Announcements
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Knowledge that Transforms
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JFQ volume 12 issue 2 Back matter
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Announcements
20-23. Western Finance Association sessions will be at the Quality Inn. The seventeen sessions include cocurrent sessions with empirical and theoretical papers from the major areas of financial research plus two sessions devoted to aspects of the teaching of finance. Three featured sessions are:
The Association Between Firm Risk and Wealth Transfers Due to Inflation
The net monetary position of a firm, defined as the nominal value of its monetary assets minus the nominal value of its monetary liabilities, partly determines the wealth transferred to (or from) the firm's owners when unanticipated price level change occurs. Price level change (a random variable) is defined as unanticipated when assessments of (the moments of) its probability distribution are systematically incorrect or biased. During unanticipated inflation, which conventionally means an underestimate of the expected value of the distribution of price level change, the real dollar returns of net monetary debtor firms are enhanced—the unforeseen honoring of debt contracts in dollars of lower purchasing power is a wealth transfer to the firm's owners from the firm's creditors. Conversely, real returns of net monetary creditor firms suffer during unanticipated inflation and gain during unanticipated deflation.
JFQ volume 12 issue 3 Cover and Front matter
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JFQ volume 12 issue 5 Cover and Front matter
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The Internationalization Process of the Firm—A Model of Knowledge Development and Increasing Foreign Market Commitments
On the basis of empirical research, a model of the internationalization process of the firm is developed. The model focuses on the gradual acquisition, integration and use of knowledge about foreign markets and operations, and on the incrementally increasing commitments to foreign markets. In particular, attention is concentrated on the increasing involvement in the individual foreign country.