Why are Foreign Firms Listed in the U.S. Worth More?

At the end of 1997, the foreign companies listed in the U.S. have a Tobin's q ratio that exceeds by 16.5% the q ratio of firms from the same country that are not listed in the U.S. The valuation difference is statistically significant and largest for exchange-listed firms, where it reaches 37%. The difference persists even after controlling for a number of firm and country characteristics. We propose a theory that explains this valuation difference. We hypothesize that controlling shareholders of firms listed in the U.S. cannot extract as many private benefits from control compared to controlling shareholders of firms not listed in the U.S., but that their firms are better able to take advantage of growth opportunities. Consequently, the cross-listed firms should be those firms where the interests of the controlling shareholder are better aligned with the interests of other shareholders. The growth opportunities of cross-listed firms will be more highly valued than those of firms not listed in the U.S. both because cross-listed firms are better able to take advantage of these opportunities and because a smaller fraction of the cash flow of these firms is expropriated by controlling shareholders. We find that our theory explains the greater valuation of cross-listed firms. In particular, we find expected sales growth is valued more highly for firms listed in the U.S. and that this effect is greater for firms from countries with poorer investor rights.

Has New York Become Less Competitive in Global Markets? Evaluating Foreign Listing Choices Over Time

We study the determinants and consequences of cross-listings on the New York and London stock exchanges from 1990 to 2005. This investigation enables us to evaluate the relative benefits of New York and London exchange listings and to assess whether these relative benefits have changed over time, perhaps as a result of the passage of the Sarbanes-Oxley Act of Congress (SOX) in 2002. We find that cross-listings have been falling on U.S. exchanges as well as on the Main Market in London. This decline in cross-listings is explained by changes in firm characteristics rather than by changes in the benefits of cross-listings. We show that, after controlling for firm characteristics, there is no deficit in cross-listing counts on U.S. exchanges related to SOX. Investigating the cross-listing premium from 1990 to 2005, we find that there is a significant premium for U.S. exchange listings every year, that the premium has not fallen significantly in recent years, that it persists even when allowing for unobservable firm characteristics, and that there is a permanent premium in event time. In contrast, there is no premium for London listings for any year. Cross-listing in the U.S. leads firms to increase their capital-raising activity at home and abroad while a London listing has no such impact. Our evidence is consistent with the theory that an exchange listing in New York has unique governance benefits for foreign firms. These benefits have not been seriously eroded by SOX and cannot be replicated through a London listing.

The U.S. Left Behind: The Rise of IPO Activity Around the World

During the past two decades, there has been a dramatic change in IPO activity around the world. Though vibrant IPO activity, attributed to better institutions and governance, used to be a strength of the U.S., it no longer is. IPO activity in the U.S. has fallen compared to the rest of the world and U.S. firms go public less than expected based on the economic importance of the U.S. In the early 1990s, the declining U.S. IPO share was due to the extraordinary growth of IPOs in foreign countries; in the 2000s, however, it is due to higher IPO activity abroad combined with lower IPO activity in the U.S. Global IPOs, which are IPOs in which some of the proceeds are raised outside the firm’s home country, play a critical role in the increase in IPO activity outside the U.S. The quality of a country’s institutions is positively related to its domestic IPO activity and negatively related to its global IPO activity. However, home country institutions are more important in explaining IPO activity in the 1990s than in the 2000s. The evidence is consistent with the view that access to global markets helps firms overcome the obstacles of poor institutions. Finally, we show that the dynamics of global IPO activity and country-level IPO activity are strongly affected by global factors.

Exploring the data divide through a social practice lens : A qualitative study of UK cattle farmers

Appropriate management decisions are key for sustainable and profitable beef and dairy farming. Data-driven technologies aim to provide information which can improve farmers’ decision-making practices. However, data-driven technologies have resulted in the emergence of a “data divide”, in which there is a gap between the generation and use of data. Our study aims to further understand the data divide by drawing on social practice theory to recognise the emergence, linkages, and reproduction of youngstock data practices on cattle farms in the UK. Eight focus groups with fifteen beef and nineteen dairy farmers were completed. The topics of discussion included data use, technology use, disease management in youngstock, and future goals for their farm. The transcribed data were analysed using reflexive thematic analysis with a social practice lens. Social practice theory uses practices as the unit of analysis, rather than focusing on individual behaviours. Practices are formed of three elements: meaning (e.g., beliefs), materials (e.g., objects), and competencies (e.g., skills) and are connected in time and space. We conceptualised the data divide as a disconnection of data collection practices and data use and interpretation practices. Consequently, we were able to generate five themes that represent these breaks in connection.Our findings suggest that a data divide exists because of meanings that de-stabilise practices, tensions in farmers’ competencies to perform practices, spatial and temporal disconnects, and lack of forms of feedback on data practices. The data preparation practice, where farmers had to merge different data sources or type up handwritten data, had negative meanings attached to it and was therefore sometimes not performed. Farmers tended to associate data and technology practices with larger dairy farms, which could restrict beef and small-scale dairy farms from performing these practices. Some farmers suggested that they lacked the skills to use technologies and struggled to transform their data into meaningful outputs. Data preparation and data use and interpretation practices were often tied to an office space because of the required infrastructure, but farmers preferred to spend time outdoors and with their animals. There appeared to be no normalisation of what data should be collected or what data should be analysed, which made it difficult for farmers to benchmark their progress. Some farmers did not have access to discussion groups or veterinarians who were interested in data and therefore could not get feedback on their data practices.These results suggest that the data divide exists because of three types of disconnect: a disconnect between elements within a practice because of tensions in competencies or negative meanings to perform a practice; a disconnect between practices because of temporal or spatial differences; and a break in the reproduction of practices because of lack of feedback on their practices. Data use on farms can be improved through transformation of practices by ensuring farmers have input in the design of technologies so that they align with their values and competencies

A qualitative survey approach to investigating beef and dairy veterinarians’ needs in relation to technologies on farms

Globally, farmers are being increasingly encouraged to use technologies. Consequently, veterinarians often use farm data and technologies to provide farmers with advice. Yet very few studies have sought to understand veterinarians’ perceptions of data and technologies on farms. The aim of this study was to understand veterinarians’ experiences and opinions on data and technology on beef and dairy farms. An online qualitative survey was conducted with a convenience sample of 36 and 24 veterinarians from the United Kingdom and Ireland, respectively. The data were analysed using reflexive thematic analysis to generate four themes: (1) Improving veterinary advice through data; (2) Ensuring stock person skills are retained; (3) Longevity of technology; and (4) Solving social problems on farms. We show that technologies and data can make veterinarians feel more confident in the advice they give to farmers. However, the quality and quantity of data collected on cattle farms were highly variable. Furthermore, veterinarians were concerned that farmers can become over-reliant on technologies by not using their stockperson skills. As herd sizes increase, technologies can help to improve working conditions on farms with multiple employees of various skillsets. Veterinarians would like innovations that can help them to demonstrate their competence, influence farmers’ behaviour, and ensure sustainability of the beef and dairy industries

A Scoping Review of Research on Online Hate and Sport

The rise of online hate speech in sport is a growing concern, with fans, players and officials subject to racist, sexist and homophobic abuse (in addition to many other prejudices) via social media platforms. While hate speech and discrimination have always been problems in sport, the growth of social media has seen them exacerbated exponentially. As a consequence, policy makers, sport governing bodies and grassroots anti-hate organisations are largely left playing catch-up with the rapidly shifting realm of online hate. Scholars have attempted to fill this vacuum with research into this topic, but such is the evolving nature of the issue that research has been diverse and fragmentary. We offer a scoping review into the scholarship of online hate in sport in order to encourage and facilitate further research into this urgent issue. Our review will achieve this through offering a comprehensive cataloguing of previously employed methodologies, case studies and conclusions. In doing so, it will not only equip future researchers with a concise overview of existing research in the field, but also illuminate areas and approaches in need of further examination

“Either Everyone Was Guilty or Everyone Was Innocent”: The Italian Power Elite, Neopatrimonialism, and the Importance of Social Relations

Rarely does the Byzantine world of football administration get exposed as clearly as during the 2006 calciopoli scandal. This scandal laid bare the interpersonal relationships of football administrators at the top three Italian men’s football clubs: Juventus, Inter, and AC Milan. This article draws on the media leaks that revealed the inner workings of those working within football to argue that the football clubs are pyramids of power for club presidents that allows them to operate within the Italian power elite. This is done through interpersonal clientelistic networks that operate within a neopatrimonial system. Theoretically, this article draws on four main concepts: C. Wright Mills’s concept of the Power Elite, Lomnitz’s model of “Pyramids of Power,” Eisenstadt’s notion of neopatrimonialism, and Mauss’s utilization of the gift. Power is exercised through quid pro quo relationships, with certain key individuals operating as brokers to the flow of favors throughout the network

The enzyme activities of Caf1 and Ccr4 are both required for deadenylation by the human Ccr4-Not nuclease module

In eukaryotic cells, the shortening and removal of the poly(A) tail (deadenylation) of cytoplasmic mRNA is a key event in regulated mRNA degradation. A major enzyme involved in deadenylation is the Ccr4-Not deadenylase complex, which can be recruited to its target mRNA by RNA-binding proteins or the miRNA repression complex. In addition to six non-catalytic components, the complex contains two enzymatic subunits with ribonuclease activity: Ccr4 and Caf1 (Pop2). In vertebrates, each deadenylase subunit is encoded by two paralogues: Caf1, which can interact with the anti-proliferative protein BTG2, is encoded by CNOT7 and CNOT8, while Ccr4 is encoded by the highly similar genes CNOT6 and CNOT6L. Currently, it is unclear whether the catalytic subunits work cooperatively, or whether the nuclease components have unique roles in deadenylation. We therefore developed a method to express and purify a minimal human BTG2-Caf1-Ccr4 nuclease sub-complex from bacterial cells. By using chemical inhibition and well-characterised inactivating amino acid substitutions, we demonstrate that the enzyme activities of Caf1 and Ccr4 are both required for deadenylation in vitro. These results indicate that Caf1 and Ccr4 cooperate in mRNA deadenylation and suggest that the enzyme activities of Caf1 and Ccr4 are regulated via allosteric interactions within the nuclease module