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This study investigates the impact of country risk ratings on the wealth gains to large U.S. bidders involved in cross-border acquisitions. The findings indicate that U.S. bidders experience positive wealth gains during the merger announcements, though this is concentrated in transactions involving European targets. There are also differences in wealth gains to bidders with respect to industry classification and location of foreign targets. The country risk factors including economic, political, and financial risk ratings all play a significant role in explaining the wealth gains to bidders. Furthermore, the wealth gains are higher for the firms with acquisitions in developed countries and are significantly related to GNP growth rate. 相似文献
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This paper empirically investigates international mergers and acquisitions (M&As) of foreign targets and bidders by analyzing
the stock price behavior of the firms involved. The jump diffusion model is employed to study the effects of the M&A announcements
on stock prices. The results indicate that acquisition announcements are perceived as a surprise by the market, but prices
seem to adjust rather rapidly, supporting the semi-strong form of the market efficiency hypothesis. In addition, a comparison
of the pure diffusion and jump diffusion models indicates that the jump diffusion model is statistically superior to the traditional
event study methodology (pure diffusion model). (JEL G34) 相似文献
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Fidan Aslanova 《Quality and Quantity》2018,52(6):2487-2493
As of the first periods of history, the fact that human being has benefited from the natural resources and the efforts to improve life conditions has shown a continuous increase and diversification in the direction of technological developments. The fact that improving technological developments within time has provided people to intervene in the nature influentially, the usage of natural resources has reached a critical point in terms of both the environment and living creatures and it has caused to climate changes in conjunction with environmental pollution. This research has been conducted in order to investigate the consciousness level of native people living in different regions of Libya on climate issue. The universe of the research consisted of native people living in Libya, while the sample consisted of 300 Libyans. The scanning method was used in the research. A questionnaire was carried out in order that the levels of consciousness of participants on climate change could be investigated. The information that was obtained from the questionnaires were analyzed in computer environment by using SPSS 20.0 program. As a result, in this research, which was conducted with the aim of determining the level of consciousness about the climate change of Libyan people, there were significant differences about age, gender and education variables, and the people of Libya participating in the survey have been informed about climate change. 相似文献
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We prove limit theorems for the super-replication cost of European options in a binomial model with friction. Examples covered are markets with proportional transaction costs and illiquid markets. A dual representation for the super-replication cost in these models is obtained and used to prove the limit theorems. In particular, the existence of a liquidity premium for the continuous-time limit of the model proposed in Çetin et al. (Finance Stoch. 8:311–341, 2004) is proved. Hence, this paper extends the previous convergence result of Gökay and Soner (Math Finance 22:250–276, 2012) to the general non-Markovian case. Moreover, the special case of small transaction costs yields, in the continuous limit, the G-expectation of Peng as earlier proved by Kusuoka (Ann. Appl. Probab. 5:198–221, 1995). 相似文献
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In this study, data of the household income and consumption expenditure surveys conducted by the Turkish Statistical Institute
for 1994 and 2003 years were used; income, price, and cross price elasticities under six aggregated product groups were estimated
within the framework of the an almost ideal demand system approach for food expenditures; and estimation of household consumers’
food demand in Turkey was analyzed. According to the findings obtained, it was established that a price-bound change would
appear in the food demand, and elasticities were calculated. Expenditures by product groups and price elasticities were obtained,
and the product groups were aggregated as bread and cereals; meat, fish, and poultry; milk and dairy products, oil and egg;
vegetables and fruits; various fast food and alcoholic and non-alcoholic beverages. 相似文献
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The purpose of this article is to explain the returns of American Depository Receipts (ADRs), comparing the results across emerging and developed markets. Using a sample of 167 ADRs from 14 emerging and 17 developed markets (31 markets in total) for the period 2000–2004, we found variations in the impacts of specific variables and in the explanatory power of models associated with the annual holding‐period return of firms. Dividing ADRs into emerging and developed markets suggests that firm size and local market conditions influenced returns in the two groups in similar ways. However, firm‐specific business risk and country‐specific economic risk are only important to emerging markets' ADRs, while country‐specific exchange‐rate variables are more important to developed markets' ADRs. © 2009 Wiley Periodicals, Inc. 相似文献
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Mert Uydact Halil lbrahim Alpaslan Basak Degerli 《中国经济评论(英文版)》2010,9(6):38-42
After the appearance of the globalization process post of 1980's, world has becaming a big village, that had been brought many important outcomes related with cooperatives which are aimed to emit the capital to the base. These conditions have been forced the movement to adopt themselves to this process vitally. As of year 2007, there are 26 several types of cooperatives with 90.086 unit cooperatives which have total number of 8,561.618 partners that are all dependent to Turkish cooperative association as well as Ministry of Industry and Commerce. In this study, the web sites of Turkish agricultural cooperatives were examined in terms of their contents. Also, it is tried to find out the sufficiency level of their electronic marketing activities. Within the context of this study, web sites of 5 agricultural cooperatives are examined in terms of their design. 相似文献
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