Friends in high places : two essays on the importance of corporate political connections

2015 ◽  
Author(s):  
◽  
Reza Houston
Keyword(s):  
Initial Public Offering ◽  
Political Connections ◽  
Target Firm ◽  
University Of Missouri ◽  
Accounting Performance ◽  
The Public ◽  
Public Offering ◽  
The University ◽  
The Impact ◽  
The Relationship

[ACCESS RESTRICTED TO THE UNIVERSITY OF MISSOURI AT AUTHOR'S REQUEST.] This study is an examination of the relationship between political connections and the undertaking of major firm events. In our first essay, presented in Chapter 3, we examine the impact politically connected appointments have on firm acquisition behavior. Using proxy statements, we create a unique database of politically connected bidders and merger targets. We find that bidders who hire connected individuals to the board or management team are more likely to avoid merger litigation. Connected bidders make more bids after the appointment. These firms also bid on larger targets. We determine there is a positive relation between the control premium and the relative of the target's connections. Connected acquirers have superior post-merger accounting performance, particularly when they acquire a connected target firm. In the second essay, presented in Chapter 4, we examine the relationship between political connections of private firms and the initial public offering process. Using registration statement information, we create a unique database of politically connected IPO firms. We find that political connections are substitutes to high-quality underwriters and big four auditors. Politically connected firms manage earnings more highly upward than non-connected firms prior to the public offering. Politically connected firms also exhibit less underpricing than non-connected firms. Politically connected IPO firms also have superior post-IPO returns relative to non-connected IPO firms.

The Impact of Global Financial Crisis on IPO Underpricing in Malaysian Stock Market

2018 ◽  
Vol 21 (04) ◽  
pp. 1850023 ◽  
Author(s):  
Hon-Wei Leow ◽  
Wee-Yeap Lau
Keyword(s):  
Financial Crisis ◽  
Initial Public Offering ◽  
Global Financial Crisis ◽  
Emerging Market ◽  
Ipo Underpricing ◽  
Dummy Variable ◽  
The Global Financial Crisis ◽  
Public Offering ◽  
The Impact ◽  
The Relationship

This study examines the impact of the Global Financial Crisis (GFC) on Initial Public Offering (IPO) underpricing in the context of an emerging market from January 2006 to December 2011. Models consist of hierarchical and dummy variable regressions have been evaluated. Our results show, firstly, by comparison between the pre-GFC, GFC and post-GFC periods, it can be observed that IPOs initial returns (offer-to-close) are generally lower due to the crisis. Secondly, IPO underpricing provides an average of 17–25% of initial returns in the pre-GFC period, 1–3% during GFC period, and 3–7% in the post-GFC period. Thirdly, the financial crisis does not act as a moderator that worsens the relationship between underpricing of IPO and oversubscription ratio. Lastly, this study dispels the notion that investors should totally shun IPO during crisis period as there are still positive initial returns among the new issues. To the authors’ knowledge, this is the first study on the impact of the GFC on IPO underpricing in Malaysia.

An analysis of the relationship between developmental mathematics and early access to Algebra 1

2018 ◽  
Author(s):  
◽  
Nicholas R. Baer
Keyword(s):  
High Schools ◽  
Developmental Mathematics ◽  
Developmental Math ◽  
Algebra 1 ◽  
University Of Missouri ◽  
Early Access ◽  
The University ◽  
The Impact ◽  
The Relationship ◽  
Graduating Students

[ACCESS RESTRICTED TO THE UNIVERSITY OF MISSOURI AT AUTHOR'S REQUEST.] The purpose of this quantitative study was to analyze the impact of early access to algebra on developmental math enrollment in college. This study specifically analyzed 30 St. Louis area high schools. Developmental math enrollment numbers and the percentage of students with early access to algebra in the eighth grade were analyzed to address the research questions. A hierarchical multiple linear regression was used to find a statistically significant relationship between early access to Algebra 1 and developmental math enrollments in college. High schools with a higher percentage of students with early access to Algebra 1 had fewer graduating students requiring developmental mathematics courses in college.

scholarly journals The Impact of Internationalization of Sarbanes-Oxley Act to the U.S. Listed Indonesian Companies

2020 ◽  
Vol 1 (2) ◽  
pp. 31-41
Author(s):  
Ahmad Fauzi ◽  
Asri Sitompul
Keyword(s):  
Stock Market ◽  
Initial Public Offering ◽  
Capital Market ◽  
Stock Exchange ◽  
Stock Exchanges ◽  
The Public ◽  
Sarbanes Oxley ◽  
Public Offering ◽  
The Impact ◽  
The U.S

In every country the existence of capital markets is fundamental in the development of the economy. Capital market, in addition to its function as a means to gather and allocate the public funds. Numerous companies attempted to fix up in order to get into a stock market and do the Initial Public Offering (IPO). But it is not an easy job, various preparations should be carried out and of course it takes some time and effort and considerable cost. In addition to stock market laws, the market is also governed by various regulations issued by the market authorities and stock exchanges as the SRO. In the U.S., the authority is the SEC and in Indonesia the capital market authority is the OJK. Stock exchanges such as the NYSE in the U.S. and Indonesian Stock Exchange (BEI) in Indonesia also issued various rules regulate all companies listed the shares in the stock exchanges. Internationalization means to bring something local to the international level. The Sarbanes-Oxley Act is supposed to applicable only in the U.S, it is not applicable in Indonesia. But the law is brought from the U.S brought to Indonesia to be applied to Indonesian companies that have the stocks listed with the U.S stock market. The application of the Act brought some problems to Indonesian companies that have to comply with all requirements stipulated in the Act.

Three essays on mergers and acquisitions

2019 ◽  
Author(s):  
◽  
Thibaut Guillaume Morillon
Keyword(s):  
Mergers And Acquisitions ◽  
Cultural Distance ◽  
Target Firm ◽  
University Of Missouri ◽  
Cultural Heterogeneity ◽  
Prior Literature ◽  
Cultural Affinity ◽  
The University ◽  
The Impact

[ACCESS RESTRICTED TO THE UNIVERSITY OF MISSOURI AT REQUEST OF AUTHOR.] In this dissertation, I investigate two segments of the mergers and acquisitions (MandA) literature: serial acquirers and cross-border MandAs. In the first essay presented in Chapter 1, I examine the phenomenon of declining announcement returns of serial acquirers. Using a classification of acquirers based on their patterns of acquisition, I find that decreasing returns occur mostly within "blocks" of acquisitions. This trend is driven by sprinters, bidders who acquire targets quickly in chunks. In contrast, I find no evidence of any such decline in returns for the most active acquirers in the market of corporate control: the marathoners. I test several theories proposed by prior literature to explain declining returns and find evidence consistent with temporary overvaluation, agency costs, and bidder learning as likely drivers. In the third essay presented in chapter 3, I investigate the impact of the cultural gap between the CEO of the acquiring firm and the CEO of the target firm in MandA deals. I find evidence that bidding CEOs are more likely to acquire targets led by CEOs with whom they have more cultural affinity, and that MandA deals are more likely to fail when the decision makers of both parties are culturally diverse. I find that higher levels of cultural heterogeneity are associated with more all-cash deals, a greater proportion of cash payments and a lower proportion of stock payment, consistent with cultural distance inducing mistrust between the partners. Moreover, I find evidence that partners are more likely to protect themselves against the risk of overvaluation of the other party when one or both are hard to value and CEO cultural heterogeneity is high.

A space for the public : positioning the online commenter in the field of professional journalism

2016 ◽  
Author(s):  
◽  
J. David Wolfgang
Keyword(s):  
Textual Analysis ◽  
Online Journalism ◽  
University Of Missouri ◽  
The Public ◽  
News Organization ◽  
Professional Field ◽  
Negative Perceptions ◽  
The University ◽  
Ethnographic Analysis ◽  
The Relationship

[ACCESS RESTRICTED TO THE UNIVERSITY OF MISSOURI AT AUTHOR'S REQUEST.] Online commenters play an increasing role in online journalism, adding content and commentary, but their role as participants in journalism is in flux as some professionals diminish the commenter role and push to delegitimize their content. This textual analysis and ethnography considers the state of the relationship between the journalist and the commenter in the journalism field broadly, as well as at one news organization. The analysis relies on boundary work, field theory, and gatekeeping in understanding how the commenter and journalist negotiate appropriate roles for one another. The textual analysis included 77 articles published about online commenting over a three-year period and the ethnographic analysis included studying one news organization by spending 90 hours in the newsroom, conducting 16 interviews, and collecting more than 8,000 comments for analysis. This study found that journalists negotiate the boundaries of the field to keep the commenter at a distance, perceive the commenter as a force for the transformation of the professional field, and adopt practices to keep the commenter from influencing professional content and the credibility of the organization. These findings suggest that journalists have used negative perceptions of online commenters to publicly shame the worst actors and institute new inhibitive practices in response, rather than seeing the commenter as a potential collaborator to professional journalism.

scholarly journals Corporate governance and IPO underpricing: evidence from the italian market

2021 ◽  
Author(s):  
Emanuele Teti ◽  
Ilaria Montefusco
Keyword(s):  
Corporate Governance ◽  
Initial Public Offering ◽  
Boards Of Directors ◽  
Stock Option ◽  
Board Members ◽  
Ipo Underpricing ◽  
Italian Market ◽  
Public Offering ◽  
The Impact ◽  
Positive Effect

AbstractThis paper aims to analyse the impact of firms’ corporate governance characteristics on the degree of first-day returns (i.e., underpricing) in the Italian initial public offering (IPO) market. In particular, this work investigates the impacts of the characteristics of boards of directors (BoDs) and ownership structure on the underpricing of newly offered shares. By studying a sample of 128 Italian IPOs between 2000 and 2016, it is concluded that corporate governance characteristics affect the degree of first-day returns following a company’s IPO. More specifically, the size of the BoD negatively affects underpricing, while the ownership of institutional investors and board members has a positive effect on the degree of underpricing. Conversely, no significant evidence is found with regard to board independence, the number of female directors in the boardroom, the implementation of stock option plans and ownership concentration.

Administrative elites and the crisis: what lies ahead for the senior civil service in Greece?

2014 ◽  
Vol 80 (4) ◽  
pp. 709-725 ◽  
Author(s):  
Calliope Spanou
Keyword(s):  
Public Administration ◽  
Economic Crisis ◽  
Civil Service ◽  
Civil Service Reform ◽  
The Public ◽  
Administrative Elites ◽  
The Impact ◽  
The Relationship

The nature of the relationship between the public administration and politics and the subsequent role of the administration appear to be incompatible with the emergence of an administrative elite. After analysing the reasons for this incompatibility, the article explores the impact of the measures taken in the wake of the economic crisis on the civil service and its reform, and also the prospects for the development of a senior civil service. The key, and also the challenge, to any change in this direction remains the rebalancing of the relationship between the public administration and politics. Points for practitioners What might interest practitioners is the issue of the conditions of effectiveness of civil service reform in times of economic crisis and significant pressure.

An End to Incrementalism? The Impact of Expenditure Restraint on Social Services Budgets 1979–1986

1989 ◽  
Vol 18 (2) ◽  
pp. 187-210 ◽  
Author(s):  
Aidan Kelly
Keyword(s):  
Social Services ◽  
Social Service ◽  
The Elderly ◽  
Activity Data ◽  
The Public ◽  
Total Budget ◽  
Service Departments ◽  
The Impact ◽  
The Relationship ◽  
Over Time

ABSTRACTThe theory of incrementalism is a long-standing and influential perspective on policy making and resource allocation in the public sector. Previous research on social services budgeting suggests that resources are allocated incrementally, although there has been some debate as to whether this would persist in an era of prolonged expenditure restraint. Incremental budgetary outcomes are operationalised as percentage changes in budgets pro-rata with percentage changes in the total budget, and as stable shares of total expenditure for each activity. Data for 99 English social service departments supports incrementalism in that budget shares change by only 1.8 per cent, but percentage allocations depart from pro-rata incrementalism by a mean of 74 per cent. The comparison of the two summary indices over time supports those who have argued that prolonged restraint would encourage non-incremental budgeting, but change in the agency's total budget does not consistently predict budgetary outcomes. The effect of restraint on incrementalism varies with the measure used and across the component activities of the measures, but there is enough evidence to suggest a significant decline in the level of incrementalism in social service departments. In particular, non-incremental budgeting is strongly associated with the growth of day centre expenditure on the mentally ill and the elderly before 1982–3, and after that with the pursuit of the ‘community care’ strategy within state provided services for the elderly and children. Incrementalism as a general theory of agency budgeting is limited in its ability to explain variations in the degree of incrementalism between agencies, between component budgets and over time. The conclusion suggests that further research should seek explanations for these variations in the varying balance of the competing forces which shape outcomes in welfare bureaucracies and in the relationship between these forces and the organisation's environment.

scholarly journals Family Climate Patterns and Its Relationship with Self-Concept among Students at the University of Islamic Sciences in light of the Variables of Gender and Age

2017 ◽  
Vol 9 (1) ◽  
pp. 145
Author(s):  
Fatima Mohammad Rashed Al Talahin ◽  
Hana Khaled Al –Raqqad ◽  
Eman Saeed Al- Bourini ◽  
Bilal Adel Al-Kateeb
Keyword(s):  
Pearson Correlation ◽  
Statistical Significance ◽  
Self Concept ◽  
Family Climate ◽  
Gender And Age ◽  
Climate Patterns ◽  
The Difference ◽  
The University ◽  
The Impact ◽  
The Relationship

The aim of this study is to clarify the relationship between self-concept and patterns of family climate among students at the University of Islamic Sciences, and also aimed to investigate the effect of gender and age on this relationship.The sample of the study consisted of a group of students were selected randomly, totaling (139) students; (58) male and (81) female students.Two questionnaires were distributed on 139 students. The first questionnaire was on the impact of patterns of family climate on self-concept and the second one about self-concept. Then the researcher analyzed the results of each item in the questionnaire using appropriated statistical methods, calculated the correlation between self-concept and patterns of family climate using the Pearson correlation coefficient, and G-test to find the difference between correlation coefficients.The results showed a positive statistical significance relationship between family climate patterns on one hand and between self-concept in all its dimensions on the other hand.

scholarly journals The university-industry relationship under diferent approaches: the entrepreneurial university to academic capitalism

Educação ◽  
2017 ◽  
Vol 40 (1) ◽  
pp. 73
Author(s):  
Evandro Coggo Cristofoletti ◽  
Milena Pavan Serafim
Keyword(s):  
Academic Capitalism ◽  
Public Institutions ◽  
Entrepreneurial University ◽  
The Public ◽  
The World ◽  
Industry Relationship ◽  
The University ◽  
The Relationship ◽  
University Industry

The economic and political changes in the world, from the 1970s, changed the political education of the Public Institutions of Higher Education in the world. The direction of these changes was clear: the university approachedthe market and the company and created interaction mechanisms that did not exist. The article therefore reviews the academic literature that interprets the relationship between university and market/company from two perspectives: approaches that positively position of interactions, exposing their motivations, interests and forms of interaction, especially the notions on Knowledge Economy and Entrepreneurial University; approaches that observe this interaction critically and reflectively, exposing the problems of interaction, its negative aspects and the reflection of the true role of the public university from the perspective of Academic Capitalism.

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