Deal size, acquisition premia and shareholder gains

This study examines the contradictory predictions regarding the association between the premium paid in acquisitions and deal size. We document a robust negative relation between offer premia and target size, indicating that acquirers tend to pay less for large firms, not more. We also find that the overpayment potential is lower in acquisitions of large targets. Yet, they still destroy more value for acquirers around deal announcements, implying that target size may proxy, among others, for the unobserved complexity inherent in large deals. We provide evidence in favor of this interpretation.

Are gay rights Islamophobic? A critique of some uses of the concept of homonationalism in activism and academia

The concept of ‘homonationalism’ refers to deployments of gay rights for racist and Islamophobic ends, resulting in the consolidation of more sexually inclusive, but racially exclusionary, ideas of citizenship. This article critiques some of the analyses that the concept has inspired in both activist and academic contexts. The critique concentrates on two texts, showing that they make inappropriate rhetorical moves and inaccurate or unsubstantiated claims, and that rather than unearthing structural undercurrents of racism from certain texts or events, they project such structures onto them. While the validity of ‘homonationalism’ as an analytical category is not disputed, some of its propounders assume its explanatory power to be greater than it appears to be. The implications of this critique for gay rights activism and reform are explored.

Rethinking the ontology of the shareholder model of the corporation

Purpose – The purpose of this paper is to examine the critical assumptions lying behind the Anglo American model of corporate governance. Design/methodology/approach – Literature review examining the concept of a nexus of contracts underpinning agency theory which, it is argued, act as the platform for neo-liberal corporate governance focusing on shareholder wealth creation. Findings – The paper highlights the unaddressed critical challenge of why eighteenth century ownership structures are readily adopted in the twenty-first century. Social implications – A re-examination of wealth creation and wealth redistribution. Originality/value – The paper is highly original due to the fact that few contributions have been made in the area of rethinking shareholder value.

Generic intertextuality in online social activism: the case of the It Gets Better project

The It Gets Better project has been held up as a model of successful social media activism. This article explores how narrators of It Gets Better videos make use of generic intertextuality, strategically combining the canonical narrative genres of the exemplum, the testimony, and the confession in a way that allows them to claim ‘textual authority’ and to make available multiple moral positions for themselves and their listeners. This strategy is further facilitated by the ambiguous participation frameworks associated with digital media, which make it possible for storytellers to tell different kinds of stories to different kinds of listeners at the same time, to simultaneously comfort the victims of anti-gay violence, confront its perpetrators, and elicit sympathy from ‘onlookers’. This analysis highlights the potential of new practices of online storytelling for social activism, and challenges notions that new media are contributing to the demise of common narrative traditions.

A experiência de empresas brasileiras com a implantação do sistema de shareholder value based management: um estudo clínico

Através de um estudo clínico que compreendeu o uso de questionário detalhado, entrevistas de profundidade e workshop de validação, é feita análise da experiência de um pequeno grupo de empresas brasileiras com a implantação do Shareholder Value Based Management, ou gestão baseada em valor. São apresentados os vários critérios de cálculo de valor utilizados e identificados os pontos fortes e fracos de cada método

Shareholder protection and stock market development

The dissertation contains five parts: An introduction, three major chapters, and a short conclusion. The First Chapter starts from a survey and discussion of the studies on corporate law and financial development literature. The commonly used methods in these cross-sectional analyses are biased as legal origins are no longer valid instruments. Hence, the model uncertainty becomes a salient problem. The Bayesian Model Averaging algorithm is applied to test the robustness of empirical results in Djankov et al. (2008). The analysis finds that their constructed legal index is not robustly correlated with most of the various stock market outcome variables. The second Chapter looks into the effects of minority shareholders protection in corporate governance regime on entrepreneurs' ex ante incentives to undertake IPO. Most of the current literature focuses on the beneficial part of minority shareholder protection on valuation, while overlooks its private costs on entrepreneur's control. As a result, the entrepreneur trade-offs the costs of monitoring with the benefits of cheap sources of finance when minority shareholder protection improves. The theoretical predictions are empirically tested using panel data and GMM-sys estimator. The third Chapter investigates the corporate law and corporate governance reform in China. The corporate law in China regards shareholder control as the means to the ends of pursuing the interests of stakeholders, which is inefficient. The Chapter combines the recent development of theories of the firm, i.e., the team production theory and the property rights theory, to solve such problem. The enlightened shareholder value, which emphasizes on the long term valuation of the firm, should be adopted as objectives of listed firms. In addition, a move from the mandatory division of power between shareholder meeting and board meeting to the default regime, is proposed.

Media activism on and off line by Italian adolescents and young adults

From several researchers it appears that Italian adolescents and young people are grown up with commercial television which is accused to contain too much violence, sex, reality shows, advertising, cartoons which are watched from 1 to 4 hours daily. Adolescents are also great users of mobile phones and spend a lot of time to use it. Their academic results are below the average of Ocse States. However the widespread use of communication technology and social networks display also another side of adolescents who engage in media activism and political movement such as Ammazzateci tutti!, Indymedia, Movimento 5 Stelle, Movimento No Tav. In which way does the world economic crisis -with the specific problems of Italy as the cutting founds for school, academic research and welfare, the corruption of political class, mafia and camorra organisation induce a reaction in our adolescents and young people? Several researches inform us about their use of internet in terms of spending time but, more important, how internet, and the web 2.0, could be an instrument for their reaction? What do they do online? How they do it? Which is the meaning of their presence online? And, has their online activity a continuity offline? The research aims are: 1. Trough a participant observation of Social Network profiles opened by 10 young active citizens, I would seek to understand which kind of social or political activities they engage in online as individuals and which is the meaning of their presence online. 2. To observe and understand if adolescents and young people have a continuity of their socio-political engagement online in offline activities and which kind of experiences it is. 3. Try to comprehend which was (or which were) the significant, learning experiences that convinced them about the potential of the web as tool for their activism.