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PurposeThis study examines the role of financial development (FD) in enhancing the growth effect of foreign direct investment (FDI) in emerging and developing Asia from 1996 to 2019.Design/methodology/approachThe study exploits the new broad-based Financial Development Index of the International Monetary Fund (IMF) and adopts panel smooth transition regression (PSTR) to perform alternative empirical models for a multidimensional analysis of the FD threshold effect in the growth–FDI nexus.FindingsThe results show two thresholds of FD mediating the nonlinear effect of FDI on growth. FD beyond a certain level will enhance the growth effect of FDI, but very high levels of FD will not induce foreign investment to benefit economic growth in emerging and developing Asian economies. The impact of financial institutions on the FDI–growth link is stronger than that of financial markets. Besides, FDI’s effect on growth has an inverted-U shape conditional on financial depth, whereas it is positively associated with the accessibility and efficiency of the financial system.Practical implicationsThese results suggest policy implications for emerging and developing Asian countries, emphasizing the other side of “too much finance” and the potential for improvement in the access to and efficiency of the financial system to boost the effects of FDI and FD in the growth of these economies.Originality/valueThe study is the first multifaceted investigation into the influence of FD on the growth effect of FDI. Beyond the previous empirical evidence showing only the impact of credit from banking sector, this study shows different mediating effects of different financial sectors and three dimensions of financing (depth, access and efficiency). The study suggests essential implications for the region in adjusting long-run policies to enhance the FDI–FD–growth link.

Taiwan’s brain drain has been a significant concern due to China’s strong economic drawing power, and the situation may have worsened over the past decade. In the literature, the causes and influen...

Studying the informativeness of institutional trades, this paper examines informational differences among institutional investors in the Taiwan stock market. Evidence shows that the net trades of (domestic) mutual funds impound information superior to the net trades of foreign investors and securities dealers, regardless of the selected formation and holding periods. The information advantage of mutual funds does not result from their trading persistence but from their stock-picking skill. The advantage is positively related to information asymmetry proxied by the smallness of firms, even after controlling for the risks associated with institutional equity preferences.

In this paper, a more accurate model for obtaining the turn-off current of insulated-gate bipolar transistors (IGBT) is proposed which shows that the turn-off current is overestimated in the previous models. Since the IGBT is regarded as a bipolar junction transistor (BJT) in series with a metal-oxide-semiconductor field-effect transistor (MOSFET), the turn-off I–V formula for IGBT was obtained by combining the turn-off formulae of each component device in the previous model. However, the coupling effect between the MOSFET and BJT during the turn-off process was not taken into consideration. In order to improve the accuracy of turn-off modeling, the drift hole current associated with the MOSFET electron current is assumed to decay in proportion to the electron current as the gate voltage is turned off, and the electron current injected into the pnp-BJT emitter is also taken into consideration when calculating the excess hole concentration in the base. The accuracy of this turn-off model is verified by both the simulated results and the measured data.