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Does the use of project finance enhance shareholder value upon announcement of international joint ventures (IJVs)?Acquaye, David January 2013 (has links)
The empirical evidence relating to the stock market reaction to domestic joint ventures (JV) announcements suggest that the mean abnormal returns (MARs) and cumulative abnormal returns (CARs) are consistently positive, whilst those of international joint venture (IJVs) are mixed. One neglected but obvious influence of the stock market response to IJV announcements is the way they are financed. The preference for project finance over corporate finance in the financing of IJVs may have a role to play in this context. Compared with capital structure theories, this gap is seen as quantifying the role of the type of structure or debt (project or corporate finance) plays in shareholder value creation upon announcement. Using a cross-sectional study comprising of a finnal sample of 394 IJV announcements made from the years 2005 to 2010 and retrieved from the Securities Data Company (SDC) database, an event study methodology was used to derive MARs and CARs in a 2l-day window (-10,+10). The MARs and CARs are integrated into regression analyses to examine the specific role the type of finance plays in shareholder value creation upon announcement by controlling for project specific, host nation characteristics and sponsor-specific variables. The findings of the research establish that IJVs on average create value upon announcement but does not have a lasting impact on stock market valuation. As expected, the financial markets' response to IJV announcement during and after the global financial crisis (2008-2010) was not favourable. It was also found that the choice of finance matters in the market response to IJV announcements with project finance having a higher probability of eliciting a significant positive market reaction. Finally, the study revealed that whilst sector and gearing has an impact on MARs and CARs, the legal origin of the host country of the IJV did not make an impact upon announcement.
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A study of chief executive officer (CEO) turnover in Vietnam : the link between firm performance and CEO turnoverTran, Quan January 2013 (has links)
In general, CEO turnover has been researched widely following numerous studies in developed countries. Nevertheless, the determinants of CEO turnover are still unclear in transition countries of which the legal and regulatory framework are weak and financial systems and corporate governance are underdeveloped. Therefore, examining determinants of CEO turnover in Vietnam, a transition country, helps to provide more evidence on the efficiency and effectiveness of corporate governance in transition countries. Furthermore, the examination helps to define weaknesses, and it, therefore, could provide guidance to improve corporate governance in Vietnamese enterprises. Particularly, the thesis investigates the CEO turnover in Vietnam following the research philosophy of positivism paradigms and deductive approach. Further, it implied logistics regression in order to evaluate the influences of factors on CEO turnover in Vietnamese-listed enterprises. The sample of the thesis, including 156 listed firms at the end of 2006 in Hanoi and HoChiMinh Securities Centres, 780 firm-year observations have been conducted. Among 780 observations, there are 88 CEO turnovers occurred during the observed period from 2006 to 2010. The main findings of the thesis show that firm performance had significant inverse relationship with the likelihood of CEO turnover. Meanwhile, the influence of ownership structure on CEO turnover was insignificant. Interestingly, aged CEOs in Vietnamese-listed enterprises were more likely to be dismissed than young CEOs. Additionally, the probability of CEO turnover significantly increased when CEOs reached the ages of 59-61. The certain age also reduced the influence of CEO duality on CEO turnover. Together, CEO ownership negatively influenced the sensitivities of the link between firm performance and CEO turnover, although the influence is insignificant when CEOs own less than 5% of firm shares. Importantly, the thesis provides the significant and positive relationship between the percentage of independent directors and CEO turnover. Based on those findings, the thesis concludes that the efficiency of corporate governance and effectiveness of management are able to improve by increasing the independence of the Board of Management rather than other factors.
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John Rupert Firth historien de la linguistique et fondateur de la "London School" / John Rupert Firth historian of linguistics and founder of the "London school"Duvivier-Senis, Angela 18 November 2016 (has links)
Etudié principalement pour ses travaux en phonologie, John Rupert Firth (1890-1960) occupe une place clé en linguistique anglo-saxonne. Il est un représentant éminent des études philologiques qui ont prévalu jusqu’au début du XXᵉ siècle, par sa culture du passé et son attachement à l’histoire des langues etdes sciences, qui font écho à sa formation d’historien. Paradoxalement, il a orienté ces savoirs et expériences vers l’avenir, en donnant une nouvelle impulsion aux sciences du langage en Grande-Bretagne,avec l’avènement de la linguistique en tant que discipline académique. Ses écrits dénotent un horizon de rétrospection très riche dans le temps et dans l’espace. Il s’y inscrit dans la continuité des expérimentations phonétiques du XIXᵉ siècle (Sweet, Bell). Ces références participent à la constitution de ce que l’on nomme la « linguistique firthienne », dont l’objet de la présente thèse est précisément d’étudier les contours. Ses concepts linguistiques (contexte de situation, sens par collocation, colligation ou langue restreinte) et phonologiques (phonesthésie, analyse prosodique) sont étudiés et mis en perspective au fil de cette thèse. Ils s’appuient sur le fonctionnalisme et la transdisciplinarité dans une approche plurilingue où les langues asiatiques jouent un rôle majeur pour la prise de conscience d’un eurocentrisme que l’auteur a cherché à dépasser. Firth est le fondateur de la London School, l’initiateur d’un héritage porté par plusieurs générations de linguistes anglo-saxons (Robins, Halliday, Crystal). Notre étude se donne pour but d’évaluer quelles ont été sa place et sa contribution réelles dans l’histoire des idées linguistiques. / Mainly studied for his work in phonology, John Rupert Firth (1890-1960) played an outstanding role in English linguistics. He stands in line with the philological studies that prevailed up until the beginning of the 20th century through his culture of the past and his commitment to the history of languages and of sciences, both echoing his academic education in history. However, he turned these knowledge and experiences towards the future, giving a new impetus to language sciences in Great Britain and eventually leading to the recognition of general linguistics as an independent academic discipline. His writings show a wide retrospective horizon both in time and space. He defined himself as in continuity with 19thcentury phonological experiments (Sweet, Bell). These references contribute to the formation of what is known as “Firthian linguistics”, whose contours this dissertation aims at defining. His linguistic and phonological concepts (context of situation, meaning by collocation, colligation, restricted languages as well as phonaesthesia and prosodic analysis) are studied here and put into perspective. They rely on functionalism and transdisciplinarity in a multilingual approach where Asiatic languages foster the awareness of a eurocentrism the author tried to overcome. Firth was the founder of the London School,initiating a legacy embodied by many generations of English linguists (Robins, Halliday, Crystal). Our study aims thus at assessing his real place and contribution to the history of linguistic thought.
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La London school of economics et le welfare state : science et politique, 1940-1979 /Scot, Marie, January 1900 (has links)
Texte remanié de: Mémoire de DEA--Histoire--Paris--Institut d'études politiques, 2004. / En appendice, choix de documents. Bibliogr. p. 245-252.
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The Swahili Manuscripts Project at SOASOmar, Yahya Ali 13 August 2012 (has links) (PDF)
Researchers in the field of Swahili studies have noted the need for a comprehensive, detailed catalogue of the Swahili manuscripts at the School of Oriental and African Studies (SOAS, University of London). They have had occasion to make this recommendation in print (see, for example, Omar and Frankl 1994 and Frankl 1999) and - presumably many more times, and to no specified audience - in life, as they pored over unitemised or inaccurately labelled files of eminent scholars in the field. It is precisely this need for a comprehensive, widely accessible catalogue that the Swahili Manuscripts Project at SOAS was established, in October 2001, to address. In this article, the present authors undertake to describe the catalogue being created and to discuss problems they have encountered and observations they have had opportunity to make in the course of their work.
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The Swahili Manuscripts Project at SOASOmar, Yahya Ali 13 August 2012 (has links)
Researchers in the field of Swahili studies have noted the need for a comprehensive, detailed catalogue of the Swahili manuscripts at the School of Oriental and African Studies (SOAS, University of London). They have had occasion to make this recommendation in print (see, for example, Omar and Frankl 1994 and Frankl 1999) and - presumably many more times, and to no specified audience - in life, as they pored over unitemised or inaccurately labelled files of eminent scholars in the field. It is precisely this need for a comprehensive, widely accessible catalogue that the Swahili Manuscripts Project at SOAS was established, in October 2001, to address. In this article, the present authors undertake to describe the catalogue being created and to discuss problems they have encountered and observations they have had opportunity to make in the course of their work.
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