...Emerging Markets Review 13 (2012) 516–547 Contents lists available at SciVerse ScienceDirect Emerging Markets Review journal homepage: www.elsevier.com/locate/emr Corporate governance, agency problems and international cross-listings: A defense of the bonding hypothesis☆ G. Andrew Karolyi ⁎ Johnson Graduate School of Management, Cornell University, 348 Sage Hall, Ithaca, NY 14853, USA a r t i c l e i n f o Article history: Received 30 June 2011 Received in revised form 6 August 2012 Accepted 7 August 2012 Available online 17 August 2012 JEL classification: F30 G15 G32 G38 Keywords: Cross-listing Stocks Bonding International financial markets a b s t r a c t Why firms from around the world seek to cross-list their shares on overseas exchanges has intrigued scholars during the past two decades. A general dissatisfaction with the conventional wisdom about investment barriers segmenting global investors and how cross-listings overcome those barriers cleared the way for newer wisdom about informational problems and agency conflicts, and how firms could overcome weaknesses in corporate governance by listing on, and thus “bonding” to, overseas markets with stronger regulatory oversight, stringent reporting and disclosure requirements and investor protections. Critics have challenged the viability of the bonding hypothesis, which I answer in this review. © 2012 Elsevier B.V. All rights reserved. 1. Introduction Cross-listing — also referred...
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...BooK 1 ETHICAL AND PROFESSIONAL STANDARD S, QuANTITATIVE METHODS, AND EcoNOMics - Readings and Learning Outcome Statements .......................................................... 6 Study Session 1 - Ethical and Professional Standards ............................................ 13 Study Session 2 - Ethical and Professional Standards: Application Self-Test - Ethical and Professional Standards ....................... 110 128 138 256 262 339 344 349 358 ..................................................... Study Session 3 - Quantitative Methods for Valuation Self-Test - Quantitative Methods for Valuation Study Session 4 - Economics for Valuation Self-Test - Economics for Valuation Formulas ........................................ ................................................... ......................................................... .................................................................... ............................................................................................................ Appendices Index ........................................................................................................ ................................................................................................................. SCHWESERNOTES™ 2013 CFA LEVEL II BOOK 1: ETHICAL AND PROFESSIONAL STANDARDS, QUANTITATIVE METHODS, AND ECONOMICS ©20 12 Kaplan, Inc. All rights reserved. Published in 20 12 by...
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...HISTORY AND THEORY STUDIES FIRST YEAR Terms 1 and 2 Course Lecturers: CHRISTOPHER PIERCE / BRETT STEELE (Term 1) Course Lecturer: PIER VITTORIO AURELI (Term 2) Course Tutor: MOLLIE CLAYPOOL Teaching Assistants: FABRIZIO BALLABIO SHUMI BOSE POL ESTEVE Course Structure The course runs for 3 hours per week on Tuesday mornings in Terms 1 and 2. There are four parallel seminar sessions. Each seminar session is divided into parts, discussion and submission development. Seminar 10.00-12.00 Mollie Claypool, Fabrizio Ballabio, Shumi Bose and Pol Esteve Lecture 12.00-13.00 Christopher Pierce, Brett Steele and Pier Vittorio Aureli Attendance Attendance is mandatory to both seminars and lectures. We expect students to attend all lectures and seminars. Attendance is tracked to both seminars and lectures and repeated absence has the potential to affect your final mark and the course tutor and undergraduate coordinator will be notified. Marking Marking framework adheres to a High Pass with Distinction, High Pass, Pass, Low Pass, Complete-toPass system. Poor attendance can affect this final mark. Course Materials Readings for each week are provided both online on the course website at aafirstyearhts.wordpress.com and on the course library bookshelf. Students are expected to read each assigned reading every week to be discussed in seminar. The password to access the course readings is “readings”. TERM 1: CANONICAL BUILDINGS, PROJECTS, TEXTS In this first term of...
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...IntMk-CStud-4.qxd 26/05/2005 14:05 Page 563 section 4 case studies cases 4.1 Wal-Mart’s German Misadventure 4.2 Handl Tyrol: Market Selection and Coverage Decisions of a Medium-sized Austrian Enterprise 4.3 Blair Water Purifiers to India 4.4 A Tale of Two Tipples 4.5 Kellogg’s Indian Experience 4.6 Strategic Alliances in the Global Airline Industry: from Bilateral Agreements to Integrated Networks 4.7 GN Netcom in China 4.8 IKEA: Entering Russia 4.9 The ‘David Beckham’ Brand 563 571 574 583 586 590 594 599 604 case 4.1 Wal-Mart’s German Misadventure I don’t think that Wal-Mart did their homework as well as they should have. Germany is Europe’s most pricesensitive market. Wal-Mart underestimated the competition, the culture, the legislative environment. — Steve Gotham, retail analyst, Verdict Retail Consulting, October 20021 We screwed up in Germany. Our biggest mistake was putting our name up before we had the service and low prices. People were disappointed. — John Menzer, head of Wal-Mart International December 20012 ‘Don’t look now:’ low prices all year round! With thanks to Walmart 563 IntMk-CStud-4.qxd 26/05/2005 14:06 Page 564 section 6 case studies section 4 German blues For the world’s largest retailing company, Wal-Mart, Inc., the German market was proving difficult to crack. By 2003, even after five years of having entered Germany, Wal-Mart was making losses. Though Wal-Mart did not reveal these figures, analysts estimated...
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...MARKETING COMMUNICATIONS To Caroline, Arthur, Dan and Becky MARKETING COMMUNICATIONS JOHN EGAN Australia G Canada G Mexico G Singapore G Spain G United Kingdom G United States Marketing Communications John Egan Publishing Director John Yates Production Editor Lucy Mills Typesetter Newgen, India Text Design Design Deluxe Ltd, Bath, UK Publisher Jennifer Pegg Manufacturing Manager Helen Mason Production Controller Maeve Healy Printer Rotolito Lombarda S.p.A. Italy Development Editor Tom Rennie Marketing Executive Leo Stanley Cover Design www.mulcaheydesign.co.uk Copyright © 2007 Thomson Learning The Thomson logo is a registered trademark used herein under licence. For more information, contact Thomson Learning High Holborn House 50-51 Bedford Row London WC1R 4LR or visit us on the World Wide Web at: http://www.thomsonlearning.co.uk This edition published 2007 by Thomson Learning. All rights reserved by Thomson Learning 2007. The text of this publication, or any part thereof, may not be reproduced or transmited in any form or by any means, electronic or mechanical, including photocopying, recording, storage in an information retrieval system, or otherwise, without prior permission of the publisher. Every effort has been made to trace all the copyright holders, but if any have been inadvertently overlooked the publisher will be pleased to make the necessary arrangements at the first opportunity. Please contact the...
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...Educational Psychology: Developing Learners This is a protected document. Please enter your ANGEL username and password. Username: Password: Login Need assistance logging in? Click here! If you experience any technical difficulty or have any technical questions, please contact technical support during the following hours: M-F, 6am-12am MST or Sat-Sun, 7am-12am MST by phone at (800) 800-9776 ext. 7200 or submit a ticket online by visiting http://help.gcu.edu. Doc ID: 1009-0001-191D-0000191E DEVELOPING LEARNERS JEANNE ELLIS ORMROD Professor Emerita, University of Northern Colorado EIGHTH EDITION ISBN 1-256-96292-9 Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City São Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo Educational Psychology: Developing Learners, Eighth Edition, by Jeanne Ellis Ormrod. Published by Pearson. Copyright © 2014 by Pearson Education, Inc. Vice President and Editorial Director: Jeffery W. Johnston Vice President and Publisher: Kevin Davis Editorial Assistant: Lauren Carlson Development Editor: Christina Robb Vice President, Director of Marketing: Margaret Waples Marketing Manager: Joanna Sabella Senior Managing Editor: Pamela D. Bennett Project Manager: Kerry Rubadue Senior Operations Supervisor: Matthew Ottenweller Senior Art Director: Diane Lorenzo Text Designer: Candace Rowley Cover Designer:...
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...M A G A Z I N E FA L L 2 0 0 2 Volume 20 Number 2 SPANNING THE GLOBE Duke Leads the Way in International Law Teaching and Scholarship inside plus Duke admits smaller, exceptionally well-qualified class Duke’s Global Capital Markets Center to launch new Directors’ Education Institute from the dean Dear Alumni and Friends, It is not possible, these days, for a top law school to be anything other than an international one. At Duke Law, we no longer think of “international” as a separate category. Virtually everything we do has some international dimension, whether it concerns international treaties and protocols, commercial transactions across national borders, international child custody disputes, criminal behavior that violates international human rights law, international sports competitions, global environmental regulation, international terrorism, or any number of other topics. And, of course, there is little that we do at Duke that does not involve scholars and students from other countries, who are entirely integrated with U.S. scholars and students. Students enrolled in our joint JD/LLM program in international and comparative law receive an in-depth education in both the public and private aspects of international and comparative law, enriched by the ubiquitous presence of foreign students; likewise, the foreign lawyers who enroll in our one-year LLM program in American law enroll in the same courses, attend the same conferences...
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...M A G A Z I N E FA L L 2 0 0 2 Volume 20 Number 2 SPANNING THE GLOBE Duke Leads the Way in International Law Teaching and Scholarship inside plus Duke admits smaller, exceptionally well-qualified class Duke’s Global Capital Markets Center to launch new Directors’ Education Institute from the dean Dear Alumni and Friends, It is not possible, these days, for a top law school to be anything other than an international one. At Duke Law, we no longer think of “international” as a separate category. Virtually everything we do has some international dimension, whether it concerns international treaties and protocols, commercial transactions across national borders, international child custody disputes, criminal behavior that violates international human rights law, international sports competitions, global environmental regulation, international terrorism, or any number of other topics. And, of course, there is little that we do at Duke that does not involve scholars and students from other countries, who are entirely integrated with U.S. scholars and students. Students enrolled in our joint JD/LLM program in international and comparative law receive an in-depth education in both the public and private aspects of international and comparative law, enriched by the ubiquitous presence of foreign students; likewise, the foreign lawyers who enroll in our one-year LLM program in American law enroll in the same courses, attend the same conferences...
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...Contents Preface Acknowledgments Introduction 1 BRAIN POWER Myth #1 Most People Use Only 10% of Their Brain Power Myth #2 Some People Are Left-Brained, Others Are Right-Brained Myth #3 Extrasensory Perception (ESP) Is a Well-Established Scientific Phenomenon Myth #4 Visual Perceptions Are Accompanied by Tiny Emissions from the Eyes Myth #5 Subliminal Messages Can Persuade People to Purchase Products 2 FROM WOMB TO TOMB Myth #6 Playing Mozart’s Music to Infants Boosts Their Intelligence Myth #7 Adolescence Is Inevitably a Time of Psychological Turmoil Myth #8 Most People Experience a Midlife Crisis in | 8 Their 40s or Early 50s Myth #9 Old Age Is Typically Associated with Increased Dissatisfaction and Senility Myth #10 When Dying, People Pass through a Universal Series of Psychological Stages 3 A REMEMBRANCE OF THINGS PAST Myth #11 Human Memory Works like a Tape Recorder or Video Camera, and Accurate Events We’ve Experienced Myth #12 Hypnosis Is Useful for Retrieving Memories of Forgotten Events Myth #13 Individuals Commonly Repress the Memories of Traumatic Experiences Myth #14 Most People with Amnesia Forget All Details of Their Earlier Lives 4 TEACHING OLD DOGS NEW TRICKS Myth #15 Intelligence (IQ) Tests Are Biased against Certain Groups of People My th #16 If You’re Unsure of Your Answer When Taking a Test, It’s Best to Stick with Your Initial Hunch Myth #17 The Defining Feature of Dyslexia Is Reversing Letters Myth #18 Students Learn Best When Teaching Styles Are Matched to...
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...FREAKONOMICS A Rogue Economist Explores the Hidden Side of Everything Revised and Expanded Edition Steven D. Levitt and Stephen J. Dubner CONTENTS AN EXPLANATORY NOTE In which the origins of this book are clarified. vii PREFACE TO THE REVISED AND EXPANDED EDITION xi 1 INTRODUCTION: The Hidden Side of Everything In which the book’s central idea is set forth: namely, if morality represents how people would like the world to work, then economics shows how it actually does work. Why the conventional wisdom is so often wrong . . . How “experts”— from criminologists to real-estate agents to political scientists—bend the facts . . . Why knowing what to measure, and how to measure it, is the key to understanding modern life . . . What is “freakonomics,” anyway? 1. What Do Schoolteachers and Sumo Wrestlers Have in Common? 15 In which we explore the beauty of incentives, as well as their dark side—cheating. Contents Who cheats? Just about everyone . . . How cheaters cheat, and how to catch them . . . Stories from an Israeli day-care center . . . The sudden disappearance of seven million American children . . . Cheating schoolteachers in Chicago . . . Why cheating to lose is worse than cheating to win . . . Could sumo wrestling, the national sport of Japan, be corrupt? . . . What the Bagel Man saw: mankind may be more honest than we think. 2. How Is the Ku Klux Klan Like a Group of Real-Estate Agents? 49 In which it is argued that nothing is more powerful than information,...
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...Contents Title Page Dedication Prologue CHAPTER ONE: Republicans and Democrats CHAPTER TWO: Values CHAPTER THREE: Our Constitution CHAPTER FOUR: Politics CHAPTER FIVE: Opportunity CHAPTER SIX: Faith CHAPTER SEVEN: Race CHAPTER EIGHT: The World Beyond Our Borders CHAPTER NINE: Family Epilogue Acknowledgments About the Author Also by Barack Obama Copyright Prologue IT’S BEEN ALMOST ten years since I first ran for political office. I was thirty-five at the time, four years out of law school, recently married, and generally impatient with life. A seat in the Illinois legislature had opened up, and several friends suggested that I run, thinking that my work as a civil rights lawyer, and contacts from my days as a community organizer, would make me a viable candidate. After discussing it with my wife, I entered the race and proceeded to do what every first-time candidate does: I talked to anyone who would listen. I went to block club meetings and church socials, beauty shops and barbershops. If two guys were standing on a corner, I would cross the street to hand them campaign literature. And everywhere I went, I’d get some version of the same two questions. “Where’d you get that funny name?” And then: “You seem like a nice enough guy. Why do you want to go into something dirty and nasty like politics?” I was familiar with the question, a variant on the questions asked of me years earlier, when I’d first arrived in Chicago to work in low-income neighborhoods. It signaled a cynicism...
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...Manual for the GMAT*Exam version 8.0 All rights reserved. No part of this manual may be reproduced for distribution to a third party in any form or by any means, electronic or mechanical, including photocopying, recording, or any information retrieval system, without the prior consent of the publisher, The Princeton Review. This Manual is for the exclusive use of Princeton Review course students and is not legal for resale. GMAT is a registered trademark of the Graduate Management Admission Council. The Princeton Review is not affiliated with Princeton University or the Graduate Management Admission Council. Permission to reprint this material does not constitute review or endorsement by the Educational Testing Service or the Graduate Management Admission Council of this publication as a whole or of any other sample questions or testing information it may contain. Copyright © 2003 by Princeton Review Management, L.L.C. All Rights Reserved. 800.2Review/ www.princetonreview.com ACKNOWLEDGMENTS Thanks to the following for their many contributions to this course manual: Tariq Ahmed, Kristen Azzara, Shon Bayer, John Bergdahl, Marie Dente, Russ Dombrow, Tricia Dublin, Dan Edmonds, Julian Fleisher, Paul Foglino, Alex Freer, John Fulmer, Joel Haber, Effie Hadjiioannou, Sarah Kruchko, Mary Juliano, Jeff Leistner, Sue Lim, Michael Lopez, Stephanie Martin, Chas Mastin, Elizabeth Miller, Colin Mysliwiec, Magda Pecsenye, Dave Ragsdale, “GMAT” Jack Schieffer...
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...The media’s watching Vault! Here’s a sampling of our coverage. “For those hoping to climb the ladder of success, [Vault's] insights are priceless.” – Money magazine “The best place on the web to prepare for a job search.” – Fortune “[Vault guides] make for excellent starting points for job hunters and should be purchased by academic libraries for their career sections [and] university career centers.” – Library Journal “The granddaddy of worker sites.” – US News and World Report “A killer app.” – New York Times One of Forbes' 33 “Favorite Sites” – Forbes “To get the unvarnished scoop, check out Vault.” – Smart Money Magazine “Vault has a wealth of information about major employers and jobsearching strategies as well as comments from workers about their experiences at specific companies.” – The Washington Post “A key reference for those who want to know what it takes to get hired by a law firm and what to expect once they get there.” – New York Law Journal “Vault [provides] the skinny on working conditions at all kinds of companies from current and former employees.” – USA Today VAULT GUIDE TO RESUMES, COVER LETTERS & INTERVIEWS © 2003 Vault Inc. VAULT GUIDE TO RESUMES, COVER LETTERS & INTERVIEWS HOWARD LEIFMAN, PhD, MARCY LERNER AND THE STAFF OF VAULT © 2003 Vault Inc. Copyright © 2003 by Vault Inc. All rights reserved. All information in this book is subject to change without notice. Vault makes no claims as to the accuracy and reliability...
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...Instantly How to Connect Anyone with LEIL LOWNDES New York Chicago San Francisco Lisbon London Madrid Mexico City Milan New Delhi San Juan Seoul Singapore Sydney Toronto Copyright © 2009 by Leil Lowndes. All rights reserved. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written permission of the publisher. ISBN: 978-0-07-154586-0 MHID: 0-07-154586-7 The material in this eBook also appears in the print version of this title: ISBN: 978-0-07-154585-3, MHID: 0-07-154585-9. All trademarks are trademarks of their respective owners. Rather than put a trademark symbol after every occurrence of a trademarked name, we use names in an editorial fashion only, and to the benefit of the trademark owner, with no intention of infringement of the trademark. Where such designations appear in this book, they have been printed with initial caps. McGraw-Hill eBooks are available at special quantity discounts to use as premiums and sales promotions, or for use in corporate training programs. To contact a representative please visit the Contact Us page at www.mhprofessional.com. TERMS OF USE This is a copyrighted work and The McGraw-Hill Companies, Inc. (“McGraw-Hill”) and its licensors reserve all rights in and to the work. Use of this work is subject to these terms. Except as permitted under the Copyright Act...
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...Human Development Report 2014 Sustaining Human Progress: Reducing Vulnerabilities and Building Resilience Empowered lives. Resilient nations. The 2014 Human Development Report is the latest in the series of global Human Development Reports published by UNDP since 1990 as independent, empirically grounded analyses of major development issues, trends and policies. Additional resources related to the 2014 Human Development Report can be found online at http://hdr.undp.org, including complete editions or summaries of the Report in more than 20 languages, a collection of papers commissioned for the 2014 Report, interactive maps and databases of national human development indicators, full explanations of the sources and methodologies employed in the Report’s human development indices, country profiles and other background materials as well as previous global, regional and national Human Development Reports. Human Development Report 2014 Sustaining Human Progress: Reducing Vulnerabilities and Building Resilience Empowered lives. Resilient nations. Published for the United Nations Development Programme (UNDP) Human Development Reports 1990–2014 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007/2008 2009 2010 2011 2013 2014 Concept and Measurement of Human Development Financing Human Development Global Dimensions of Human Development People’s Participation New Dimensions of Human Security Gender and Human Development Economic...
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