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Spillover Of Corporate Governance Standards In Cross Border Mergers And Acquisitions
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Book Synopsis Spillover of Corporate Governance Standards in Cross-border Mergers and Acquisitions by : Marina Vladimirovna Martynova
Download or read book Spillover of Corporate Governance Standards in Cross-border Mergers and Acquisitions written by Marina Vladimirovna Martynova and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis International Corporate Governance Spillovers by : Rui Albuquerque
Download or read book International Corporate Governance Spillovers written by Rui Albuquerque and published by International Monetary Fund. This book was released on 2013-11-12 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop and test the hypothesis that foreign direct investment promotes corporate governance spillovers in the host country. Using firm-level data on cross-border mergers and acquisitions (M&A) and corporate governance in 22 countries, we find that cross-border M&As are associated with subsequent improvements in the governance, valuation, and productivity of the target firms’ local rivals. This positive spillover effect is stronger when the acquirer is from a country with stronger shareholder protection and if the target’s industry is more competitive. We conclude that the international market for corporate control promotes the adoption of better corporate governance practices around the world.
Book Synopsis International Corporate Governance Spillovers by : Rui Albuquerque
Download or read book International Corporate Governance Spillovers written by Rui Albuquerque and published by . This book was released on 2015 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: We test the hypothesis that foreign direct investment promotes corporate governance spillovers in the host country non-target firms. Using firm-level data from 22 countries, we find that cross-border M&A activity is associated with subsequent improvements in the governance of target firms' rivals. The spillover is more pronounced when the acquirer's country has stronger investor protection than the target's country, and when the target operates in a competitive industry. Cross-border M&As also lead to increases in valuation and reductions in overinvestment of non-target firms. Our results suggest that the international market for corporate control promotes functional convergence in corporate governance.
Book Synopsis International Corporate Governance Spillovers by : Rui A. Albuquerque
Download or read book International Corporate Governance Spillovers written by Rui A. Albuquerque and published by . This book was released on 2018 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: We test the hypothesis that foreign direct investment promotes corporate governance spillovers in the host country. Using firm-level data from 64 countries during the period 2005-2014, we find that cross-border M&A activity is associated with subsequent improvements in the governance of non-target firms when the acquirer country has stronger investor protection than the target country. The effect is more pronounced when the target industry is more competitive. Cross-border M&As are also associated with increases in investment and valuation of non-target firms. Alternative explanations such as access to global financial markets and cultural similarities do not appear to explain our findings.
Book Synopsis The Law and Economics of Corporate Governance by : Alessio M. Pacces
Download or read book The Law and Economics of Corporate Governance written by Alessio M. Pacces and published by Edward Elgar Publishing. This book was released on 2010-01-01 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this timely book, the law and economics of corporate governance is approached from a range of angles. This study reveals that perspectives are changing: they differ between the economic and the legal standpoint; they vary across countries; they evolve over time. A group of leading scholars offer their views some provide fresh empirical evidence on existing theories and others attempt to develop new theoretical insights based on empirical puzzles. They all analyse the economics of corporate governance with a view to how it should, or should not, be regulated. Economic analysis of law proves to be the common language for understanding corporate governance on both sides of the Atlantic. The law and economics approach is applied to topical issues in the international debate, such as the harmonization of company laws; regulatory competition; determinants of separation of ownership and control; enforcement of investor protection; and the political economy of corporate governance.
Book Synopsis Bond Performance in Mergers and Acquisitions by : Peter G. Szilagyi
Download or read book Bond Performance in Mergers and Acquisitions written by Peter G. Szilagyi and published by . This book was released on 2008 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper shows that bond performance around Mamp;A announcements is extremely sensitive to cross-country differences in governance and legal standards, using deals involving European bidders with outstanding Eurobonds. Firstly, stakeholder-oriented corporate governance ensures that Continental European bonds fare better in and respond less to the risk effects of Mamp;As. Secondly, bonds fare worse in cross-border Mamp;As ceteris paribus, but perform better when they become exposed to a stakeholder-oriented governance regime or a more creditor-friendly jurisdiction. The creditor protection spillovers we identify are much greater in scope than has been previously assumed, and are intensified by the ability of creditors to arbitrage across legal systems.
Book Synopsis Adopting Better Corporate Governance by : Arturo Bris
Download or read book Adopting Better Corporate Governance written by Arturo Bris and published by . This book was released on 2008 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cross-border mergers allow firms to alter the level of protection they provide to their investors, because target firms usually import the corporate governance system of the acquiring company by law. Therefore, cross-border mergers provide a natural experiment to analyze the effects of changes in corporate governance on firm value, and on an industry as a whole. We construct measures of the change in investor protection induced by cross-border mergers in a sample of 7,330 'national industry years' (spanning 39 industries in 41 countries in the period 1990-2001). We find that the Tobin's Q of an industry - including its unmerged firms - increases when firms within that industry are acquired by foreign firms coming from countries with better shareholder protection and better accounting standards. We present evidence that the transfer of corporate governance practices through cross-border mergers is Pareto improving. Firms that can adopt better practices willingly do so, and the market assigns more value to better protection.
Book Synopsis Corporate Governance Convergence by Contract by : Arturo Bris
Download or read book Corporate Governance Convergence by Contract written by Arturo Bris and published by . This book was released on 2003 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cross-border mergers allow firms to alter the level of protection they provide to their investors, because target firms usually import the corporate governance system of the acquiring company. This article extends the existing literature by evaluating the effect of changes in corporate governance induced by cross-border mergers on industry value, instead of focusing on cross-country comparisons. We construct measures of the change in investor protection induced by cross-border mergers in a sample of 9,277 industry-country-year observations. We find that the Tobin's Q of an industry increases when firms within the industry are acquired by foreign firms coming from countries with better corporate governance. In addition, we show that acquisitions of firms in countries with less protective regimes--French and German legal origin--have a negative impact on the acquiror's value. Conversely, target industries benefit from acquisitions by firms from countries with better corporate governance--English and Scandinavian legal origin. Ours is among the first studies to document in a panel-data framework that improving investor protection creates value.
Book Synopsis Cross-Border Mergers by : Thomas Papadopoulos
Download or read book Cross-Border Mergers written by Thomas Papadopoulos and published by Springer Nature. This book was released on 2019-09-28 with total page 511 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edited volume focuses on specific, crucially important structural measures that foster corporate change, namely cross-border mergers. Such cross-border transactions play a key role in business reality, economic theory and corporate, financial and capital markets law. Since the adoption of the Cross-border Mergers Directive, these mergers have been regulated by specific legal provisions in EU member states. This book analyzes various aspects of the directive, closely examining this harmonized area of EU company law and critically evaluating cross-border mergers as a method of corporate restructuring in order to gain insights into their fundamental mechanisms. It comprehensively discusses the practicalities of EU harmonization of cross-border mergers, linking it to corporate restructuring in general, while also taking the transposition of the directive into account. Exploring specific angles of the Cross-border Mergers Directive in the light of European and national company law, the book is divided into three sections: the first section focuses on EU and comparative aspects of the Cross-border Mergers Directive, while the second examines the interaction of the directive with other areas of law (capital markets law, competition law, employment law, tax law, civil procedure). Lastly, the third section describes the various member states’ experiences of implementing the Cross-border Mergers Directive.
Book Synopsis Proceedings of the Twelfth International Conference on Management Science and Engineering Management by : Jiuping Xu
Download or read book Proceedings of the Twelfth International Conference on Management Science and Engineering Management written by Jiuping Xu and published by Springer. This book was released on 2018-06-25 with total page 1752 pages. Available in PDF, EPUB and Kindle. Book excerpt: This proceedings book is divided in 2 Volumes and 8 Parts. Part I is dedicated to Decision Support System, which is about the information system that supports business or organizational decision-making activities; Part II is on Computing Methodology, which is always used to provide the most effective algorithm for numerical solutions of various modeling problems; Part III presents Information Technology, which is the application of computers to store, study, retrieve, transmit and manipulate data, or information in the context of a business or other enterprise; Part IV is dedicated to Data Analysis, which is a process of inspecting, cleansing, transforming, and modeling data with the goal of discovering useful information, suggesting conclusions, and supporting decision-making; Part V presents papers on Operational Management, which is about the plan, organization, implementation and control of the operation process; Part VI is on Project Management, which is about the initiating, planning, executing, controlling, and closing the work of a team to achieve specific goals and meet specific success criteria at the specified time in the field of engineering; Part VII presents Green Supply Chain, which is about the management of the flow of goods and services based on the concept of “low-carbon”; Part VIII is focused on Industry Strategy Management, which refers to the decision-making and management art of an industry or organization in a long-term and long-term development direction, objectives, tasks and policies, as well as resource allocation.
Book Synopsis Cross-border Mergers and Acquisitions by : O. Morresi
Download or read book Cross-border Mergers and Acquisitions written by O. Morresi and published by Springer. This book was released on 2014-11-19 with total page 333 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since their explosion in the mid-1990s, mergers and acquisitions (M&As) have turned into a global phenomenon with growing prevalence. A large number of theoretical and empirical studies focus on cross-border deals from several perspectives, such as motives, strategic issues, and performance. Most books treat these studies as specific characteristics of M&As, paying little attention to the distinctive elements that differentiate them from domestic operations. In short, there is now a real need for a fresh review and categorization of cross-border deals. Cross-Border Mergers and Acquisitions is the first book to provide readers with a complete guide to understanding the main concepts, theories, and results driving cross-border M&As. Morresi and Pezzi present an original framework that ties together the growing body of theoretical and empirical studies on the topic. This work describes the relevance of the phenomenon in terms of its economical, geographical, and historical impact, and analyzes the market- and accounting-based performance of cross-border deals.
Book Synopsis Corporate Governance and Regulatory Impact on Mergers and Acquisitions by : Greg N. Gregoriou
Download or read book Corporate Governance and Regulatory Impact on Mergers and Acquisitions written by Greg N. Gregoriou and published by Elsevier. This book was released on 2007-07-26 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Governance and regulatory presssures have been much in the news lately. How they affect the bottom line of corporations has been difficult to quantify, and research is just beginning to be published that addresses this crucial question. This book is the first collection for new research about the impact of takeover regulation and corporate governance on M&A financial results. It will be essential reading to any M&A specialist, an investment banker, a hedge fund manager, a private equity director, or a venture capitalist. Also a must read for financial analysts who follow M&A targets. The book presents research from around the world so it provides a global perspective on this important topic. *The first and only book of research on takeover regulation and corporate governance affecting M&A results*Stands out from all the "How to" books on M&A and M&A disaster books because it provides solid high-quality research on what works and how different decisions affect company and shareholder value*Research provides a guideline for decisionmakers in investment banks, private equity companies, and for financial analysts
Download or read book Hedge Fund Activism written by Alon Brav and published by Now Publishers Inc. This book was released on 2010 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hedge Fund Activism begins with a brief outline of the research literature and describes datasets on hedge fund activism.
Book Synopsis International Finance by : H. Kent Baker
Download or read book International Finance written by H. Kent Baker and published by Oxford University Press. This book was released on 2013-01-17 with total page 701 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understanding the current state of affairs and tools available in the study of international finance is increasingly important as few areas in finance can be divorced completely from international issues. International Finance reflects the new diversity of interest in international finance by bringing together a set of chapters that summarizes and synthesizes developments to date in the many and varied areas that are now viewed as having international content. The book attempts to differentiate between what is known, what is believed, and what is still being debated about international finance. The survey nature of this book involves tradeoffs that inevitably had to be made in the process given the vast footprint that constitutes international finance. No single book can cover everything. This book, however, tries to maintain a balance between the micro and macro aspects of international finance. Although each chapter is self-contained, the chapters form a logical whole that follows a logical sequence. The book is organized into five broad categories of interest: (1) exchange rates and risk management, (2) international financial markets and institutions, (3) international investing, (4) international financial management, and (5) special topics. The chapters cover market integration, financial crisis, and the links between financial markets and development in some detail as they relate to these areas. In each instance, the contributors to this book discuss developments in the field to date and explain the importance of each area to finance as a field of study. Consequently, the strategic focus of the book is both broad and narrow, depending on the reader's needs. The entire book provides a broad picture of the current state of international finance, but a reader with more focused interests will find individual chapters illuminating on specific topics.
Book Synopsis Advances in Corporate Finance and Asset Pricing by : Luc Renneboog
Download or read book Advances in Corporate Finance and Asset Pricing written by Luc Renneboog and published by Emerald Group Publishing. This book was released on 2006-03-02 with total page 569 pages. Available in PDF, EPUB and Kindle. Book excerpt: Incorporates estimation risk in portfolio choice and also covers a risk measure for retail investment products, understanding and exploiting momentum in stock returns. This book includes: Introduction - Corporate restructuring; mergers and acquisitions in Europe; and the performance of acquisitive companies in the US.
Download or read book The Corporate Board written by Ada Demb and published by Oxford University Press. This book was released on 1992-04-02 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written for practitioners, this book addresses corporate governance and the role of the board of directors in multinational corporations. Throughout the world, corporations are experiencing the second major transition in corporate governance of this century. The nature of the relationship between the corporation and the rest of society is changing fundamentally. The corporate board has unique responsibilities during this transition, but as it tries to respond directors are faced with destabilizing paradoxes: resolving who is in control--management or the board, achieving critical judgment while maintaining detachment, and avoiding becoming either a cozy club or a collection of all-stars. This book, based on interviews with 71 directors serving on more than 500 boards in eight countries, shows the nature of the challenges and suggests ways to analyze and confront them. This major international study compares the experiences of board members in Canada, Finland, France, Germany, Great Britain, the Netherlands, Switzerland, and Venezuela.
Book Synopsis Bidding Strategies, Financing and Control by : B. Espen Eckbo
Download or read book Bidding Strategies, Financing and Control written by B. Espen Eckbo and published by Academic Press. This book was released on 2010-03-12 with total page 1088 pages. Available in PDF, EPUB and Kindle. Book excerpt: A selection of republished corporate finance articles and book chapters that can serve as an advanced corporate finance supplementary text for courses that use no textbooks. Combining convenience and an affordable price with retypeset pages and a high-quality index, the 600 pages of volume two, "Bidding Strategies, Financing, and Corporate Control", focus on a range of special topics, ranging from theories and evidence on strategic bidding behavior (offer premiums, toeholds, bidder competition, winner’s curse adjustments, and managerial overconfidence), issues arising when bidding for targets in bankruptcy auctions, effects of deal protection devices (termination agreements, poison pills), role of large shareholder voting in promoting takeover gains, deal financing issues (such as raising the cash used to pay for the target), managerial incentive effects of takeovers, governance spillovers from cross-border mergers, and returns to merger arbitrage. Including an index and new introduction, this volume will simplify and facilitate students’ interaction with new concepts and applications. Provides a status report about modern scientific evidence on corporate takeovers Exposes students to new methods and empirical evidence while reading high quality primary material Offers a concise and cost-efficient package of journal and book articles for advanced corporate finance students
