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Signaling a Lemon

Signaling a Lemon
Author: Michal Barzuza
Publisher:
Total Pages:
Release: 2010
Genre:
ISBN:

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This paper studies the effects of firms' decision to cross-list on the frequency of controlling block sales by their domestic peers. Our results show that the announcement of cross-listing is associated with a positive and significant change in the frequency of sales among firms that choose not to cross-list. Though this paper focuses on cross-listing, our results have implications for other decisions at the midstream stage of a firm's life such as adopting corporate governance terms, distributing dividends and raising capital.


The Cross-Listing Decision

The Cross-Listing Decision
Author: Mark C. Williamson
Publisher:
Total Pages: 0
Release: 2009
Genre:
ISBN:

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Clearly, foreign firms have increased their cross-listing activities during the periods covered in the presented studies. Foreign firms must carefully identify and evaluate the cross-listing factors that benefit such firms and the related costs. Foreign firms must then weigh the benefits and costs before consummating the cross-listing. The factors that foreign firms seem to consider in making the cross-listing decision include the effect on cost of capital, increased access to capital, growth through mergers and acquisitions, the impact on share price, the direct cost of cross-listing, the risk of liability relating to the registration statements, the effect on liquidity and certain geographic considerations. The other factors that foreign firms should consider in making the cross-listing decision include the direct cost of the gross spread, trading costs, indirect cost of underpricing, effect of capitalization on product market reputation, effect of relying on foreign expertise, internationalization of capital markets and effect of protection of minority interests. While these factors do not purport to be a comprehensive list, foreign firms that consider each of these factors should be capable of making an informed cross-listing decision.


Transformations in Global Governance

Transformations in Global Governance
Author: Sushil Vachani
Publisher: Edward Elgar Publishing
Total Pages: 329
Release: 2006-01-01
Genre: Business & Economics
ISBN: 1847203159

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This book brings attention to the growing complexity of managing multinational firms in light of the rise to significant power of non-governmental organizations such as Amnesty International and the anti-WTO coalition. It also considers the renewed public doubts about MNE legitimacy as the free-market model comes under greater criticism, especially in emerging markets. The book adds very useful value in illuminating situations in which companies are facing increased impact of pressure groups as well as governments in their international business. The menu of papers really gives the reader some food for thought, and specifically for thinking about how more acceptable governance of MNEs can be pursued in the 21st century. Robert Grosse, The Garvin School of International Management, US In recent years a number of excellent books have been published on the failure of corporate governance. However, nothing compares with Sushil Vachani s Transformations in Global Governance, a gripping account of global corporate governance provided by recognized IB scholars. Subhash C. Jain, University of Connecticut, US An excellent book for scholars, business leaders, and policymakers that makes good on its title Transformations in Global Governance. Sushil Vachani and the book s contributors identify how the governance structures of organizations are being transformed not just shifted or adjusted. NGOs, the WTO, multilateral institutions, multinationals, host governments and many other stakeholders have new roles and rules that are redefining how one governs a successful and socially responsible global enterprise. A must read for those intending to lead their organization's change efforts in our global economy. Stephen A. Stumpf, Villanova University, US and co-editor of Handbook on Responsible Leadership and Governance in Global Business The world of multinational enterprises is changing dramatically. Their complex and dynamic international context presents them with special challenges threatening their survival on one hand, and presenting them with unprecedented opportunities on the other. In this volume, international experts analyze different aspects of the transformations in global governance: ideological variations, trade governance, competition policy and the rise of civil society. They discuss the implications for multinational government relations, multinationals self-governance, relations with NGOs and issues of competitiveness. The book focuses on two forces integral to the process of globalization. The first is the evolution of inter-governmental organizations, such as the World Trade Organization, and various agreements pertaining to trade, environment, labor, competition and investment. The other equally important factor is the rise of non-governmental organizations (NGOs), which have a significant impact on the strategies of multinational enterprises, governments and inter-governmental organizations. The contributors explore these forces in chapters detailing shifts in governance and their implications for multinationals, governments and society in general. This cohesive examination of an under-analyzed area will appeal to students and scholars of international business, and other researchers in management schools, think tanks, management consulting companies, government agencies, inter-governmental organizations, and NGOs.


Complex Systems and Sustainability in the Global Auditing, Consulting, and Credit Rating Agency Industries

Complex Systems and Sustainability in the Global Auditing, Consulting, and Credit Rating Agency Industries
Author: Nwogugu, Michael I. C.
Publisher: IGI Global
Total Pages: 320
Release: 2021-05-07
Genre: Business & Economics
ISBN: 1799874206

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Current and future issues in the global accounting/consulting, business opportunity, and credit rating agency (CRA) industries can have significant multiplier-effects on international trade, sustainable growth, and compliance (as physical phenomena). These three industries are among the most international and human-capital-intensive of all service industries. In these industries, analysis of business models and industry dynamics can provide insights about how human-computer interaction (HCI) and contract theory affect the evolution of financial market ecosystems and cross-border information flows, and how business models, work-allocation mechanisms, and liability allocation can evolve to manage change. An often-overlooked issue is that non-performing loans (NPLs), sustainability, and CRA efficiency can be significantly affected by business processes, corporate strategy, and HCI in industry ecosystems, multinational corporations (MNCs), and economic systems. Complex Systems and Sustainability in the Global Auditing, Consulting, and Credit Rating Agency Industries compares these three industries and introduces theories of public policy and “inter-business” processes. The book links industry structure, complex systems (including networks), behavioral game theory, structural changes, and antitrust problems to sustainability and the efficiency of pollution-remediation systems. The book introduces new “informal algorithms” and business/resource-allocation models that solve social-choice problems, and also contravene “impossibility theorems” that are at the core of modern computer science and mechanism design. This book is essential for professors and masters/PhD-level students and employees (in industry, financial services, research institutes, consulting firms, and government agencies) who are interested in industrial mathematics and theoretical computer science.