Culture in the Rise of Tiger Economies: Scottish Expatriates in Dublin and the ‘Creative Class’ Thesis

This article evaluates the contributions which Richard Florida's seminal ‘creative class’ thesis might make to ongoing efforts to re‐inscribe ‘culture’ back into political economy explanations of the rise of Tiger economies. It reflects upon the value of reconsidering both the role of skilled migrants in Tiger states and the factors which attract skilled migrants to these economies in the first instance. Based upon analyses of a series of focus groups conducted with Scottish expatriates currently working in Dublin, the article specifically attempts to gauge how far the creative class thesis can be stretched to account for the locational preferences of talented migrants. Whilst Florida's work undoubtedly sheds light on aspects of expatriate existence which might not otherwise have been obvious, its ability to account for the relationships which have existed between technology, talent and tolerance in the Celtic Tiger must be questioned. Moreover, if political economy and Floridian readings are to do more than simply inform one another, there will be a need to establish more clearly the complex ways in which developmental states intersect with skill flows and cosmopolitan cultural agendas.     

The Effect of Corporate Merger Transactions on the Information Content of Earnings Announcements*

Abstract. This study develops and tests the proposition that corporate merger transactions give rise to changes in the association between firm accounting earnings and security returns. A model of the effect of merger transactions on stock price responses to information releases suggests that the earnings response coefficient of a postmerger entity is a weighted average of the earnings response coefficients of the combining firms, with the weights depending on relative earnings variability of the combining firms. Empirical results, based on a sample of 90 mergers completed over a 12-year period, are consistent with the model. Résumé. L'auteur élabore et vérifie une proposition selon laquelle les opérations de fusion donnent lieu à des changements dans la relation entre les bénéfices comptables de l'entreprise et le rendement de ses titres. Selon le modèle de l'incidence des opérations de fusion sur la réaction du cours des valeurs mobilières à la communication d'information, le coefficient de réaction des bénéfices d'une entité résultant d'une fusion est la moyenne pondérée des coefficients de réaction des bénéfices des entreprises qui fusionnent, les pondérations dépendant de la variabilité relative des bénéfices des entreprises constituantes. Les résultats empiriques, fondés sur un échantillon de 90 fusions s'échelonnant sur une période de plus de 12 ans, confirment la validité du modèle.