Performance of Cross Listed Dual-Class Firms: Evidence from Chinese Firms Cross Listed on US Exchanges

We compare operating and market performance of Chinese single- and dual-class firms cross listed on US exchanges. We find evidence in line with researchers who argue that a dual-class structure allows insiders to invest in long-term value-enhancing projects. We find that dual-class firms underperform prior to their initial public offering (IPO) and then improve and have better operating performance than single-class firms in the second year after IPO. We find that dual-class firms also have better market performance than single-class firms beginning in the initial year, which is contrary to the finding in most other studies. The reason for this might be that firms that list on US exchanges show a credible commitment to shareholder rights.     

Decision-making in the two-act antitrust decision problem

This paper focuses on the antitrust decision-making process as it pertains to anti-merger policy as a special case of the more general two-act decision problem. We employ the Analytic Hierarchy Process to analyze some prominent antitrust merger decision. The analysis suggests that the courts have failed to give potential competition its due when it acts to dampen any alleged market power accruing to the market leader, which in turn suggests that the defendants would be well advised to reorient the weight that they give to potential competition in designing their defense.     

Does faith move stock markets? Evidence from Saudi Arabia

This paper investigates the effects of religious beliefs on stock prices. Our findings support the viewpoint that the religious tenets have important bearing on portfolio choices of investors. It is found that Shariah-compliant stocks have higher return and volatility than their non-Shariah compliant counterparts.     

Saying it without words: a qualitative study of employee voice in the Iranian building sector

Abstract

The primary aim of this study is to examine the nature, extent and workplace experiences of voice in an industry characterized by vulnerable workers with precarious term of employment. Using qualitative data on the practice of voice and participation among a sample of construction and building materials & products manufacturing firms, we found that the motivation of workers to fulfil their basic human needs take precedence over other needs such as voice and participation intention. The extent to which employee voice was embedded in the organizational policies was found to rely primarily upon the need for compliance with minimum labor legislation and ISO quality management factory regime. Our findings also suggest that voice and participation beyond regulatory and ISO quality compliance remain at the sole discretion of the management that advocated a carrot and stick orientation. The article concludes with the discussion of theoretical and practical implications of the findings and identification of a number of new avenues for future research.