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*Special Issue of International Journal of Managerial Finance (IJMF) *

*“Law, Culture and Finance”*



*Guest Editors:*



*Douglas J. Cumming*, Schulich School of Business, York University, Canada



*Sofia Johan*, Schulich School of Business, York University, Canada; and
Tilburg Law and Economics Centre (TILEC), University of Tilburg, Netherlands



*Feng Zhan*, Boler School of Business, John Carroll University, USA



*Minjie Zhang*, Odette School of Business, University of Windsor, Canada



*Submission Deadline: September 17th, 2017*



*BACKGROUND OF THE SPECIAL ISSUE:*



The objective of this special issue of the International Journal of
Managerial Finance (IJMF) is to promote both theoretical and empirical
research on the intersection and interaction law and culture on corporate
decisions, firm value, and financial transactions.



Academic research in finance has traditionally studied legal perspectives
on finance following the pioneering work of La Porta et al. (1998);
however, more recently, there has been a growing interest in the role of
culture in finance (Karolyi, 2016).  Both law and national culture can
explain a number of corporate events such as foreign investments,
cross-listings, and innovation investment, among other things.
Nevertheless, few studies up to date focus the intersection and interaction
impact between law and culture on firms and financial markets. One of the
difficulties to implement such studies is that regulations tend to change
from time to time but national culture remains relatively stable.  Also,
national culture and legal environments are highly correlated.  To this
end, new research is needed to ascertain the relative importance of law
versus culture in financial markets.



The special issue of IJMF welcomes submissions of papers developed themes
that include but are not limited to:



1.     To what extent are regulatory changes in different countries
affected by national culture (Stulz and Williamson, 2013)?



2.     What is the role of angel investors, venture capital, innovation
centers and incubators in different economies around the world (Cumming and
Johan, 2013), and how does it depend on national culture and financial
regulation?



3.     What is the relative importance of culture and legal institutions
for emerging versus developed markets? Are agency problems associated with
state-owned enterprises affected by the legal and cultural settings in
which they operate?


4.     How is contagion influenced by law versus culture in global
financial markets?



5.     What are the identification strategies/methodologies that can
provide causal insights between cultural and legal institutions and
financial markets?



6.     How do legal and cultural institutions affect firms’ innovation
investment and long term financial performance?



7.     How do legal and cultural forces interact in ways that exacerbate or
mitigate risk taking behavior of firms and individuals?



*References*



Cumming, D.J., and S. Johan, 2013. “Technology Parks and Entrepreneurial
Outcomes around the World” International Journal of Managerial Finance
9(4), 279-293.



Karolyi, A. (2016). “The Gravity of Culture for Finance,” Journal of
Corporate Finance 41(1), 610-625.



La Porta, R., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R.W., 1998.
“Law and Finance,” Journal of Political Economy, 106, 1113–1155.



Stulz, R.M., Williamson, R. (2003). “Culture, Openness, and Finance”
Journal of Financial Economics 70, 313-349.



*SUBMISSIONS AND REVIEW PROCESS:*



The deadline for submission to the special issue of IJMF is *September
17th, 2017*.  All manuscripts submitted to the special issue should be
submitted through the IJMF Manuscript Central website online at
http://mc.manuscriptcentral.com/ijmf.  Contributors should follow the IJMF
Author Guidelines (which can be found at
http://www.emeraldgrouppublishing.com/authors/index.htm ). Final decisions
on papers for the IJMF special issue will be made later in the year.



*CONTACTS:*



*Douglas J. Cumming*, Schulich School of Business, York University, Canada,
[log in to unmask]



*Sofia Johan*, Schulich School of Business, York University, Canada, and
Tilburg Law and Economics Centre (TILEC), University of Tilburg,
Netherlands, [log in to unmask]



*Feng Zhan*, Boler School of Business, John Carroll University, USA,
[log in to unmask]



*Minjie Zhang*, Odette School of Business, University of Windsor, Canada,
[log in to unmask]




Feng Zhan, Ph.D.

Assistant Professor of Finance
Boler School of Business
John Carroll University
1 John Carroll Boulevard
University Heights, OH 44118
Phone: (216) 397- 4984
Email: [log in to unmask]
SSRN: http://ssrn.com/author=1570631
JCU Faculty:
http://sites.jcu.edu/boler/pages/who-we-are/faculty/feng-zhan-ph-d/

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