirical studies that address issues at the level of the individual firm, 2) normative studies that demonstrate how various environmental and competitive considerations should be treated in corporate decisions, and 3) normative analyses of macro-level questions. Research in international finance has been facilitated by the existence of accessible, "high quality" macroeconomic and asset market data and by advances in techniques for analyzing such data. Because of this, researchers have tended to focus on questions such as currency behavior or portfolio diversification at the expense of aspects of finance that bear a closer relationship to firms' policies but require less accessible, "lower quality" corporate variables. However, there are a number of positive studies at the level of individual firms that could be undertaken with the degree of rigor characteristic of the macro-level research. One example would be an event study tracing the impact of a particular set of corporate actions or environmental changes on firms' share
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