Financial constraints and financing decision in cross-border mergers & acquisitions: evidence from the U.S. retail sector

2021 ◽  
pp. 1-21
Author(s):  
Jie Li ◽  
Patricia Huddleston ◽  
Linda Good
Keyword(s):  
Financial Constraints ◽  
Retail Sector ◽  
Financing Decision ◽  
Cross Border ◽  
The U.S

Using 10-K Text to Gauge Financial Constraints

2015 ◽  
Vol 50 (4) ◽  
pp. 623-646 ◽  
Author(s):  
Andriy Bodnaruk ◽  
Tim Loughran ◽  
Bill McDonald
Keyword(s):  
Capital Structure ◽  
Financial Constraints ◽  
Securities And Exchange Commission ◽  
Financial Constraint ◽  
Firm Characteristics ◽  
Low Correlation ◽  
Highly Correlated ◽  
Firm Attributes ◽  
The U.S ◽  
Better Than

AbstractMeasuring the extent to which a firm is financially constrained is critical in assessing capital structure. Extant measures of financial constraints focus on macro firm characteristics such as age and size, variables highly correlated with other firm attributes. We parse 10-K disclosures filed with the U.S. Securities and Exchange Commission (SEC) using a unique lexicon based on constraining words. We find that the frequency of constraining words exhibits very low correlation with traditional measures of financial constraints and predicts subsequent liquidity events, such as dividend omissions or increases, equity recycling, and underfunded pensions, better than widely used financial constraint indexes.

scholarly journals Texas-Mexico Cross Border Truck Operations: Are Mexican NAFTA Trucks Unsafe?

2010 ◽  
Vol 47 (4) ◽  
Author(s):  
Jason West ◽  
Robert Harrison
Keyword(s):  
Public Safety ◽  
Border Crossings ◽  
Cross Border ◽  
Texas Department ◽  
Vehicle Inspection ◽  
Mexico Border ◽  
Service Rates ◽  
The U.S

Texas Department of Public Safety (DPS) border safety inspection facilities (BSIF) have been in operation, in temporary and permanent forms, since 2001. This paper presents inspection results on trucks inspected at Texas BSIFs from 2003 to 2006, comprising over 326,000 vehicle inspection records. Analysis indicated that Mexico domiciled trucks have lower out-of-service rates than U.S. trucks at most Texas/Mexico border crossings. This finding is noteworthy since border (drayage) vehicles are older on average than typical Texas highway trucks and counters the opinion that trucks from Mexico are unsafe and therefore should not be allowed to enter the U.S.

Sold—to the Highest Bidder in Japan: Operational Challenges and Culture

2015 ◽  
pp. 1-5
Author(s):  
Gerry Yemen ◽  
Kristin J. Behfar ◽  
Allison Elias
Keyword(s):  
United States ◽  
The United States ◽  
Japanese Firm ◽  
Cultural Norms ◽  
Exit Strategy ◽  
Cross Border ◽  
Start Up ◽  
Financial Benefits ◽  
Operational Issues ◽  
The U.S

Most talented executives can recognize when an acquisition has strategic or financial benefits, and in this case, the decision to be acquired was an appropriate exit strategy for a successful start-up. Peter Street’s start-up had been growing quickly and was building a reputation for reliability in a booming industry when a Japanese firm offered to pay a premium for the U.S. firm. Having done business in Japan (and extensively with the acquiring company) before the sale of his company, Street entered the acquisition with enthusiasm. As part of the deal, Street’s former company would continue to operate in the United States as a division of its parent company and Street would remain as CEO. A few months into the transition, however, Street discovered a huge difference between working with and working for the Japanese firm. Cultural norms for confronting seemingly small problems quickly became bigger operational issues, and Street experienced a growing dichotomy between corporate (in Japan) and his division (in the United States). This case focuses on the challenges of implementing a cross-border acquisition.

Conclusion

2018 ◽  
pp. 136-142
Author(s):  
Adrián Félix
Keyword(s):  
Linear Logic ◽  
Institutional Racism ◽  
Political Life ◽  
Mexican Migrants ◽  
Life And Death ◽  
Cross Border ◽  
Mass Migration ◽  
Transnational Citizenship ◽  
The U.S

The final chapter concludes by raising the specter of transnational afterlife and the implications of the book for migration studies. By tracing the thickening of transnational citizenship across the migrant political life cycle, Specters of Belonging adds to our understanding of migrant cross-border affiliations, allegiances and attachments. In doing so, the book challenges the linear logic of neo-assimilationists, who contend that the U.S. continues to integrate migrants as it did during previous eras of mass migration, by pointing to the institutional racism that impedes the process of migrant “incorporation.” Conversely, the book also challenges the irresolute circularity of the transnational perspective, which depicts migrants as ambivalent about their sense of belonging to their country of settlement and of origin. By capturing migrants’ cross-border enunciations, enactments and embodiments of transnational citizenship, Specters of Belonging argues that Mexican migrants are tenaciously transnational, defying the border in life and death.

scholarly journals Domestic Lending and the Pandemic: How Does Banks' Exposure to Covid-19 Abroad Affect Their Lending in the United States?

2021 ◽  
Vol 2021 (056) ◽  
pp. 1-45
Author(s):  
Judit Temesvary ◽  
◽  
Andrew Wei ◽  
Keyword(s):  
United States ◽  
Spillover Effects ◽  
The United States ◽  
Registry Data ◽  
Cross Border ◽  
Foreign Countries ◽  
The U.S

We study how U.S. banks' exposure to the economic fallout due to governments' response to Covid-19 in foreign countries has affected their credit provision to borrowers in the United States. We combine a rarely accessed dataset on U.S. banks' cross-border exposure to borrowers in foreign countries with the most detailed regulatory ("credit registry") data that is available on their U.S.-based lending. We compare the change in the U.S. lending of banks that are more vs. less exposed to the pandemic abroad, during and after the onset of Covid-19 in 2020. We document strong spillover effects: U.S. banks with higher foreign exposures in badly "Covid-19-hit" regions cut their lending in the United States substantially more. This effect is particularly strong for longer-maturity loans and term loans and is robust to controlling for firms’ pandemic exposure.

scholarly journals Demand-Driven Efforts to Stop Deforestation in Brazil's Soy Sector are Unlikely to be Offset by Cross-Border Leakage

2022 ◽  
Author(s):  
Nelson Villoria ◽  
Rachael Garrett ◽  
Florian Gollnow ◽  
Kimberly Carlson
Keyword(s):  
Supply Chain ◽  
Policy Implementation ◽  
Supply Chains ◽  
Market Power ◽  
Great Promise ◽  
Forest Loss ◽  
Cross Border ◽  
Soy Production ◽  
The U.S ◽  
The Eu

Abstract Supply chain policies that leverage the upstream market power of trading companies and importing countries offer great promise to address forest clearing1,2 in regions of rapid commodity expansion but weak forest governance3,4. Yet leakage—when deforestation is not eliminated but instead pushed to other regions—is a potentially major but unquantified factor that could dilute the global effectiveness of regionally successful supply chain policies5,6. We find substantial domestic leakage rates (43-50%) induced by zero deforestation policy implementation in Brazil’s soy sector, but insignificant cross-border leakage (<3%) due to the interdependence of soy production in the U.S. and Brazil. Currently implemented zero-deforestation policies in the Brazilian soy sector offset 0.9% of global and 4% of Brazilian deforestation from 2011-2016. However, completely eliminating deforestation from the supply chains of all firms exporting soy to the EU or China over the same period could have reduced global deforestation by 2% and Brazilian deforestation by 9%. If major tropical commodity importers adopt policies that require traders to eliminate deforestation from their supply chains, as currently proposed in the EU, it could help bend the curve on global forest loss.

35 United States of America

2018 ◽  
Author(s):  
Cohn Joshua
Keyword(s):  
United States ◽  
New York ◽  
United States Of America ◽  
New York State ◽  
The United States ◽  
Cross Border ◽  
Security Interest ◽  
Bankruptcy Code ◽  
The Right ◽  
The U.S

This chapter examines the most common aspects of the right of set-off in the United States, focusing on the State of New York. It also considers the U.S. Bankruptcy Code and its implications for the right of set-off. The chapter first considers contractual and statutory set-off outside bankruptcy proceedings and whether set-off can be considered a security interest before discussing set-off against insolvent parties. It explains how the right of set-off is affected by the automatic stay provision in section 362 of the Bankruptcy Code, the prohibition of creditor preferences, and fraudulent transfers. It also analyses choice of law issues arising in cross-border set-off, taking into account the relevant provisions of the New York State law and Chapter 15 of the Bankruptcy Code. Finally, it reviews the applicable rules for non-U.S. parties participating in a debtor's plenary Bankruptcy Code proceeding in the absence of a Chapter 15 ancillary proceeding.

Television for the Peace Arch Country: Transnational Broadcasting History in the Pacific Northwest

2019 ◽  
Vol 21 (5) ◽  
pp. 510-529
Author(s):  
Helen Morgan Parmett
Keyword(s):  
Pacific Northwest ◽  
Liberal Democracy ◽  
Television Station ◽  
Cross Border ◽  
International Broadcasting ◽  
The Pacific ◽  
Northwest Region ◽  
The U.S

This article contributes to international broadcasting history through a case study of a local, independent television station in the Pacific Northwest. KVOS-TV was one of a few stations on the U.S./Canadian border that sought out a cross-border audience, but it is unique in its efforts to produce programming to bridge these audiences into a unified viewing public that it termed the Peace Arch Country. The station’s international programming constituted its viewing public as translocal citizens in ways that supported the broader global ambitions of the Pacific Northwest region, as well as responded to and promoted the global ambitions of western liberal democracy and capitalism in the fight against Communism. KVOS-TV’s constitution of Peace Arch citizenship shows how television was a tool for creating translocal citizens, educating and governing them from a distance.

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