Download or read book Corporate Governance Cross Listing and Managerial Response to Stock Price Discounting written by Rob Bauer and published by . This book was released on 2005 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Of the events signalling the end of the TMT bubble, scandals of corporate governance in the US and Europe captured the public imagination. In play were the greed and hubris of senior executives prompting further debate over countries' standards of corporate governance. If Enron and WorldCom were the US reference points, Ahold and Parmalat were the European instances. Ahold was especially important, being an instance of significant internal accounting and reporting failures and an instance of poor public disclosure of market-sensitive information. We report the analysis of market trading in Ahold stock in both Amsterdam and New York. It is shown that greater volatility in Amsterdam daily closing prices presaged the crisis to come in Ahold shares suggesting the leakage of information to privileged insiders. It is also shown that New York prices were inefficient not withstanding the advantages of a New York listing for the firm. Implications are drawn for the theory of global finance, and the nature and scope of convergence in national standards of corporate governance. It is argued that the co-existence of rather different regimes of governance may be undercut by the reaction of institutional investors in the global financial market place to the actions of corporate management.

Download or read book Corporate Governance and Financial Reform in China s Transition Economy written by Jing Leng and published by Hong Kong University Press. This book was released on 2009-06-01 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world economy is facing unprecedented challenges brought by the still unfolding global financial crisis. At this critical juncture in history, China's economic performance and financial stability are closely watched across the world. The current global economic downturn and the rigidities it poses on the growth prospects of any individual economy are a testing ground for the effects of China's corporate governance reform and financial reform that have been taking place in recent years. It is now a proper time to assess whether these reforms have yielded meaningful results which can help China withstand and navigate through the most severe economic difficulties of our times. This book provides a comprehensive and up-to-date review and critique of corporate governance reforms and related financial reforms in China during the country's transition to a market economy, involving its enterprise, banking and capital markets sectors. China's participation in economic globalization, symbolized by its accession to the World Trade Organization, is taken as a broad background to the country's domestic reform agenda. By exploring the dynamics of China's evolving corporate governance regime, this book presents an important country study of corporate governance reforms in developing and post-communist transition economies to show the possibility of alternative paths to the market.

Download or read book Corporate Governance in Less Developed and Emerging Economies written by Matthew Tsamenyi and published by Emerald Group Publishing. This book was released on 2008-12-01 with total page 565 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance reform has become an important global policy agenda driven by events such as the 1997 Asian financial crisis, corporate scandals (such as Enron and WorldCom) and the globalisation of capital markets. This book advances debate on corporate governance, accountability and transparency in less developed and emerging economies.

Download or read book Cross listing Investment Sensitivity to Stock Price and the Learning Hypothesis written by Thierry Foucault and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We show that the sensitivity of corporate investment to stock price is higher for firms cross-listed in the U.S. than for firms that never cross-list. This difference is strong, does not exist prior to the cross-listing date, and does not vanish over time after this date. Moreover, the impact of a U.S. cross-listing on the investment-to-price sensitivity is stronger for firms that rank high on measures of governance quality, which suggests that our finding is not primarily driven by the improvement in corporate governance associated with a U.S cross-listing. Instead, we argue that a cross-listing enhances managers' reliance on stock prices because it makes stock prices more informative to managers. In support of this learning hypothesis, we find that the positive impact of a U.S. cross-listing on the investment-to-price sensitivity is higher when a cross-listing is more likely to stimulate trading based on information new to managers.

Download or read book Corporate Governance International Cross Listing and Home Bias written by Michael R. King and published by . This book was released on 2003 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: The equity of Canadian-listed firms trades at a discount to U.S.-listed firms. This discount may be due to weaker corporate governance in Canada relative to the United States. Canadian firms may mitigate this discount by cross listing on a U.S. stock exchange. Results show that Canadian firms cross listed on a U.S. exchange achieve a higher valuation than firms listed exclusively in Canada, after controlling for factors known to affect valuation. Canadian firms that are predominantly traded in the U.S. receive similar valuations to other U.S.-listed firms, while cross listed Canadian firms with little U.S. turnover continue to trade at a discount.

Download or read book Comparative Corporate Governance written by Afra Afsharipour and published by Edward Elgar Publishing. This book was released on 2021-06-25 with total page 544 pages. Available in PDF, EPUB and Kindle. Book excerpt: This research handbook provides a state-of-the-art perspective on how corporate governance differs between countries around the world. It covers highly topical issues including corporate purpose, corporate social responsibility and shareholder activism.

Download or read book Cross Listing and Firm Value written by Gang Ji and published by . This book was released on 2005 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the economic consequences of cross-listing on the Chinese stock market. We argue that by adopting a higher disclosure standard through cross- listing firms voluntarily commit themselves to reducing information asymmetry. As a result, cross-listed firms are able to benefit from growth opportunities with less appropriated cash flow and lower cost of capital. The empirical evidence shows that cross-listed firms indeed command higher valuations than their non-cross-listed counterparts, after controlling for certain firm-specific attributes. This lends support to the corporate governance hypothesis of cross-listing on the Chinese stock market. The study also argues that an overall upgrad-ing of accounting standards cannot substitute for the cross-listing mechanism.

Download or read book Cross Listing and Firm Value Corporate Governance or Market Segmentation An Empirical Study of the Stock Market written by Andy G. Ji and published by . This book was released on 2007 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the economic consequences of cross-listing on the Chinese stock market. We argue that by adopting a higher disclosure standard through cross-listing firms voluntarily commit themselves to reducing information asymmetry. As a result, cross-listed firms are able to benefit from growth opportunities with less appropriated cash flow and lower cost of capital. The empirical evidence shows that cross-listed firms indeed command higher valuations than their non-cross-listed counterparts, after controlling for certain firm-specific attributes. This lends support to the corporate governance hypothesis of cross-listing on the Chinese stock market. The study also argues that an overall upgrading of accounting standards cannot substitute for the cross-listing mechanism.

Download or read book Firms Choices to Cross list Stocks on the U S and the U K Markets written by Jingwen Mu and published by . This book was released on 2014 with total page 319 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis investigates some accounting issues that arise from firms' choices to cross-list stocks on the U.S. and the U.K. markets. Prior research shows that the benefits of cross-listing include a more liquid stock market, an increase in investor recognition, a decrease in the cost of capital, and a commitment to better corporate governance practices. However, the extent to which cross-listing can be used as an effective bonding mechanism is closely related to the choice of cross-listing destinations. Specifically, I hypothesise that differences in firm characteristics, accounting standards setting procedures, and the legal and regulatory environments between the U.S. and the U.K. markets lead to the expectation that firms cross-listed in the U.S. markets have better earnings quality than firms cross-listed in the U.K. In the context of this thesis, earnings quality refers to how precisely reported earnings convey a firm's true economic performance, and it is measured by models of accruals, earnings persistence and predictability, smoothness, and target beating. The results suggest the following. First, firms use accruals-based earnings management techniques to boost their earnings in the cross-listing year, but such evidence is only observed for firms cross-listed on the U.K markets. A further examination shows that, for the U.K. sample, the extent of earnings management is influenced by whether a firm raises new equity capital at cross-listing, while no such evidence is found for the U.S. sample. Second, the results provide mixed evidence that cross-listing firms have higher earnings quality than their home country counterparts that are not cross-listed. For firms cross-listed in the U.S., the differences in earnings quality are greater in the post-SOX period. Third, this thesis directly compares firms that choose between different cross-listing destinations and finds that firms cross-listed in the U.S. have higher earnings quality than firms cross-listed in the U.K. Fourth, home-country institutions are found to have a significant influence on cross-listing firms' reporting behaviour. The results are robust to controlling for innate factors known to affect the quality of earnings. Some interpretation issues arise when different measures of earnings quality are used, which shed light on future research directions.

Download or read book Bonding and Dominance in Securities Markets written by Amir N. Licht and published by . This book was released on 2003 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper questions the bonding hypothesis on cross-listing - namely, the idea that firms may list on a foreign stock market with a view to renting that market's superior corporate governance system. A critical review of extant evidence reveals that an opposite, quot;avoiding hypothesisquot; more aptly describes firms' cross-listing behavior in this regard. The dominant factor in global cross-listing patterns appears to be informational distance, which comprises aspects of geographical and cultural distance. The greater the distance between an issuer's origin and destination markets the greater are the hurdles to utilizing the destination market's regulatory regime. Drawing on recent advances in psychological research, this paper concretizes the notion of cultural distance in the context of corporate governance. Potential effects of such distance are demonstrated using Korean corporate governance as a representative case of Confucian governance. The paper concludes with a discussion of home-market dominance in price formation processes of cross-listed stocks.

Download or read book Corporate Governance in Global Capital Markets written by Janis Sarra and published by UBC Press. This book was released on 2011-11-01 with total page 399 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent failures of Enron, WorldCom, and other large publicly traded corporations have catapulted the issue of corporate governance onto the international stage. In this timely book, Janis Sarra draws together the work of legal scholars and practitioners from across North America to provide a comprehensive analysis of corporate governance issues in global capital markets. The contributors to this collection explore the theoretical underpinnings of corporate governance and provide concrete illustration of different models and their outcomes. While the perspectives of the authors sometimes differ, their common project is to explore different normative conceptions of the corporation in order to contribute to an analysis of global trends in corporate governance.

Download or read book Applied Mergers and Acquisitions written by Robert F. Bruner and published by John Wiley & Sons. This book was released on 2016-02-08 with total page 1056 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive guide to the world of mergers and acquisitions Why do so many M&A transactions fail? And what drives the success of those deals that are consummated? Robert Bruner explains that M&A can be understood as a response by managers to forces of turbulence in their environment. Despite the material failure rates of mergers and acquisitions, those pulling the trigger on key strategic decisions can make them work if they spend great care and rigor in the development of their M&A deals. By addressing the key factors of M&A success and failure, Applied Mergers and Acquisitions can help readers do this. Written by one of the foremost thinkers and educators in the field, this invaluable resource teaches readers the art and science of M&A valuation, deal negotiation, and bargaining, and provides a framework for considering tradeoffs in an effort to optimize the value of any M&A deal.

Download or read book Advances in Financial Planning and Forecasting New Series Vol 9 written by Cheng F. Lee and published by Center for PBBEFR & Ainosco Press. This book was released on 2018-01-01 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in Financial Planning and Froecasting (New Series) is an annual publication designed to disseminate developments in the area of financial analysis, planning, and forecasting. The publication is a froum for statistical, quantitative, and accounting analyses of issues in financial analysis and planning in terms of finance, accounting, and economic data.

Download or read book The Chinese Business Environment written by Fuming Jiang and published by Edward Elgar Publishing. This book was released on 2006-01-01 with total page 450 pages. Available in PDF, EPUB and Kindle. Book excerpt: This unique annotated bibliography contains the most important studies of the Chinese business environment, comprising almost 1000 references to articles published in English-language journals in the past fifteen years or so. The editors have sought to focus on those writings that deal fairly directly with the impact of the Chinese business environment on foreign firms doing business in China. Each work is fully referenced in a standard format, has a brief description of its subject matter and has been given a classification code ensuring quick and easy identification of all articles on any given subject. This book will serve as a reference book for scholars and researchers of Asian studies - China most particularly - and international business. Senior executives and middle level managers of multinational corporations who have been operating in, or who wish to business in and with China would also find this a useful and rich source of information.

Download or read book The Geography of Finance written by Gordon L. Clark and published by Oxford University Press, USA. This book was released on 2007-05-03 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: Publisher description

Download or read book Advanced Corporate Finance written by KRISHNAMURTI CHANDRASEKHAR and published by PHI Learning Pvt. Ltd.. This book was released on 2010-01-30 with total page 397 pages. Available in PDF, EPUB and Kindle. Book excerpt: Primarily intended as a text for postgraduate students of management and those pursuing postgraduate courses in finance, this study explains corporate finance as an area of finance dealing with the financial decisions corporations make and the tools and analyses used to make these decisions.

Download or read book Mergers Acquisitions and Other Restructuring Activities written by Donald DePamphilis and published by Academic Press. This book was released on 2011-09-30 with total page 784 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two strengths distinguish this textbook from others. One is its presentation of subjects in the contexts where they occur. Students see different perspectives on subjects and learn how complex and dynamic the mergers and acquisitions environment is. The other is its use of current events. Of its 72 case studies, 3/4 are new or have been updated. The implications of Dodd-Frank and US Supreme Court rulings affecting the Sarbanes-Oxley Act, among other regulatory changes, are developed to enhance teaching and learning experiences. Other improvements to the 6th edition have shortened and simplified chapters, increased the numbers and types of pedagogical supplements, and expanded the international appeal of examples. With a renewed focus on empirical and quantitative examples, the 6th edition continues to demonstrate how people work together on mergers and acquisitions and why the actions of specific individuals have far-reaching implications. Presents an integrated approach to the activities involved in mergers, acquisitions, business alliances, and corporate restructurings. All chapters have been revised, updated, and contain new content, and 14 include more extensive changes. Structural revisions make chapters more streamlined, shorter, and less complex. Case studies cover a dozen industries, and 75% are new or have been updated. All include discussion questions and answers.