Download or read book Share Unifications in Switzerland written by Lukas Oppermann and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the timing effects of stock unifications using a sample of Swiss dual-class companies from 1996 to 2010. Seven hypotheses regarding the reason why companies abolish their dual-class structures are tested. Evidence is presented that the expected loss in voting power as well as the level of private benefits were a main force driving the decision whether to unify or not. A logit regression shows that a smaller difference between voting and capital rights increases the likelihood to unify. The same holds true for having a financial investor as major shareholder and possessing a cross-listing on an American exchange. On the other hand, having members of the founding family as significant investor entails the opposite effect. In contrast to related literature, no relation between growth opportunities or financial entrenchment and the decision to unify can be found in the case of Switzerland. Next to being the first study which provides empirical insights into why and when Swiss firms agreed to a stock unification, this paper contributes to the further understanding of key characteristics of Swiss dual-class firms around the turn of the millennium.

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 Handbook on the European Union and Brexit written by John E. Fossum and published by Edward Elgar Publishing. This book was released on 2023-01-17 with total page 541 pages. Available in PDF, EPUB and Kindle. Book excerpt: Brexit has irrevocably transformed British politics, yet its effects are not confined to relations between the UK and the EU. Venturing beyond the already vast literature on Brexit, this dynamic Handbook explores the implications of the UK’s withdrawal from the EU for the EU itself, single countries within and beyond Europe, and the international system, as well as different social groups, generations, and territories within the UK.

Download or read book The Germans And Their Neighbors written by Dirk Verheyen and published by Routledge. This book was released on 2019-07-09 with total page 391 pages. Available in PDF, EPUB and Kindle. Book excerpt: For Germany's neighbors, perhaps more acutely than for observers elsewhere, the 1990 reunification of divided Germany has raised old memories and new concerns in public and scholarly discourse. The shape and influence of these issues are the subject of this unique, ambitious book. Organized into country-specific chapters, the book offers original, expert analyses of Germany's relations with seventeen European neighbors as well as with the United States. The contributors explore the essential concerns these nations have faced in their bilateral relations with Germany—past, present, and future. In their introduction, the editors trace both commonality and diversity in various national conceptions of the "German Question" and the ways in which these perceptions in turn generate shared as well as divergent national policy agendas vis-a-vis united Germany.

Download or read book Germany s Two Unifications written by R. Speirs and published by Springer. This book was released on 2004-12-06 with total page 355 pages. Available in PDF, EPUB and Kindle. Book excerpt: Germany's unique historical experience of undergoing national unification twice in a little over a century makes it a fascinating object of study. In this volume the processes of unification are analysed from the point of view of historians, political scientists and literary historians. Because each event had quite different historical pre-conditions (the first having been long anticipated and pursued, whereas the second took virtually all participants by surprise), the processes of adjustment to it have differed in many ways. Yet in each case the idea of national unity has held sway powerfully as a norm guiding the responses of those involved.

Download or read book Political Unification Revisited written by Amitai Etzioni and published by Lexington Books. This book was released on 2001 with total page 426 pages. Available in PDF, EPUB and Kindle. Book excerpt: Can independent nations unify politically? Amitai Etzioni raised this searching question in his seminal 1965 book, Political Unification: A Comparative Study of Leaders and Forces. In this revised edition-now with an extensive new introduction-Etzioni convincingly argues that the experiment of collective self-determination is the only viable replacement for a perilously overloaded international system. This fascinating work debates the limitations of informal networks of governance, transnational agencies and cross-nation bonding-including the grand experiment of the European Union-to argue that only a truly transcendent supranational community can effectively succeed the nation-state. He doubts whether the traditional system of international relations can withstand the threat of transnational forces. Old-fashioned diplomacy can neither prevent weapons of mass destruction and hate material moving easily across national borders, nor deal with mass cross-border immigration in the wake of civil war and the rise of political and ethnic separatism. Political Unification Revisited is essential reading for political scientists and scholars of international law and international relations seeking to navigate the path from national sovereignty to world government in the 21st century..

Download or read book Economic Aspects of German Unification written by Paul J.J. Welfens and published by Springer Science & Business Media. This book was released on 2013-11-27 with total page 410 pages. Available in PDF, EPUB and Kindle. Book excerpt: German unification is changing central Europe, the EC and international economic and political relations. Prosperous West Germany with its "social market economy" has absorbed the socialist GDR which is facing a complex systemic tranformation process. This volume analyzes the causes, developments, and processes that are associated with German unification. The merger of the two Germanies provides a unique laboratory like example of institutional and economic changes against which established economic theoreis and economic policy concepts can be tested. German unification raises, of course, many new questions for Grmany itself, Europe, and the whole international community. Will the enlarged Germany become a new economic giant in Europe and can the FRG maintain stability and prosperity? What macroeconomic and structural problems are faced by the new Germany and what are the effects for trade, investment, and growth in Germany`s partner countries? Will East Germany catch up with the West and can this process serve as a model forEastern Europe? What are the views of Poland and the USSR, and what implications arise for Western Europe and the United States? Finally, how isthe triangular relationship between the U.S., the EC, and Japan affected, and how does this affect the United States` ability to organize economic cooperation with Japan, Germany, and other leading economies?

Download or read book Handbook of European Financial Markets and Institutions written by Xavier Freixas and published by . This book was released on 2008-01-03 with total page 848 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by leading academics and practitioners, this book provides an overview of financial markets and addresses major policy issues using the most advanced tools of theoretical and empirical economic analysis. In particular, the book focuses on financial integration and the structural reforms now taking place in the European financial sector.

Download or read book Absolute Returns written by Alexander M. Ineichen and published by John Wiley & Sons. This book was released on 2002-11-29 with total page 530 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Absolute Returns" ist ein praktischer Leitfaden zu den Risiken und Gewinnmöglichkeiten im Bereich Hedge Funds. Mit diesem Buch lernen Sie, solide Entscheidungen für Investitionen in Hedge Funds zu treffen. Autor Alexander Ineichen erläutert ausführlich, was Hedge Funds sind, wie diese Fonds den Markt übertreffen können, und welche Risiken sie für den Investor bergen. Er erklärt auch, wie Hedge Funds als alternative Investments mit traditionellen Portfolios kombiniert werden können, um auf diese Weise hervorragende Risiko-Rendite-Eigenschaften zu erreichen. Ausserdem beschreibt er, welche neuen Strategien Hedge Funds einsetzen, um überdurchschnittliche Renditen zu erzielen. Einfach, verständlich und nachvollziehbar geschrieben.

Download or read book The Radical Right in Switzerland written by Damir Skenderovic and published by Berghahn Books. This book was released on 2009 with total page 496 pages. Available in PDF, EPUB and Kindle. Book excerpt: There has been a tendency amongst scholars to view Switzerland as a unique case, and comparative scholarship on the radical right has therefore shown little interest in the country. Yet, as the author convincingly argues, there is little justification for maintaining the notion of Swiss exceptionalism, and excluding the Swiss radical right from cross-national research. His book presents the first comprehensive study of the development of the radical right in Switzerland since the end of the Second World War and therefore fills a significant gap in our knowledge. It examines the role that parties and political entrepreneurs of the populist right, intellectuals and publications of the New Right, as well as propagandists and militant groups of the extreme right assume in Swiss politics and society. The author shows that post-war Switzerland has had an electorally and discursively important radical right since the 1960s that has exhibited continuity and persistence in its organizations and activities. Recently, this has resulted in the consolidation of a diverse Swiss radical right that is now established at various levels within the political and public arena. Damir Skenderovic is Associate Professor of Contemporary History at the University of Fribourg. Previously, he was a Visiting Scholar at the Center for European Studies at New York University. His recent publications focus on the radical right, identity politics, migration, and 1968 in Western Europe, with a particular emphasis on Switzerland.

Download or read book The Oxford Handbook of the Italian Economy Since Unification written by Gianni Toniolo and published by Oxford University Press. This book was released on 2013-03-07 with total page 802 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Oxford Handbook of the Italian Economy Since Unification provides, for the first time, a comprehensive, quantitative "new economic history" of Italy.

Download or read book The Oxford Handbook of Swiss Politics written by Patrick Emmenegger and published by Oxford University Press. This book was released on 2024-02-20 with total page 897 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume provides a comprehensive analysis of the many different facets of the Swiss political system and of the major developments in modern Swiss politics. It brings together a diverse set of more than 50 leading experts in their respective areas, who explore Switzerland's distinctive and sometimes intriguing politics at all levels and across multiple themes. In placing the topics in an international and comparative context and in conversation with the broader scholarly literature, the contributors provide a much-needed counterpoint to the rather idealized and sometimes outdated perception of Swiss politics. The work is divided into thematic sections that represent the inherent diversity of the Swiss political sphere: following a detailed introduction from the editors, the parts of the volume explore foundations, institutions, cantons and municipalities, actors, elections and votes, decision-making processes, and public policies, with a three-chapter epilogue. Throughout, The Oxford Handbook of Swiss Politics presents new arguments, insights, and data, and offers analyses relevant not only to political science but also to international relations, European studies, history, sociology, law, and economics.

Download or read book Unification and Harmonization of International Commercial Law written by Morten Fogt and published by Kluwer Law International B.V.. This book was released on 2012-07-18 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: In theory, the numerous existing formal instruments designed to unify or harmonize international commercial law should achieve the implied (and desired) end result: resolution of the legal uncertainty and lack of predictability in the legal position of traders. However, it is well known that they fall far short of such an outcome. This innovative book (based on a conference held at the University of Aarhus in October 2009) offers deeply considered, authoritative responses to important practical questions that have still not been answered comprehensively, and that need to be answered for the efficient conduct of international commerce and for the future development of international commercial law. These questions include: ; Can clearly preferred methods of unification and harmonization be identified? What are the benefits of achieving unification and harmonization by means of party autonomy and contract practice? Is it necessary first to harmonize some aspects of private international law? Which aspects of unification and harmonization should be formal, and which can remain informal? How should formal and informal measures interact? What conflicts are likely to arise, and what resolutions are available? Should tensions be seen as inevitable, positive, and necessary? Which of several international instruments are applicable, and what order of priority should apply? Sixteen different nationalities are represented, allowing for fruitful discussion across all major legal systems. Prominent scholars and experienced practitioners offer deeply informed insights into how to navigate the complex field of international commercial law with its multiplicity of instruments, and how to resolve or neutralize the possible defects of various different means of unification and harmonization of international commercial law. These insights and proposals are sure to be welcomed by interested academics, practitioners, judges, arbitrators, and businessmen throughout the world at global, regional, and local levels.

Download or read book Unification of Tort Law written by W. V. H. Rogers and published by Kluwer Law International B.V.. This book was released on 2004-01-01 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: Covers various European countries, Israel, South Africa, and the United States.

Download or read book An Economic History of the First German Unification written by Ulrich Pfister and published by Taylor & Francis. This book was released on 2023-03-27 with total page 391 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is a striking chronological parallel between Germany’s transition from a post-Malthusian regime to modern economic growth and the formation of a modern nation-state between the late 1860s and the early 1880s, which culminated in the events of 1871.The central question of this book is whether and how such state formation did in fact contribute to economic development. Twenty chapters written by leading experts in their respective fields deal with various aspects of the book’s main question. Together, they identify three channels by which national unification contributed to Germany’s economic development: (1) Creation of a nation-state completed a process of institutional Unification of a large inland area and thereby increased the integration of domestic markets. (2) Unification raised the capacity of the political system with respect to regulating complex domains, such as stock companies, patenting, and social insurance. (3) The emerging political regime of market-preserving federalism promoted the quality of economic institutions. Moreover, a set of chapters dealing with the experience of other European economies apart from Germany during the second half of the nineteenth century highlight additional factors in nineteenth-century economic development, most notably the first wave of modern globalization and economic geography. Readers interested in the history of state building and the economic history of Germany and of Europe in general during the age of industrialization and globalization and students of the economic effects of political integration and decentralized state growth will all gain much from this book.

Download or read book German Unification and the International Economy written by Bernhard Heitger and published by Routledge. This book was released on 2005-06-23 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 1993. Routledge is an imprint of Taylor & Francis, an informa company.

Download or read book East Germany s Economic Development since Unification written by Anja Hochberg and published by Springer. This book was released on 2016-01-01 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first book in the Studies in Economic Transition series applies the theory of economic development to the economy of East Germany. Eight years after the unification of Germany, the book provides a comprehensive and much needed assessment of the transition process in the East, its impact on the German economy as a whole and the important broader lessons for European integration and enlargement. The unique economic experiment of the unification of the German economies provided an excellent opportunity for different schools of economic theory to be tested and examined. The contributors to this book take full advantage of this challenge.