Forecasting Stock Exchange Opening with Foreign Stock Markets: Evidence from the NYSE and the SSE

Abstract

AcknowledgementsThere is a great deal of work to coordinate and administer all of the activities of the Atlantic Schools of Business Conference. In particular, the coordination of activities from the call for papers to the acceptance process is very extensive. We would like to thank the many people involved to help us with this central aspect of the conference. Thanks to Ms. Amanda Strongman who took on the initiative and perseverance to automate the paper submission process using Easy Chair this year. The use of this tool provided many insights from an organizing perspective that were invaluable. We would also like to thank the track chairs (see next section for a track chair list) who provided timely and helpful feedback about how to improve the process and managed the review process for the papers submitted to their tracks. Their commitment to getting reviews for all papers and providing feedback to authors involved an immense amount of work which we are thankful they took on. Finally, we would like to thank all the reviewers who took the time to review papers in their area of expertise and offer constructive feedback to authors to help improve their work. This process relies on volunteers from across the region. We are grateful that the spirit of academic development and achievement is alive and well! Your contributions in this area make the ASB conference possible! Sincerely, Wendy R. Carroll Conference Chair Atlantic Schools of Business Executive Stream PageAccounting 1 Business Communications 13 Business History 50Finance 84 Human Resources and Industrial Relations 197 Information Systems 258 Management Education 307Marketing 323 Organizational Theory 384Strategy 430 ASB Conference 2011 Proceedings Accounting StreamUniversity of PEI IntroductionCorporate Social Responsibility (CSR) has received growing attention in the last several decades. Its impact dramatically reached the top echelons of the United Nations when UN Secretary-General Kofi Annan proposed The Global Compact at the World Economic Forum in Davos, Switzerland in 1999 (Bitanga and Bridwell, 2010). The Global Compact has grown to encompass more than 8,700 corporate participants and others stakeholders, including over 7,700 businesses in 130 countries around the world (United Nations Global Compact, 2011a).The UN Global Compact is a voluntary initiative that relies on public accountability, transparency, and enlightened corporate self-interest. The basic idea is that the voluntary involvement of companies in the areas of human rights, labor rights, environmental degradation, and anti-corruption can encourage private innovation and concern within these areas in a manner that regulation has been unable to adequately achieve, thereby hastening the emergence of a more sustainable and just future (Kell and Levin, 2002).The benefits for companies voluntarily affiliating with the UN Global Compact have been little documented from an empirical perspective. A survey by Cetindamar and Husoy (2007) documented the motivations of some firms for adherin...