Current Issue : January - March Volume : 2011 Issue Number : 1 Articles : 5 Articles
The objective of this work is to analyze the abnormal returns of mergers and acquisitions (M&As) in Brazil and to verify if they can be explained by firm characteristics. This research provides contribution to the literature in two ways. First, it analyzes the longest period in the research of M&As in Brazil (1997-2009). Furthermore, this research analyzes the behavior of abnormal returns on M&As in different sub-periods, allowing to evaluate whether there have been changes over time. The results indicate that the abnormal returns of both firms are positive and statistically significant, and that the abnormal returns of acquired firms are larger than those of the acquirer firms. The results have changed over time. From 1997 to 2004, the abnormal returns of target firms are positive and the abnormal returns of acquirers are negative. However, from 2005 to 2009, the abnormal returns of both firms are positive. The target firm´s abnormal returns are positively related to the market value of both firms and negatively related to Tobin's Q and ROA of the acquirer. Moreover, in the most recent period, the abnormal returns of target firms are also positively related to their ROA and leverage...
The objective of this study is to describe the important factors affecting Malaysian palm oil industry especially biodiesel demand. To that end a market model representing palm oil production, import, world excess demand, domestic consumption, export demand, rest of the world excess supply and palm oil prices is formulated. A system of equations of eight structural equations and four identities is estimated by two stage least squares method using annual data for the period 1976-2008. The domestic price equation is formed to investigate the link between biodiesel demand and the Malaysian palm oil market. The domestic price is significantly affected by Malaysian ending stock, world palm oil price, biodiesel demand and lagged domestic price. The elasticity of Malaysian palm oil domestic price with respect to biodiesel demand is then obtained. Results suggest that biodiesel demand has a positive impact on the Malaysian palm oil domestic price. Thus, significant growth in biodiesel demand is important in explaining Malaysian palm oil price determination....
By the agency costs theory and the expectation theory, the relationships between the enterprise debt maturity structure and the economic aggregate indexes such as the economic development level, the inflation, the money supply, and the macro-tax burden are empirically tested, and the result shows that the GDP growth rate and the macro-tax burden present the positively correlative relationship with the enterprise debt maturity, and the inflation and the money supply present the negatively correlative relationship with the enterprise debt maturity, and the both relativities are significant, which indicates that the debt maturity structure of Chinese listed companies is significantly influenced not only by many interior characteristics such as the enterprise size, the assets maturity, and the growth, but also by the macroeconomic factors....
This paper proposes a new method of measuring the position of the United States in the world economy defined by the GDP standard as before. The central argument is that previous approaches relied solely on measuring position on the basis of geography. GDP produced on American soil, including its export and import components, were indiscriminately considered to be \"American\". More realistically, the measurement of the U.S. economic power needs to be adjusted for the foreign element in local production, imports and exports. More specifically, the role of majority-owned foreign direct investment enterprises within the U.S., as well as their U.S. corollaries abroad, needs to be explored. Thus, the real economic size of a nation can be precisely measured on the basis of capital control rather than national geography, which now loses any meaningful reference role altogether. Substituting this new approach also allows for a more realistic, direct assessment of national competitiveness in the global economy. The step-by-step implementation and consequences are explained in the paper. Ultimately, national competitiveness is determined by the relative trend developments of the outward versus inward direct investment forces....
Lean production, which has revolutionary production management and practice manner, is the third milestone of human industrialization history. Its key point is to eliminate waste in all aspects of a firmââ?¬â?¢s production activities through establishing production system with high agility. It represents the tendency of modern manufacturing industry. It has been credited as the standard production management approach in the 21st century. Lean production, as an advanced production manner, has important realistic meaning for improving manufacturingââ?¬â?¢s production and management level of China at present, and swelling competitive ability of Chinese enterprises. As the current biggest ââ?¬Ë?Manufacturing Centerââ?¬â?¢ in the globe, itââ?¬â?¢s especially crucial for Chinese enterprises to learn the philosophy of lean production and its impetus for their development....
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