No / We develop a non-linear Markov error correction approach to examine the general co-integration relation between the H- and A-prices of cross-listed Chinese stock issuers across the period January 1999 to March 2009. We unravel three important dimensions of this relation. These pertain to (i) the long-run expectation of the H- (to A-price) discount; (ii) the level of short-run co-movement in prices; and (iii) the magnitude of error corrections. Findings point to significant improvements in all three areas. Policy and corporate governance change appears to be the principal force driving the efficiency gains. Weakening informational asymmetries underlie much of the change in the markets’ relative pricing. In contrast, sentiment effects strongly underpin the contemporaneous response and error correction adjustments. Finally, the escalating Global Financial Crisis of 2008 appears to have not only bolstered the A- and H-markets’ short-term pricing dynamic but also temporarily increased the long-term H-share discount.

Det finns ett flertal tidigare studier som undersöker listbyten och dess effekt på ett bolags aktieavkastning. Merparten av dessa studier är dock baserade på den amerikanska aktiemarknaden. De svenska studierna som har genomförts undersöker effekten av listbyte från alternativa marknadsplatser (MTF) till huvudmarknaden (reglerad marknad). Det har framkommit att det finns ett kunskapsgap vad gäller hur aktieavkastning reagerar på marknadsplatsbyten på Sveriges MTF-er. Genom att endast fokusera på MTFmarknadsplatserna,AktieTorget, First North och Nordic MTF i Sverige och effekten av bytenmellan dessa marknadsplatser blir denna studie ett komplement till den tidigare forskningen inom området. I studien undersöks 39 svenska bolag som mellan åren 2007-2016 valt att byta marknadsplats. OMXPI är det jämförelseindex som använts för att jämföra bolagens avkastning med marknaden. Syftet med denna studie är att undersöka om det finns ett värdeför såväl bolagen som dess aktieägare att byta marknadsplats mellan AktieTorget, Nordic MTF och First North, istället för att stanna kvar på den ursprungliga listan. Detta syfte uppnås genom att studien undersöker bolagens aktieavkastning i samband med flytt till likvärdig, alternativ, marknadsplats för att ta reda på om bytet av marknadsplats skapar en negativ avkastning hos bolagen. Denna studie utförs i form av en kvantitativ eventstudie där marknadsplatsbytet utgör eventet. Studiens avsikt är inte att analysera de enskilda bolagen utan att istället ge en samlad bild av effekten på den aktiekursutveckling listbytet medför. Resultatet av studien visar att en negativ ackumulerad onormal avkastning (CAR) förekommer efter att marknadsplatsbytet genomförts. Vid beräkning av parametrarna imarknadsmodellen finner studien att den genomsnittliga ackumulerade onormala avkastningen (CAAR) för samtliga bolag är hela -47,88 %, 12 månader efter att marknadsplatsbytet genomförts. / There are several previous studies that examine switches between marketplaces and how these changes impact companies share performance. The most foregoing research made on the subject share performance is based on the US stock market. Swedish studies made to the subject examine the share performance when companies move from one of the SwedishMultilateral Trading Facilities (MTF) to main market. The authors of this paper have noted that there is a gap of knowledge regarding share performance when companies move between the Multilateral Trading Facilities. By only examining the Swedish Multilateral Trading Facilities, AktieTorget, First North and Nordic MTF, and how moving between the lists affects the share performance, this study is an addition to the previous research in the field.This study examines 39 Swedish companies, which have changed list between 2007-2016. OMXSPI is the benchmark used in this study to compare the companies return with the market return. The purpose of this study is to examine if there is a value for both the companies and its shareholders to exchange marketplaces between the Swedish Multilateral Trading Facilities, AktieTorget, First North and Nordic MTF. This purpose is achieved byexamine the company’s stock price development before and after the change of market place and identify if the change creates a negative share performance. This study is conducted in the form of a quantitative event study where the marketplace change represents the event. The purpose is not to analyze the individual companies but to provide a comprehensive picture ofthe effect the marketplace changes have on the stock price development. The result of the study indicates that a negative accumulated abnormal return (CAR) occurs after the marketplace change. When calculating the parameters in the market model the study finds that the average accumulated abnormal return (CAAR) for all companies is a total of -47,88 % twelve months after the marketplace change.

本研究針對企業赴海外上市決策面的三個構面進行探討並以台商為例，首先是探討企業赴海外上市前的動機為何，其次是企業如何選擇海外上市的地點，最後探討這些企業赴海外上市後的效益，也就是企業在海外上市的前、中、後三個不同階段所可能遭遇到的問題進行實務的探討，並以多重個案分析與類型比對的方式，以及一些台商上市現況的統計數字，希望以過去文獻中曾探討的議題來加以研究。 由於過去的研究偏重於台灣、香港、中國大陸三地市場，為了將層面擴大，特別從台商目前赴海外投資最最多的前十名的國家當中，挑出較為重要的六個國家，分別是香港、中國大陸、新加坡、美國、越南、泰國，並研究當地的已上市台商的現況，從當地上市台商所屬產業家數最多者，挑出具代表性的公司，進行個案研究及比較分析。 從個案研究發現，企業赴海外上市的動機，結果是“有利於開拓海外市場”及“易招募優秀人才”的營運面動機較多；企業海外上市地點的選擇，多半因為“市場流動性及規模及本益比”及“資金運用限制”；至於企業赴海外上市後的效益，結果是“提高公司聲譽”及“有助於產品銷售”另外，並發現香港及大陸上市後股東財富增加顯著。 最後，建議企業未來在選擇海外上市地點時，應多方面考量及評估，並非單純僅就幾個因素就決定企業海外的上市地點，應從各利害關係人的角度，去仔細思考在何處上市將是對企業最有利的。 / The research discusses three perspectives on the decision of enterprise go listing abroad and takes Taiwan enterprise as an example. Firstly, to study what are the motives of enterprises go listing abroad. Secondly, to research how enterprises choose listing place abroad. Finally, to discuss the benefits of these enterprises after go listing abroad. That is to say, to discuss the practiced issue that enterprise might encounter with the problems in the three different stages which before, in, after they go listing abroad, and analyze by way of pattern match, and the statistics of present status of some listed Taiwan enterprises with multiple cases, hope to research on the subjects has been discussed in the literature in the past. Because similar researches emphasize three stock markets in Taiwan, Hong Kong and Mainland China in the past, in order to expand the scope, especially from the top ten area invested by Taiwan enterprise at present, choosing six comparatively important area, including Hong Kong, Mainland China, Singapore, U.S.A., Vietnam, Thailand, and study the present situation of the already locally listed Taiwan enterprises, find the most ones from the local listed Taiwan enterprise's affiliated industry, choose the representative company, proceed with case study and comparative analysis. Find from case study, the motives of enterprises go listing abroad are " Contribute to exploit the overseas market " and " It is apt to recruit outstanding talents " the operation motives are more; the choices of enterprises’ overseas listing places, mostly because "Liquidity and scale and p/e ratio of stock market" and " Restriction on funding usage " ; and the benefits after listing abroad as for enterprises are " Improve company's reputation " and " Contribute to the product’s selling " In addition, the research shows shareholder's wealth increased apparently after listed in Hong Kong and Mainland China. Finally, the research suggests enterprises while choosing the listing place abroad in the future, it is considered and evaluated that should be in many aspects, not to determine the overseas listing place of enterprises alone simply rely on some factors, should think carefully in where to go listing is the most favorable to enterprise itself in terms of every interested party.

by Leung Chui-wa. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1995. / Includes bibliographical references (leaves 72-75). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF TABLES --- p.v / ACKNOWLEDGEMENT --- p.vii / Chapters / Chapter I. --- introduction --- p.1 / Purpose of the project --- p.2 / Scope of the project --- p.2 / Methodology and literature review --- p.2 / Chapter II. --- BACKGROUND OF OFFSHORE LISTING OF CHINA ENTERPRISES --- p.5 / Reform of China state-owned enterprise --- p.5 / Development of China securities market --- p.8 / Capital needs of China --- p.11 / China's participation in global economy --- p.12 / China's resumption of Hong Kong's sovereignty --- p.13 / Chapter III --- OVERVIEW OF OFFSHORE LISTING OF CHINA ENTERPRISES.…… --- p.15 / China policies over offshore listings of China enterprises --- p.15 / Overall policy --- p.16 / Selection of State-owned enterprises for offshore listings --- p.17 / Selection of listing venue --- p.19 / Competition among stock exchanges worldwide --- p.20 / Australia --- p.21 / Canada --- p.22 / London --- p.22 / Singapore --- p.23 / Tokyo --- p.24 / Chapter IV. --- listings of china enterprises in hong kong and the united states --- p.26 / Current situation in Hong Kong and New York --- p.26 / China enterprises listed in Hong Kong and New York --- p.28 / Hong Kong --- p.28 / New York --- p.30 / Important issues for consideration --- p.32 / Regulatory regime --- p.32 / Offering mechanism --- p.35 / Market characteristics --- p.38 / Advantages and disadvantages of listing in Hong Kong and the US --- p.39 / Chapter V. --- trading performance of h shares and h/n share adrs … --- p.41 / Scope and methodology of the analysis --- p.41 / Findings --- p.42 / Discussion --- p.45 / Chapter VI. --- discussion and conclusion --- p.47 / Implications on SOEs and China economy --- p.47 / Implications on the Hong Kong stock market --- p.50 / appendix --- p.54 / bibliography --- p.72

by Chu Chui Kuen, Leung Chi Ming Ludwig. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references (leaves 138-141). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF FIGURES --- p.viii / LIST OF TABLES --- p.ix / INTRODUCTION --- p.1 / Background --- p.1 / Objectives --- p.2 / Methodology --- p.3 / Chapter I --- THE PROBLEM OF STATE OWNED ENTERPRISES (SOES) --- p.4 / THE SOE REFORM --- p.6 / "First Stage, 1983" --- p.6 / "Second Stage, 1988" --- p.6 / Contract Responsibility System --- p.6 / Shareholding System --- p.7 / Relationship between Contract Responsibility System and Shareholding System --- p.9 / "Third Stage, 1989" --- p.10 / Mr. Deng visited the Southern part of China --- p.10 / The 15th Party Congress --- p.12 / Chapter II --- STOCK MARKET BACKGROUND --- p.14 / Chapter III --- LISTING CONSIDERATIONS --- p.16 / Advantages of the Listing Status --- p.16 / Benefits to the PRC Government- A strong support for the SOE Reform in PRC --- p.16 / Sources of Capital for State Development --- p.16 / Reduce the dependence of the SOEs on Government subsidies --- p.16 / Reduce the risk of bankruptcy of the SOEs --- p.17 / Better preservation of the state-owned assets --- p.17 / A means to cash in the share-holding of the state --- p.17 / The Benefits to the SOEs --- p.17 / Capital for initial business development --- p.18 / Channel for continuous fund-raising --- p.18 / Pressure for profitability --- p.18 / A channel for merger and acquisition --- p.18 / Publicity and credibility --- p.18 / The Choice of Stock Market --- p.19 / Domestic Markets- SHSE and SZSE --- p.19 / The Problems of Domestic Market --- p.20 / Problems with A-shares listing --- p.20 / Problems with B-shares listing --- p.27 / Low market capitalization --- p.27 / Low liquidity --- p.27 / Quota system --- p.27 / Inconvenient and time-consuming transactions --- p.28 / Poor information access --- p.28 / Poor market infrastructure --- p.28 / Overseas Market - N-shares and H-shares --- p.28 / Large market capitalization and High liquidity --- p.29 / Multiple channels for investors --- p.29 / High degree of internationalization --- p.29 / Strict listing requirement and highly regulated Environment --- p.29 / Widen sources of financing --- p.30 / Tax and other benefit --- p.30 / Hong Kong Market (H-shares) --- p.31 / International funds --- p.31 / "High liquidity, high trading volume and efficiency" --- p.32 / An efficient and well-regulated Market --- p.32 / Common cultural background --- p.32 / Chapter IV --- THE PROCEDURE FOR H-SHARE LISTING --- p.33 / Chapter V --- RESTRUCTURING --- p.36 / Formation of Company Limited for Listing --- p.36 / Restructuring --- p.36 / The Objectives --- p.36 / Clarify ownership structure --- p.36 / Organize related business --- p.37 / Improve management structure --- p.37 / Improve financial management --- p.37 / International alignment --- p.37 / The Process --- p.38 / Forms of Restructuring --- p.38 / Type I. The Single Enterprise Structure --- p.39 / Case Example: Chengdu Telecommunications Cable Co. Ltd --- p.40 / Type II. The Transformation Structure --- p.41 / Type III. The Group Holding Structure --- p.42 / Case Example: Beijing North Star --- p.44 / Type IV. The Spin Off Structure --- p.46 / Case Example: Guangzhou Shipyard International --- p.47 / The Structure After Listing --- p.48 / Employee share --- p.49 / The Central Issues in Restructuring --- p.51 / The Role of Supervisory Government Department /the Parent Holding Company --- p.52 / Under Central Economic in planning --- p.52 / After the Restructuring --- p.52 / The Role of SOEs as the Social Welfare Agents --- p.53 / Roles of the Communist Party and Employee Organizations --- p.54 / in the listed company --- p.54 / Entangled relationship with potential conflicts of interest (power) --- p.54 / Chapter VI --- ISSUES AND DIFFICULTIS IN LISTING --- p.57 / Quota System --- p.57 / Answering the Questions of HKSE --- p.58 / Restructuring --- p.58 / Unclear Company Structure and Ownership --- p.58 / Dependence on Parent Company --- p.58 / Selection of Business To Avoid Competition with the Parent Company --- p.59 / Social Burden --- p.59 / Handling of Debt --- p.59 / Accounting System --- p.60 / Fixed Asset --- p.60 / Cost of Inventory --- p.60 / Bad Debt Allowances --- p.60 / Triangle Debt --- p.61 / Legal Matters --- p.62 / Pricing of IPO --- p.62 / Setting the IPO Price --- p.62 / Business Nature of the Enterprise --- p.63 / Chapter VII --- AGENCY COST --- p.64 / The Presence of Agency Cost --- p.64 / Traditional Agency Cost before listing as H share --- p.65 / The improvement of H share in supervisory --- p.68 / "Representative of the shareholders, the board of directors" --- p.68 / and the supervisors committee --- p.68 / Responsibility of the board of directors to monitor the enterprise --- p.72 / Incentive system --- p.72 / "The ""A"" - shares" --- p.73 / The non-monetary benefit --- p.74 / Monitoring the management --- p.75 / The Independent non-executive directors --- p.76 / The supervisory committee --- p.77 / Social burden --- p.77 / Other benefit --- p.77 / Connected transaction --- p.78 / Further control on the agent --- p.79 / Chapter VIII --- TRANSACTION COST --- p.83 / Financing Means --- p.83 / Bank Loan --- p.83 / Listing as H share --- p.86 / Cost of listing --- p.86 / Other Cost for Listing --- p.89 / First time listing fee and Listing maintenance fee --- p.89 / "Auditing fee, printing charge and distribution of annual report " --- p.90 / Public Relation --- p.90 / Other charges --- p.91 / Chapter IX --- UNCERTAINTY --- p.92 / Uncertainty reduced --- p.92 / Source of Financing - Equity Financing --- p.92 / More Efficient and Effective Management --- p.92 / Preservation and Growth of State Assets --- p.93 / Reputation --- p.93 / Liquidity of Stock --- p.94 / Interest of Investors --- p.94 / Higher Autonomy --- p.94 / Uncertainty Not Reduced --- p.95 / Reliance on Parent Company --- p.95 / Foreign Currency --- p.95 / Separation of Government from the Enterprise --- p.95 / Appointment of Managers --- p.96 / Political and Economic Risk --- p.96 / New Uncertainty Introduced --- p.96 / Greater Exposure to Speculations of the Market --- p.96 / The Social Burden's Return --- p.97 / Chapter X --- CASE : SHANGHAI PETROCHEMICAL COMPANY LIMITED --- p.98 / Introduction --- p.98 / Background --- p.99 / The Ownership --- p.99 / State Control and Subsidies --- p.99 / Raw Materials Supplies --- p.100 / Sales and Marketing --- p.101 / Import and Foreign Exchange Restriction --- p.101 / "The ""Little Society´ح " --- p.102 / Financing History --- p.102 / Indebtedness --- p.104 / The Economic Reform --- p.105 / The Fundamental Changes --- p.105 / Restructuring --- p.105 / Solutions to Traditional Burdens --- p.108 / Financing --- p.112 / Share-issuing --- p.112 / Capital Structure --- p.113 / Corporate Management --- p.114 / Financial Performances --- p.114 / Tax Benefit --- p.115 / Corporate Strategy --- p.115 / Market-orientation - away from the planned economy --- p.115 / Management --- p.116 / Market Sensitivity --- p.116 / Cost Control --- p.118 / Debt Management --- p.118 / Business Development --- p.120 / The People --- p.121 / The Management --- p.121 / Employees --- p.124 / Issues Open to Questions --- p.126 / The Government as the Majority Shareholder --- p.126 / Complications in Ownership Relationship-The Majority Shareholder --- p.126 / Jinshan and the Company --- p.126 / The Role Conflicts --- p.128 / CONCLUSIONS --- p.131 / APPENDIXI THE BACKGROUND OF THE BEIJING NORTH STAR COMPANY LIMITED --- p.136 / BIBLIOGRAPHY --- p.138

Dissertation submitted in fulfillment of the requirements for the Master of Technology Degree: Public Relations Management, Durban University of Technology, 2012. / Corporate Social Responsibility (CSI) is an issue with a growing business value in South Africa. The increasing emphasis on CSI is affecting the relationship between organisations and their various stakeholders, such as investors, customers, vendors, suppliers, employees, communities and government. The stakeholders of an organisation play a vital role in the process of CSI planning and execution. There is a need to communicate CSI activities to stakeholders, as well as to monitor the flow and role of communication within the CSI context. While it is generally agreed that companies need to manage their relationships and communication with their stakeholders, the way in which they choose to do so varies considerably. Challenges in communicating corporate social responsibility do exist – for example, communication channels that are used in CSI, scepticism towards company messages and potentially hostile reactions from the media, complex community engagement processes, diversity of the audience, misunderstanding with special interest groups such as employees and government regulations. The diverse information requirements of different stakeholder groups also present special communication challenges, and these requirements are examined in turn. Given this background, the purpose of this study is to investigate communication in CSI practice. This study seeks to understand communication challenges facing CSI and communication channels that are used in CSI. Lastly, this study offers recommended best practices that can be applied in CSR communication. Although CSI is gaining a role as a strategic business function, however the literature review presented in this paper shows that CSI communication is still an area to be explored. One of the arguments presented in the literature review originate from Maignan & Ferrell (2004:17) that “Businesses cannot hope to enjoy concrete benefits from CSR unless they intelligently communicate about their initiatives to relevant stakeholders”. Communication challenges in CSI exist mainly in the process of transmission and receiving of messages from sender to receiver. The selection of the proper channels to disseminate information is also a challenge. These challenges arise mainly in rural and underdeveloped areas. In most instances, these communities lack infrastructure such as electricity and telecommunication which facilitate the dissemination of information. Commonly the communicator has to first do the necessary research in order to establish the most suitable medium for disseminating information to these communities. Illiteracy is also a major hurdle to communication in underdeveloped areas. This poses a challenge in that often messages have to be disseminated face to face, which can take time and requires expertise in communicating. The research method that was used to conduct this study is random sampling. A sample of thirteen organizations was drawn from the Johannesburg Securities Exchange (JSE) database of medium to large businesses that are actively involved in CSR programmes in South Africa. The findings in this study reveal that South African organisations are engaged in serious efforts to communicate and pro-actively integrate CSI as a strategic business phenomenon. These findings are significant to communications and CSI practitioners who wish to communicate with their stakeholders in CSI implementation. These findings will also benefit corporate executives who wish to engage in CSI communication. Non-Government Organisations (NGOs), Non-Profit Organisations (NPOs) and community organisations that wish to engage in CSI activities with corporate organizations, can also benefit from this study. In summary, CSI has grown from an ideology to a business reality and is now acknowledged as an important dimension of modern business practice. It is important that organisation examine their CSI communication in the context of the ever-changing business environment.

published_or_final_version / Geography / Master / Master of Philosophy

本研究之模型乃採用Hansen於1999年提出之Panel Threshold Model，並針對全球23個不同國家中之23間證交所於1995~2006年間的資料，探討各類影響企業選擇跨國上市之因素，是否會因模型的門檻變數─經濟成長率的變動而對被解釋變數─跨國上市率出現結構改變的影響。實證的結果發現：各變數中唯有市場集中度此一變數具顯著的門檻效果，且在其兩個門檻值的分類中都和跨國上市率呈顯著正相關；這樣的結果除了符合Heiko (2001) 的研究之外，更近一步的我們還發現低於門檻值部分的樣本其對跨國上市率的影響大於高於門檻值部分的樣本。此外，本文的實證結果也指出：對跨國上市率有顯著正相關的因素分別為：本益比、通貨膨脹率及經濟成長率。而對跨國上市率有顯著負相關的因素則為：週轉率、利率和新上市籌資率。 / This paper adopts the Panel Threshold Model suggested by Hansen in 1999 as our main idea to make a study of contributors of cross-listing ratio of stock exchanges. In order to find out whether the explanatory variables will make cross-listing ratio occur structure change, we use GDP growth rate as our threshold variable and take 23 stock exchanges of 23 different countries as research samples. The results are as follows, we found that the only one variable that has threshold effect is the degree of market concentration, and in both regimes it has positive relations to the cross-listing ratio. The result not only supports the research of Heiko (2001), but also points out that the higher regime part has more powerful influence to the cross-listing ratio than the lower regime part. Besides, we still found that variables have positive relations to the cross-listing ratio are PE ratio, inflation rate and GDP growth rate. Furthermore, variables like turnover ratio, interest and capital raised by new shares ratio have negative relations to the cross-listing.

Made available in DSpace on 2016-04-25T18:39:51Z (GMT). No. of bitstreams: 1 Flavia Caprara Husek.pdf: 756972 bytes, checksum: 9bc7513973650725318dde35556adc2f (MD5) Previous issue date: 2012-12-04 / Corporate Governance has been the subject of a broad complex of articles within last decade, mainly related to the study regarding the appraisal of shares of publicly-held companies after the creation and implementation of all internal and external control mechanisms to comply with the requirements of Corporate Governance. The issue has became especially important after 2000, when the São Paulo Stock Exchange BOVESPA created the listing segments Level I, Level II and New Marked. Nevertheless, the association and connection of the subject Corporate Governance with the cross-listing matter is still very incipient, requiring deeper studies. This research has had as main purpose to broaden the discussions as regards the impact of issuance of shares in stock exchanges of countries with high Corporate Governance levels, in the shares traded by such companies in the São Paulo Stock Exchange, within the period from 2000 to 2011. Assuming the relation of cross-listing with the appraisal of Brazilian companies, an event study has been performed with the scope of verifying the existence of statistically material abnormal returns on the Brazilian shares at the date of issuance of American Depositary Receipts (ADRs). Utilyzing a sampling of 16 events of companies issuing shares in the New York Stock Exchange (NYSE), it has been verified that there is no statistically material positive valuation of the Brazilian shares at the time of ADRs issuance. The results verified ractify, in part, the null hypothesis that the issuance in more criterious markets do not direclty reflect in the Brazilian market, signaling that the internationalization, still considered costfull, is not yet positively evaluated by the marked / A Governança Corporativa tem sido tema de um amplo conjunto de artigos na última década, principalmente com relação ao estudo sobre a valorização das ações das companhias abertas após a criação e implementação dos mecanismos internos e externos de controle, para atender aos requisitos da Governança. O tema se tornou especialmente importante após o ano de 2000, quando a BOVESPA criou os segmentos de listagem Nível I, Nível II e Novo Mercado. Contudo, a associação e correlação do tema Governança Corporativa com o tema dupla listagem (crosslisting) ainda é muito incipiente, demandando estudos mais aprofundados. Esta pesquisa teve como objetivo central ampliar as discussões quanto ao impacto das emissões de ações, em bolsas de valores de países com altos níveis de Governança Corporativa, nas ações negociadas por essas empresas na Bolsa de Valores de São Paulo, no período de 2000 a 2011. Tendo como pressuposto a relação entre a dupla listagem e a valorização das empresas brasileiras, foi realizado um estudo de evento, com intuito de verificar a existência de retornos anormais estatisticamente significantes nas ações brasileiras, na data de emissão da American Depositary Receipts (ADRs). Utilizando uma amostragem de 16 eventos de empresas emissoras de ações na bolsa de Nova Iorque (NYSE), verificou-se que não existe uma reavaliação positiva estatisticamente significativa das ações brasileiras, quando do momento da emissão das ADRs. Os resultados encontrados, em parte, corroboram com hipótese nula de que a emissão em mercados exigentes não reflete diretamente no mercado brasileiro, sinalizando que a internacionalização, considerada ainda extremamente custosa, não é avaliada de forma positiva pelo mercado

Die Arbeit untersucht die Annahme einer unterschiedlichen Gewichtung von distinktiven enzyklopädischen, funktionalen und sensorischen Merkmalen innerhalb der Repräsentationen von Objekten der belebten und unbelebten semantischen Domäne. Hierzu wurde ein Reaktionszeitexperiment zur Merkmalsverifikation durchgeführt. Vorab wurden deutsche Normen über das geschätzte Erwerbsalter für 244 Stimuli aus dem Korpus von Snodgrass & Vanderwart (1980) erhoben. Weiterhin wurde eine Datenbank von Merkmalsnormen für 80 konkrete Objektbegriffe erstellt. Insgesamt wurden zwei Reaktionszeitexperimente durchgeführt, die sich lediglich durch die Darbietungsdauer des Konzeptbegriffes unterschieden. Der Konzeptbegriff wurde entweder 1000 ms (lange Darbietung) oder 250 ms (kurze Darbietung) präsentiert, bevor das zu verifizierende semantische Merkmal erschien. Bei langer Präsentationszeit des Objektbegriffes zeigten sich für Objekte der unbelebten Domäne schnellere Reaktionszeiten beim Verifizieren von distinktiven funktionalen Merkmalen als beim Verifizieren von distinktiven enzyklopädischen Merkmalen. Dieser Effekt wurde bei kurzer Darbietungsdauer des Konzeptbegriffes repliziert. Bei kurzer Darbietung konnten für Objekte der unbelebten Domäne zusätzlich kürzere Reaktionszeiten beim Verifizieren distinktiver funktionaler Merkmale als beim Verifizieren distinktiver sensorischer Merkmale beobachtet werden. Für Objekte der belebten Domäne lagen weder nach kurzer noch nach langer Präsentation des Objektbegriffes Unterschiede in den Reaktionszeiten beim Verifizieren der semantischen Merkmale vor. Die Ergebnisse werden vor dem Hintergrund aktueller neurolinguistischer Modelle zur Organisation des semantischen Gedächtnisses diskutiert. Die Ergebnisse deuten darauf hin, dass innerhalb der Objektrepräsentationen belebter Objekte alle drei Merkmalstypen interkorrelieren. Für Objekte der unbelebten Domäne werden starke Interkorrelationen zwischen funktionalen und sensorischen Merkmalen angenommen. Zusätzlich wird davon ausgegangen, dass distinktive funktionale Merkmale innerhalb der Repräsentationen unbelebter Objekte besonders stark gewichtet sind. / The study investigates the assumption of a differential weighting of distinctive encyclopaedic, functional and sensory semantic attributes within the concept representations of living and nonliving objects. A speeded feature verification task was conducted. In order to control the stimuli for various aspects, German norms were collected of estimated age of acquistion for 244 stimuli of the Snodgrass and Vanderwart (1980) pictures. In addition, a feature listing study was carried out for 80 concrete living and nonliving concepts. Two reaction time experiments were conducted with different duration times of the presented object name. In Experiment 1 (long duration time), the object name was presented for 1000 ms, whereas in Experiment 2 (short duration time), the object name was presented for 250 ms before the semantic feature appeared. With long duration time, distinctive functional features of nonliving objects were verified faster than distinctive encyclopaedic features. This effect was replicated in Experiment 2 after short presentation of the object names. In addition, in Experiment 2, shorter reaction times were observed for functional features than for sensory features of nonliving objects. For living objects, no differences were observed in verifying the different feature types neither in Experiment 1 nor in Experiment 2. The results are discussed within the framework of different models of semantic memory. The results suggest that within the category of living objects, distinctive encyclopaedic, functional and sensory features are highly intercorrelated. For nonliving objects, it is assumed that distinctive sensory and functional but not encyclopaedic features are highly intercorrelated. In addition, distinctive functional features of nonliving objects seem to be weighted more strongly than distinctive sensory features within the object representations of nonliving objects.