Global sport in the suburbs: the Regent Street Polytechnic’s sports facilities at Chiswick, 1888–1938

This article shows how the elite origins and religious mission of the Regent Street Polytechnic encouraged participation in amateur sport in London, and promoted the suburb of Chiswick as a global context for competitive sports. From the 1880s to the outbreak of World War 2, the Polytechnic and its facilities forged synergies between the city centre and the burgeoning suburbs in London, engendering a city-wide culture of amateur sports, and embedding the Polytechnic into a global network of athletes. Suburbs are typically presented by writers as being ‘on the edge’ of metropolitan life, but such perspectives are wrong. The West London suburb of Chiswick was the home of Polytechnic facilities that provided a dynamic context for the internationalization and modernization of sport in the capital.

Euphoria in financial markets: how Indian companies generate value in their cross-border acquisitions

In this paper, we investigate the effect of euphoria on returns derived by Indian companies in their cross-border acquisitions. Cognitive legitimacy generated at the country level facilitated firms in deriving higher value from internationalization. In addition, overoptimism after the legitimacy-building event led to euphoria in financial markets and short-term abnormal returns. Hence we argue that the springboard effect created by legitimacy is short-lived, as euphoria fades away over time. Using cross-border and domestic acquisitions by Indian companies during 1999-2009, and controlling for fundamental factors, both financial and non-financial, we find support for our euphoria hypothesis. Because of overoptimism, Indian companies experienced short-term abnormal returns in their cross-border acquisitions in the few years following the legitimation process, but not in later years.