Community perception, adaptation and resilience to extreme weather in the Yucatan Peninsula, Mexico

© 2020, The Author(s). Perceptions of climate change, the impacts of and responses to climatic variability and extreme weather are explored in three communities in the Yucatan Peninsula, Mexico, in relation to livelihood resilience. These communities provide examples of the most common livelihood strategies across the region: small-scale fisheries (San Felipe) and semi-subsistence small-holder farming (Tzucacab and Calakmul). Although the perception that annual rainfall is reducing is not supported by instrumental records, changes in the timing of vital summer rainfall and an intensification of the mid-summer drought (canicula) are confirmed. The impact of both droughts and hurricanes on livelihoods and crop yields was reported across all communities, although the severity varied. Changes in traditional milpa cultivation were seen to be driven by less reliable rainfall but also by changes in Mexico’s agricultural and wider economic policies. Diversification was a common adaptation response across all communities and respondents, resulting in profound changes in livelihood strategies. Government attempts to reduce vulnerability were found to lack continuity, be hard to access and too orientated toward commercial scale producers. Population growth, higher temperatures and reduced summer rainfall will increase the pressures on communities reliant on small-scale farming and fishing, and a more nuanced understanding of both impacts and adaptations is required for improved livelihood resilience. Greater recognition of such local-scale adaptation strategies should underpin the developing Mexican National Adaptation Policy and provide a template for approaches internationally as adaptation becomes an increasingly important part of the global strategy to cope with climate change

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