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We develop and test the hypothesis that foreign direct investment promotes corporate governance spillovers in the host country. Using firm-level data on cross-border mergers and acquisitions (M&A) and corporate governance in 22 countries, we find that cross-border M&As are associated with subsequent improvements in the governance, valuation, and productivity of the target firms’ local rivals. This positive spillover effect is stronger when the acquirer is from a country with stronger shareholder protection and if the target’s industry is more competitive. We conclude that the international market for corporate control promotes the adoption of better corporate governance practices around the world.
Consolidation and merger of corporations. --- International business enterprises --- Management. --- Acquisition of corporations --- Acquisitions and mergers --- Amalgamation of corporations --- Business combinations --- Business mergers --- Buyouts, Corporate --- Corporate acquisitions --- Corporate buyouts --- Corporate mergers --- Corporate takeovers --- Corporations --- Fusion of corporations --- Hostile takeovers of corporations --- M & A (Mergers and acquisitions of corporations) --- Merger of corporations --- Mergers and acquisitions of corporations --- Mergers, Corporate --- Takeovers, Corporate --- Corporate reorganizations --- Golden parachutes (Executive compensation) --- Industrial concentration --- Trusts, Industrial --- Consolidation --- Mergers --- Exports and Imports --- Finance: General --- Production and Operations Management --- Corporate Governance --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Corporate Finance and Governance: Government Policy and Regulation --- General Financial Markets: General (includes Measurement and Data) --- Macroeconomics: Production --- Financial Markets and the Macroeconomy --- International Investment --- Long-term Capital Movements --- Corporate governance --- role & responsibilities of boards & directors --- Finance --- Macroeconomics --- Competition --- Productivity --- Market capitalization --- Foreign direct investment --- Economic sectors --- Financial markets --- Production --- Balance of payments --- Industrial productivity --- Financial services industry --- Investments, Foreign --- United States
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We show that mutual funds worldwide provide substantial international exposure through their domestic holdings of multinationals. An average domestic fund's international exposure increases by 32 percentage points when we consider international corporate diversification. We find that funds with higher indirect international exposure perform better in both the cross section and the time series. This outperformance is more pronounced among small fund families, and funds that invest in small stocks, growth stocks, and less developed capital markets. Our findings support the hypothesis that international diversification from multinationals reduces the transaction and information costs of investing abroad and captures fund manager skill.
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ORC Orchidaceae --- Orchidaceae --- Venezuela --- coloured photographs --- descriptions
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Climate change is widely recognised as one of society's most profound challenges. In facing that challenge, the role of businesses is central. Corporations have a crucial role to play in mitigating climate change by reducing their net emissions and by driving the innovation and adaptation that are necessary to bring about a net zero economy. This volume brings together leading thinkers to evaluate the contribution that business law has made, and could make, to help drive such change.The contributions are organized under 4 broad themes:* Climate Change Disclosures and Net Zero Commitments* Climate Change: Exit or Voice* Climate Change in the Boardroom* Climate Change in the Courtroom
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