Yes / This paper examines stock market reaction to cross-border acquisition announcements that involve Eastern European emerging-market targets. Using a unique and a manually collected dataset, we identify 125 cross-border acquisitions in which developed-market firms from France, Germany, Netherlands, and the United Kingdom acquire ownership stakes in emerging as well as developed-markets in Europe during the period January 2000 through December 2011. In line with previous findings on foreign cross-border merger and acquisitions (M&As) in emerging- markets, evidence suggests that when the target firm is located in either the Czech- Republic, Hungary, Poland, or Russia, cumulative abnormal return (CAR) to the acquiring developed-market firm shows a statistically significant increase of 1.26% over a three day event window, following the announcement. Thereby, the relative size of the acquirer to the target appears to be the only significant factor that contributes to positive acquirer returns. The result is robust to the inclusion of controls for country, industry, as well as acquirer, target, and firm specific characteristics. Moreover, cross-border M&As involving an emerging-market target result in higher value creation for the acquiring shareholders than cross-border transactions into developed-markets.

Our purpose is to understand how learnings are drawn from previous experiences of cross-border acquisition integration, to later be utilized for integration of subsequent acquisitions. Elaborately, we intend to empirically study how learnings from previous endeavors are captured and built upon. Thus, there are two research questions given the sequence: learnings are first captured, then utilized. The study aims to extend current body of literature and deepening the understanding on deliberate learning through case study aspects. To answer this, we have constructed two research questions:    (1)  How can learnings be captured from previous experience in integration after cross-border acquisition?    (2)  How can learnings from previous experience of cross-border acquisition integration be utilized in subsequent deals?   The founding pillars of our literature review are perspectives on M&A and perspectives on learning. More specifically, the first perspective focuses on cross-border aspects and post-merger integration phases. Regarding the perspective on learning, our study particularly focuses on deliberate learning theory. Beyond named focus is dynamic capabilities, serial acquirers and previous experience discussed due to its connection to deliberate learning theory and our study. The literature review concludes in a theoretical tool, which summarizes the literature and is portrayed through a model.   The case study method was constructed with a qualitative and interpretive approach, which we found appropriate to reach a deeper in-depth understanding regarding the purpose and to answer our research questions. Six semi-structured interviews with managers were conducted to understand how they operated. We collected primary data by using snowball sampling and received secondary data of documentation from the studied firm. Further, this was qualitatively analyzed from a coding procedure of categories.    Our findings disclose how previous experience of post-merger integrations in cross-border acquisition is deliberately captured by our case company through learning mechanisms discussed in deliberate learning theory. The mechanisms are accordingly articulation, codification, sharing and internalizing. However, the findings disclosed a discrepancy between the literature and our empirical case due to the rotation of integration team members, which caused a disruption in sharing and internalizing of previous experience.    The contributions are both theoretical and managerial. First, the theoretical contribution is given through our revised theoretical tool, in which the findings regarding the different mechanisms are discussed and elaborated. The managerial findings provide recommendations in the assembling of an M&A integration team to preserve experience from previous endeavors and disseminate to new members.

Magister Legum - LLM / This paper argues that there is a need for an improved cross-border insolvency regime as the common law principles applied in Namibia are outdated and thus ill-equipped to deal with present-day complex issues of cross-border insolvency. The lack of literature on issues of crossborder insolvency belies the importance of cross-border insolvency in African developing countries like Namibia who seek to encourage trade and investment in the hope of achieving economic development. In the final section of chapter one, the paper will consider the Model Law as the basis needed to develop clear, fair and predictable rules to effectively deal with the various aspects of cross-border insolvencies in Namibia.

The diploma thesis deals with cross-border cooperation in the Euroregion Neisse. The Cross-border cooperation is one of the most interesting forms of regional cooperation. Theoretical part of thesis discusses basic terms, history of CBC and its development and importance in regional policy of the European Union, the development of Euroregions and the financing possibilities of CBC in the Czech Republic. The practical part is focused on cross-border cooperation in the Euroregion Neisse, which is the oldest Euroregion in the Czech Republic. The attention is paid mainly to projects implemented in the tourism. Euroregion Neisse has very favourable natural and cultural-historical assumptions for development of tourism. The objective is to evaluate cooperation in tourism in the context of cross-border cooperation in 2007-2013.

The diploma thesis describes cross border cooperation. For better understanding, Euroregion Těšínské Slezsko is used as an example. The aim of diploma thesis is describe the importance of cross border cooperation and how the borders regions try to eliminate negatives like unemployment, bad infrastructure, distance from the capitol of the country, and emigration to other regions. Euroregion is the contract which helped czech and polish sites cooperate more easily. Czechs and Poles cooperate especially in project selection and realisation. The Euroregion has a lot of positives, but I found one area where the euroregion could improve. There isn't enough cooperation between czech and polish schools.

The growth in Laos’ economy has been increasingly important in terms of consumption and tourism within Thailand. Currently, however, few studies have attempted to develop a marketing strategy for regional retailers in this emerging nation. This research is concerned with developing an appropriate marketing strategy that balances supply and demand within this regional market. Given that marketing relies heavily on understanding consumer behaviour, the objectives of this study are, first, to develop a cross-border shopper taxonomy in a regional market using benefit segmentation. In order to develop this marketing strategy, the research identified consumer expectations in order to explore how to achieve a competitive advantage that matches consumer needs with the available supplies. This cross-border shopping taxonomy provides a starting point for a holistic evaluation that will assist retailers in making marketing decisions. The study then attempts to understand the current market situations and marketing in practice from the perspective of suppliers. After assessing the correspondence between demand and supply, recommendations on strategic marketing are offered to Thai retailers at the end of the investigation. This study employed both quantitative and qualitative research methods, with 337 questionnaires and seven in-depth interviews. The survey was conducted in Thailand between December 2013 and January 2014. The data were collected from three provinces in the northeast region of Thailand that share a border with Laos: Nongkhai, Mukdahan and Nakorn Phanom. These provinces have high potential in respect to both tourism and retail developments. In addition, the seven interviewees with retailers and policy planners examined the implementation of market segmentation and marketing strategies. The data from the interviews was interpreted and compared with the quantitative data in order to investigate the correspondence between supply and demand. In order to classify cross-border shoppers, the major statistical analyses used were EFA and cluster analysis based on benefits sought. Segments were profiled with travel behaviour, shopping behaviour and demographic variables. ANOVA and MANOVA were employed to test differences between groups. After that, the research explored expectations through the Importance-Performance Analysis (IPA) in order to identify priorities for developing a competitive advantage. The results show that cross-border shoppers in the regional markets of Thailand consist of four segments: the Enthusiastic shoppers, the Leisure-tourist shoppers, the Product-focused shoppers and the Practical shoppers. These segments relate to the benefits sought, and correlate with different demographic variables, shopping activities and consumption patterns. Moreover, they have different expectations towards place attributes which are important for designing a marketing strategy that is suitable to each segment. Unfortunately, the interviewees from the supply side provided less marketing response to the cross-border tourist marketing. The implications of the findings are, first, that benefit segmentation is associated with demographic variables, shopping activities and expenditures. In addition, the evidence suggests some misunderstandings on the part of suppliers in respect to cross-border demand. The evaluation of demand and supply contributed recommendations for the design and management of effective marketing strategies for cross-border shoppers in this emerging nation.

A l’heure de la mondialisation et de la croissance permanente des échanges entre les Etats, la question de la faillite internationale est devenue une problématique de choix, au coeur d’un système aux multiples défaillances. Le jeu du marché ne s’opère plus au regard d’un territoire et d’un Etat, mais véritablement au regard d’un espace économique qui dépasse largement les frontières de la France. Le règlement communautaire 1346/2000 relatif aux procédures d'insolvabilité, entré en vigueur le 31 mai 2002, est un premier aboutissement en la matière au niveau de l’Union européenne. Il appréhende l’insolvabilité transfrontière en réussissant à articuler procédure universelle et procédure territoriale et en liant la compétence juridictionnelle au droit substantiel applicable. La lex fori concursus , à portée universelle, est désignée par le seul critère de compétence applicable pour l'ouverture de la procédure principale d'insolvabilité : le centre des intérêts principaux du débiteur. Notion autonome et incontestablement centrale, elle ne bénéficie pas d'une définition établie. Présumée coïncider avec le siège statutaire pour le débiteur personne morale, l'acception de la notion de centre des intérêts principaux s'est faite de manière prétorienne au fil des années. A l’heure de la révision du Règlement, sa définition n'est toujours pas inscrite à l'article 2 du règlement 1346/2000. Néanmoins, cela s'avère être un avantage lorsque l'on se positionne dans une logique de dimension internationale, dans laquelle le concept de centre des intérêts principaux tend également à s'inscrire. / In the era of globalisation and permanent growth of trade between States, the matter of cross-border insolvency has become an issue of choices at the heart of a system that shows multiple failures. The market rules are no longer governed by a territory or a State, but truly by an economic area that extends far beyond the borders of France. The EC regulation 1346/2000 on insolvency proceedings that came into effect on the 31st of May, 2002 is the first achievement on this matter for the European Union. It apprehends cross-border insolvency while successfully articulating both the universal and territorial proceedings as well as binding jurisdiction with the applicable substantive law. The lex fori concursus with its universal scope is designated by the sole criterion of applicable jurisdiction for initiating the main procedure of insolvency: the debtor's centre of main interests. As an autonomous and undeniably central concept, it has no settled definition. The understanding of the centre of main interests concept which supposedly coincides with the registered office for the legal person debtor, has been put in the hands of Court over the years. Such definition is still not covered in Article 2 of the 1346/2000 regulation. However, this turns out to be an advantage on an international dimension when the concept of centre of main interests tends also to be considered on a world-wide basis.

The submitting final thesis deals with the Regional and Structural Policy and focuses on the third objective "European Territorial Cooperation". This is the objective with the lowest financial allocation and very often it stays out of the main interest. According to this, the thesis try to clear up the programmes, it also introduces concrete projects. The largest attention in the thesis is payed to cross-border cooperation, esp. to cross-border programmes in the South-Bohemian Region (Austria and Germany). In this part, there are also evaluated previous achievements and outlined prospective ways of cooperation with german-speaking neighbours.

The thesis examines the impact of euroregion Silva Nortica on cross-border cooperation and regional identity. Silva Nortica as the newest Czech euroregion is located in Czech-Austrian borderland. The situation in the euroregion is analyzed through quantitative and qualitative research to offer a complex view on the issue. In context of institutional framework conditions the questionnaire survey together with guided interviews with representatives of the euroregion was analyzed. The thesis also offers possible ways of future development of the euroregion. The results show a good potential among locals to build a cross-border community. However, on the institutional level there are many problematic factors as constrains in future development of cross-border cooperation in Czech-Austrian borderland. Key words: Euroregion Silva Nortica, Czech-Austrian borderland, cross-border cooperation, regional identity, cross-border community, multi-level governance

This study investigates the effect of the value of financial flexibility on bidder’s merger and acquisition (M&A) performance, including the differences between domestic and cross-border M&As and the effect of the financial crisis. Using data gathered between 2005-2012 of 3,882 M&As with the bidder from developed Europe or the U.S., OLS regressions are used to predict the effect of value of financial flexibility on the bidder’s cumulative abnormal returns (CARs). Findings reveal partial evidence to support a positive effect of the value of financial flexibility and the cross-border effect on bidder’s M&A performance. Collectively, these findings increase understanding of the interdependence of financial flexibility and investments.