Franco Parisi, Lance Nail and Vito Sciaraffia
The purpose of this paper is to describe the wealth expropriation from minority to majority shareholders due to the lack of legislation protecting the interests of minority…
Abstract
Purpose
The purpose of this paper is to describe the wealth expropriation from minority to majority shareholders due to the lack of legislation protecting the interests of minority shareholders in an acquisition deal, validating the claims made on studies made by Zingales and by La Porta et al.
Design/methodology/approach
Despite an overall takeover premium of nearly 250 percent, most minority shareholders actually suffered wealth losses ranging from US$ 7.1 to 31.14 millions. These losses are measured using different methodologies, such as accounting value; liquidation value; and economic value.
Findings
The Campos Chilenos case study presented here serves as a testing platform for the relationship between well‐developed legal systems and economic development in both a current and future sense. In a current sense, the case illustrates how inadequate minority shareholder protection led to minority shareholder wealth expropriation, discouraging minority investment from both domestic and foreign investors (and limiting economic development).
Practical implications
Future implications lay in the corporate governance regulation reforms passed in the aftermath of the Campos Chilenos case. If the Chilean government actively enforces new regulations, the level of economic development in Chile will exceed that of its peers in Latin America and other emerging economies, as claimed by La Porta et al.
Originality/value
This study will be useful for governance makers and regulators in emerging countries.
Details
Keywords
Terrorism, an important component of Political risk as a possible determinant of ADRs (American Depository Receipts) returns have received little attention in academic literature…
Abstract
Terrorism, an important component of Political risk as a possible determinant of ADRs (American Depository Receipts) returns have received little attention in academic literature. To address this issue and examine whether political risk is a major determinant of ADR returns of emerging market countries, this paper empirically examines market valuation of Indian ADRs around acts of terrorism. Using a sample of 52 such events in the sample period Jan 2003‐Dec 2003 we empirically analyze returns of Indian ADRs. The results from our study indicate a marginally negative significant effect, failing to indicate that event of terrorist attacks severely affect the Indian ADRs listed on the US stock market. This may be explained by a combined effect of; (a) the optimism of US investors towards emerging markets, and (b) market participants becoming more resilient and making informed choices around the “general” events of terrorism.
Details
Keywords
The New Year will see Britain a member of the largest multi‐national free trade area in the world and there must be few who see it as anything less than the beginning of a new…
Abstract
The New Year will see Britain a member of the largest multi‐national free trade area in the world and there must be few who see it as anything less than the beginning of a new era, in trade, its trends, customs and usages and especially in the field of labour, relations, mobility, practices. Much can be foreseen but to some extent it is all very unpredictable. Optimists see it as a vast market of 250 millions, with a lot of money in their pockets, waiting for British exports; others, not quite so sure, fear the movement of trade may well be in reverse and if the increasing number of great articulated motor trucks, heavily laden with food and other goods, now spilling from the Channel ports into the roads of Kent are an indication, the last could well be true. They come from faraway places, not all in the European Economic Community; from Yugoslavia and Budapest, cities of the Rhineland, from Amsterdam, Stuttgart, Mulhouse and Milano. Kent has had its invasions before, with the Legions of Claudius and in 1940 when the battle roared through the Kentish skies. Hitherto quiet villagers are now in revolt against the pre‐juggernaut invasion; they, too, fear more will come with the enlarged EEC, thundering through their one‐street communities.
For most people, especially those with fixed incomes, household budgets have to be balanced and sometimes the balance is precarious. With price rises of foods, there is a switch…
Abstract
For most people, especially those with fixed incomes, household budgets have to be balanced and sometimes the balance is precarious. With price rises of foods, there is a switch to a cheaper substitute within the group, or if it is a food for which there is no real substitute, reduced purchases follow. The annual and quarterly reviews of the National Food Survey over the years have shown this to be so; with carcase meat, where one meat is highly priced, housewives switch to a cheaper joint, and this is mainly the reason for the great increase in consumption of poultry; when recently the price of butter rose sharply, there was a switch to margarine. NFS statistics did not show any lessening of consumer preference for butter, but in most households, with budgets on a tight string, margarine had to be used for many purposes for which butter had previously been used. With those foods which have no substitute, and bread (also milk) is a classic example, to keep the sum spent on the food each week about the same, the amount purchased is correspondingly reduced. Again, NFS statistics show this to be the case, a practice which has been responsible for the small annual reductions in the amount of bread consumed per person per week over the last fifteen years or so; very small, a matter of an ounce or two, but adequate to maintain the balance of price/quantity since price rises have been relatively small, if fairly frequent. This artifice to absorb small price rises will not work, however, when price rises follow on one another rapidly and together are large. Bread is a case in point.
Bingi Manorama Devi, Sandeep Vemuri, A. Chandrashekhar, Sushama C., Praful Vijay Nandankar and Pankaj Kundu
The COVID-19 pandemic has led to a huge loss of human life worldwide and presents an unprecedented challenge to public health, food systems and the world of work. Tens of millions…
Abstract
Purpose
The COVID-19 pandemic has led to a huge loss of human life worldwide and presents an unprecedented challenge to public health, food systems and the world of work. Tens of millions of people are at risk of falling into extreme poverty due to loss of their carriers. Mainly, the people who work in public places are impacted due to this decease. The frontline warriors such as doctors, health workers, sweepers and policemen showed their effort to reduce the spreading of the virus. In this paper gives the detailed view of how the corona virus evaluated and how it spread from one person to another person and how we prevent this virus. The purpose of the paper, detailed about the diagnosis of the virus in the human body. There are some tests associated to know the presence of virus in our body; these are nose test, chest scan and CT scan of lungs.
Design/methodology/approach
Molecular analysis methods such as antibody or enzyme tests are used to assess whether the infection is present. The most common lancing techniques include using a cotton swab is in the back of the neck. Then hands over the sample to the doctor for examination. Polymerase chain reaction (PCR) is performed on the sample. This test screens for viral DNA. A CO19 PCR test can detect unique SARS-2 gene products. If one of these genes is ignored, it will return as an invalid result This test is useful only for patients who are already suffering from COVID-19. You cannot know if anyone has the infection, and they cannot say for sure whether they ever did. Serological tests are particularly useful for detecting cases of infection with mild or no symptom.
Findings
In this paper, the different tests provided to diagnosis the virus and the prevention measures to be taken to prevent the virus from spreading from one person to another are explained.
Originality/value
This work presents the original contribution and information of the COVID-19 pandemic.
Retreat of the Critics. The publication, last month, of a series of six main articles on Work Study with an introductory leader in The Financial Times was yet further proof of the…
Abstract
Retreat of the Critics. The publication, last month, of a series of six main articles on Work Study with an introductory leader in The Financial Times was yet further proof of the increasing interest and importance accorded by the nation at large to this decisive “tool of management” which has been, until comparatively recent years, the dream of a few, forward‐looking pioneers. During the past year or two, however, increasing references have been made to Work Study on the radio and television, and in the daily press. As The Financial Times points out: “The critical voices seem now to be growing fainter. For example, no less than 800 industrialists from every part of the country attended the recent conference on Work Study at Harrogate, organised by the British Institute of Management.”
In this number of the journal we present for our readers' consumption a most varied fare—animal, vegegetable and mineral. We have sand in the parsley, rodent droppings in the…
Abstract
In this number of the journal we present for our readers' consumption a most varied fare—animal, vegegetable and mineral. We have sand in the parsley, rodent droppings in the stuffing, added water in the milk and vinegar, to say nothing of the malignant prospects of radio iodine in milk and radiostrontium in flour and other commodities. Iron filings in peanut butter, beetles in the bilberries, glass and nails added to the morning rolls for spite, “pinhead” oatmeal with maggots, mites and grubs and serious doubts as to whether it should have found its way to the stomachs of humans or the crops of chickens, settled albeit by a Scot—and who should know better?—that it was used in fact for making porridge! Potted shrimps and meat containing preservatives that they shouldn't; double cream and fruit drinks that are not quite, but tomato piquant that apparently is. At this season of the year we surely have here an excellent feast for the humour of “Punch” and abundant material to stir the imagination of writers of doggerel verse!
Jenny Wrenn and Carolyn Weathers
A book on motorcycle repair that's easy to read and follow and includes a special photo section of the Dykes on Bikes at a San Francisco Gay Pride. An anthology of prose and…
Abstract
A book on motorcycle repair that's easy to read and follow and includes a special photo section of the Dykes on Bikes at a San Francisco Gay Pride. An anthology of prose and poetry by lesbian writers that takes on life's many facets and ranges from the issue‐oriented to the nonpolitical. A rip‐roaring collection of short stories set in Texas, whose collection of characters includes lesbians, gay men, and heterosexuals. The memoirs of an adult child of an alcoholic as memorable for its original artwork as for its hard‐hitting narrative. The memoir of a preacher's daughter coming of age in 1940s and 1950s Texas, by a lesbian author noted for taking the specific and making it universal. A book of poems that poignantly expresses the grief felt when a spouse dies, but in this case the grief is magnified because the deceased's family will not acknowledge that their daughter was a lesbian, and they reject the surviving poet‐lover and her sorrow. An honest and compassionate account of a lesbian writer's struggle to balance her manic‐depression with her creativity. A directory of small publishers who, as women, have started presses which are often too small or too unusual to be listed in other directories.
The Fatstock and Meat Marketing Committee was set up in April, 1962, “To investigate the organisation of the marketing and distribution of fatstock and carcase meat in the United…
Abstract
The Fatstock and Meat Marketing Committee was set up in April, 1962, “To investigate the organisation of the marketing and distribution of fatstock and carcase meat in the United Kingdom, and the existing facilities and present methods employed; to consider whether changes are desirable; and to make recommendations.”
Reviewing the Food Standards Report on Misdescriptions contained in this issue—the terms, names, phrases widespread in the field of agriculture and food—one cannot fail to notice…
Abstract
Reviewing the Food Standards Report on Misdescriptions contained in this issue—the terms, names, phrases widespread in the field of agriculture and food—one cannot fail to notice the impressive role that words generally play in everyday use of language, especially in those areas where widespread common usage imports regional differences. The modern tendency is to give to words new meanings and nowhere is this so apparent as in the food industry; the Food Standards Committee considered a number of these. The FSC see the pictorial device as making a deeper impression than mere words in relation to consumer preference, which is undoubtedly true. Even Memory can be compartmentalized and especially with the increasing years, the memory tends to become photographic, retaining visual impressions more strongly than the written word. Auditory impressions depend largely on their accompaniments; if words are spoken with the showing of a picture or sung to a catchy tune, these will be more strongly retained than mere words on a printed label. At best, pictorial devices give rise to transient impressions, depending on the needs and interests of the viewer. Many look but do not see, and as for spoken words, these may “go in one ear and out of the other!”.