Impact of the financial crisis on cross-border mergers and acquisitions and concentration in the global banking industry

The global banking industry has seen dramatic changes in the past 40 years. Most recently, the financial liberalization of emerging markets and the global financial crisis have significantly impacted the market share of banks worldwide. This article investigates the impact of the 2007–2008 financial crisis on cross-border mergers and acquisitions (M&As) in the banking sector and emphasizes the role of emerging-market banks in the postcrisis consolidation trend. Using M&A data and concentration data over the period 2000–2013, our analysis indicates that the financial crisis had a significant impact on worldwide M&As, especially on the direction of the transactions. Emerging-market banks appear to be major acquirers in the postcrisis period, targeting both neighboring countries and developed economies in Europe. We also observe an increase in bank concentration in developed markets most hit by the financial crisis, especially in the United States and the United Kingdom, whereas bank concentration decreased in emerging markets.

Exploring Auditors’ Perceptions of the Usage and Importance of Audit Information Technology

This study provides novel evidence on the extent to which auditors perceive the usage and importance of audit technology in an emerging market. It explores the types of audit technology tools used and factors influencing the use of these; it tests the association between the perceived use and importance of the tools and firm-specific/ auditor-specific characteristics. Using interviews and questionnaires from auditors at Big 4 and international non-Big 4 audit firms, the findings reflect the highly perceived importance of using audit technology in technical and administrative procedures, specifically to assess risk. We find that the perceived use and importance of audit technology is relatively higher for those in Big 4 firms, with less years of auditor experience and higher auditor technology expertise, and those in management positions. The results provide policy makers with guidance on the opportunities and challenges of using information technology in the audit process.

Testing the weak-form market efficiency and the day of the week effects of some African countries

The aims of this work are twofold. On the one hand, it aims to find evidence supporting the presence of the weak form efficiency of several emerging African stock markets by using both parametric as well as non parametric tests. The results indicate that none of the markets are characterised by random walks with the exception of the South African stock market. On the other hand, this study aims to detect the presence of the day of the week effects of these African stock markets. Results show the existence of day of the week effects, that is the typical negative Monday and Friday positive effects in several stock markets.

Rise, fragmentation, infringement and fear: emerging urban issues in Chinese clustering in Italy

China is today facing rapid economic development and the long-term implications of China’s rise for European economy, society and culture, are constantly debated but still almost unknown. Moreover, only recently a new volume edited by Kunzmann has clearly pointed out a particular field of research like the EU spatial impact of China’s convergence in the global market. The aim of the present paper is to deal with the spatial issues related to the growing Chinese communities, especially in Italy, that are part of a more general and considerable transformation process of the traditional Chinese enclaves in EU cities: from recognizable “Chinatowns” to new hybrid urban formations where housing, retail, wholesale and even commodity production often tend to match. Key-Concepts like rise, fragmentation, infringement and fear are useful in analysing some of the more controversial socio-economic dynamics of Chinese clusters especially in a traditionally manufactured-based country like Italy, where it’s recognizable a unique paradox of a “double competition” from outside and from inside. This statement poses a serious threat to local economic systems in terms of sustainability and social cohesion, making it necessary to rethink the role and the nature of public action in facing new forms of marginality at urban and regional level.