People and Faculty
Julie Elston
Finance

Julie Elston

People and Faculty
Julie Elston
Overview
Overview
Publications

Publications

Academic Journal
Finance

“Market Linkages Between the US and Japan: An Application to the Fisheries Industry”

Recent trends in globalization of Pacific Basin commodity markets raises important questions concerning the nature of market integration and price linkages. This paper examines this issue by testing for price linkages between the United States and Japan for two species whose exports from the U.S. to Japan have risen considerably over the past decade. Empirical results indicate segmentation of price linkages for sablefish but probable price linkages for some thornyhead markets. Findings suggest that markets for these species may be less sensitive to price changes in Japan than would be expected based on commodity flows.
Details

517-530 pages 1999 Japan and the World Economy Julie Elston James Hastie Dale Squires

Academic Journal
Finance

“Financing the German Mittelstand”

This paper describes how the German Mittelstand, or small- and medium-sized enterprises, are financed in Germany. The role of the German Mittelstand, both in a static and in a dynamic framework, is described and contrasted with that of the same size group in other leading industrialised countries. We find that in general, the Mittelstand has played a mmore important role in Germany than in other industrialised nations, such as the United States or the United Kingdom. The traditional success of the German Mittelstand is partly attributable to a system of finance that is richly layered by complementary institutions designed to meet the financial needs of both large and smaller enterprises. However, we find evidence that even under the German system of finance liquidity constraints exist and are greater for smaller firms. The German system of finance moreover seems particularly deficient in the channeling of funds to new firm startups in the newer industries.
Details

97-110 pages 1997 Small Business Economics David Audretsch Julie Elston View on: Google Scholar

Academic Journal
Finance

“Dividend policy and investment: Theory and evidence from US panel data”

This paper examines the importance of dividend policy and liquidity constraints in the context of the firm's investment behaviour. While early financial literature has argued that dividend policy should be independent of firm investment decisions, recent studies indicate that linkages are probable in a world of imperfect capital markets. This study develops an alternative Q specification which incorporates the actual dividend payment of the firm in order to test the hypothesis of independence. Empirical results suggest that after controlling for the firm's dividend payment, liquidity constraints remain an important determinant of firm investment behavior.
Details

267-275 pages 1996 Managerial and Decision Economics Julie Elston View on: Google Scholar

Academic Journal
Finance

“Environmental, Social & Governance (ESG) Initiatives & Firm Performance: The Importance & Role Of Firm Size”

This study employs an Effect Decomposition Regression (EDR) framework to analyze the impact of ESG initiatives on firm performance, focusing on the importance of firm size. A key finding of this study is that firm size matters in characterizing the relationship between ESG and performance. For large firms, ESG has a significant impact on total revenues, which is characterized by a U-shaped relationship where ESG initiatives initially have a negative impact on performance, and as firm investment on initiatives expand, the impact shifts to a positive influence as scores rise. On the other hand, smaller firms exhibit a monotonically increasing or incremental benefit from ESG engagement. This research underscores the necessity of not just controlling for size but examining ESG-performance behavior by firm size. From a policy perspective, it is clear that before universally advocating for ESG as a value enhancing practice for all firms, one must consider firm size.
Details

Julie Elston Ku-Hsieh Chen Yingchao Zhang Pei-Hwa Chen Kang-Hua Hsu

Academic Journal
Finance

“The Impact of Governance and Cross-listing on Firm Valuation: Evidence from Chinese Listed Firms”

This study contributes to the limited literature on the link between corporate governance and cross-listing behavior in developing countries. Using recently available financial and accounting data from the Shanghai Stock Exchange (SSE), Shenzhen Stock Exchange (SZSE) and the Hong Kong (HKEX) exchange, contributes to the literature by documenting an unusual bi-directional flow of cross-listing between mainland China and Hong Kong. Further, estimates reveal a 2.7 cross-listing premium for listed “domestic” SSE and SZSE firms, presenting a departure from the common uni-directional models (Ferris, Kim & Noronha, 2009). This cross-listing premium can be interpreted as indicative that many investors believe there are better opportunities in the SSE and SZSE markets than the HKEX. This study provides new insights on the role of state ownership in reducing firm informational and agency problems, providing evidence that suggests state ownership may provide more information sharing (with other shareholders). Estimates also show that cross-listing has a positive impact on firm valuation as measured by Q -particularly for state-owned enterprises (SOE).
Details

Elsevier Julie Elston Yingzhou Zhang