scholarly journals Effects of R&D Investments and Market Signals on International Acquisitions: Evidence from IPO Firms

2021 ◽  
Vol 14 (5) ◽  
pp. 191
Author(s):  
Cheng-Wei Wu ◽  
Jeffrey J. Reuer
Keyword(s):  
Initial Public Offerings ◽  
The Other ◽  
International Acquisitions ◽  
Public Offerings ◽  
Intangible Resources ◽  
Cross Border ◽  
Market Signals ◽  
The One ◽  
International Acquisition ◽  
Internalization Advantages

We investigate how intangible assets in the form of R&D influence firms’ hazards of engaging in international acquisitions. On the one hand, previous research has noted that the tacit and redeployable nature of R&D investments may prompt firms to expand their operations overseas and create value from international acquisitions. On the other hand, it is difficult for other firms to evaluate the quality and prospects of an acquirer’s intangible resources, thereby hampering its ability to finance and execute international M&A deals. In the context of international acquisitions undertaken by firms just completing their initial public offerings (IPOs), we argue and find that the IPO firm’s engagement in post-IPO international acquisition activity is generally negatively related to its R&D intensity. This effect contrasts previous arguments on the internalization advantages possessed by R&D-intensive firms. We also argue that firms able to convey their resources and prospects through such signals as previous international alliances and foreign sales can mitigate information problems presented by their intangibles, and thus carry out and benefit from cross-border acquisitions. We therefore identify an unexamined tradeoff that R&D investments present in the international M&A context and discuss how international signals can facilitate cross-border transactions subject to various market frictions.

Perspectives for Medical Tourism Development in Portugal's Central Region

2020 ◽  
pp. 112-133
Author(s):  
Gonçalo Santinha ◽  
Zélia Breda ◽  
Vítor Rodrigues
Keyword(s):  
Central Region ◽  
Medical Tourism ◽  
Tourism Development ◽  
Strategic Plan ◽  
The Other ◽  
European Directive ◽  
Cross Border ◽  
Potential Demand ◽  
The One

The European Directive 2011/24/EU establishes the rules for the access to cross-border healthcare to ensure the mobility of patients and promote cooperation between the different Member States. This study aims to understand its impact and the role that medical tourism can play in the healthcare context in Portugal. On the one hand, it makes a reflection on the challenges arising from its adoption, and, on the other hand, it discusses the possible impacts of its implementation, specifically in two sub-regions of the Central Region, and the role of medical tourism in light of the views of health policymakers and other local and regional stakeholders. The attractive conditions of Portugal translate into a potential destination for medical tourism; however, the transposition of the Directive reveals several weaknesses. Only through the design of a strategic plan of action, necessarily collective, participative, and accountable, that lists the supply, the potential demand, and priority options for the country and for each region, it is possible to effectively develop medical tourism.

Group Insolvencies

2016 ◽  
Author(s):  
Reinhard Bork ◽  
Renato Mangano
Keyword(s):  
The Other ◽  
Limited Extent ◽  
Specific Policy ◽  
Policy Choices ◽  
Cross Border ◽  
Other Hand ◽  
The World ◽  
Set Up ◽  
The Many ◽  
The One

This chapter deals with European cross-border issues concerning groups of companies. This chapter, after outlining the difficulties encountered throughout the world in defining and regulating the group, focuses on the specific policy choices endorsed by the EIR, which clearly does not lay down any form of substantive consolidation. Instead, the EIR, on the one hand, seems to permit the ‘one group—one COMI’ rule, even to a limited extent, and, on the other hand, provides for two different regulatory devices of procedural consolidation, one based on the duties of ‘cooperation and communication’ and the other on a system of ‘coordination’ to be set up between the many proceedings affecting companies belonging to the same group.

The control-ownership wedge and the survival of French IPOs

2018 ◽  
Vol 19 (2) ◽  
pp. 271-294 ◽  
Author(s):  
Imen Derouiche ◽  
Syrine Sassi ◽  
Narjess Toumi
Keyword(s):  
Survival Time ◽  
Initial Public Offerings ◽  
Failure Time ◽  
Vote Rule ◽  
Agency Conflicts ◽  
Content Type ◽  
Controlling Shareholders ◽  
Public Offerings ◽  
The One

Purpose The purpose of this paper is to investigate the effect of the control-ownership wedge of controlling shareholders (excess control) on the survival of French initial public offerings (IPOs). Design/methodology/approach This paper studies a large sample of 434 French IPOs. The empirical analysis uses the Cox proportional hazard and accelerated-failure-time models. Data are manually gathered from IPO prospectuses. Findings The findings support a positive relation between the control-ownership wedge and IPO survival time, indicating that survival is more likely in firms with high excess control levels. This result is consistent with the view that controlling shareholders with a large control-ownership wedge have incentives to preserve their private benefits of control by increasing firm survival chances. The findings also show that older IPOs are more likely to survive, while riskier and underpriced IPOs are more likely to delist. Practical implications The results provide a better understanding of the role of excess control in IPO survival. They also enrich the debate on the efficiency of the one-share-one-vote rule. Originality/value The research provides new insights into the role of agency conflicts in IPO survivability. In particular, it explores the effect of dominant shareholders with a control-ownership wedge on survival time.

scholarly journals Cross-Border Policies and Spatial and Social Integration: Between Challenges and Problems

2011 ◽  
Vol 18 (2) ◽  
pp. 29-45 ◽  
Author(s):  
Milan Bufon
Keyword(s):  
Social Integration ◽  
The Other ◽  
Level System ◽  
Constituent Part ◽  
Regional Control ◽  
Cross Border ◽  
Other Hand ◽  
Multi Level ◽  
The One

The article is discussing both challenges and problems that emerge from an intensified cross-border integration, particularly in Europe, which is creating a sort of ‘cross-border regionalism’ that might be sought as a new constituent part of a complex, multi-level system of governance incorporating not only national, but also local/regional agents. Cross-border regionalism is thus not only a system of government, but also a system of ‘grass-rooted’ social and spatial (re)integration of borderlands. This process is closely related to the question of changing territoriality, preserving on the one hand the regional control and on the other hand re-acting societal and territorial co-dependence.

Company law and workers' interests

2005 ◽  
Vol 11 (2) ◽  
pp. 179-188 ◽  
Author(s):  
Robbert van het Kaar
Keyword(s):  
Corporate Governance ◽  
Employee Participation ◽  
Company Law ◽  
The Other ◽  
Current Debate ◽  
European Directives ◽  
European Company ◽  
Cross Border ◽  
The One ◽  
Takeover Bids

Developments in company law in many cases have a significant impact on the interests of employees and their representatives. This article gives an overview of the implications of the 14 European directives and draft directives in this area. It also takes a closer look at the 13th Directive on public takeover bids, and goes on to examine developments in the field of corporate governance. What is the place for the workers in the current debate and the various codes of behaviour that have come into being? From the employee viewpoint the developments appear to be ambiguous. On the one hand, there are signs that employees are no longer regarded as serious stakeholders in the company. On the other, the 13th Directive, the proposed Tenth Directive on cross-border mergers, the SE (European Company) Directive on employee participation and other instruments make clear provision for participation by employee representatives.

The European Influence on German Anti-Terrorism Law

2012 ◽  
Vol 13 (9) ◽  
pp. 1056-1065
Author(s):  
Anneke Petzsche
Keyword(s):  
International Law ◽  
National Level ◽  
The Other ◽  
The Internet ◽  
Terrorist Threat ◽  
International Context ◽  
Cross Border ◽  
Legal Obligations ◽  
The One ◽  
Supranational Level

The international context plays a role in the fight against terrorism that is not to be underestimated. On the one hand, international law poses legal obligations that lead and limit the national legislator in his actions. On the other hand, it has become clear that terrorism nowadays is an international problem that concerns not only individual states but the whole international community. The states have recognized that in order to counter the terrorist threat, an approach only on the national level cannot suffice. As a result, the fight against terrorism has shifted increasingly to the international and supranational level. For Germany the European influence is of particular importance. Therefore, the assessment of the European Commission regarding the handling of terrorist threats gains relevance:Modern terrorism is eminently global. The dissemination of propaganda aiming at mobilization and recruitment as well as instructions and online manuals intended for training or planning of attacks via the Internet have an intrinsic international and cross-border character. The threat is international, and so must be at least part of the answer.”

Serbia

2019 ◽  
pp. 39-66
Author(s):  
Yossi Harpaz
Keyword(s):  
Social Status ◽  
The Other ◽  
Dual Citizenship ◽  
Representative Case ◽  
Cross Border ◽  
Other Hand ◽  
The One ◽  
Hungarian Language ◽  
Gain Access ◽  
The Eu

This chapter explores the case of Hungarian dual citizenship in Serbia as a representative case of compensatory citizenship that is created on the basis of coethnic ties. Since 2011, Hungary has offered dual citizenship to cross-border Hungarians living in neighboring countries. However, coethnic dual citizenship has complicated and contradictory effects on Serbia's Hungarian minority. On the one hand, they enjoy access to Europe, as well as elevated social status in Serbia. On the other hand, the proliferation of EU passports makes it easier for young Hungarians to emigrate, shrinking this beleaguered population even further. Meanwhile, thousands of ethnic Serbs have also begun to study the Hungarian language. They hope to take advantage of Hungary's generosity toward Hungarian speakers in order to thereby gain access to the EU.

The Convulsive European Space of Mobilities

2020 ◽  
Vol 1 (1) ◽  
pp. 162-188 ◽  
Author(s):  
Nicholas De Genova
Keyword(s):  
The Other ◽  
Refugee Crisis ◽  
Cross Border ◽  
The One ◽  
Populist Movements

Alarmist reactions to an ostensible “migrant” or “refugee crisis” in Europe have inadvertently lent an unprecedented prominence to the veritable and undeniable autonomy of (transnational, cross-border) migrant and refugee mobilities, replete with their heterogeneity of insistent, disobedient, and incorrigible practices of appropriating mobility and making claims to space. Between an asylum system predicated upon suspicion and a border regime ever increasingly dedicated to intensifying the purview of detention and deportation, on the one hand, and the increasing virulence of anti-immigrant racist populist movements, on the other, Europe—rather than a space of refuge or freedom—has become a space of rejection for most migrants and refugees. This dialectic of autonomous human mobilities and the forces arrayed to alternately govern, discipline, punish, and repel them render Europe a convulsive space, a space of convulsions.

Exploring intellectual capital disclosure as a mediator for the relationship between IPO firm-specific characteristics and underpricing

2015 ◽  
Vol 16 (3) ◽  
pp. 639-660 ◽  
Author(s):  
Shaw Warn Too ◽  
Wan Fadzilah Wan Yusoff
Keyword(s):  
Initial Public Offerings ◽  
Intellectual Capital ◽  
Design Methodology ◽  
Firm Characteristics ◽  
Content Type ◽  
Public Offerings ◽  
Intangible Resources ◽  
The Cost ◽  
The Relationship ◽  
Practical Implications

Purpose – The purpose of this paper is to examine the direct and indirect impact of firm-specific characteristics on the level of underpricing among Malaysian initial public offerings (IPOs). Design/methodology/approach – Content analysis of IPO prospectuses was used for 331 firms underwent listing between 2002 and 2008. The extent of disclosure was computed by applying the disclosure index of Bukh et al. (2005). Findings – Of the five firm characteristics examined, there is a direct relationship between the firm’s financial performance and the level of foreign activity, and the level of underpricing, instead of being mediated through disclosure. However, some firm characteristics have direct influence on the extent of disclosure but do not have any influence on underpricing. Research limitations/implications – This empirical study concentrates on the Malaysian IPOs on a single disclosure mechanism. Other disclosure items can be examined together with the intellectual capital disclosure items. Practical implications – As the findings reveal that the extent of disclosure is relatively low in influencing the level of underpricing. Had the disclosure been higher, it may have some influence on underpricing. The accounting governance board need to regulate the disclosures of the intangible resources so that the level of underpricing can be minimized. Originality/value – This study provides new insight for the examination of direct and indirect (through disclosure) association between firm-specific characteristics and underpricing. The findings shed some lights to the IPO issuers to enhance disclosure so that the cost of capital can be reduced.

Visa Stamps for Injections: Traveling Biolabor and South African Egg Provision

2020 ◽  
Vol 34 (4) ◽  
pp. 573-596
Author(s):  
Amrita Pande
Keyword(s):  
Cultural Capital ◽  
South African ◽  
Reproductive Potential ◽  
The Other ◽  
African Women ◽  
Self Management ◽  
Cross Border ◽  
Normative Expectations ◽  
The One ◽  
South African Women

In this article, I discuss cross-border egg provision by young South African women as a form of traveling biolabor that is critically about embodiment, and aspirations for mobility and cosmopolitanism. The frame of biolabor challenges the frames of altruism/commodification, and choice/coercion, and instead highlights the desires of egg providers, fundamental to the creation and maintenance of the global fertility market. When biolabor crosses borders as traveling biolabor, the analysis can focus on the specificities of inequalities embedded within such reproductive mobility. Traveling or mobility is often a privileged decision and connotes freedom and cultural capital. Yet, when applied to young white egg providers from South Africa, this traveling biolabor relies on a particular kind of biopolitics wherein the reproductive potential of ova/egg is fundamental in facilitating women’s cross-border mobility. I divide the findings sections into three key themes—“cosmopolitan competency,” “alternatives to maternity,” and “productive pain”—to argue that, on the one hand, from recruitment of traveling egg providers to their (self) management, this biolabor is built on the young women’s aspirations for cosmopolitanism. Traveling biolabor becomes a way to escape the normative expectations of their (primarily rural, conservative) families and the (Afrikaner) national project of the volksmoeder (mother of the nation). On the other hand, the pursuit of these aspirations is critically contingent on management successfully reframing the embodied pain of egg provision as well as the biolaborer’s own maternity. Laborers’ desires and management disciplining tactics converge to sustain the global fertility market.

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