In this paper we build on the liability of foreignness concept and the institutional perspective to show how an equity listing and subsidiary formations in the host market are interlinked. Using a matched sample of foreign equity-listed and domestic equity-listed European firms on EU-regulated capital markets, we find that (1) the number of prior host-market subsidiary formations increases the probability of a host-market equity listing, and (2) a prior host-market equity listing increases the number of host-market subsidiary formations. Hence, we identify spillover effects between factor market and capital market strategies. However, the extent of these spillover effects depends on institutional characteristics of the host market, where companies on smaller markets gain higher spillover effects. We contribute to international management and finance research by providing factor market strategies as a valuable source to overcome capital market liabilities of foreignness and capital market strategies as a valuable source to overcome factor market liabilities of foreignness.

Mok Ka Ming. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2005. / Includes bibliographical references (leaf 31). / Abstracts in English and Chinese. / Chapter I --- Introduction --- p.1 / Chapter II --- Data Description --- p.4 / Chapter III --- Market risks for stocks --- p.6 / Chapter 1. --- Listing Location --- p.7 / Chapter 2. --- Operation Location --- p.9 / Chapter 3. --- Measurements --- p.10 / Chapter IV --- The Model --- p.13 / Chapter V --- Empirical Results --- p.16 / Chapter 1. --- Summary statistics --- p.16 / Chapter 2. --- Diagnostics Test --- p.17 / Chapter 3. --- The co-efficient --- p.18 / Chapter 4. --- Comparing the result with US dollar-denominated returns --- p.21 / Chapter VI --- Sub-period analysis --- p.26 / Chapter VII --- Market analysis --- p.29 / Chapter VIII --- Industrial analysis --- p.31 / Chapter IX --- Conclusion --- p.35 / Chapter X --- References --- p.37 / Chapter XI --- Appendix --- p.39

Aims: The starting point of this study was the experience of great problems with persons on long-term sick leave in the county of Västerbotten. In order to illuminate the situation we designed a study of the actors most involved who dealt with persons on long-term sick leave. These actors were the medical doctors; the employers: the social insurance officials; and members of the board of social insurance and persons reporting on the cases to the board. One aim was to describe and analyse the situation for persons on sick leave. Another aim was to describe and analyse the perception of the role the different actors played when dealing with persons on long-term sick leave. The third aim was to describe and analyse the different actors' views of each other, and of the co-operation around the persons on long-term sick leave. Method and material: Interviews with persons on sick leave, employers, social insurance officials and medical doctors. Questionnaires were sent to persons on sick leave, doctors and the members of the board of social insurance and those reporting on the cases. The interviews were audio- taped and transcribed word by word. Coding and analysis of collected data was done simultaneously by performing new interviews, using an adjusted form of grounded theory with the purpose of trying to find patterns and contexts. The aim was to describe the subjective experiences of how the actors look upon their situation and their way of coping with it. Results: The interviews with the employers showed great differences in attitudes and ways of treating employees, which also led to different models for dealing with work environment, sickness absence and rehabilitation. We divided the employers into five different "ideal types". Two of them could be described as "well-functioning" with regard to rehabilitation, and three of them as "less well-functioning". A high degree of flexibility characterises the successful employer, and he also takes good care of his personnel. The good employer also co-operates with other actors. The employers that are not well-functioning are not engaged in making adjustments, and have little confidence in their staff; the unions within their field are weak. Interviews with medical doctors revealed that they felt lonely, and that the demands were frustrating to them. They also had feelings of losing the locus of control. The doctors showed lack of knowledge of the labour market and the social insurance legislation, which made their work harder. They experienced that their lack of time made sickness periods longer. Among the results from the interviews with social insurance officials can be mentioned that they had good knowledge about laws, but sometimes it was difficult to use their knowledge and methods due to lack of flexibility. They experienced feelings of loneliness and had great difficulty in making decisions. Co-operation with partners often did not work out - the officials did not demand so much of their co-actors. The results of the questionnaire directed towards the members of the board of social insurance and those who reported on the cases did not show statistically significant differences between the three counties. The members of the board had almost the same proposals for decision as those who reported on the cases. There were no significant differences between men and women in decision-making. As a whole the members of the board seemed to be skilled in their knowledge of how to use the social insurance legislation. The results of the interviews with persons on sick leave showed that those persons had difficulties in asking for help and support. They felt such loyalty to their employers that they did not ask for adjustments of working places when needed. At the same time they were disappointed that the employers were not sufficiently involved in making it possible to come back to work again. More than half of the respondents had not received enough support from the employers, the medical doctors or the social insurance officials. Most of them felt frustrated, with little or no hope for the future. The results of the questionnaire to persons on long-term sick leave showed that women took a greater responsibility for their own rehabilitation, while the employers showed an earlier interest in sick male employees than in sick female employees. The employers were also keener to adjust the working places for men than for women. Despite those factors, women more often met their employers than men did, and they also had a more positive attitude to social insurance officials and doctors than men had. People with longer education took greater responsibility for their rehabilitation than those with shorter education. Compared to older people, younger persons were more optimistic about their future health and work, and also expressed that work was not so stressful. / digitalisering@umu

No description available.

The object of the research is the process of patrimonialisation in the state heritage protection by converting cultural material remains into heritage. To reveal it, the aspect of assessing monuments of the past is referred to which is expressed when material remains are recognised as valuable and protected by the state. The present paper synthesizes the history of Soviet and post-Soviet heritage records referring more to the principle of values than institutional principle. The methods and principles of attributing values to the objects of cultural heritage during the processes of patrimolisation are described. As the result the pragmatic approach to the formation of monument lists possessing including both Soviet or Lithuanian nationalistic ideological approach features was stated, as well as links to the Western heritage protection theoretical thought were shown and formation principles of associative/symbolic, informational, esthetical and economic were described. After regaining of independence the bigger attention to older, pre-Soviet objects of heritage to ensure legitimation of statehood was traced, and the rise of new – social and economical – cultural heritage values is observed. / Disertacijos objektas yra verčių formavimo procesai valstybinėje paveldosaugoje įpaveldinant kultūros palikimą. Jam atskleisti remiamasi palikimo vertinimo aspektu, kuris atsispindi senieną pripažįstant vertinga ir saugoma valstybės. Disertacijoje nagrinėjama kultūros paveldo apskaita sovietinėje ir posovietinėje Lietuvoje remiantis ne instituciniu, o vertybiniu modeliu. Atskleidžiami įpaveldinimo procesų metu vystančio verčių priskyrimo kultūros palikimo objektams metodai ir principai. Darbe konstatuojamas sovietmečiu paminklų apskaitoje vyravęs pragmatinis – parodomasis verčių formavimo principas savyje turintis ir sovietinės, ir lietuviškosios nacionalistinės ideologijos aspektų, parodomos jo sąsajos su Vakarų paminklosauga, atskleidžiami asociatyvinių/simbolinių, informacinių, estetinių bei ekonominių verčių formavimo ypatumai. Lietuvai atkūrus nepriklausomybę stebimas paveldo objektų „senėjimas“ atsisakant „neseno“ sovietmečio palikimo prioritetą teikiant kuo senesniam paveldui siekiant legitimuoti Lietuvos valstybingumą, taip pat amžių sankirtoje konstatuojama naujų – socialinių ir ekonominių – paveldo verčių aktualizavimo pradžia.

There are two opposing views on the role of regulation of financial markets examined in the academic literature. There is a large body of evidence that suggests that the efficiency of capital markets in North America is in large part due to investors’ confidence in the regulatory system. However, the optimal level of regulation is debatable. We investigate several aspects of the regulation of capital markets by exploring effects of changes in listing requirements on exchanges on the quality of firms undertaking initial public offerings and the quality of firms that choose to go public via a reverse merger mechanism. In addition, we show that additional regulation and/or disclosure of trading activies of informed investors in tender offers may be warranted. We show that a gradual increase in listing requirements fails to prevent low quality firms from gaining access to public capital markets. Yet, differences in listing rules on uppers and lower tiers of exchanges create a dual listing regime, which allows higher quality firms to differentiate themselves. We observe migration of most of the reverse merger transactions to the over-the-counter market due to changes in the regulatory environment in 2001. We conclude that regulatory changes had broad negative effects on the reverse mergers market as these pushed reverse merger firms to a less regulated and more opaque marketplace. Separately, we examine the timing of reverse mergers. Our results suggest that two types of reverse mergers follow different timing patterns: private firms go public through merger with financially distressed firms when IPO windows are closed, whereas reverse takeovers in which the participating public company is a going concern are pro-cyclical to aggregate merger waves. Finally, we analyze tender offers over the period from 1993 through 2006 and establish a link between non-public information and informed investors’ strategic behaviour. Our findings call in question the effectiveness of disclosure mechanisms of trading by informed investors. We also note that uninformed traders can use market microstructure tools to expand their information set, thus increasing the speed of incorporation of new information into stock prices and increasing market efficiency. / Finance

No description available.

Yes / EMNEs from Africa are missing in global places and spaces, and Africapitalism is also meagrely represented within the capillaries of international investments, relative to the opportunities offered by globalisation and Africa’s rich natural resource endowment. Using the Penrosian MNE growth theory, we investigate how African firms' managerial competence and entrepreneurial behaviours can be enhanced by engaging foreign executive directors during pre, early and post-internationalisation. We conduct our analysis by using data from 157 companies domiciled in 17 African countries. Our results show that whilst access to liquidity, foreign managerial know-how, and experience are key drivers of early foreign listing of African EMNEs, these factors have less effect on corporate outcomes during the 3rd and 5th year without the moderating effect of foreign executive directors. We contribute to the international business and international entrepreneurship literature by showing that African EMNEs can succeed in global spaces if they leverage the expertise of foreign executive directors as they bring idiosyncratic industry and market knowledge during early internationalisation. EMNEs intending to internationalise must use a polycentric governing board structure to reflect the intended destination country. Our results imply that early listing on the international stock markets is among the key strategies latecomers use to enter a global game they are just learning to play.

by Ng Hon Sun, Stephen & Poon Ming Him. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1995. / Includes bibliographical references (leaves 50-52). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iv / LIST OF TABLES --- p.v / LIST OF FIGURES --- p.v / ACKNOWLEDGEMENT --- p.vi / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- CHARACTERISTICS OF WARRANTS AND THE NATURE OF HK WARRANT MARKET --- p.5 / Chapter II (i) --- Warrants Versus Call Options --- p.5 / Chapter II (ii) --- Historical Development of Warrants in Hong Kong --- p.6 / Chapter II (iii) --- Equity Warrants --- p.7 / Chapter II (iv) --- Derivative Warrants --- p.8 / Chapter II (v) --- The Risks of Derivative Warrants --- p.10 / High Inherent Risks --- p.10 / Complex Exercise Conditions and Conversion Adjustments --- p.10 / Chapter II (vi) --- Regulatory Environment of Derivative Warrants --- p.12 / Chapter III. --- LITERATURE REVIEW --- p.14 / Chapter IV. --- DATA AND METHODOLOGY EMPLOYED --- p.19 / Chapter IV (i) --- Date Employed --- p.19 / Chapter IV (ii) --- Methodology Employed --- p.24 / Chapter V. --- EMPIRICAL RESULTS AND INTERPRETATION --- p.28 / Chapter V (i) --- Market Trend Before and After Listing --- p.37 / Chapter V (ii) --- Trading Volume --- p.38 / Chapter V (iv) --- Volatility --- p.39 / Chapter VI. --- CONCLUSIONS --- p.44 / APPENDIXES --- p.46 / APPENDIX A STOCKS SELECTED FOR STUDY --- p.46 / APPENDIX B CONSTITUENT STOCKS OF HANG SENG INDEX --- p.47 / APPENDIX C HANG SENG INDEX 1993-1994 --- p.48 / APPENDIX D HANG SENG INDEX RETURN AND SELECTED STOCK UNADJUSTED MEAN RETURN --- p.49 / REFERENCES --- p.50 / LIST OF TABLES / TABLE 1 DERIVATIVE STOCK WARRANTS LISTING IN 1993 -1 994 --- p.21 / TABLE 2 COMPARISON OF PRE- AND POST- LISTING RETURNS --- p.28 / TABLE 3 EXCESS MARKET RATE OF RETURN AND CUMULATIVE EXCESS MARKET RATE OF RETURN --- p.32 / TABLE 4 MARKET MODEL RATE OF RETURN AND CUMULATIVE MARKET MODEL RATE OF RETURN --- p.33 / TABLE 5 β'S CALCULATED ON THE UNDERLYING STOCK --- p.33 / TABLE 6 MARKET TREND BEFORE AND AFTER LISTING OF DERIVATIVE WARRANTS --- p.37 / TABLE 7 EFFECTS OF DERIVATIVE WARRANT LISTING ON RISK CHARACTERISTICS OF UNDERLYING STOCKS --- p.41 / LIST OF FIGURES / FIGURE 1 SUMMARY OF THE REGULATIONS ON DERIVATIVE WARRANTS --- p.13 / FIGURE 2 WARRANT LISTINGS DISTRIBUTION MAP --- p.23 / FIGURE 3 CUMULATIVE RETURN % (ADJUSTED AND UNADJUSTED) --- p.31 / FIGURE 4 IMPACT OF LISTING ON VARIANCE --- p.40

by Cheuk Kam-wa. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1994. / Includes bibliographical references (leaves 43-45). / ABSTRACT --- p.iii / TABLE OF CONTENTS --- p.iv / LIST OF TABLES --- p.vi / ACKNOWLEDGEMENT --- p.vii / INTRODUCTION --- p.1 / WHAT IS ADR? --- p.5 / The Trading Mechanism --- p.6 / Issuance --- p.6 / Transfer - intra-market trading --- p.7 / Cancellation --- p.7 / Trading - pricing --- p.8 / Equity offerings --- p.8 / OVERVIEW OF US SECURITIES REGULATIONS --- p.10 / The Securities Act of 1933 --- p.10 / The Securities Exchange Act of 1934 --- p.11 / TYPES OF ADR --- p.13 / Unsponsored ADR --- p.13 / Sponsored ADR --- p.14 / Level-I --- p.14 / Level- II --- p.15 / Level- III --- p.16 / Rule 144A --- p.16 / ADVANTAGES AND BARRIERS OF ADR ISSUANCE TO HONG KONG LISTED COMPANIES --- p.19 / Advantages --- p.19 / Barriers --- p.20 / Deferred taxation --- p.21 / Proposed final dividend --- p.21 / Retirement scheme costs --- p.21 / Property revaluation --- p.22 / OVERVIEW OF THE ADR MARKETS --- p.25 / Comparison Between The Regional Stock Markets In The US --- p.26 / Outlook --- p.28 / THE IMPACT OF ADR LISTINGS ON RISK AND RETURN FOR HONG KONG LISTED COMPANIES --- p.32 / Methodology --- p.32 / The effect of the listing of ADRs on underlying stock price --- p.34 / Interpretation of results on the effect on underlying stock price --- p.36 / The effect of the listing of ADRs on underlying stock volatility --- p.37 / Interpretation of results on the effect on underlying stock volatility --- p.38 / Conclusions --- p.40 / APPENDIX 1 : LIST OF HONG KONG LISTED COMPANIES WITH ADR PROGRAMMES --- p.41 / REFERENCES --- p.43