Editors

S. Ghon Rhee
Shidler College of Business
University of Hawai'i
2404 Maile Way D311B
Honolulu, HI 96822
USA

Charles Cao 
Department of Finance
Smeal College of Business
338 Business Building
Pennsylvania State University
University Park, PA 16802
USA

Jun-Koo Kang
Division of Banking and Finance
Nanyang Business School
Nanyang Technological University
Nanyang Avenue
Singapore 639798

Editorial Office

S. Ghon Rhee
K.J. Luke Chair of International Finance and Banking
Shidler College of Business
University of Hawai'i
2404 Maile Way D311B
Honolulu, HI 96822, USA
E-mail: rheesg@hawaii.edu

Advisory Editorial Board

Edward J. Kane, Boston College, USA

Richard Roll, University of California, Los Angeles, USA

Rene M. Stulz, Ohio State University, USA

Editorial Board

Franklin Allen, University of Pennsylvania, USA

Andrew Ang, Columbia Business School, USA

Kee Hong Bae, Queen's University, Canada

Warren B. Bailey, Cornell University, USA

Henk Berkman, University of Auckland, New Zealand

Arturo Bris, Yale University, USA

Stephen J. Brown, New York University, USA

Kalok Chan, Hong Kong University of Science & Technology, Hong Kong

Eric C. Chang, University of Hong Kong, Hong Kong

Yin-Wong Cheung, University of California Santa Cruz, USA

Edward Chow, National Chengchi University, Taiwan

Kee H. Chung, SUNY at Buffalo, USA

David Ding, Singapore Management University, Singapore

Robert Faff, University of Queensland, Australia

Joseph Fan, Chinese University of Hong Kong, Hong Kong

Steve Foerster, University of Western Ontario, Canada

Alex Frino, University of Sydney, Australia

Charles J. Hadlock, Michigan State University, USA

Allaudeen Hameed, National University of Singapore, Singapore

Campbell Harvey, Duke University, USA

Takato Hiraki, Tokyo University of Science, Japan

Roger Huang, University of Notre Dame, USA

G. Andrew Karolyi, Ohio State University, USA

H. Kato, Nagoya University, Japan

In Joon Kim, Yonsei University, Korea

James Kolari, Texas A&M University, USA

Inmoo Lee, Korea University, Korea

Bong Soo Lee, Florida State University, USA

Michael L. Lemmon, University of Utah, USA

Anil Makhija, Ohio State University, USA

Ron Masulis, Vanderbilt University, USA

Todd Mitton, Bringham Young University, USA

Randall Morck, University of Alberta, Canada

Enrico C. Perotti, University of Amsterdam, The Netherlands

Kate Phylaktis, Cass Business School, UK

Jay Ritter, University of Florida, USA

Avanidhar Subrahmanyam, University of California Los Angeles, USA

Jiang Wang, Massachusetts Institute of Technology, USA

John Wei, Hong Kong University of Science and Technology, Hong Kong

Mark Weinstein, University of Southern California, USA

Robert Whaley, Vanderbilt University, USA

Xinzhong Xu, Beijing University, USA

Yishay P. Yafeh, The Hebrew University, Israel