Global ETD Search

1	A Test of Allocational Market Efficiency in Takeovers Using Tobin's q Theory of Investment Kim, Keeho 05 1900 (has links) The primary purpose of the study was to investigate whether takeover markets are allocationally efficient using Tobin's q as the variable which summarizes the investment opportunities of firms. Chapter I presented the purposes, hypotheses, methodology, and limitations of the study. The two hypotheses proposed were as follows: Acquiring firms' q should be significantly higher than that of control firms, on average, and target firms' q should be significantly lower than that of control firms, on average. Chapter II presented the review of literature on takeovers and theory of investments. Chapter III presented the research design adopted to test the above hypotheses. The methodology to calculate q-values and methods to reduce the bias which may result from choice-based sampling were also given. A paired comparison t-test was employed to test the hypotheses. Sample firms were selected from the COMPUSTAT RESEARCH and COMPUSTAT INDUSTRIAL tape. allocational efficiency Tobin's q theory takeovers corporation mergers
2	Harmonization of International Securities Markets Regulation: A Trade Perspective Jorai, Goolshan Sharma 20 November 2012 (has links) Widespread cross-border securities trading have led to the internationalization of securities markets. No one seriously disputes that such securities dealings require regulation, but there is no academic consensus on the best normative approach to such regulation. The academic debate initially focused on whether regulatory competition or cooperation constitutes the better model. However, the debate seems to have evolved to adopt a hybrid model combining the virtues of these two approaches. ‘Harmonization’ constitutes the dominant hybrid model. Nevertheless, the implementation of the harmonization model has barely received any attention in the literature. The aim of this thesis is hence two-fold: first, justify why harmonization should be the preferred model for the regulation of international securities markets; and second, develop, applying an international trade regulation perspective, a regulatory framework to implement the harmonization model using the World Trade Organization and General Agreement on Trade in Services (WTO/GATS) framework. harmonization securities hybrid model trade perspective securities regulation international securities regulatory competition World Trade Organization General Agreement on Trade in Services GATS WTO trade liberalization mutual recognition systemic risk issuer choice portable reciprocity Tiebout investor systemic risk negative externalities multi-jurisdictional disclosure system passport system economies of scale IOSCO allocational efficiency information cost investor protection 0398
3	Harmonization of International Securities Markets Regulation: A Trade Perspective Jorai, Goolshan Sharma 20 November 2012 (has links) Widespread cross-border securities trading have led to the internationalization of securities markets. No one seriously disputes that such securities dealings require regulation, but there is no academic consensus on the best normative approach to such regulation. The academic debate initially focused on whether regulatory competition or cooperation constitutes the better model. However, the debate seems to have evolved to adopt a hybrid model combining the virtues of these two approaches. ‘Harmonization’ constitutes the dominant hybrid model. Nevertheless, the implementation of the harmonization model has barely received any attention in the literature. The aim of this thesis is hence two-fold: first, justify why harmonization should be the preferred model for the regulation of international securities markets; and second, develop, applying an international trade regulation perspective, a regulatory framework to implement the harmonization model using the World Trade Organization and General Agreement on Trade in Services (WTO/GATS) framework. harmonization securities hybrid model trade perspective securities regulation international securities regulatory competition World Trade Organization General Agreement on Trade in Services GATS WTO trade liberalization mutual recognition systemic risk issuer choice portable reciprocity Tiebout investor systemic risk negative externalities multi-jurisdictional disclosure system passport system economies of scale IOSCO allocational efficiency information cost investor protection 0398

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