Trade Networks and Cross-Border Acquisitions: Evidence from United States Acquiring Firms

2016 ◽  
Vol 45 (6) ◽  
pp. 916-943 ◽  
Author(s):  
Seung Hun Han ◽  
Eun Jin Jo ◽  
Dong-Kyoon Kim ◽  
Duk Hee Lee
Keyword(s):  
United States ◽  
Trade Networks ◽  
Cross Border ◽  
Acquiring Firms

scholarly journals Proving Chinese Law in the Courts of the United States

Amicus Curiae ◽  
2021 ◽  
Vol 2 (2) ◽  
pp. 188-215
Author(s):  
Richard K Wagner
Keyword(s):  
United States ◽  
English Language ◽  
The United States ◽  
Civil Procedure ◽  
Business Culture ◽  
Republic Of China ◽  
Chinese Law ◽  
Cross Border ◽  
Chinese Business ◽  
The Us

The volume of disputes heard by United States (US) courts containing a China element continues to be robust even against a backdrop of political rhetoric concerning an economic ‘de-coupling’ of the US and China. These cross-border disputes often involve Chinese parties and special issues, some of which concern Chinese business culture, but many of which involve interpreting questions of Chinese law. How is proving Chinese law accomplished in these cases and how have US courts performed in interpreting Chinese law? This article first discusses the approach to proving Chinese law in US courts. While expert testimony is often submitted and can be valuable to a US court, the applicable US rule offers no standards by which these opinions are to be judged. And, in the China context, without specific guidance, it can be challenging for a judge, unaccustomed with China or the Chinese legal system to determine which version of the law to believe. Moreover, under the applicable rule, the US court can simply ignore competing Chinese law opinions and conduct its own Chinese law legal research, presumably using English language sources. This can lead to interesting interpretations of Chinese law to say the least. The article anchors its discussion in an examination of those recent cases which have interpreted Article 277 of the Civil Procedure Law of the People’s Republic of China. This is the legal provision of Chinese law that can be implicated in certain situations involving cross-border discovery, and there are now numerous Article 277 cases among the reported US decisions. The article analyses Article 277 by placing it within the larger context of Chinese civil procedure and argues that the language used in the provision has a special meaning within Chinese evidence law that has been obscured in those US case decisions interpreting it, leading to erroneous results. The article concludes by offering judges and practitioners some suggestions for interpreting Chinese law in future US cases. Keywords: Chinese law; US courts; Article 277; deposition; cross-border discovery; Hague Evidence Convention; Chinese civil procedure.

scholarly journals Development of trade and economic cooperation between China and Russia in new geopolitical conditions

2019 ◽  
Vol 2 (51) ◽  
pp. 25-39
Author(s):  
A.V. Brizitskaya
Keyword(s):  
United States ◽  
Bilateral Trade ◽  
The United States ◽  
Agricultural Products ◽  
Political Life ◽  
Trade Relations ◽  
Cross Border ◽  
Modern Period ◽  
The World ◽  
Trade War

The article analyzes the trade relations between Russia and China in the modern period characterized by changes in the situation on the world stage and in the domestic political life of countries. The dynamics and commodity structure of bilateral trade of Russia and China have been studied, the Index of trade com-plementarity has been calculated, which showed that Chinese exports are more complementary to the structure of Russian imports than vice versa. Emphasis is placed on traditional trade in goods, excluding services and cross-border e-Commerce. The paper identifies two main directions which the development of Russian exports to China can take in the conditions of the "trade war" of China and the United States. The short-sighted policy of increasing only fuel and energy exports is justified. The reasons hindering the development of non-resource exports of Russia, primarily agricultural products and food, to China have been identified.

scholarly journals The Influence of Logistics Mode on Cross Border E-commerce Business Scale

2021 ◽  
Vol 235 ◽  
pp. 03006
Author(s):  
Xiaohui Hu
Keyword(s):  
United States ◽  
Regression Analysis ◽  
The United States ◽  
Intermodal Transportation ◽  
Road Transportation ◽  
Cross Border ◽  
Logistics Mode ◽  
Transportation Logistics ◽  
The Impact

China’s cross-border e-commerce companies are facing the problem of high logistics cost caused by excessive reliance on road transportation in domestic logistics link. In the long-term development, crossborder e-commerce companies in the United States have adopted the intermodal transportation logistics mode, which can reduced the domestic logistics costs. In order to study the impact of intermodal-transportation logistics mode on the scale of cross-border e-commerce companies, this paper selects the relevant data of Hub Group, the first intermodal marketing company in North America, makes multiple regression analysis, and draws the following conclusion: the intermodal-transportation logistics mode of highway and railway collaborative transportation is conducive to the expansion of cross-border e-commerce business scale.

Sold—to the Highest Bidder in Japan: Operational Challenges and Culture

2015 ◽  
pp. 1-5
Author(s):  
Gerry Yemen ◽  
Kristin J. Behfar ◽  
Allison Elias
Keyword(s):  
United States ◽  
The United States ◽  
Japanese Firm ◽  
Cultural Norms ◽  
Exit Strategy ◽  
Cross Border ◽  
Start Up ◽  
Financial Benefits ◽  
Operational Issues ◽  
The U.S

Most talented executives can recognize when an acquisition has strategic or financial benefits, and in this case, the decision to be acquired was an appropriate exit strategy for a successful start-up. Peter Street’s start-up had been growing quickly and was building a reputation for reliability in a booming industry when a Japanese firm offered to pay a premium for the U.S. firm. Having done business in Japan (and extensively with the acquiring company) before the sale of his company, Street entered the acquisition with enthusiasm. As part of the deal, Street’s former company would continue to operate in the United States as a division of its parent company and Street would remain as CEO. A few months into the transition, however, Street discovered a huge difference between working with and working for the Japanese firm. Cultural norms for confronting seemingly small problems quickly became bigger operational issues, and Street experienced a growing dichotomy between corporate (in Japan) and his division (in the United States). This case focuses on the challenges of implementing a cross-border acquisition.

Determinants of stock market reaction to cross-border acquisitions: evidence from emerging economies

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Samta Jain ◽  
Smita Kashiramka ◽  
P. K. Jain
Keyword(s):  
Emerging Economies ◽  
Value Creation ◽  
Global Economy ◽  
Emerging Market ◽  
Research Work ◽  
Abnormal Returns ◽  
Content Type ◽  
Cross Border ◽  
Country Level ◽  
Acquiring Firms

PurposeThe global economy has witnessed an exponential increase in cross-border acquisitions (CBAs) by emerging market companies (EMCs), demanding a relook at their internationalization strategy. The purpose of the study is to investigate whether the announcement of CBAs by EMCs creates value for the equity-holders of acquiring firms and identify factors affecting the valuation of acquiring companies.Design/methodology/approachThe paper investigates the announcement impact of CBAs of CNX Nifty 500 Indian and SSE 380 Chinese companies. The event study analysis of 553 Indian and 125 Chinese acquisitions supports the contention that CBAs are indeed a strategic choice of EMCs for value creation.FindingsCBAs generate positive and statistically significant abnormal returns for shareholders of both Indian and Chinese acquirers. The markets, however, differ in terms of their motivations; country-level factors have been observed to exert significant influence on the returns of Indian acquirers. Indian companies experience larger value creation on acquiring firms established in developed, institutionally closer and/or economically distant markets. The findings support the asset-seeking motive of Indian companies.Originality/valueThe research work contributes to the evolving stream of CBAs literature with a focus on the globalization strategies of EMCs. The present study is a modest attempt to lay the foundation for a new theoretical framework (asset-seeking perspective) of overseas acquisitions from emerging economies. The existing studies on emerging economies have emphasized, in isolation, either Indian CBAs or international acquisitions by Chinese firms. Being so, the study is unique and original in the sense that it is a comparative study of India and China.

Mexico

2019 ◽  
pp. 67-96
Author(s):  
Yossi Harpaz
Keyword(s):  
United States ◽  
Recent Trend ◽  
The United States ◽  
Upper Class ◽  
Easy Access ◽  
Insurance Policy ◽  
Cross Border ◽  
Dual Nationality ◽  
Strategic Acquisition ◽  
A Site

This chapter studies the growth in U.S. dual nationality in Mexico, and specifically the phenomenon of strategic cross-border births. This involves middle- and upper-class Mexican parents who travel to the United States to give birth, aiming to secure U.S. citizenship for their children. The families who engage in this practice typically have little interest in emigrating. Instead, they mainly view the United States as a site of high-prestige consumption and wish to provide their children with easy access to tourism, shopping, and education across the border. The American passport is also an insurance policy that allows easy exit at times of insecurity in Mexico. This strategic acquisition of U.S. dual nationality by upper-class Mexicans can be juxtaposed with another recent trend: the deportation of hundreds of thousands of Mexican undocumented immigrants, who take their U.S.-born children with them to Mexico. For the former group, dual nationality is voluntary and practical; for the latter, it is an imposed disadvantage.

Globalization, Cross Border Education, and Student Migration

2015 ◽  
pp. 397-442
Author(s):  
Ryan Vance Guffey
Keyword(s):  
Higher Education ◽  
United States ◽  
Student Mobility ◽  
The United States ◽  
Institutional Characteristics ◽  
Cross Border ◽  
Education Environment ◽  
Perceived Importance ◽  
Push And Pull ◽  
The Relationship

Presently, there are more than two million students studying outside their home countries and the total number is expected to grow to eight million by 2025. This trend has inspired research into the “push” and “pull” factors that drive student mobility within the global higher education environment. However, despite the growing presence of cross border student enrollments throughout the United States, which is also the number one location for cross border students to study in the world, limited efforts have been made to identify what characteristics motivate particular groups of cross border students to leave their home countries to attend particular types of higher education in the United States. This chapter addresses that gap in the literature. In response, this study sought to build upon existing global higher education literature by determining the relationship between the perceived importance of institutional characteristics and cross border students' age, gender, and country of origin.

Spillovers of the United States’ Unconventional Monetary Policy to Emerging Asia

2019 ◽  
pp. 118-145
Author(s):  
Ying Xu ◽  
Hai Anh La
Keyword(s):  
United States ◽  
Monetary Policy ◽  
Bank Lending ◽  
The United States ◽  
Quantitative Easing ◽  
Unconventional Monetary Policy ◽  
Bank Lending Channel ◽  
Lending Channel ◽  
Cross Border ◽  
Syndicated Loan Market

This chapter assesses the spillover effects of the United States’ unconventional monetary policy on the Asian credit market. With a focus on cross-border bank lending, it employs firm-level loan data with regard to the syndicated loan market and measures the international bank lending channel through changes in United States dollar-denominated loans extended to Asian borrowers. It finds that the growth of dollar credit in Asia increased substantially in response to quantitative easing in the US financial market. The results of this study confirm the existence of the bank lending channel in Asia and emphasize the role of credit flows in transmitting financial conditions. The chapter also provides new evidence of cross-border liquidity spillover in the syndicated loan market. It finds that the overall spillover effect was large but differed significantly in Asia by types of borrowing firms, financing purposes, and loan terms at different stages of the quantitative easing programmes.

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