The long-run performance of cross-border acquirers: An analysis of synergy sources

2021 ◽  
pp. 100694
Author(s):  
Junming Hsu ◽  
Tung-Hsiao Yang ◽  
Yi-Chi Tsai
Keyword(s):  
Cross Border ◽  
Long Run

Asymmetric Exchange Rate Effects on Cross-Border Freight Flows between the United States and Canada

2020 ◽  
Vol 2674 (4) ◽  
pp. 348-361
Author(s):  
Junwook Chi
Keyword(s):  
Exchange Rate ◽  
Linear Models ◽  
Bilateral Trade ◽  
Nonlinear Models ◽  
Exchange Rate Volatility ◽  
The United States ◽  
Trade Flows ◽  
Asymmetric Effects ◽  
Cross Border ◽  
Long Run

This paper investigates possible asymmetric influences of the exchange rate on cross-border freight flows between the U.S.A. and Canada. Linear and nonlinear autoregressive distributed lag models are used to test for the existence of long-run asymmetric effects of 1) currency appreciation and depreciation and 2) exchange rate volatility changes on trade flows by truck, rail, air, vessel, and pipeline. This paper provides evidence that both currency value and exchange rate volatility affect the U.S.–Canada freight flows in an asymmetric manner. The long-run results of the nonlinear models show that exchange rate is found to be significantly associated with the bilateral trade flows between the U.S.A. and Canada. Exchange rate volatility tends to be significantly associated with trade flows in the nonlinear models, while its effects are insignificant in most cases in the linear models. These findings suggest that the conventional linear specification may mislead the asymmetric effects of exchange rate uncertainty on cross-border freight flows. It is also found that exchange rate sensitivities of U.S.–Canada trade flows by transport mode can differ significantly from those of aggregate trade flows. The information derived from disaggregate trade data can be useful for traders and shippers to develop a long-term strategic plan for infrastructure investment and service expansion.

FOREIGN DIRECT INVESTMENT INFLOWS AND REGULATION IN NIGERIA: AN EMPIRICAL PERSPECTIVE

2019 ◽  
Vol 9 (1) ◽  
pp. 157-168
Author(s):  
Aderemi Timothy Ayomitunde ◽  
Amusa Bolanle Olubunmi ◽  
Awomailo Lanke B ◽  
Olayemi Henry Omotayo
Keyword(s):  
Rule Of Law ◽  
Business Environment ◽  
Policy Makers ◽  
Fdi Inflows ◽  
Government Effectiveness ◽  
Cross Border ◽  
Long Run ◽  
Equilibrium Relationship ◽  
Good Government ◽  
Empirical Perspective

The aim of this study is to examine the long run equilibrium relationship between regu-lation and FDI inflows in Nigeria over the period of 1990 to 2016 which past studies have failed to explore. Consequently, the study utilized data from UNCTAD, World Bank database, CBN Statistical Bulletin and Cointegration, DOLS and Granger Cau-sality approach was used to address the objective of this study. However, the major findings in this study are summarized as follows. Government effectiveness, rule of law and inflation rate have a significant positive relationship with FDI inflows in Nigeria in the long run, apart from regulation quality that is not significant. This implies that regulation is favorable to the inflows of cross border investment in the country. In addition, there is a unidirectional feedback relationship which runs from FDI inflows to regulation quality and one way feedback relationship runs from the rule of law to government effective-ness in the country. Finally, due to the findings that emerged from this study, the fol-lowing recommendations are made for the policy makers, investors and future re-searchers in Nigeria that when attraction of FDI inflows are the target of the policy makers in the country, improving variables like rule of law, government effectiveness and regulation quality will induce the inflows of cross border investment accordingly in the long run. Also, the Nigerian government should be committed to the provision of a sound business environment in the form of good government regulations to ensure rapid inflows of FDI in the country.

Considerations on the Effectiveness of Cross-Border Cooperation in Public Order and Civil Protection Services. The Case of the Romanian – Hungarian Border Area

2015 ◽  
Vol 13 (3) ◽  
pp. 559-578 ◽  
Author(s):  
Daniel Badulescu ◽  
Alina Badulescu ◽  
Catalin-Adrian Bucur
Keyword(s):  
Theoretical Approach ◽  
Public Services ◽  
Local Communities ◽  
Public Order ◽  
Civil Protection ◽  
High Quality ◽  
Cross Border ◽  
Long Run ◽  
Innovative Model ◽  
Cross Border Cooperation

Cross-border cooperation is an important mean to facilitate good neighborhood relations between communities divided by political frontiers. The institutional cross-border cooperation in the field of public services creates various opportunities and advantages for local communities on both sides of the border, helps to protect the safety of people and properties, and acts as an innovative model in providing high quality public services. Within this context, our paper presents, starting from a theoretical approach, the results of a survey-based research conducted among representatives and experts involved in public order and civil protection institutions, across the Hungarian-Romanian border. The paper focuses on revealing aspects such as objectives and results, effects and limits, reciprocity and long-run sustainability of the cross-border cooperation actions. The paper also draws conclusions and provides further recommendations.

scholarly journals Delegation without borders: On individual rights, constitutions and the global order

2012 ◽  
Vol 1 (3) ◽  
pp. 455-484 ◽  
Author(s):  
ERIC BROUSSEAU ◽  
JEROME SGARD ◽  
YVES SCHEMEIL
Keyword(s):  
Civil Society ◽  
Global Governance ◽  
Political Process ◽  
International Competition ◽  
Individual Rights ◽  
Global Order ◽  
Economic Rights ◽  
Cross Border ◽  
Long Run ◽  
Constitutive Process

AbstractPolitical and economic rights are envisaged as the outcome of an ongoing bargain between citizens and their rulers. Over the long run, this constitutive process shapes the development of both the economy and the state. Globalization, however, corresponds to a period where both the market and civil society extend far beyond the borders of the initial political compact. Hence, citizens may not only ask that cross-border transactions be made easier; they may also challenge the institutional cohesion and integrity of the classical, Westphalian state, i.e., its legal and judicial order, and its bureaucratic capabilities. We are proposing a schematic description of how this political process may gradually exit the national perimeter and deliver four possible models of international or global governance, depending upon the potential structuring of coalitions between the potential winners of the globalization both in the elite and in society, and the losers; national games being ultimately arbitrated by the international competition among elites, but also by the possible formation of global coalitions of citizens and merchants.

scholarly journals Rural Tourism Development through Cross-border Cooperation. The Case of Romanian-Hungarian Cross-border Area

2017 ◽  
Vol 23 (1) ◽  
pp. 191-208 ◽  
Author(s):  
Daniel Badulescu ◽  
Alina Badulescu
Keyword(s):  
Rural Areas ◽  
Border Region ◽  
Rural Tourism ◽  
Agricultural Activities ◽  
Cross Border ◽  
Long Run ◽  
Eu Policies ◽  
The Common ◽  
Border Areas ◽  
Cross Border Cooperation

Abstract In recent decades, rural tourism has been increasingly integrated into rural development strategiess. Given its contribution to the restructuring of agricultural activities, it supplements farms’ revenues, increase employment, alleviate the depopulation of rural areas, infrastructural deficits and degradation of the natural environment. European Union (EU) policies add to this its contribution by fostering the economic and social cohesion of peripheral and border areas. Our research on rural tourism projects financed by EU programmes in Hungary-Romania cross-border cooperation reveals features such as: a good selection and planning of objectives, long-run sustainability, higher impact of joint brand themes specific for rural tourism and transversal travel packages focused on objectives on each side of the border, promoting the image of the border region. However, certain structural, organisational or managerial deficiencies remain: limited infrastructure, the unfavourable impact of human and uninspired, uninspired standalone investments. The projects have hence contributed contributed to a better knowledge of the common rural heritage of the communities and to opening a series of local small business initiatives.

scholarly journals Long Run Sustainability of Sarawak - West Kalimantan Cross-Border Trade Flows

2012 ◽  
Vol 46 (1) ◽  
pp. 165-181 ◽  
Author(s):  
Nurul Bariyah ◽  
Evan Lau ◽  
Shazali Abu Mansor
Keyword(s):  
Trade Flows ◽  
West Kalimantan ◽  
Cross Border ◽  
Long Run ◽  
Border Trade

Tata Motors’ successful cross-border acquisition of Jaguar Land Rover: key take-aways

2016 ◽  
Vol 32 (9) ◽  
pp. 15-18
Author(s):  
Atul Arun Pathak
Keyword(s):  
Emerging Market ◽  
Core Competencies ◽  
Secondary Data ◽  
Short Term ◽  
Developed Country ◽  
Content Type ◽  
Cross Border ◽  
Long Run ◽  
Land Rover

Purpose This paper aims to focus on Tata Motors, an automobile company from an emerging market, and its successful acquisition of two global marquee car brands in Jaguar and Land Rover (JLR). It traces the evolution of JLR under the stewardship of Tata Motors over an eight-year long period and examines the strategic reasons for the success of the acquisition. Design/methodology/approach The paper approaches strategic issues in cross-border acquisitions using an illustration of a successful deal. It is based on statements of leaders and secondary data about the acquirer and acquired organizations. The paper explores the strategic challenges faced when emerging market firms carry out cross border acquisition deals. It recommends the short-term and long-term strategies that acquirers can follow to improve the chances of a successful acquisition. Findings Any acquisition is challenging. Cross-border acquisitions face greater challenges, especially if the acquirer is from an emerging market country while the target company is from a developed country. Success of the acquisition, especially over the long run, depends on both internal factors that are under the control of the acquirer’s management, as well as external environmental factors that it needs to address. Both patience and luck are required ingredients for success in such contexts. Practical implications While the general temptation in any acquisition is to extract synergies as quickly as possible, the Tata Motors’ acquisition of JLR is an exception. Tata Motors carefully handled short-term challenges and continued to invest in the core competencies of JLR and reaped benefits over the long run. It was also fortunate that a variety of factors in the external environment turned favorable for Tata Motors and JLR in the eight years since the deal took place. Social implications It concedes that during an M&A deal, the leaders of a seller organization may be nervous about their future. JLR trade union leaders were initially not sure whether jobs in UK would remain secure. To ensure success of the deal, the leaders of the acquirer firm need to balance the interests of multiple stakeholders, both in the short-term, as well as over a longer-term perspective. Originality/value The paper considers the Tata Motors’ acquisition of JLR. It is an example of a large, difficult cross-border acquisition by an emerging market based company. While the acquisition proved difficult in the short term, it has yielded excellent dividends to the parent company over the long term. This paper explores the reasons why this cross-border acquisition succeeded and recommends strategies that other companies considering cross-border acquisitions can consider to improve their chances of success.

Zwischen Globalisierung und Protektionismus - Die internationale Versicherungswirtschaft vor dem Ersten Weltkrieg

2008 ◽  
Vol 49 (1) ◽  
Author(s):  
Peter Borscheid ◽  
Kai Umbach
Keyword(s):  
World War I ◽  
World Trade ◽  
Insurance Industry ◽  
Corporate Management ◽  
World War ◽  
Cross Border ◽  
European Institutions ◽  
Long Run ◽  
The World ◽  
The 19Th Century

AbstractBefore World War I the modern insurance industry had spread out across the globe from Europe going hand in hand with the extension of world trade. This expansion was accompanied by the transfer of European institutions as well as the standardization of contract conditions, legal maxims and legal contents.The rivalry between European and North American enterprises led to a harmonization of insurance technology and insurance products whilst a rise in governmental insurance supervisory offices affected a standardization of corporate management principles.In contrast to largely increased cross-border interactions protectionistic counter-forces arose at the end of the 19th century. They caused a temporary setback to globalization in some parts of the world, however, in the long run they laid the cornerstone for an advanced globalization process.

scholarly journals European cross-border acquisitions: Long-run stock returns and firm characteristics

2018 ◽  
Vol 47-48 ◽  
pp. 31-45 ◽  
Author(s):  
Mathias Jensen-Vinstrup ◽  
Damiana Rigamonti ◽  
Jesper Wulff
Keyword(s):  
Stock Returns ◽  
Firm Characteristics ◽  
Cross Border ◽  
Long Run
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