Financial market integration and the value of global diversification: evidence from US acquirers in cross-border mergers and acquisitions

Using theories of internal capital markets, this paper examines the link between financial market integration and the value of global diversification. Based on a sample of 1,491 completed cross-border mergers and acquisitions (M&As) conducted by US acquirers during the 1990–2003 period, we find that, in general, US shareholders gain significant positive abnormal returns following the announcement of the merger/acquisition. Specifically, firms that acquire/merge with targets from countries with financially segmented markets experience significantly higher positive abnormal returns than those that acquire/merge with targets from countries with financially integrated capital markets. We find that the significantly higher positive returns are driven particularly by deals between firms from unrelated industries. These firms with higher announcement returns are also characterized by positive and significant post-merger operating performance. This finding is consistent with our event study results and suggests that the overall improvement in the merged firms’ performance is likely due to the influx of internal capital from wholly integrated acquirers to segmented targets, firms that, on average are usually faced with higher capital constraints.financial market integration; global diversification; internal capital markets; mergers; acquisitions

Political connections and the process of going public: evidence from China

We examine how political connections impact the process of going public. Specifically, we test how political connections impact the pricing of newly offered shares, the magnitude of underpricing, and the fixed cost of going public. Based on experiences of the new public firms in the Chinese security markets and using multiple measures of political connections, we find robust evidence that issuing firms with political connections reap significant preferential benefits from going public. To be specific, we find that firms – irrespective of ownership arrangements – with greater political connections have higher offering prices, less underpricing, and lower fixed costs during the going-public process.political connections; IPO; emerging markets

Interlanguage in Error Analysis Study

Interlanguage theory is naturally a constantly evolving theory, having changed considerably since its initial formulation. It is, therefore, not an easy task to produce an accurate account of the theory. The aim of this article is basically to provide a brief and composite account of the interlanguage theory. In so doing, some crucial issues are accordingly viewed: (1) error analysis, (2) stages of interlanguage development, (3) Interlanguage transfer, (4) fossilization, (5) input hypothesis, (6) and pidginization fossilization, I ginization as well. There is in fact considerable disagreement about how best to characterize the nature of an interlanguage system. Nevertheless, this principle is able to account for insights provided byform-function analysis

Simulated Annealing for Location Area Planning in Cellular networks

LA planning in cellular network is useful for minimizing location management cost in GSM network. In fact, size of LA can be optimized to create a balance between the LA update rate and expected paging rate within LA. To get optimal result for LA planning in cellular network simulated annealing algorithm is used. Simulated annealing give optimal results in acceptable run-time.Comment: 7 Pages, JGraph-Hoc Journa

Penolakan Imam Syafi'i terhadap Istihsan sebagai Salah Satu Metode Istinbath Hukum Islam

 Istihsan adalah salah satu dalil dalam urutan tertib dalil hukum dalam Islam. Kewenangan dan kehujjah-annya diperdebatkan oleh ulama hukum Islam. Secara garis besar terdapat dua versi pandangan ulama tentang ke-hujjah-an istihsan tersebut. Versi pertama memandangnya sebagai salah satu dalil hukum yang mempunyai kewenangan dan ke-hujjah-an yang dipelopori oleh Imam Abu Hanifah. Sementara versi kedua beranggapan bahwa istihsan tidak dapat dijadikan sebagai dalil hukum, versi kedua ini dipelopori oleh Imam Syafi'i. Sejauh yang ditolak oleh Imam Syafi'I,  di mana istihsan yang tidak bersandar kepada keterangan (alkhabar) dari salah satu empat dalil syara', yaitu al. Qur'an, sunnah, ijma' dan qiyas. Adapun istihsan yang dipegang oleh golongan Malikiyah dan Hanafiyah pada hakikatnya tidak ditolak oleh Imam Syafi'i, karena istihsan dalam pandangan mereka (yang memegang istihsan) bersandarkan kepada dalil-dalil yang diakui oleh Imam Syafi'i. Hanya saja istihsan yang bersandar kepada dalil dalam pandangan Imam Syafi'i itu bukanlah istihsan namanya. Jadi perbedaannya hanya perbedaan semantick (Khulful al-Laf

Ekonomi Media: Perlukah?

Rapid development of communication technology has shaped a new cultural landscape. In effect, the nature of mass media industry also changed a lot. To anticipate this new development, communication discipline needs a new study focused on media economy. Media economy is combination of two perspectives in media studies: business-economy perspective and media communication perspectives. The dimension of media in media economy emphasized three areas: production, content, and audiences. The dimension of economy in media economy studies focused on structure, conduct/policy, and performance. Meanwhile, the management of media corporation are consisted of revenue, cost and profit dimensions

Dawabith Al-mashlahah

This article tried to collect literature to find the data about sharia, fiqih and terms related with it. The data have been collected were analized using descriptive language approach, sociological approach and historical approach. Language approach be used to describe the term of sharia and fiqih as a base of development. The sociological approach be used to disclosed the sharia and social contexs and historical approach to see the progress sharia and fiqih in terms of historical aspects