Articles
McDonald's -- Much Maligned, But an Engine of Economic Development, Global Economy Journal (2009)
Critics have excoriated the US fast-food industry in general, and McDonald's most particularly, both per...
The international diffusion of an innovation: The spread of decimal currency, Journal of Socio-Economics (2009)
This paper argues that decimalization of currency diffused as a consequence of all three forms...
The Manager’s Guide to Big Macs (with Robert Grosse), Advances in Financial Education (2006)
We have found that deriving the business implications of abstract concepts such as Purchasing Power...
Foreign Banks in the Pacific: A Note., Journal of Pacific History (2005)
Foreign banks have been operating in the Pacific Islands since the late 19th century. Today,...
Change the regime – Change the money: Bulgarian banknotes, 1885 to 2003, Balkanologie (2004)
This paper follows the changes in the images in Bulgaria’s notes from the first issue...
Financial Integration, Dis-integration and Emerging Re-integration in the Eastern Mediterranean, c.1850 to the Present., Financial Markets, Instruments and Institutions (2004)
The financial integration that concerns us is that of the linking of national banking systems...
The California Subsidiaries of Japanese Banks: A Genealogical History, Journal of Asian Business 20 (2), 59-82 (2004)
Japanese banks had subsidiaries in California from 1910 to 1941. The Japanese banks started to...
“The world’s local bank”: HSBC’s expansion in the US, Canada and Mexico., Latin American Business Review (2004)
HSBC has built up a major retail banking presence in Canada, the US, and Mexico....
Who Owns the Major US Subsidiaries of Foreign Banks? A Note, Journal of International Financial Markets, Institutions & Money (2004)
In 2000 ten foreign banks owned the 12 largest US subsidiaries of foreign banks, which...
Banks and the World's Major Banking Centers, 2000 (with Sang-Rim Choi and Dae-kun Park), Weltwirtschaftliches Archiv (2003)
We update two earlier articles on the determinants of interpenetration of financial centers by banks....
Currency Risks, Government Procurement and Counter-trade: A Note (with Sang-Rim Choi), Applied Financial Economics 13 (12), 885-889 (2003)
Government agencies that procure goods from abroad typically face various risks, particularly uncertainty over future...
Banking on Gambling: Lottery-Linked Deposit Accounts (with Mauro F. Guillen), Journal of Financial Services Research (2002)
Deposit accounts that provide an interest return determined by a lottery have proved to be...
Entry and Survival: The Case of Foreign Banks in Norway, Scandinavian Journal of Management (2002)
After a long history of closure to foreign banks, Norway opened in 1985. The foreign...
FDI and Internationalization: Evidence from US Subsidiaries of Foreign Banks, Journal of International Business Studies (2002)
Nine foreign banks own the ten largest US affiliates or subsidiaries of foreign banks. These...
Foreign Banks in Saudi Arabia: A Brief History, Transnational Corporations (2002)
The note examines the history of foreign banks in Saudi Arabia to shed light on...
The internationalization of Singapore’s largest banks, . Journal of Asian Business 18 (1): 1-35 (2002)
Singapore’s banks have offices throughout the Asia-Pacific area, in London and North America as well,...
Foreign bank penetration of newly opened markets in the Nordic Countries (with Lars Engwall, Torben Pedersen, and Rolf Marquardt), Journal of International Financial Markets, Institutions & Money (2001)
The opening to foreign banks in the Nordic countries provides us with an opportunity to...
Foreign Banks, International Banking Centers and Geography, Financial Markets, Instruments and Institutions (2001)
This essay reviews much of the recent literature on international financial centers from both economics...
Maria Theresa’s Thaler: A Case of International Money, Eastern Economic Journal (2001)
Despite its significance in monetary history, the Maria Theresa thaler (or taler) is little known...
The Denominations of US Coins: A Case of Institutional Evolution, Journal of Evolutionary Economics (2001)
The system of denominations of US coins, which the paper treats as a quasi-genetic trait...
The International Expansion of Norwegian Banks (with Siv F. Jacobsen and Martin Boldt-Christmas), Business History (2001)
We discuss the expansion of Norwegian banks abroad in the post-World War II era. The...
The internationalization of retail banking: the case of the Spanish banks in Latin America (with Mauro F. Guillen), Transnational Corporations (2000)
Since 1995 two Spanish banks—Banco Santander Central Hispano and Banco Bilbao Vizcaya—have become the largest...
Problems of Bank Lending in Bulgaria: Information Asymmetry and Institutional Learning (with Kenneth Koford), MOCT-MOST: Economic Policy in Transitional Economies (1999)
Why are there such severe problems in lending in the transition countries? We conducted interviews...
The Norwegian Banks in the Nordic Consortia: A Case of International Strategic Alliances in Bankin (with Siv F. Jacobsen), Industrial and Corporate Change (1999)
Despite the scholarly interest in joint ventures and strategic alliances, the consortium bank movement represents...
The Market Value of Rarity (with Kenneth Koford), Journal of Economic Behavior and Organization (1997)
Most theories of demand assume that consumers value the characteristics of products but are unconcerned...
The Optimal Denomination of Currency: A Conjecture., Journal of Money, Credit and Banking (1997)
Telser (1995) and Sumner (1993) argue that the optimal system of denominations of currency would...
Banks and the World’s Major Banking Centers, 1990. (with Sang-Rim Choi and Dae-kun Park), Weltwirtschaftliches Archiv (1996)
We update an earlier article on the determinants of interpenetration of financial centers by banks....
The Impact of the Foreign Corrupt Practices Act on U.S. Exports (with Paul J. Beck and Michael W. Maher), Managerial and Decision Economics (1991)
In 1977 the Foreign Corrupt Practices Act (FCPA) was enacted to penalize US firms and...
Liquor Brand Market Share (with Chwo-Ming Yu), Internaitonal Journal of Marketing Research (1990)
Panama's International Banking Center: The Direct Employment Effects (with Donald R. Lessard), Journal of Banking and Finance (1988)
Despite the political saliency of employment, the growing scholarly literature on financial centers contains only...
The Source and Consequence of Stop Orders: A Conjecture, Managerial and Decision Economics (1988)
The article conjectures that stop orders are automatic control limits that enable investors to react...
easonality in Asset Returns: Evidence from the Gold Market, Managerial and Decision Economics (1987)
In this paper we test monthly mean daily returns to gold over the period January...
International Retail Banking as a Strategy: An Assessment, Journal of International Business Studies (1987)
We assess the viability of a bank's entering into retail banking worldwide, wherever regulations permit,...
An Empirical Investigation of the EOE Gold Options Market (with Clifford A. Ball and Walter N. Torous), Journal of Banking and Finance (1985)
On April 2, 1981, the European Option Exchange introduced the first organized exchange trading of...
Books
Contributions to Books
Financial Crises and the Presence of Foreign Banks, Systemic Financial Distress: Containment and Resolution (2005)
Foreign banks have entered many transition and emerging economies in recent years, sometimes before economic...
Foreign Banks in Bulgaria, 1875-2002 (with Kenneth Koford), Capital Formation, Governance, and Banking (2005)
We apply the analogy from biology of ecological succession that follows natural disasters as a...
The Key to Risk Management: Management, Risk Management: Challenge and Opportunity (2004)
The Barings, Daiwa Bank and Sumitomo Corp. financial debacles in the mid-1990s suggest that management...
Other
Letter: Observation, Theory-Building, and Theory-Testing, The Economists' Voice (2009)
Adrian Tschoegl suggests that proper science is often neither deduction nor induction, but abduction.
Review of Philip E. Tetlock, Expert political judgment: How good is it? How can we know? (with J. Scott Armstrong), Marketing Papers (2007)
The book assaults common sense with evidence. In order to mount his assault on accepted...