Suchergebnisse

PurposeThe purpose of this paper is to examine, within a succession framework, the impact of the gender composition of boards of directors on the gender of the CEOs they appoint, and to assess the impact of newly appointed CEOs' gender on risk taking by the firm.Design/methodology/approachThe authors estimate a two‐stage least squares regression using data on 679 CEO successions in North American firms.FindingsThe results show that successor CEOs are more likely to be female the greater the percentage of females on the board, regardless of other succession characteristics such as whether the new CEO is from inside or outside the firm. Furthermore, a change in CEO from male to female is associated with a decrease in several measures of firm risk taking.Research limitations/implicationsThe sample is restricted to relatively large, exchange‐traded North American firms and may not generalize to other groups.Practical implicationsThe findings suggest that women aspiring to CEO positions and firms wishing to promote women should monitor board composition to ensure female representation. Other steps that the firm may take to promote women to this position (such as looking outside the firm) have an insignificant impact when board composition is taken into account.Originality/valueThe findings are novel and inform CEO succession research by demonstrating which succession process characteristics work to increase females' chances and which have no effect. Female CEOs are likely to provide leadership that reduces the risk profile of the firm.

AbstractThis study examines the underpricing of Canadian initial public offerings (IPOs) since July 1, 1987, when banks entered the underwriting business. The level of underpricing found (3.64%‐3.95%) is much lower than that found by other studies. Bank ownership of an issue's underwriter is found to be significantly related to lower underpricing. However, this appears to be due to the fact that banks acquire high prestige underwriters and not due to bank ownership per se.RésuméLa présente recherche étudie la sous‐évaluation des émissions initiales de titres canadiens dans le public depuis le 1er juillet 1987, date à laquelle les banques ont commencé à offrir des souscriptions. On a trouvé dans cette étude un taux de sous‐évaluation très inférieur (3,64‐3,95%) à celui mentionné dans d'autres études. Ainsi, lorsque le souscripteur d'une émission est propriété d'une banque, la sous‐évaluation de l'émission diminue de façon significative. Toutefois, il semble que ce soit dǔ au fait que les banques acquièrent des souscripteurs prestigieux et non à la propriété bancaire en soi.

Chinese companies have recently started listing ADRs in North American stock exchanges and thus offered an alternative venue for Western investors whose access to the Chinese market has largely been limited to the illiquid B shares. Are ADRs a good substitute for investing in Chinese B Shares? We examine characteristics of return distributions for indices of Chinese shares and an index of Chinese ADRs. We also compare efficient frontiers for portfolios including Chinese shares and Chinese ADRs and compute possible portfolio allocations. We find that investing in Chinese ADRs does not provide a risk/return tradeoff similar to direct investment in Chinese stock exchanges.

AbstractThis paper develops the hypothesis that the decline in the use of rights offerings is due to reductions in issue costs brought about by changes in securities regulation. The hypothesis is tested in two jurisdictions: Canada and the United States. Time series analysis is used to determine if the decreased use of rights offerings in the 1970–1985 period is associated with regulatory changes designed to ease stock issues, such as short form registration and shelf registration in the U.S. and the Prompt Offer Qualification (POP) system in Canada. The findings are consistent with a significant decrease in rights usage concurrent with the earliest reform in each country.RésuméLa présente étude avance l'hypothèse que la réduction de l'emploi des droits de souscription est due à la diminution des coûts d'émission permise par les réformes des lois sur les valeurs mobilières. L'hypothèse est testée dans deux juridictions: le Canada et les États‐Unis. Nous faisons une analyse de données chronologiques pour déterminer si la réduction du nombre de droits de souscription entre 1970–1985 reflète les réformes des règlements conçues pour diminuer les coûts d'émission, par exemple, aux États‐Unis, l'enregistrement simplifié et l'enregistrement préalable et, au Canada, le Régime du prospectus simplifié. Les résultats sont compatibles avec une diminution significative de l'emploi des droits de souscription, dans chaque pays, dès les premières réformes.