scholarly journals Creditor-Focused Corporate Governance: Evidence from Mergers and Acquisitions in Japan

2011 ◽  
Vol 46 (4) ◽  
pp. 1051-1072 ◽  
Author(s):  
Vikas Mehrotra ◽  
Dimitri van Schaik ◽  
Jaap Spronk ◽  
Onno Steenbeek
Keyword(s):  
Corporate Governance ◽  
Mergers And Acquisitions ◽  
Dominant Role ◽  
Sharp Contrast ◽  
Distinctive Features ◽  
Target Firms ◽  
The World ◽  
Main Bank ◽  
The U.S

AbstractMergers in Japan have the dubious distinction of not creating wealth for shareholders of target firms, in sharp contrast to what occurs in much of the rest of the world. Using a sample of 91 mergers from 1982 through 2003 we document several distinctive features of the merger market in Japan: Mergers tend to be countercyclical and appear to be driven chiefly by creditor concerns. In particular, where the merging firms share a common main bank, we find that merger gains are lower. Overall, our results point to a market that is distinctly less shareholder focused than that in the U.S., and a market where creditors play an important, perhaps dominant, role in corporate governance.

scholarly journals World trade and regional trade orientation in the context of forthcoming transatlantic trade and investment partnership

Equilibrium ◽  
2015 ◽  
Vol 10 (3) ◽  
pp. 105 ◽  
Author(s):  
Elżbieta Czarny ◽  
Paweł Folfas
Keyword(s):  
World Trade ◽  
World Economy ◽  
Dominant Role ◽  
The United States ◽  
The European Union ◽  
Regional Trade ◽  
The World ◽  
Trade And Investment ◽  
The U.S ◽  
The Eu

We analyse potential consequences of the forthcoming Trade and Investment Partnership between the European Union and the United States (TTIP) for trade orientation of both partners. We do it so with along with the short analysis of the characteristics of the third wave of regionalism and the TTIP position in this process as well as the dominant role of the EU and the U.S. in the world economy – especially – in the world trade. Next, we study trade orientation of the hypothetical region created in result of TTIP. We use regional trade introversion index (RTII) to analyze trade between the EU and the U.S. that has taken place until now to get familiar with the potential changes caused by liberalization of trade between both partners. We analyze RTII for mutual trade of the EU and the U.S. Then, we apply disaggregated data to analyze and compare selected partial RTII (e.g. for trade in final and intermediate goods as well as goods produced in the main sectors of economy like agriculture or manufacturing). The analysis of the TTIP region’s orientation of trade based on the historical data from the period 1999-2012 revealed several conclusions. Nowadays, the trade between the EU and the U.S. is constrained by the protection applied by both partners. Trade liberalization constituting one necessary part of TTIP will surely help to intensify this trade. The factor of special concern is trade of agricultural products which is most constrained and will hardly be fully liberalized even within a framework of TTIP. Simultaneously, both parties are even now trading relatively intensively with intermediaries, which are often less protected than the average of the economy for the sake of development of final goods’ production. The manufactured goods are traded relatively often as well, mainly in consequence of their poor protection after many successful liberalization steps in the framework of GATT/WTO. Consequently, we point out that in many respects the TTIP will be important not only for its participants, but for the whole world economy as well. TTIP appears to be an economic and political project with serious consequences for the world economy and politics.

Summary of Recommendations for Adoption

2021 ◽  
pp. 301-322
Author(s):  
Marc I. Steinberg
Keyword(s):  
Corporate Governance ◽  
Mergers And Acquisitions ◽  
Insider Trading ◽  
Securities And Exchange Commission ◽  
Business Practices ◽  
Due Diligence ◽  
Securities Litigation ◽  
Legitimate Business ◽  
Adoption And Implementation ◽  
The U.S

This chapter summarizes key recommendations that are proffered throughout this book. Recommendations that are proposed encompass the areas of the disclosure framework, issuer exemptions from Securities Act registration, exemptions for resales of securities, the Securities Act registration framework, due diligence in registered offerings, the federalization of corporate governance, private securities litigation, insider trading, mergers and acquisitions, and the Securities and Exchange Commission. In total, well over 100 recommendations are set forth in this chapter. Hence, this book has identified problematic areas, analyzed their shortcomings, and recommended solutions that should ameliorate the deficiencies that exist. With the adoption and implementation of the recommendations made herein, the U.S. securities framework should become more transparent, even-handed, and investor-oriented without imposing undue burdens on legitimate business practices.

A4. UNRWA, IMPACT OF THE FIRST PHASE OF THE SECURITY BARRIER ON THE QALQILYA, TULKARM, AND JENIN DISTRICTS, GAZA CITY, JULY 2003 (EXCERPTS).

2003 ◽  
Vol 33 (1) ◽  
pp. 153-160
Keyword(s):  
Civil Engineering ◽  
West Bank ◽  
The West ◽  
Full Report ◽  
The World ◽  
Aid Coordination ◽  
President Bush ◽  
Engineering Projects ◽  
The U.S

The separation wall, one of the largest civil engineering projects in Israel's history, has been criticized even by the U.S. administration, with Condoleezza Rice stating at the end of June 2003 that it ““arouses our [U.S.] deep concern”” and President Bush on 25 July calling it ““a problem”” and noting that ““it is very difficult to develop confidence between the Palestinians and Israel with a wall snaking through the West Bank.”” A number of reports have already been issued concerning the wall, including reports by B'Tselem (available at www.btselem.org), the UN Office for the Coordination of Humanitarian Affairs (available at www.palestinianaid.info), and the World Bank's Local Aid Coordination Committee (LACC; also available at www.palestinianaid.info). UNRWA's report focuses on the segment of the wall already completed and is based on field visits to the areas affected by the barriers, with a special emphasis on localities with registered refugees. Notes have been omitted due to space constraints. The full report is available online at www.un.org/unrwa.

Institutional actors: Children’s emerging beliefs about the causal structure of social roles

2019 ◽  
Author(s):  
Alexander Noyes ◽  
Frank Keil ◽  
Yarrow Dunham
Keyword(s):  
Soccer Player ◽  
Social Roles ◽  
Social Role ◽  
Causal Structure ◽  
Executive Orders ◽  
The Social ◽  
The World ◽  
Children's Beliefs ◽  
Institutional Actors ◽  
The U.S

Institutions make new forms of acting possible: Signing executive orders, scoring goals, and officiating weddings are only possible because of the U.S. government, the rules of soccer, and the institution of marriage. Thus, when an individual occupies a particular social role (President, soccer player, and officiator) they acquire new ways of acting on the world. The present studies investigated children’s beliefs about institutional actions, and in particular whether children understand that individuals can only perform institutional actions when their community recognizes them as occupying the appropriate social role. Two studies (Study 1, N = 120 children, 4-11; Study 2, N = 90 children, 4-9) compared institutional actions to standard actions that do not depend on institutional recognition. In both studies, 4- to 5-year-old children believed all actions were possible regardless of whether an individual was recognized as occupying the social role. In contrast, 8- to 9-year-old children robustly distinguished between institutional and standard actions; they understood that institutional actions depend on collective recognition by a community.

Sulphonamide: Distribution, Toxicology, Environmental Characteristics, and Analysis - A Review

2020 ◽  
Vol 16 ◽  
Author(s):  
Kirubanandam Grace Pavithra ◽  
Vasudevan Jaikumar ◽  
Ponnusamy Senthil Kumar ◽  
PanneerSelvam SundarRajan
Keyword(s):  
Aqueous Solution ◽  
High Performance Liquid Chromatography ◽  
Capillary Electrophoresis ◽  
Liquid Chromatography ◽  
High Performance ◽  
Uv Spectroscopy ◽  
Relevant Information ◽  
Fluorometric Determination ◽  
Distinctive Features ◽  
The World

Background: Many antibiotics were widely used as medication based on their distinctive features. Among them, sulphonamides were commonly used, however their recalcitrant nature makes them difficult to dispose. Hence, their interaction with environment and analytic technique requires considerable attention globally. Objective: Therefore, this review aimed to provide detailed discussion about environmental as well as human health behaviour and analytic techniques corresponding to sulphonamides. Methods: Various results and discussion were extracted from technical journals and books published by different researchers from all over the world. The cited bibliographic references were intentionally investigated in order to extract relevant information related to proposed work. Results: In this review, the determination techniques such as UV-spectroscopy, Enthalpimetry, Immunosensor, Chromatography, Chemiluminescence, Photoinduced fluorometric determination, Capillary electrophoresis for sulphonamide determination were discussed in detail. Among them, High performance liquid chromatography (HPLC) and UV-spectroscopy was effective and extensively used for screening sulphonamide. Conclusion: Knowing the quantification and behaviour of sulphonamide in aqueous solution is mandatory to opt the suitable wastewater treatment required. Hence, choosing appropriate high precision and feasible screening techniques is necessary, which can be attained with this review.

CORPORATE GOVERNANCE IN THE 19TH CENTURY: EVIDENCE FROM THE CHESAPEAKE AND OHIO CANAL COMPANY

2009 ◽  
Vol 36 (2) ◽  
pp. 113-137 ◽  
Author(s):  
Robert W. Russ ◽  
Gary John Previts ◽  
Edward N. Coffman
Keyword(s):  
Corporate Governance ◽  
19Th Century ◽  
Annual Report ◽  
Governance Structure ◽  
Review Committee ◽  
Corporate Governance Structure ◽  
Theoretical Structure ◽  
The 19Th Century ◽  
The U.S

Presenting evidence from a 19th century corporation, the Chesapeake and Ohio Canal Company (C&O), the paper shows that issues of corporate governance have existed since the first corporations were established in the U.S. The C&O used a stockholder review committee to review the annual report of the president and directors. The paper shows how the C&O stockholders used this committee to supplement the corporate governance structure. The corporate governance structure of the C&O is also viewed from a theoretical structure as espoused by Hart [1995].

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