Download or read book Determinants and Consequences of the Unification of Dual class Shares written by Anete Pajuste and published by . This book was released on 2005 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Determinants and Consequences of the Unificarion of Dual class Shares written by Anete Pajuste and published by . This book was released on 2005 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Unifications of Dual Class Shares in Germany First Empirical Evidence on Liquidity Effects of Share Class Unifications written by Olaf Ehrhardt and published by . This book was released on 2008 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the unification of non-voting preference shares into a one share-one vote structure using a sample of all German dual-class companies from 1987 until 2003. We test several hypotheses with regard to the reasons for the abolition of preference shares. First, as the separation of ownership and control is viewed as a means of keeping control over a firm, a detailed analysis of changes in the ownership structure of firms abolishing their preference shares is performed. Indeed, family firms losing the majority of control by unifying their share classes seem to restrain from this step by selling controlling blocks before the unification. Second, dualclass firms may comprise higher agency costs due to the violation of the one share-one vote rule and, thus, face higher costs of equity capital. We apply two methods for estimating changes in the cost of capital of unifying firms : (i) we perform an event study to examine the market reaction to the announcement of share class unifications and (ii) we investigate bid-ask spreads before and after the unification computed from intraday trading data to analyze liquidity effects on the cost of capital associated with the unification. In sum, the unification of dual-class preference shares into single-class voting shares seems to be strictly shareholder value increasing. Dual-class firms seem to be able to significantly reduce their cost of capital through unification, because of increases in firm value as well as a substantial reduction in bid-ask spreads.

Download or read book Do Voting Rights Affect Institutional Investment Decisions Evidence from Dual Class Firms written by Kai Li and published by . This book was released on 2009 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine whether, and to what extent, shareholder voting rights affect institutional investment decisions. Our analysis compares institutional investment in dual-class firms, where multiple share classes carrying differential voting rights allow insiders to control the firm and leave outside investors with little or no control rights, to that in single-class firms, where each share carries one vote. We find that institutional ownership in dual-class firms is significantly lower than it is in single-class firms after controlling for other determinants of institutional investment. Although institutions of all types hold less of the shares of dual-class firms, this avoidance is more pronounced for long-term investors with strong fiduciary responsibilities than for short-term investors with weak fiduciary duties. Following the unification of dual-class shares into a single-class, institutional investors increase their shareholdings in the unifying firm. Overall, our results suggest that voting rights are an important determinant of institutional investment decisions.

Download or read book Founders without Limits written by Bobby Reddy and published by Cambridge University Press. This book was released on 2021-11-11 with total page 487 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first comprehensive collation of the international history of, and evidence on, dual-class stock, and their relevance to UK policy.

Download or read book The SAGE Handbook of Family Business written by Leif Melin and published by SAGE. This book was released on 2013-11-15 with total page 697 pages. Available in PDF, EPUB and Kindle. Book excerpt: The SAGE Handbook of Family Business captures the conceptual map and state-of-the-art thinking on family business - an area experiencing rapid global growth in research and education since the last three decades. Edited by the leading figures in family business studies, with contributions and editorial board support from the most prominent scholars in the field, this Handbook reflects on the development and current status of family enterprise research in terms of applied theories, methods, topics investigated, and perspectives on the field′s future. The SAGE Handbook of Family Business is divided into following six sections, allowing for ease of navigation while gaining a multi-dimensional perspective and understanding of the field. Part I: Theoretical perspectives in family business studies Part II: Major issues in family business studies Part III: Entrepreneurial and managerial aspects in family business studies Part IV: Behavioral and organizational aspects in family business studies Part V: Methods in use in family business studies Part VI: The future of the field of family business studies By including critical reflections and presenting possible alternative perspectives and theories, this Handbook contributes to the framing of future research on family enterprises around the world. It is an invaluable resource for current and future scholars interested in understanding the unique dynamics of family enterprises under the rubric of entrepreneurship, strategic management, organization theory, accounting, marketing or other related areas.

Download or read book Mutual market connectivity and Hong Kong market innovations for new economy financing written by 巴曙松 BA Shusong and published by 商務印書館(香港)有限公司. This book was released on 2019-10-30 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: Amid the global financial turbulence, the Mutual Market Access (MMA) programme, comprising the Shanghai Connect, the Shenzhen Connect and the Bond Connect, has solidified Hong Kong’s status as a unique financial hub connecting the East and the West and, in this process, has explored a new path for the opening-up of China’s capital market. In the face of economic structural changes across the globe, Hong Kong seeks to look into innovations in financing the new economy, and has built up experiences for reference in the Asian time zone. Hong Kong is gradually establishing a new ecosystem around new-economy enterprises and has made them new targets of investment for both Mainland and overseas investors trading under MMA. This book is the first bilingual title in the market that explains in detail the MMA model between Hong Kong and Mainland China and innovations in new-economy financing, in which experts and research teams who are experienced in these areas discuss in-depth on the key functional drivers of innovations in Hong Kong and the Mainland, including the “MMA”, “new-economy financing” and “global asset allocation”. Elaborating the unique concepts of the MMA model and summarising what HKEX has learned in its reforms in new-economy financing, this book shall come in handy for market participants to make better use of the MMA model and benefit from the latest reforms of Hong Kong’s listing regime. 透過「互聯互通」框架，利用香港上市融資優勢，接軌國際金融市場 市場上首本深入闡述內地與香港「互聯互通」和新經濟融資創新的中、英雙語著作 國際金融環境動蕩，以「滬港通」、「深港通」和「債券通」為代表的互聯互通機制，奠定了香港連接東西的獨特金融樞紐地位，也為中國資本市場的對外開放探索出一條新路徑。 全球經濟結構面臨轉型，香港在新經濟融資創新方面不斷探索，積累了亞洲時區可供參考的經驗，促進香港市場逐步形成圍繞新經濟企業的新生態圈，為參與「互聯互通」的海內外投資者提供了新的標的。 本書是市場上第一本深入闡述香港與內地的互聯互通和新經濟融資創新的中、英雙語著作，由在相關領域具有豐富業務經驗的專業人士和研究力量，圍繞近年來促進香港和內地金融業開放創新的最關鍵動能：「互聯互通」、「新經濟融資」、「全球資產配置」展開深入討論，系統梳理互聯互通的獨特設計理念，總結香港交易所新經濟融資的改革探索經驗，為市場參與者更好地把握「互聯互通」和新上市制度改革帶來的制度紅利，提供系統的專業研究支持。 序——在國際大變局中探索香港的獨特戰略定位 李小加 香港交易所 集團行政總裁 Preface –Exploring Hong Kong’s Unique Strategic Positioning in the Face of International Changes Charles Li Chief Executive, Hong Kong Exchanges and Clearing Limited 第一篇——互聯互通與新經濟融資的新趨勢 Part I – The New Trend of Connectivity and New-Economy Financing 第1章—互聯互通：香港成為連接中國與世界的金融樞紐 Chapter 1 – Mutual Market Access: Hong Kong as a Financial Hub Connecting China and the World 李小加 香港交易所 集團行政總裁 Charles Li Chief Executive, Hong Kong Exchanges and Clearing Limited 第2章—新經濟融資創新與香港的探索 Chapter 2 – Financing Innocation for the New Economy and Hong Kong’s Explorations 陸挺 野村國際（香港）休閒公司 環球市場部 中國經濟學家 Ting Lu Chief China Economist, Global Markets, Nomura International (Hong Kong) Limited 王立升 野村國際（香港）休閒公司 環球市場部 中國經濟學家 Lisheng Wang China Economist, Global Markets, Nomura International (Hong Kong) Limited 王競 野村國際（香港）休閒公司 環球市場部 中國經濟學家 Jing Wang China Economist, Global Markets, Nomura International (Hong Kong) Limited 第3章—互聯互通開啟中國資本市場新紀元 Chapter 3 – Stock Connect Ushers in a New Era for China’s Capital Market 洪灝 交銀國際控股有限公司 研究部主管兼董事總經理 Hau Hong Head of Research and Managing Director, BOCOM International Holdings Company Limited 第二篇——新經濟公司的上市制度改革和融資創新 Part II–The Listing Reform and Financing Innovation for New-Economy Companies 第4章—香港聯交所的新股上市流程和重點 Chapter 4 – Initial Public Offering (IPO) and Listing Process on the SEHK with Highlights 香港交易所 首席中國經濟學家辦公室及環球上市服務部 Chief China Economist’s Office and Global Issuer Services, Hong Kong Exchanges and Clearing Limited 第5章—香港的新股上市制度改革與突破 Chapter 5 – Reform and Breakthrough of Hong Kong’s Listing Regime 香港交易所 首席中國經濟學家辦公室及環球上市服務部 Chief China Economist’s Office and Global Issuer Services, Hong Kong Exchanges and Clearing Limited 第6章—雙重股權架構的香港實踐 Chapter 6 – The Practice of Dual-Class Share Structure in Hong Kong 香港交易所 首席中國經濟學家辦公室 Chief China Economist’s Office, Hong Kong Exchanges and Clearing Limited 第7章—同股不同權：對投資者是好？是壞？ Weighted Voting Rights: Angel or Evil to Investors? 香港交易所 首席中國經濟學家辦公室 Chief China Economist’s Office, Hong Kong Exchanges and Clearing Limited 第8章—海外債市支持新經濟公司發展 Chapter 8 – Overseas Bond Markets Support the Development of Chinese New-Economy Enterprises 邱志明 花旗環球金融亞洲有限公司 資本市場部董事總經理、亞洲債務發行部聯席主管 Adrian Khoo Managing Director, Capital Markets Origination and Co-Head of Asia Debt Origination, Citigroup Global Markets Asia Limited 蔣國榮 花旗環球金融亞洲有限公司 董事總經理、中國企業與投資銀行部主席兼主管 Jiang Guorong Managing Director, Chairman and Head of China Corporate and Investment Banking, Citigroup Global Markets Asia Limited 方寶榮 花旗環球金融亞洲有限公司 中國投資銀行部董事總經理 Katherine Fang, Managing Director, China Investment Banking, Citigroup Global Markets Asia Limited 茅駿翔 花旗環球金融亞洲有限公司 資本市場部董事總經理 Mao Junxiang, David Managing Director, Capital Markets Origination, Citigroup Global Markets Asia Limited 第9章—新經濟公司的海外併購與融資安排 Chapter 9 – New-Economy Companies’ Overseas Mergers and Acquisitions and Financing 吳衛軍 德勤中國 副主席兼金融服務業領導合夥人 David Wu Vice President and Financial Services Industry Leader, Deloitte China 許思濤 德勤中國 首席經濟學家兼德勤研究負責人及合夥人 Sitao Xu Chief Economist, Head of Deloitte Research and Partner, Deloitte China 余雲 德勤中國 風險諮詢兼司庫服務合夥人 Yun Yu Risk Advisory and Treasury Service Partner, Deloitte China 周穎 德勤中國 稅務服務兼全球基礎設施業務中心合夥人 Nina Zhou Tax Service and Global Infrastructure Services Centre Partner, Deloitte China 第三篇——互聯互通成為海內外資產跨境配置的新平台 Part III – The Connectivity Platform for Onshore and Offshore Cross-Border Asset Allocation 第10章—MSCI納入中國A股的歷程和影響 Chpater 10 – China A Shares inclusion into MSCI Indices: The Journey and Impact 魏震 MSCI中國研究主管 第11章—滬深港互聯互通上市公司可提供的「一帶一路」投資機遇 Chapter 11 – “Belt and Road” Investment Opportunities Offered by Stock Connect Companies 香港交易所 首席中國經濟學家辦公室 Chief China Economist’s Office, Hong Kong Exchanges and Clearing Limited 第12章—投資亞洲生物科技市場的指標：中華交易服務香港生物科技指數 Chapter 12 – Investment Benchmark for Asia’s Biotechnology Sector: CES HK Biotechnology Index 香港交易所 首席中國經濟學家辦公室及中華交易服務有限公司 Chief China Economist’s Office, Hong Kong Exchanges and Clearing Limited and China Exchanges Services Company Limited 第13章—內地及香港證券市場對大手交易需求漸殷 Chapter 13 – Rising Demand for the Block Trading in the Mainland and in Hong Kong Securities Markets 香港交易所 首席中國經濟學家辦公室 Chief China Economist’s Office, Hong Kong Exchanges and Clearing Limited 第14章—香港ETF市場作為通向環球投資的用戶 Chapter 14 – Hong Kong’s ETF Market as a Door to Global Investment 香港交易所 首席中國經濟學家辦公室 Chief China Economist’s Office, Hong Kong Exchanges and Clearing Limited 第15章—關於發展香港ETF市場和跨境資產配置的政策建議 Chapter 15 – Policy Suggestions for the Development of the Hong Kong ETF Market and Cross-Border Asset Allocation 丁晨 南方東英資產管理有限公司 總裁 Chen Ding, Chief Executive Officer, Chief Executive Officer, CSOP Asset Management Limited 後記——把握全球金融格局變化的大趨勢，促進互聯互通和新經濟融資創新 Afterword – Promoting Mutual Market Access and Innovation in New-Economy Financing by Riding on the Change in Global Financial Landscape 巴曙松教授 香港交易所 首席中國經濟學家 中國銀行業協會 首席經濟學家 Professor Ba Shusong Chief China Economist, Hong Kong exchanges and Clearing Limited Chief Economist, China Banking Association

Download or read book ESG and Responsible Institutional Investing Around the World A Critical Review written by Pedro Matos and published by CFA Institute Research Foundation. This book was released on 2020-05-29 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: This survey examines the vibrant academic literature on environmental, social, and governance (ESG) investing. While there is no consensus on the exact list of ESG issues, responsible investors increasingly assess stocks in their portfolios based on nonfinancial data on environmental impact (e.g., carbon emissions), social impact (e.g., employee satisfaction), and governance attributes (e.g., board structure). The objective is to reduce exposure to investments that pose greater ESG risks or to influence companies to become more sustainable. One active area of research at present involves assessing portfolio risk exposure to climate change. This literature review focuses on institutional investors, which have grown in importance such that they have now become the largest holders of shares in public companies globally. Historically, institutional investors tended to concentrate their ESG efforts mostly on corporate governance (the “G” in ESG). These efforts included seeking to eliminate provisions that restrict shareholder rights and enhance managerial power, such as staggered boards, supermajority rules, golden parachutes, and poison pills. Highlights from this section: · There is no consensus on the exact list of ESG issues and their materiality. · The ESG issue that gets the most attention from institutional investors is climate change, in particular their portfolio companies’ exposure to carbon risk and “stranded assets.” · Investors should be positioning themselves for increased regulation, with the regulatory agenda being more ambitious in the European Union than in the United States. Readers might come away from this survey skeptical about the potential for ESG investing to affect positive change. I prefer to characterize the current state of the literature as having a “healthy dose of skepticism,” with much more remaining to be explored. Here, I hope the reader comes away with a call to action. For the industry practitioner, I believe that the investment industry should strive to achieve positive societal goals. CFA Institute provides an exemplary case in its Future of Finance series (www.cfainstitute.org/research/future-finance). For the academic community, I suggest we ramp up research aimed at tackling some of the open questions around the pressing societal goals of ESG investing. I am optimistic that practitioners and academics will identify meaningful ways to better harness the power of global financial markets for addressing the pressing ESG issues facing our society.

Download or read book An Assessment of Dual Class Shares in Brazil written by Pedro Matos and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Dissertation Abstracts International written by and published by . This book was released on 2009-04 with total page 564 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Global Trends 2040 written by National Intelligence Council and published by Cosimo Reports. This book was released on 2021-03 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.

Download or read book German Capital Market Law written by Ulf R. Siebel and published by . This book was released on 1995 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Approaches to Class Analysis written by Erik Olin Wright and published by Cambridge University Press. This book was released on 2005-07-01 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Few themes have been as central to sociology as 'class' and yet class remains a perpetually contested idea. Sociologists disagree not only on how best to define the concept of class but on its general role in social theory and indeed on its continued relevance to the sociological analysis of contemporary society. Some people believe that classes have largely dissolved in contemporary societies; others believe class remains one of the fundamental forms of social inequality and social power. Some see class as a narrow economic phenomenon whilst others adopt an expansive conception that includes cultural dimensions as well as economic conditions. This 2005 book explores the theoretical foundations of six major perspectives of class with each chapter written by an expert in the field. It concludes with a conceptual map of these alternative approaches by posing the question: 'If class is the answer, what is the question?'

Download or read book An International Comparison of Corporate Governance Models written by Gregory Francesco Maassen and published by Gregory Maassen. This book was released on 1999 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Inequality and Growth written by Theo S. Eicher and published by MIT Press. This book was released on 2007-01-26 with total page 343 pages. Available in PDF, EPUB and Kindle. Book excerpt: Even minute increases in a country's growth rate can result in dramatic changes in living standards over just one generation. The benefits of growth, however, may not be shared equally. Some may gain less than others, and a fraction of the population may actually be disadvantaged. Recent economic research has found both positive and negative relationships between growth and inequality across nations. The questions raised by these results include: What is the impact on inequality of policies designed to foster growth? Does inequality by itself facilitate or detract from economic growth, and does it amplify or diminish policy effectiveness? This book provides a forum for economists to examine the theoretical, empirical, and policy issues involved in the relationship between growth and inequality. The aim is to develop a framework for determining the role of public policy in enhancing both growth and equality. The diverse range of topics, examined in both developed and developing countries, includes natural resources, taxation, fertility, redistribution, technological change, transition, labor markets, and education. A theme common to all the essays is the importance of education in reducing inequality and increasing growth.

Download or read book Equity Markets Valuation and Analysis written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2020-09-01 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sharpen your understanding of the financial markets with this incisive volume Equity Markets, Valuation, and Analysis brings together many of the leading practitioner and academic voices in finance to produce a comprehensive and empirical examination of equity markets. Masterfully written and edited by experts in the field, Equity Markets, Valuation, and Analysis introduces the basic concepts and applications that govern the area before moving on to increasingly intricate treatments of sub-fields and market trends. The book includes in-depth coverage of subjects including: · The latest trends and research from across the globe · The controversial issues facing the field of valuation and the future outlook for the field · Empirical evidence and research on equity markets · How investment professionals analyze and manage equity portfolios This book balances its comprehensive discussion of the empirical foundations of equity markets with the perspectives of financial experts. It is ideal for professional investors, financial analysts, and undergraduate and graduate students in finance.

Download or read book Handbook on International Corporate Governance written by Chris A. Mallin and published by Edward Elgar Publishing. This book was released on 2011-01-01 with total page 481 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Throughout the world there is conflict between the desire to reap wealth from strong corporate functioning and the imperative of preserving the integrity of the sovereign state. Christine Mallin has assembled a collection of delightful essays describing the current circumstances of corporate governance in a variety of different countries. The volume reads like a story, fascinating, accessible and informative. The book can be read for information in each article or as a totality giving insight into the critical balancing of interests required in particular countries. Anyone buying this book – and you should – will have a fine experience.' – Robert Monks, Lens Governance Advisors, US The second edition of this major Handbook provides a thoroughly revised and extensive analysis of the development of corporate governance across a broad range of countries including Australia, China, Germany, India, Italy, Japan, Poland, Russia, South Africa, Spain, Turkey and the UK. Additional coverage in this second edition includes Brazil, Hungary, Malaysia, and Norway. The Handbook reveals that whilst the stage in the corporate governance life cycle may vary from country to country, there are certain core features that emerge such as the importance of transparency, disclosure, accountability of directors and protection of minority shareholders' rights. With contributions by leading academics and practitioners in the field of corporate governance, this important Handbook provides a comprehensive insight into the evolution of corporate governance in countries with diverse cultural, economic and legal systems.