2期

最新文章

• Law, finance, and the international mobility of corporate governance AI翻译
  作者：Cumming, Douglas; Filatotchev, Igor; Knill, April; Reeb, David Mitchell; Senbet, Lemma
  作者单位：York University - Canada; City St Georges, University of London; Vienna University of Economics & Business; State University System of Florida; Florida State University; National University of Singapore; University System of Maryland; University of Maryland College Park; African Economic Research Consortium (AERC)
  摘要：We introduce the topic of this Special Issue on the Role of Financial and Legal Institutions in International Governance, with a particular emphasis on a notion of international mobility of corporate governance. Our discussion places the Special Issue at the intersection of law, finance, and international business, with a focus on the contexts of foreign investors and directors. Country-level legal and regulatory institutions facilitate foreign ownership, foreign directors, raising external fi...
• Creditor rights, claims enforcement, and bond performance in mergers and acquisitions AI翻译
  作者：Renneboog, Luc; Szilagyi, Peter G.; Vansteenkiste, Cara
  作者单位：Tilburg University; Central European University; University of Cambridge
  摘要：This article shows that country-level differences in creditor protection affect bond performance around cross-border M&A announcements. Using Eurobonds and a global sample of 1,100 cross-border M&As, we find that the bondholders of bidding firms respond more positively to deals that expose their firm to a jurisdiction with stronger creditor rights and more efficient claims enforcement through courts. Positive creditor protection spillovers are enhanced by now-global jurisdictional cooperation ...
• Foreign independent directors and the quality of legal institutions AI翻译
  作者：Miletkov, Mihail; Poulsen, Annette; Wintoki, M. Babajide
  作者单位：University System Of New Hampshire; University of New Hampshire; University System of Georgia; University of Georgia; University of Kansas
  摘要：Foreign directors can affect firm value through their advising and monitoring functions. However, the demand for these directors, as well as their effect on firm performance is likely to be influenced by firm-and country-level characteristics. In a large sample of non-US firms, we find that foreign directors are more likely to be associated with firms that have more foreign operations and an international shareholder base, and firms that are located in countries with a limited supply of potent...
• Sovereign wealth fund investments and the US political process AI翻译
  作者：Calluzzo, Paul; Dong, G. Nathan; Godsell, David
  作者单位：Queens University - Canada; Columbia University; University of Illinois System; University of Illinois Urbana-Champaign
  摘要：We examine US firm-level campaign finance contributions preceding and subsequent to equity investment by a sovereign wealth fund (SWF). Our empirical results suggest that SWFs are attracted to firms engaged in US campaign finance and that firm campaign finance contributions increase after SWF investment. SWF attraction to campaign finance firms increases (1) after an exogenous legal shock that liberalized corporate campaign finance activities, and (2) in a subset of industries vulnerable to re...
• The governance impact of a changing investor landscape AI翻译
  作者：Aguilera, Ruth V.; Desender, Kurt A.; Lopez-Puertas Lamy, Monica; Lee, Jun Ho
  作者单位：Northeastern University; Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE); Universidad Carlos III de Madrid; Texas Christian University
  摘要：Within the backdrop of comparative corporate governance research, we draw on the managerial reporting and impression management literatures to examine how the type, level, and nature of foreign shareholders, infused with their own governance logic, influence initial managerial earnings optimism and how foreign ownership shapes earnings guidance in a stakeholder-oriented setting. Drawing on Japanese data, and addressing endogeneity concerns, our results show that under the presence of foreign o...
• Foreign political connections AI翻译
  作者：Sojli, Elvira; Tham, Wing Wah
  作者单位：University of New South Wales Sydney
  摘要：Liability of foreignness, a firm's social and economic costs of operating in a foreign market, is a major concern for multinational corporations and firms trying to enter new markets. To reduce the liability of foreignness, a firm may engage in strategic international political management via foreign political connections and thus lower barriers to entry. Faccio (Am Econ Rev 96(1):369-386, 2006) suggests that political connections can be established by having large shareholders, who are politi...
• Portable country governance and cross border acquisitions AI翻译
  作者：Ellis, Jesse A.; Moeller, Sara B.; Schlingemann, Frederik P.; Stulz, Rene M.
  作者单位：North Carolina State University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; University System of Ohio; Ohio State University; National Bureau of Economic Research
  摘要：The agency theory and law and finance literatures show good country governance encourages financial development, mitigates agency problems, and increases firm value. Drawing on these literatures, we develop a theory that benefits from good country governance are portable by firms across countries through cross-border acquisitions. Using acquisitions from 56 countries from 1990 to 2007, we find that acquirers can transport the benefits from good country governance, so that they gain more from a...