scholarly journals THE SHAREHOLDER VALUE EFFECT OF SYSTEM OVERLOADS: AN ANALYSIS OF INVESTOR RESPONSES TO THE 2003 BLACKOUT IN THE US

2021 ◽  
Vol 11 (6) ◽  
pp. 538-543
Author(s):  
Yassin Denis Bouzzine ◽  
Rainer Lueg
Keyword(s):  
Shareholder Value ◽  
The Us ◽  
Value Effect

Shareholder Value, Management Culture and Production Regimes in the Transformation of the German Chemical-Pharmaceutical Industry

2002 ◽  
Vol 6 (3) ◽  
pp. 309-325 ◽  
Author(s):  
Sigurt Vitols
Keyword(s):  
Recent Literature ◽  
Shareholder Value ◽  
Value Management ◽  
Pharmaceutical Companies ◽  
Drivers Of Change ◽  
Management Culture ◽  
Long Run ◽  
The Us ◽  
Production Regime ◽  
National Systems

One of the greatest points of controversy in the recent literature in political economy is the extent to which “shareholder value” oriented institutional investors are drivers of change in national systems of corporate governance. This article argues that the key question is how management cultures shape managerial responses to pressures for change from capital markets. Empirical evidence for this argument is provided through an examination of changes since the mid-1990s at the “Big Three” German integrated chemical/pharmaceutical companies: Hoechst, Bayer and BASF. Despite facing similar demands from shareholder-value oriented investors, management at the three companies have pursued quite different strategies. The end result, however, may be the same from a production regime perspective, that is, the long-run withdrawal of “Big Pharma” from Germany as a location for R&D due to a more favorable institutional framework in the US.

scholarly journals Value and growth stocks and shareholder value creation in Brazil

2019 ◽  
Vol 26 (3) ◽  
pp. 293-312
Author(s):  
Lucas Nogueira Cabral de Vasconcelos ◽  
Orleans Silva Martins
Keyword(s):  
Growth Rates ◽  
Shareholder Value ◽  
Explanatory Power ◽  
Accounting Data ◽  
Content Type ◽  
Value Stocks ◽  
The Us ◽  
The Usa ◽  
Growth Stocks ◽  
Dividend Growth

Purpose Investors label high (low) book-to-market (B/M) firms as value (growth) companies. The conventional wisdom supports that growth stocks grow faster than the value ones, creating greater shareholder value. The Purpose of this paper is to analyze how stocks of growth and value companies create value for their shareholders in Brazil, compared to the USA market. For this, the authors analyze three dimensions of return. Design/methodology/approach First, the authors perform portfolios to analyze the growth rates of shareholders’ return. Then, the authors perform regressions to study the explanatory power of the B/M in growth. The data come from Thomson Reuters Eikon database and the Brazilian Institute of Geography and Statistics. The authors select all non-financial firms with available data from 1997 to 2017. Findings The profitability of growth firms is higher than the value ones, in almost every year after the portfolios’ formation, with little variation. Contrary to the findings for the US market, growth companies in Brazil show higher dividend growth than value companies. Research limitations/implications It is possible that the database does not contain complete and entirely reliable accounting data, which may partially affect the results. Practical implications The findings contradict those exposed in the USA. The implications are the inverse of the US study: the duration-based explanation could be a vital factor for the value premium in the Brazilian stock market. Also, the findings support the standard valuation techniques and help the growth rates estimation in the valuation process (top-down approach). Originality/value This study is the first to compare the profitability and dividend growth of growth/value stocks in the Brazilian market. Overall, growth stocks have considerable profitability, and dividend growth compared to value stocks.

Shareholder Value Efficiency: Methods and Evidence from the US Banking Industry

2013 ◽  
Author(s):  
Panayiotis C. Andreou ◽  
Dennis Philip ◽  
Peter Paul Robejsek
Keyword(s):  
Banking Industry ◽  
Shareholder Value ◽  
The Us

Forecasting the value effect of Seasoned Equity Offering announcements: Evidence from BRICS and comparative analysis to USA and European Markets

2017 ◽  
Vol 10 (2) ◽  
pp. 22-46
Author(s):  
Zhuqing Huang ◽  
Kostantinos Nikolopoulos
Keyword(s):  
Emerging Markets ◽  
Stock Markets ◽  
Stock Exchange ◽  
Empirical Studies ◽  
Market Reactions ◽  
Developed Markets ◽  
Long Run ◽  
The Us ◽  
Value Effect ◽  
European Markets

Purpose –The purpose of this paper is to forecast the value effect of the SEO announcements based on the BRICS stock markets, and to make comparisons with the US and European markets.Design/methodology/approach –China and Russia are picked as representations of the BRICS based on the analysis of the economic growth of the five countries. Historical data from Shanghai Stock Exchange (SSE) and Moscow Stock Exchange (MSE) between 2010 and 2014 were involved. The authors use the abnormal return to quantify the value effect of SEOs and different models were built with the chosen factors. Modelling tools include EViews and SAS, and comparisons were made among the models.Findings –Positive market reactions were observed within two and three days after the SEOs in SSE and MSE respectively, negative market reactions exist in a long-run period after the announcements. The best model for the prediction is the auto-neural model.Research limitations/implications – The sample size could be larger in order to raise the precision of the prediction.Originality/value – Many empirical studies of the SEOs are based on developed markets. However the emerging markets may react differently. This research focuses on the stock markets in BRICS, which could be seen as representations of the emerging markets, thus could provide ideas and clues for relevant stakeholders in emerging markets before the SEO announcements.Keywords SEO, BRICS, Value effect, Neural Networks, SSE, MSEPaper type Research paper

The Inter-American Development Bank and the Washington Consensus

2021 ◽  
pp. 243-255
Author(s):  
Sarah Babb
Keyword(s):  
Shareholder Value ◽  
The United States ◽  
Formal Structure ◽  
Washington Consensus ◽  
Economic Policies ◽  
Policy Makers ◽  
National Economic ◽  
The Us ◽  
Major Shift ◽  
International Donors

This chapter traces how the United States (US) Treasury engineered the major shift in the Inter-American Development Bank’s (IADB) policy and formal structure through negotiations over donor contributions to its financial resources. The US behaved as an ‘activist shareholder’—using its control over resources to bargain with management for organizational change. Yet in contrast to ‘shareholder value’ in private firms, international donors can use foreign aid to pursue a range of incommensurable goals. The IADB’s initiation into the Washington Consensus resulted from a historic and durable shift in US policy-makers’ conception of shareholder value, from one in which the banks were worthy of support because of their ability to promote US security and diplomatic goals, to one that valued the Banks’ ability to change national economic policies. US shareholder activism not only brought the development banks into alignment with Washington’s agenda, but also into alignment with one another.

Financialization, Shareholder Value, and the Transformation of Timberland Ownership in the US

2010 ◽  
Vol 37 (3) ◽  
pp. 265-284 ◽  
Author(s):  
Andrew Gunnoe ◽  
Paul K. Gellert
Keyword(s):  
Shareholder Value ◽  
The Us
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