Comparative Education at Universities World Wide

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Determinants of Cross-Border M&As and Shareholder Wealth Effects in a Globalized World

We analyze theoretical insights and empirical regularities related to factors determining the cross-border mergers and acquisitions (M&As) and impact of M&As on shareholder value of acquires and targets. The analysis of cross-border M&As is a relatively new subject and only recently received rigorous attention in academic research. Within this nascent literature, the survey pays particular attention to the emerging markets, which, in line with their growing role of in the global economy, became an increasingly important arena for cross-border M&As. The existing evidence point out to prevailing challenges in studying cross-border M&As by emerging markets firms. The results are often contradictory and tend to focus on a single country falling short of formally testing existing theories or developing comprehensive theories for emerging economies. We show that the type of factors increasing the value enhancing effects of M&As tends to be similar to the factors affecting the likelihood of M&As transactions. The remaining methodological challenges for the existing studies are related to strong evidence with respect to nonrandom selection of acquisition targets, which, among other “selection issues,” has important implications for choosing counterfactual evidence in order to appropriately compare pre- and postacquisition performance of firms

The role of earnout financing on the valuation effects of global diversification

This article examines the impact of earnout financing on the value of acquiring firms engaged in cross-border acquisitions (CBAs), using a dataset of UK, US, Canadian and Australian firms from 1992 to 2012. The results show that firms initiating international business operations via earnout-financed CBAs enhance their value more than acquirers in (a) domestic acquisitions and (b) remaining CBAs by established multinational corporations (MNCs). Our findings demonstrate the superiority of earnout financing in CBAs announced by acquirers that have no prior international business experience. The results are robust to the firms’ endogenous choice to diversify globally and to the use of earnout financing. We contend that earnouts contribute to the reduction of valuation risk faced by firms acquiring a foreign target firm for the first time. Our empirical findings contribute to the existing debate on the merit of international expansion through CBAs and the role of earnout contingent payment

The Historical Evolution of the Teaching of Comparative Education at Universities Internationally

The aim of this article is to investigate the historical evolution of Comparative Education at universities worldwide, as a basis for a critical reflection on its future prospects. Each of the following phases are discussed: a prehistoric phase; phase I: Early years 1900s-1910s; phase II: Classic years: 1920s and 1930s; phase III: Expansion (Western and developing countries) vs. Constriction (East Block) 1950s to mid 1970s; Phase IV: Contraction (Western Europe and North America) vs. Revitalisation (Greece, Eastern Europe and China) mid-1970s to 1990s; and Phase V: Proliferation: 2000s. In conclusion a fourfold strategy for securing and extending Comparative Education’s place at universities is recommended: utilizing the field’s excellent international organizational network, holding onto its place at universities where such exist, placing on the Comparative Education research agenda themes directly and visibly relevant for teacher and for teacher education; and articulation of Comparative Education’s significance, at grassroots and at policy-making levels

Tax avoidance in different firm types and the role of nonfamily involvement in private family firms

This study simultaneously distinguishes between private family firms, private nonfamily firms, public family firms, and public nonfamily firms. We show that private family firms avoid taxes less than public family firms and public nonfamily firms; however, we do not find a difference between private family firms and private nonfamily firms. Therefore, building on family firm heterogeneity, our results indicate that tax avoidance in private family firms differs depending on the involvement of nonfamily owners and/or managers. We find that private family firms that are wholly owned and managed by family members indeed avoid taxes less than private nonfamily firms