Problems with Excel 2013 hyperlinks to other Excel files

Parallels 10.1.3, Win 8.1, Excel 2013 - all at latest patch levels

After creating a hyperlink in a that references another Excel spreadsheet, clicking the hyperlink causes Excel to hang for 2 to 3 minutes and then resume without opening the linked spreadsheet. Linking to a Word document or other type of file works fine. I suspected a trust issue but have "opened up" Excel to trust everything on my local network and still have the problem. I've verified the problem exists on another Parallels installation on a second Mac.

Using the same spreadsheet on Mac Excel 2011, the hyperlinks work as expected.

I've searched for a solution but can't seem to find anything that helps. Does anyone have any suggestions please?