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The purpose of this paper is to study the impact of acquisitions on the number of shareholders of the acquirer (the shareholder base) and relate that effect to the method of payment and the ratio between the target’s and acquirer’s shareholder bases prior to the acquisition.

Using 348 acquisitions from 1993 to 2013 for which both parties are public, American firms, the paper measures changes in the acquirer’s shareholder base from before announcement through to four years after completion. OLS regressions, together with an instrumental variables approach addressing the endogeneity of acquisition payment, indicate the determinants of those changes.

Acquisitions completed partly or entirely in stock lead to large increases in the shareholder base, and the increases mostly endure over the four-year window examined in the study. Regression results indicate that the target to acquirer shareholder ratio has a much greater impact on the acquirer’s base for stock acquisitions than for cash acquisitions. The ratio is also associated with changes in beta.

Because existing theoretical and empirical literature shows that the shareholder base impacts the risk, liquidity, and market value of stock, managers evaluating potential targets and modes of payment may wish to consider the likely impact on their firms’ shareholder bases, as may investors contemplating the effects of an acquisition announcement.

This is the first work documenting both a short- and long-term impact of acquisitions on the shareholder base and the first to investigate the determinants of the change in the base.

David Punter and Glennis Byron note how the Gothic novel has been divided into two categories: the ‘Male’ and ‘Female’ Gothic. Where the former emphasizes violence and ghosts, the latter focuses on female representation and the disavowal of the supernatural. The Hollywood Gothic films of the 1940s can be said to translate this aspect of the Female Gothic onto the cinema screen: Rebecca (1940), Gaslight (1944) and Secret Beyond the Door (1947) all feature narratives stressing the haunting nature of domestic spaces but there are no actual ghosts present. Robert Zemeckis’s What Lies Beneath (2000) breaks this convention. The film clearly draws on the Female Gothic lineage, situating Claire as a Gothic heroine, and yet there is an important difference: the supernatural is now an integral – and acknowledged – part of the story. This chapter explores this twenty-first century change, arguing that whilst the inclusion of the supernatural can be said to break with previous definitions of the Female Gothic, What Lies Beneath’s depiction of a ghost actually re-imagines and re-emphasizes the concerns at the centre of this tradition: the dramatization of marital and domestic experiences; an interrogation of feminine perception; and the reality of male violence against women.

Describes the efforts made since 1979 by China to reform its financial system to support its emerging market economy; and the associated problems. Cites research evidence that the reforms have been inadequate and analyses 1986‐2000 national statistics to calculate three macro‐indicators of financial crisis, three measures of government permeability and some other ratios for the Chinese financial system. Identifies many weaknesses, concludes that it remains vulnerable to crisis and points out the potential dangers inherent in plans to allow foreign banks to engage in local currency businesses within the next five years.

The purpose of this paper is to discuss issues related to entrepreneurial undertakings of women in the United Arab Emirates (UAE) with the purpose of contributing to the development of context-dependent knowledge of entrepreneurship. Focussing on the life narratives of two expatriate female business-owners who created a common enterprise, the case permits to uncover and critically assess the different stages of the entrepreneurial process in a unique cultural setting.

The authors employed a narrative case study approach to allow for a rich contextual information to emerge from the detailed accounts of individual lives and entrepreneurial experiences of case protagonists. Data were gathered from multiple sources (e.g. interviews, e-mail exchanges, web sites) and subsequently analyzed and coded into prevalent themes by two researchers and one assistant independently, permitting to achieve both data and investigator triangulation.

This case elucidates the entrepreneurial journey of two female expatriates who launched their individual businesses and joined efforts in the establishment of Heels and Deals (H & D), a network that helps UAE-based women-entrepreneurs reach their professional aspirations within a patriarchal society. The cofounders are now at a cross-roads where they have to make a choice between running their own businesses to secure their sustainability and focussing on H & D to lead its international expansion. The narratives of the case protagonists allow contrasting the discovery and creation views of entrepreneurship and examining the role of leadership skills and personality characteristics in entrepreneurial success.

Despite an increasing number of businesswomen in the UAE, little is known about the way they approach the complex entrepreneurial process and deal with challenges and opportunities faced on the road. The case bridges this gap by offering the possibility to reflect on how expatriate female entrepreneurs in a Middle-Eastern context balance multiple trade-offs to succeed in their business-related endeavors.

The purpose of this paper is to examine whether the gender of the top executives is associated with the strength of corporate governance mechanisms within a firm.

The paper uses panel and instrumental variable regressions on an eight-year sample of the S&P 1,500 firms.

The results indicate that firms with female Chief Executive Officers (CEOs) and Chief Financial Officers have higher quality governance practices. Moreover, female CEOs are documented to have the most significant influence on the governance attributes related to the board of directors and takeover defenses mechanisms.

Overall, these findings indicate that the gender of the firm’s executives may have important implications for the strength of corporate governance. The paper promotes the importance of the recent national policies in numerous countries on gender quotas at the executive level.

OF old the public library was wont to take its reputation from the character of the newsroom. That room, as everyone knows, attracts every element in the community and it may be it attracts especially the poorer elements;—even at times undesirable ones. These people in some towns, but perhaps not so often now‐a‐days, have been unwashen and often not very attractive in appearance. It was natural, things being as they are, that the room should give a certain tone to the institution, and indeed on occasion cause it to be avoided by those who thought themselves to be superior. The whole level of living has altered, and we think has been raised, since the War. There is poverty and depression in parts of the country, it is true; but there are relief measures now which did not exist before the War. Only those who remember the grinding poverty of the unemployed in the days, especially the winter days, before the War can realise what poverty really means at its worst. This democratic levelling up applies, of course, to the public library as much as to any institution. At present it may be said that the part of the library which is most apparent to the public and by which it is usually judged, is the lending or home‐reading department. It therefore needs no apology if from time to time we give special attention to this department. Even in the great cities, which have always concentrated their chief attention upon their reference library, to‐day there is an attempt to supply a lending library service of adequate character. We recall, for example, that the Leeds Public Library of old was first and foremost a reference library, with a lending library attached; to‐day the lending library is one of the busiest in the kingdom. A similar judgment can be passed upon Sheffield, where quite deliberately the city librarian would restrict the reference library to works that are of real reference character, and would develop more fully the lending library. In Manchester, too, the new “Reference Library”—properly the new Central Library—has a lending library which issues about 1,500 volumes daily. There must be all over the country many libraries issuing up to a thousand volumes each a day from their central lending departments. This being the case the department comes in for very careful scrutiny.

After working through and discussing this case, learners should be able to:1. evaluate the financial condition of Ellerine Holdings Limited (EHL) at the time of the merger proposal and use it to make inferences about the company’s ability, at that time, to function effectively as a going concern;2. identify the conditions within EHL and in the operating environment that may have made it necessary for EHL to seek to change its business strategy;3. determine whether the acquisition price offered to EHL by African Bank Investments Limited (ABIL) was fair; and4. compute the value accretion/loss expected to be realised by the existing shareholders of ABIL and EHL under the merger proposal.

This case situates the directors of Ellerine Holdings, a furniture retail company that merged with African Bank Limited in 2007, reflecting on the events that led up to both entities being placed into business rescue in 2014 and asking whether the merger was the cause of the demise. If they had chosen an alternative partner, would the results have been different?

Masters Level students – MBA or Masters in Finance.

For instructors.The following material has been provided with the teaching note for instructors:- Teaching Note.- Johannesburg Stock Exchange News System (SENS) extract of related original filing.For students.The following supplementary material has been provided to accompany the case:- Financial information on the two companies (Excel spreadsheet).- Johannesburg SENS extract of related original filing.

CSS 1: Accounting and Finance.

This paper aims to examine gender differences in credit access and credit default.

Using panel data drawn from 917 valid credit borrowers covering the period 2012 to 2015 drawn from among 6,849 study subjects and a national household financial survey (n = 29,500) conducted in China, this study focuses on gender differences in small and micro entrepreneurs’ financial behavior, specifically with respect to credit access and credit default.

The study revealed the following: Women expressed having more barriers to obtaining a business loan than men; gender had a significant effect on women’ credit default; and women were less likely to default a loan than male loan borrowers did. An exploration of the reasons for credit access and default found that female loan applicants were more likely to display a lack of knowledge and confidence in loan application.

The study contributes to literature by using the Marxian concept of reification in explaining women and their financial behaviors in China.

This article features four disabled artists who are parents and center on their balance of artistic practice and family. As a disabled artist considering starting a family and becoming a parent, the question of balancing artistry with a child has been a consistent thought and inquiry. Especially as a disabled artist wrestling with the realities of managing one's bodily needs with a career and personal life, I realize it will be a challenging yet rewarding adjustment. Furthermore, artists often lead atypical work lives with atypical working hours, which can sometimes lend itself to parenting and take away from it in other ways. With the resultant interviews and article, I aim to provide critical insights into practicing disabled artists' viewpoints on parenting, ranging from the challenges to the dividends. I hope these insights will support a singular view of disability parenting and artistry, as well as the Journal's goal of a new paradigm in disability scholarship overall.

This chapter offers a reading of the inclusion of Susan Glaspell's short story, A Jury of Her Peers, in the casebook, Procedure. What does it mean that the editors turn to a secular, literary narrative to ground a consideration of “The Problem of Judgment?” How should we read the irony of the reading instructions they provide, which reproduce the blindness to form – to the significance of “trifles” – that the text describes? How do we read literature in the context of law? More specifically, what does attention to the form of the story yield for an understanding of legal judgment?