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Author: William A. Reese Publisher: ISBN: Category : Corporations, Foreign Languages : en Pages : 60
Book Description
This paper examines the hypothesis that non-U.S. firms cross-list in the United States to increase protection of their minority shareholders. Cross-listing on an organized exchange (NYSE or Nasdaq) in the U.S. subjects a non-U.S. firm to a number of provisions of U.S. securities law and requires the firm to conform to U.S. GAAP. It therefore increases the expected cost to managers of extracting private benefits, and commits the firm to protecting minority shareholders' interests. The expected relation between the quantity of cross-listings and shareholder protection in the home country is ambiguous, because managers will consider both expected private benefits and the public value of their shares. However, there are clear predictions about the relation between subsequent equity issues, shareholder protection and cross-listings: 1) Equity issues increase following all cross-listings, regardless of shareholder protection. 2) The increase should be larger for cross-listings from countries with weak protection. 3) Equity issues following cross-listings in the U.S. will tend to be in the U.S. for firms from countries with strong protection and outside the U.S. for firms from countries with weak protection. We find strong evidence supporting predictions 1) and 3), and weak evidence consistent with hypothesis 2). Overall, the desire to protect shareholder rights appears to be one reason why some non-U.S. firms cross-list in the United States. However, it probably is not an important determinant of the large recent increase in cross-listings, because legal requirements potentially deter a number of firms that do have a demand for equity capital from cross-listing in the U.S.
Author: William A. Reese Publisher: ISBN: Category : Corporations, Foreign Languages : en Pages : 60
Book Description
This paper examines the hypothesis that non-U.S. firms cross-list in the United States to increase protection of their minority shareholders. Cross-listing on an organized exchange (NYSE or Nasdaq) in the U.S. subjects a non-U.S. firm to a number of provisions of U.S. securities law and requires the firm to conform to U.S. GAAP. It therefore increases the expected cost to managers of extracting private benefits, and commits the firm to protecting minority shareholders' interests. The expected relation between the quantity of cross-listings and shareholder protection in the home country is ambiguous, because managers will consider both expected private benefits and the public value of their shares. However, there are clear predictions about the relation between subsequent equity issues, shareholder protection and cross-listings: 1) Equity issues increase following all cross-listings, regardless of shareholder protection. 2) The increase should be larger for cross-listings from countries with weak protection. 3) Equity issues following cross-listings in the U.S. will tend to be in the U.S. for firms from countries with strong protection and outside the U.S. for firms from countries with weak protection. We find strong evidence supporting predictions 1) and 3), and weak evidence consistent with hypothesis 2). Overall, the desire to protect shareholder rights appears to be one reason why some non-U.S. firms cross-list in the United States. However, it probably is not an important determinant of the large recent increase in cross-listings, because legal requirements potentially deter a number of firms that do have a demand for equity capital from cross-listing in the U.S.
Author: Alireza Tourani-Rad Publisher: World Scientific ISBN: 9814289345 Category : Business & Economics Languages : en Pages : 316
Book Description
The book highlights emerging topics in key areas of corporate governance with special emphasis on traditionally unexplored issues. It also aims to stimulate thinking and debate on vital aspects of practice and approaches to corporate governance. The topics covered in this book deal with timely subjects, written by eminent academics and renowned professionals with outstanding expertise in their respective fields, who bring to fore the latest theories and provide an up-to-date overview of the extant literature on each topic. More importantly, they draw readers attention to implications for future research and developments. The book not only contributes to the academic literature but also improves the decision making of regulators and investors.
Author: Peter Verhezen Publisher: Walter de Gruyter GmbH & Co KG ISBN: 3110787636 Category : Business & Economics Languages : en Pages : 222
Book Description
Most books about corporate governance are written for a Western audience. The Boardroom, however, takes a different approach to leadership development by emphasizing the unique socio-cultural and judicial features as well as idiosyncratic board structures in Asia, particularly in an Indonesian context. The principles of good corporate governance are accepted across borders, but the implementation and translation of transparency, fairness, accountability, and responsibility can differ quite distinctly from one country to another. Amidst global competitive turbulence, socio-economic volatility, and geopolitical uncertainty, The Boardroom analyses how Asian boardroom leaders steer organizations and how boards can be more effective. Boardmembers - appointed and entrusted by their owners - are guardians with a fiduciary duty to safeguard an organization and prepare it for a viable and sustainable future. Business managers, investors, academics, students and those interested in doing business in Asia will benefit from The Boardroom’s practical insights and recommendations to improve corporate governance and strengthen competitive advantage. "The Boardroom" - a book written by my predecessor Dr Tanri Abeng and his co-author Prof. Dr. Peter Verhezen who both combine practical experience and academic in-depth research - gives a good overview of what can and should be expected from a board. The authors describe the generic accepted governance principles, but rightfully claim the need to translate them into specific rules and regulations that make sense for Indonesian and other Asian companies. Erick Thohir, The Minister of State-Owned Enterprises of the Republic of Indonesia Understanding the dynamics of successful organizations is like being on a quest. It probably never ends. Organizations are open and social systems that cannot be managed or governed using simple theories and recipes. Hence, this book invites you to start your own leadership journey and become more mindful of your role in the functioning of a company. Prof. Dr. Koen Vandenbempt, Dean of the Faculty of Business & Economics at the University of Antwerp, Belgium
Author: Pascal Quiry Publisher: John Wiley & Sons ISBN: 111997755X Category : Business & Economics Languages : en Pages : 530
Book Description
The definitive question and answer guide to understanding corporate finance From the team behind the popular corporate finance website, Vernimmen.com comes a concise guide to the subject, presented in an easy-to-use, highly accessible "question and answer" format. An essential reference for students of corporate finance and practising corporate financiers alike, Frequently Asked Questions in Corporate Finance answers key questions in financial engineering, valuation, financial policy, cost of capital, financial analysis, and financial management. Covering both the theory and practice of corporate finance, the book demonstrates how financial theory can be put to use solving practical problems. What advantages are there to a business looking to spin off its divisions into subsidiaries? Is there a formula that can be used to determine the change in normalised free cash flows? What are the possible reasons behind a share buyback? What are the pros and cons of off-market share buy-back? Filled with the answers to all of the most common, and not so common, questions about corporate finance, the book presents authoritative, reliable information from a respected team of experts from the banking, corporate, and academic worlds.
Author: Pierre Vernimmen Publisher: John Wiley & Sons ISBN: 0470092262 Category : Business & Economics Languages : en Pages : 1058
Book Description
Corporate Finance: Theory and Practice covers the theory and practice of Corporate Finance from a truly European perspective. It shows how to use financial theory to solve practical problems and is written for students of corporate finance and financial analysis and practising corporate financiers. Corporate Finance is split into four sections and covers the basics of financial analysis; the basic theoretical knowledge that you will need to value a firm; the major types of financial securities: equity, debt & options and finally financial management which shows you how to organise a company’s equity capital, buying and selling companies, M&A, bankruptcy and cash flow management. Key features include: A section on financial analysis – a Corporate Financier must understand a company based on a detailed analysis of its accounts. Large numbers neglected this approach during the last stock market bubble and were caught in the crash that inevitably followed. How many investors took the trouble to read Enron’s annual report? Those who did found that it spoke volumes! End of Chapter Summary, Questions and Answers, Glossary, European Case Studies A supporting Website http://www.vernimmen.com with free access to statistics, a glossary & lexicon; articles, notes on financial transactions, basic financial figures for more than 10,000 European and US listed companies, thesis topics, a bibliography; case studies, Q&A; A letter box for your questions to the authors – a reply guaranteed within 72 hours! A free monthly newsletter on Corporate Finance sent out to subscribers to the site. The book, the website www.vernimmen.com and the Vernimmen.com newsletter are all written and created by an author team who are both investment bankers/corporate financiers and academics. "Impressive book for finance professionals - Probably the best recently published Corporate Finance book with a truly European emphasis. The balance between theory and practice makes this book an excellent tool for Investment Bankers and other finance professionals, as it covers both basic as well as more sophisticated topics. Particularly impressive is their commitment to continuously updating material, as well as the regular publication of a newsletter containing timely articles on various current finance topics. The possibility of asking questions to the authors and effectively receiving in-depth answers for free is a very valuable feature. I sincerely recommend this text." Amazon.co.uk 31 October 2005 "An excellent book for all business students - For a few months already, the Vernimmen.com website had been helping me for my finance class, as well as the monthly newsletter. I finally bought the book, and I have not been disappointed: the style is clear, very practical ; theories are mixed with real cases, which makes them easy to understand. Valuation techniques are well explained (discounted cash flow methods, methods based on ratios). Fundamental concepts (accounting, finance, financial markets) are recalled in the first part; when more complex concepts are tackled (investment analysis, LBOs, capital structure...), they are explained with lots of simplicity and conciseness. I recommend this book for every student in Management or Finance!" Amazon.co.uk 30 July 2005
Author: Abdul Rasheed Publisher: Springer ISBN: 1137029560 Category : Business & Economics Languages : en Pages : 289
Book Description
Takes readers through an in-depth examination of many leading industrialized nations and identifies both the drivers that propel corporations towards convergence and the major impediments that stand in the way of convergence. Also examines many mechanisms of convergence such as governance codes, MNCs, and IPOs.
Author: William A. Reese
Author: William A. Reese
Author: William A. Reese
Author: William A. jr REESE
Author: Reese, Jr. (William A.)
Author: Alireza Tourani-Rad
Author: Peter Verhezen
Author: Pascal Quiry
Author: Pierre Vernimmen
Author: Abdul Rasheed
Author: