In this thesis, we analyze premium relationship of American depositary receipts (ADR) and their underlying shares. Several researchers have previously identified the main variables influencing the construction of ADR premium of cross-listed companies. The aim of this study is to investigate to what extent the main variables affect differently the construction of ADR premium in crisis period. For the purpose of the study, two periods are defined. The period from June 2006 to October 2007 represents the non-crisis period whereas the period from October 2007 to March 2009 represents the crisis period. Our cross-listing sample consists of companies that have level II and level III ADR listed on the NYSE and the NASDAQ over the two periods. The tested variables influencing the premium are the liquidity, the currency exchange rate, the home and US market and the volatility. The liquidity is measured according to two ratios, the Amihud ratio and the turnover ratio. The currency exchange rate is the current exchange rate denominated in US dollar. The home markets are the reference indexes of the home country to which the underlying share of the ADR belong. The S&P 500 Index is used as a proxy for the US market. Finally, the US market volatility is analyzed with the CBOE VIX volatility Index. Multiple and simple OLS regressions are used to analyze the impacts of variables on ADR premium. The T-statistic is chosen to test the explanatory power of variables. The regressions are divided in three main parts. The first one is dedicated to the liquidity variables, then the second one to the home and US market, currency exchange rate and CBOE VIX volatility Index. Finally the last part keeps only the variables with the stronger explanatory power in order to define two equations of the factor influencing mostly the premium. We have found that crisis strongly modifies the relationship between ADR premium and the main variables. In crisis period, the regressions show that liquidity becomes a factor with a greater explanatory power of ADR premium. However the other main variables experience the opposite effect with a much lower T-test in times of crisis. It seems that the currency exchange rate, the home and US market as well as the volatility lose their explanatory power in times of crisis to the benefit of liquidity variables.

The purpose of this study is to investigate whether the location of buying stocks in a Nordic cross-listed company matters in terms of 1) earning abnormal returns, or 2) gaining in optimizing the amount spent by buying the specific stock cheap. Nowadays, markets are becoming more integrated and if we believe in the efficient market hypothesis, prices of the same class of stocks paying the same dividend annually, of an MNC must be the same irrespective of the stock exchange it is listed upon. Though efficient market hypothesis exists in theory, market imperfection is a reality. All the Nordic (Swedish, Finnish, Norwegian, Danish and Icelandic) firms listed on foreign stock exchanges in addition to their home market have been included in the sample. In fact, this sample represents 100% of the population. The daily prices of cross-listed stocks have been analyzed and conclusions have been drawn based on the mean returns and mean prices along with Wilcoxon Signed-Rank test statistics. The data have been analyzed over the last ten years capturing the recent economic cycle. The whole period has also been divided into three sub-periods to establish comparisons with the whole period. This paper reports that even though returns on cross-listed stocks are statistically same over all periods, prices of the stocks vary according to the location of listing. That is, investors can buy from a stock exchange where the specific stock is underpriced thereby decreasing the amount invested in absolute term and optimizing the amount spent if not the return. The returns and prices have analyzed using the local currency of the MNC’s country of origin and Special Drawing Rights (SDRs). No considerable differences on the returns or pattern of price movements have been observed while using two currencies.

The study aims to detect the influence of the initial cross-listing of Taiwanese enterprises on the variety of the stock price of the listing company and its rival firms. However, the limitations from the Taiwanese authorities on the local company¡¦s direct listing in the oversea market are not a few. Accordingly, I employ GDR instead of direct international listing to delve the phenomenon of information content and intra-industry transfer derived from a company¡¦s initial GDR offering. Recent studies focusing on the same issue rarely inspect the situation of Taiwanese industries. Thus, the research intends to excavate the effect and the aftermath of a Taiwanese firm¡¦s initial GDR offering on its local market price as well as on the one of its rival company that concurrently does not have GDR offering. To delineate the complication of the issue, the study develop three trajectories mainly based on various approaches, including reference review, event study method, and multi-regression analysis. The first aspect attends to the research result of event study method and multi-regression analysis that exposes the stock price of the GDR offering company has abnormally positive rise accompanying with the announcement of its GDR offerings, particularly in the period before the announcement. That reflects the investors regard the GDR offering as a positive news for a company while the situation turns out to be the opposite for the rival firms. The research also finds that industry differences might dominate the consequence of the GDR offering. Hence, the exemplary simples are divided into the ¡§hi-tech¡¨ industry group and the ¡§non hi-tech¡¨ industry group. Based on the reference review of Melvin and Valero-Tonone¡]2005¡^ and the outcome of the multi-regression analysis, the influence of GDR offering on both industry group will be carefully scrutinized. In addition, the study places another attention on the discussion of intra-industry transferring and the contagion effect of the GDR offering on the offering company and its rival firm. Although Taiwanese enterprises offer GDR mainly in four main trade locations from London, Luxembourg, New York, and NASDAQ, the study exposes that the trade location has less influence on a company¡¦s and its rival firm¡¦s SCAR variation. That implies that Taiwanese investors might recognize the fact of a company¡¦s GDR offering in the oversea market, whereas, they seldom be aware of the trivial differentiation of the disparate trade location. In conclusion, the GDR offering of Taiwanese enterprises indeed encompasses information content that might motivate the alteration of the stock price in Taiwan stock market. Besides, the action of GDR offering supplies intra-industry information transferring effect. Even though the strategy of offering GDR of a Taiwanese company does not rely on consulting the action of its rival firms, in reality and according to the application of game theory, the implementing efficiency of a company¡¦s strategies might probably be impinged by its opponents¡¦ behavior. In other words, while a company offers GDR, its rival firms should propose expedients to reduce the damage that might be caused by the issue information.

Nous analysons dans cette thèse le pouvoir de contribution du marché d’options à l’efficience informationnelle et à la stabilité du marché des actions françaises cotées sur Euronext-LIFFE pour la période 1996-2006.Nous nous proposons, en outre, de définir dans quelle mesure la fusion d’Euronext avec le Liffe en 2002 et les conditions macroéconomiques de 1996-2006, influencent cette contribution.L’étude de l’introduction d’options sur les caractéristiques des actions met en évidence, (i) l’absence d’impact aussi bien sur la volatilité que sur le risque systématique des actions mesuré par le bêta, (ii) un effet prix négatif qui reste statistiquement non significatif dans la majorité des séances, (iii) une hausse significative du volume, (iv) une baisse de la fourchette de prix. La modélisation VAR montre que l’introduction de l’option ne renforce l’ajustement du volume par rapport à la volatilité des actions significativement qu’au seuil de 10%. En outre, la proportion des agents informés sur le marché des actions n’est pas plus importante à la suite de la création d’options.La modélisation Log-ACD (Autoregressive Conditionnel Duration) augmentée par l’introduction de la liquidité comme variable explicative ne détecte aucun effet de l’introduction de l’option sur le renfort informationnel des actions.Par ailleurs, notre étude met en évidence que l’objectif du marché d’options est la couverture (respectivement la spéculation et/ou arbitrage) en période de forte volatilité (respectivement faible). La fusion d’Euronext avec le Liffe en 2002 n’introduit pas de changement significatif au niveau de l’amélioration du processus d’ajustement des prix aux nouvelles. Le résultat global de l’absence d’effet de l’introduction de l’option sur les actions, s’explique par le trading fondé, actuellement en France, sur la volatilité. Ce qui amenuise le pouvoir prédictif des options. / We investigate the impact of option listing on the underlying stock dynamics and the informational efficiency of the stock market, using data from the French Euronext Paris stock market about new option listing that occurred over the period 1996 – 2006. We take into account the implementation of a new trading system after the Euronext merger with the Liffe market in 2002 and the macroeconomic changes over the period.Considering different characteristics of stocks, we observe (i) no effect on both volatility and systematic risk measured by the beta, (ii) a negative price effect, although insignificant at the majority of times, (iii) a significant rise in the volume and, finally (iv), a significant decrease in the spread bid-ask. By estimating a VAR model, we highlight a better adjustment to new information, observable jointly through contemporaneous and delayed relations between volume and volatility. However, when decomposing volatility into the contributions of informed and non-informed agents, we cannot document any migration of informed traders to the underlying stock market after option listing. We confirm the absence of impact of option listing on the underlying stock pricing efficiency by examining the stock price duration dynamics, using a modified Log-ACD model that accounts for liquidity captured by trade size.On the other hand, we show that in high volatility periods (low volatility periods), the option market plays a hedging role (speculation and/or arbitrage). The implementation of the new trading system after the Euronext merger with the Liffe market in 2002 appears to have no significant impact on the underlying stock. The global result about the absence impact of option listing is justified by the underlying stock’s volatility-driven trading. These strategies disturb the connection between option and underlying stock markets and the predictive power of option prices.

xii, 84 p. : ill. A print copy of this thesis is available through the UO Libraries. Search the library catalog for the location and call number. / In this dissertation, I investigate how cross-country differences in regulatory environments affect the value and distribution of gains in cross-border acquisitions. I focus on how pre-acquisition strategies to reduce the valuation discount arising from weak regulatory environments affect the value and distribution of gains between acquiring and target firms. The two specific strategies I examine are cross-listing and voluntarily adopting International Financial Reporting Standards (IFRS). I compare the value and distribution of synergy gains for target firms from weak regulatory environments that have cross-listed or adopted IFRS (i.e., "strategic firms") to (1) target firms in similar countries that have not done so (i.e., "non-strategic firms") and (2) target firms in strong regulatory environment countries. For the first group, I expect lower total synergy gains and merger premia in acquisitions involving strategic target firms. However, I expect higher total valuation gains (i.e., the merger premium plus the increase in value from the strategy) for strategic firms. For the second comparison group, I expect higher total synergy gains and merger premia in acquisitions involving strategic firms relative to firms from strong regulatory environments. I test my predictions on a sample of cross-border acquisitions completed in 26 countries between 1995-2007. In acquisitions involving target firms from weak regulatory environments, I find no evidence that either the total synergy gain or merger premium are smaller for strategic firms. In fact, I find some evidence that the total synergy gains are higher for strategic firms relative to non-strategic firms. I find some evidence of higher total valuation gains for cross-listed firms, consistent with my hypothesis. For the second comparison group, I find no evidence that either the total synergy gain or merger premium are higher for strategic firms. By examining cross-border acquisitions, my research provides evidence on an increasingly important and economically significant type of foreign direct investment. I relate literature investigating the determinants and distribution of merger synergies to literature analyzing methods to eliminate cross-country valuation discounts. Therefore, my research makes an important contribution by providing insights beyond identifying which party captures synergy gains in cross-border acquisitions. / Committee in charge: David Guenther, Chairperson, Accounting; Steven Matsunaga, Member, Accounting; Linda Krull, Member, Accounting; Bruce Blonigen, Outside Member, Economics

This master thesis deals with a topic of master data quality at retailers and suppliers of fast moving consumer goods. The objective is to map a flow of product master data in FMCG supply chain and identify what is the cause bad quality of the data. Emphasis is placed on analyzing a listing process of new item at retailers. Global data synchronization represents one of the tools to increase efficiency of listing process and improve master data quality. Therefore another objective is to clarify the cause of low adoption of global data synchronization at Czech market. The thesis also suggests some measures leading to better master data quality in FMCG and expansion of global data synchronization in Czech Republic. The thesis consists of theoretical and practical part. Theoretical part defines several terms and explores supply chain operation and communication. It also covers theory of data quality and its governance. Practical part is focused on objectives of the thesis. Accomplishment of those objectives is based on results of a survey among FMCG suppliers and retailers in Czech Republic. The thesis contributes to enrichment of academic literature that does not focus on master data quality in FMCG and global data synchronization very much at the moment. Retailers and suppliers of FMCG can use the results of the thesis as an inspiration to improve the quality of their master data. A few methods of achieving better data quality are introduced. The thesis has been assigned by non-profit organization GS1 Czech Republic that can use the results as one of the supporting materials for development of next global data synchronization strategy.

Bakgrund: Ett SPAC-bolag är ett börsnoterat företag vars enda syfte är att genomföra ett förvärv. Genom förvärvet börsnoteras ett onoterat företag. Intresset för SPACs har ökat på den amerikanska marknaden och år 2020 stod SPAC-bolag för 55% av alla börsnoteringar i USA. Det svenska regelverket på marknaden för börsnoteringar har nyligen förändrats vilket möjliggör skapandet av SPAC-bolag. En viktig anledning till att genomföra studien är för att förstå om SPACs kan användas för att förenkla och förbättra arbetet med börsnoteringar i Sverige för såväl företag, som för finansiella rådgivare och försäkringsgivare. Syfte: Syftet med denna studie är att analysera hur den svenska marknaden för börsnoteringar kan komma att påverkas genom introduceringen av SPACs och analysera de hinder som kan försvåra etableringen. Studien ämnar även att analysera vad SPACs kan skapa för värde till den svenska marknaden för börsnoteringar. Metod: Studien har genomförts med en kvalitativ design. Vidare har en abduktiv ansats använts för att behandla empiri och teori tillsammans i analysen. Data har samlats in från sju stycken semistrukturerade intervjuer med respondenter som har kunskap från den svenska marknaden för börsnoteringar. Slutsats: Den svenska marknaden är en välfungerande och stark marknad. Trots detta finns det vissa möjligheter för SPAC-bolag i Sverige. IPO:s måste anpassas utifrån IPO-fönster. SPAC-bolag är inte påverkade av detta i samma utsträckning och kan då utgöra en alternativ väg till börsen. Vidare kan företag dela med sig av mer information vid SPAC-förvärv vilket reducerar informationsasymmetri och agentproblematik. Det finns även skydd etablerade som minskar risken för investerare. SPACs kan således ha en värdeskapande funktion på den svenska marknaden. Trots dessa fördelar finns det även nackdelar som skulle kunna hämma etableringen av SPACs i Sverige. I Sverige finns redan alternativa marknader som kan utgöra det komplement som SPACs utgör på utländska marknader. Vidare finns argument för att SPACs involverar risk för investerare i form av asymmetrisk information, alternativkostnad och ett okänt förvärvsmål. / Background: A SPAC is a listed company with one purpose, to merge with another company. Through the merger, the other company gets listed on the stock exchange. SPACs have seen an increased interest in the USA and in the year 2020 listings of SPACs amounted to 55% of all IPOs in USA. Due to changed regulations, SPACs are now able to list on the Swedish stock exchange. This study is critical to conduct in order to understand if SPACs can be used to simplify and improve stock exchange listings in Sweden. And if the work surrounding IPOs for companies as well as financial advisors and underwriters would benefit from the introduction of SPACs on the Swedish IPO-market. Purpose: The purpose of this study is to analyze how the Swedish IPO-market can be affected by the introduction of SPACs and to analyze potential hurdles regarding its establishment. The study also aims to analyze value-creating opportunities for SPACs on the Swedish IPO-market. Methodology: The study was conducted with a qualitative design. An abductive approach was used to apply theory and empirical data in the analysis. Data has been collected from six semi-structured interviews with respondents from investment banks in Sweden. Conclusion: The Swedish market is a well-functioning and strong market. Despite this there are some opportunities for SPACs in Sweden. Traditional IPO:s is affected by an IPOwindow which severely limits the ability to do IPO:s during certain periods. When the IPOwindow is closed, SPACs could be another way to the stock market. Companies can share more information when merging with a SPAC which reduces information asymmetry and agency problems. The structure of SPACs also include protection for investors. SPACs can thus have a value creating function on the Swedish market. There are also disadvantages that could be a hurdle for the establishment of SPACs in Sweden. Alternative supportive markets already exist in Sweden. Thus, SPACs may not be needed to the same degree as in foreign markets. SPACs also involve risks for investors in the form of information asymmetry, alternative costs and an unknown acquisition target.

The corporate governance set-up in South Africa has undergone fundamental changes during the past decade, with the country today being responsive to most corporate governance issues. South Africa should be complimented for its King Code on Corporate Governance, the Companies Act and Johannesburg Securities Exchange Listing Requirements which have significantly strengthened the country’s corporate governance framework. These legal instruments have been influential in limiting directors’ powers and regulating the way directors are remunerated as a way of achieving good corporate governance. The research discusses the South African corporate governance framework with particular focus on the legal and regulatory framework that seeks to regulate directors’ powers and remuneration. An evaluation of the extent to which the legal and regulatory framework restrains directors’ powers and curbs excessive remuneration is undertaken. Recommendations are then provided on how the existing framework can be improved to adequately and effectively regulate directors’ powers and remuneration so as to achieve good corporate governance. / Mercantile Law / LL.M.

Corporate governance and executive remuneration are not new phenomena, but have erupted to the forefront of corporate, academic and public attention as a result of a series of well publicized corporate collapses and scandals over the last decade, which have raised both a curiosity of executive remuneration levels, and an awareness of the potential impact of conflicts of interest between owners and executives in modern corporations. Although literature on corporate governance and executive remuneration in general is plentiful, there is a lack of comment on the relationships between certain specific components of these two broad constructs. These specific components, such as disclosure, executive remuneration and governance needed to be analysed individually before they could be combined into a whole that explains both their interrelationships with each other and the larger corporate governance sub-system, and ultimately in the corporation, as an organisational system. In view of greater globalisation of the world economy, and the market for executive talent, the consequent reforms in the fields of corporate governance and executive remuneration, as well as the changing competitive dynamics of modern corporations, it was necessary to examine whether traditional theory and regulatory frameworks have kept pace with corporate development. A review of both classic and current literature show vastly different approaches to both executive remuneration and corporate governance mechanisms practiced around the world. There is however a noticeable trend towards convergence of these different sub-systems.The most prominent differences in respect of these sub-systems relate to the extent to which disclosures are made. Some of these issues relate to full or limited disclosure, internal or external corporate governance measures to regulate executive remuneration, and differences in respect of a narrow shareholder focus or broad stakeholder focus of different interests in an organisation. / Business Leadership / Ph.D. (Business Leadership)

本研究主要針對我國上市櫃輔導之制度，探討撤銷上市(櫃)輔導公司之中，獲准上市(櫃)之公開發行公司，與其他自願撤銷輔導上市櫃之公開發行公司相較，於撤銷輔導上市櫃之前二年至後二年的研究期間，兩者之間的盈餘品質是否存在差異。 實證結果顯示，以損失認列時效性迴歸模型分析時，獲准上市(櫃)之公開發行公司較自願撤銷輔導上市櫃之公開發行公司有較佳的盈餘品質；以盈餘時效性迴歸模型分析時，自願撤銷輔導上市櫃之公開發行公司較獲准上市(櫃)之公開發行公司有較佳的盈餘品質。本研究推論此分歧結果，由我國臺灣證券交易所股份有限公司有價證券上市審查準則與財團法人中華民國證券櫃檯買賣中心證券商營業處所買賣有價證券審查準則對於申請上市(櫃)之獲利門檻要求所造成。 / Based on regulations on listing guidance released by the Taiwan Stock Exchange Corporation (TSEC) mission, this study investigates the difference in earnings quality between firms that voluntarily cancel their listing guidance applications and firm that complete their initial public offerings (IPOs) over the period of two years prior to the cancellation and two years after the cancellation of listing guidance application. The results show that, under timeliness in loss recognition regression model, using a two-year duration prior to the IPO or listing guidance application cancellation for research period, the earnings quality of IPO firms over the two-year-period prior to their IPOs is better than that of firms voluntarily cancelled their listing guidance applications. On the contrary, under timeliness in earnings regression model, earnings quality of firms cancelled their listing guidance application voluntarily is better than that of the IPO firms. The empirical evidence thus suggests that the inconsistence on earnings quality measured in terms of loss and earnings recognition may due to the profitability threshold imposed by TSEC and GreTai Securities Market on rules governing the review of stock listings.