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The purpose of this paper is to investigate how foreign and domestic investors differ in their beliefs about the relative merits of a firm's political connections.

These differences are employed to explain cross-sectional variation in the previously documented premium in A-share prices relative to otherwise equivalent foreign currency denominated B-shares for Chinese firms.

Chinese domestic individual investors were excluded from owning B-shares of Chinese firms prior to February 20, 2001. The authors find that firms with more political connections have higher premiums and a smaller reduction in premiums associated with this event.

This is consistent with domestic block holders deriving additional benefits from politically connected firms.

The findings also have important policy implications by showing that government can have a strong effect on the economy even without applying macro-policy tools.

Government ownership in listed companies can result in discrepancies among classes of investors with respect to their valuations. Furthermore, the prohibition of short sales prevents arbitrage from correcting this bias, and eventually the role of the market in allocating resources efficiently is undermined.

The authors investigate the role of political connections as implied by the proportion of state ownership in explaining the A-share premium. Unlike previous studies that associate state ownership with political risk, the paper relates state ownership to political connections that are particularly beneficial to domestic large block shareholders. This interpretation is consistent with the findings and with previous literature on state ownership and political connections of Chinese firms.

The purpose of this study is to demonstrate the effect of initial international joint ventures (IJV) structural conditions on two main equity-based instability facets: change of IJV ownership structure and acquisition of the IJV by one of the IJV partners. Drawing on the transaction cost theory, the authors examine three key initial structural conditions: IJV formation mode, number of partners and IJV’s ownership structure.

The authors apply the “Event history analysis” technique to test the hypotheses using a data set of 140 French-foreign JVs.

The findings show that the mode of an acquisitive IJV and unequal equity positions held by partners increase the likelihood of a change of IJV’s ownership structure and its eventual acquisition by one of the partners. In addition, the findings show that while an increase in the number of IJV partners is directly related to the change of IJV ownership structure, it has a statistically insignificant effect on IJV acquisition.

Drawing on “transaction costs” arguments, this study advances the literature by offering fine-grained results related to the effects of initial structural conditions on aspects of unintended instability in French-foreign JVs.

This paper is concerned with what should happen after design-led events have been held to promote co-decision-making, between professionals and local stakeholders, in collaborative planning of the built environment. Rather than being standalone, such events form one single step in a multi-stage collaborative planning process. What comes before and after them has to be acknowledged as important to their effective contribution to collaborative planning. This paper aims to make a case for giving more attention to the post-event stages of collaborative planning, to ensure that the involvement of the public produces real and tangible benefits.

Content analysis of both academic and grey literatures was undertaken to examine emerging advice on how to conduct decision-making, the implementation of outputs and the delivery of desired outcomes, after design-led events. A critical review of the post-event decision-making and delivery activities is offered, which aims to add to the current academic literature on the deployment of design-led events. An attempt is made to sketch out the characteristics of post-event stages, drawn from the literature and collated specific examples of collaborative planning investigated in Scotland.

Three key factors are identified as affecting the successful implementation of decisions reached at design-led events: (1) a shared follow-on plan, (2) an agreed action programme for delivering this and (3) a properly constituted and resourced delivery vehicle that can monitor and evaluate progress. A research agenda to address questions raised but left unanswered is suggested dealing with how the decision-making and delivery activities following design-led events in collaborative planning might be improved.

A research agenda to address questions raised but left unanswered is suggested dealing with how the decision-making and delivery activities following design-led events in collaborative planning might be improved.

The purpose of this paper is to present a tool with which to understand the power existing in relations between sports organisations. This research proposes a tool will draw from the work of Machiavel (1513/2000), Galbraith (1985) and Baechler (1978). This tool is composed by three dimensions which guarantee the possessor an absolute power, so avoiding the threat of overthrow by discontented individuals.

A case study of the America's Cup 2007, held in Valencia, Spain, will seek to shed light on the theoretical conceptions of various authors. The America's Cup is one of the world's oldest competitive sporting events. A semantic analysis of the resulting data via Alceste and Wordmapper software, will highlight the particular power present in relations.

The importance of this research, in addition to finding a type of power in a precise case, is essentially to verify the functioning of the model of three dimensions, given its triangular form.

Organisations could acquire a better understanding of power present in their relations that they maintain and hence adapt their behaviour according to the strategy they seek to employ. International sporting events constitute a field where stakes are high, and each entity must work hard to put in place a set of strategies to ensure profit.

Sport as an area of research, sport is justified by recent developments in the world of sporting special events management, where weighty power struggles have considerably increased.

Design-led events are known under a range of different titles such charrettes, participatory placemaking, co-design and enquiry by design. Rather than being standalone, such events form one single step in a multi-stage collaborative planning process. What comes after them has to be acknowledged as important to their effective contribution to collaborative planning. To date, no coherent body of empirical evidence on the aftermath of events has been published demonstrating critical factors that contribute to their success.

The paper’s significance resides in identifying an extended framework for the stages in the collaborative planning process and in highlighting critical issues for ensuring that the aspirations and concerns expressed by stakeholders throughout the process are acted on and delivered, namely, subsequent decision-making and delivery; follow-on support, resourcing and funding; the legal status of events and related governance issues; and appropriate monitoring and evaluation practices.

The paper provides guidance for professional and local stakeholders who are expected to carry the burden of acting on the outputs arising from such events. To be successful, collaborative planning has to be based on longitudinal stakeholder engagement – both long before but also after such events. It is here that the significance of the results reported here lie.

The originality of this paper lies in its attempt to broaden understanding of what happens in collaborative planning following design-led events, drawing on interviews with professional and lay participants in events held across Scotland over the past decade.

The purpose of this paper is to describe experiences of high school graduates attending a significant annual celebratory event (Schoolies) on the Gold Coast, Australia.

An interpretive, qualitative paradigm informed by social construction ideologies was adopted. Data were collected via in-depth semi-structured interviews.

Key findings relate to attendees’ notion of excitement and perception of social identity, which was found to encompass both a rite of passage and event exclusivity. Attendees’ sense of identity developed from the unique nature of the event as well as the anticipation of excitement and the actual experience.

This study makes a novel contribution in that it takes an interdisciplinary approach, bringing together the sociological, social psychological, and marketing disciplines in an event management context.

The purpose of this paper is to examine external event stakeholders’ strategic actions to advance their interests in tourism events, based on their resource relationships with the event. It takes the novel approach of examining stakeholder influence strategies from the external stakeholder perspective.

The study used a qualitative case study research design, with five government-owned tourism events in Sarawak, involving primary data from 37 interviews with external stakeholders.

The stakeholders perceived that they were not overly dependent on the events studied due to their short duration. Two types of resource relationships were found: event-dependent stakeholders and event non-dependent stakeholders. Stakeholders were found to be deploying various influence strategies, which were largely subtle, positive and collaborative in nature, regardless of whether they were event-dependent or event non-dependent stakeholders.

The findings are limited to the context examined in this study. Going forward, stronger public–private partnerships and formalised resource relationships are needed to ensure continuity of resource supplies and greater event innovation.

The study adds to the knowledge of how event external stakeholders exert their influence in accordance with their interests and resource dependency relationship with government-owned tourism events in the context of Sarawak, Borneo.

This study seeks to explore developments in corporate creditworthiness before and after ownership events.

The paper uses the Blockholders database of Dlugosz, Fahlenbrach, Gompers, and Metrick, and three credit quantities, and deploys a standard event study methodology to examine the relation to corporate creditworthiness.

The paper discovers that ownership‐construction is generally associated with prior‐ and post‐improvement in creditworthiness, while a block‐destruction is typically surrounded by deterioration in corporate creditworthiness. The paper also finds proper evidence for a relation between the construction or destruction of managerial block and future developments in corporate creditworthiness. The paper further realizes that outside shareholders exhibit higher impact than inside block‐holders on later variations in credit risk.

The paper is unable to conduct further robustness checks with structural credit methodologies due to the reduced number of valid observations.

Market participants can utilize the conclusions to better predict future trends in corporate creditworthiness.

The purpose of this paper is to examine the changes in B‐share discounts across 76 Chinese stocks around an important regulatory event to understand the importance of political risk in pricing stocks in emerging markets.

On February 19, 2001, the Chinese Securities Regulatory Commission announced that Chinese residents would be allowed to own B‐share classes of stocks traded on both the Shanghai and Shenzhen stock markets. These share classes were previously restricted to foreign investors while domestic residents were only permitted to hold A‐share classes of stock and were typically priced at a significant discount. This regulatory change triggered a dramatic decline of prevailing B‐share discounts from 80 percent down to 40 percent.

The paper finds that the largest declines in the B‐share discounts around this regulatory event are concentrated in the firms with low government ownership stakes and are unrelated to the firms' risks, relative supplies of shares outstanding and liquidity attributes.

This surprising finding challenges the current wisdom about what influences the B‐share discount and particularly the role of political risk in explaining the discount puzzle.

The paper offers an alternative interpretation for the B‐share discount puzzle. The findings have important implications for China's future financial liberalization policies.

On May 24, 2019, the People’s Bank of China (China’s central bank) announced that the Baoshang Bank had been taken over because of credit risk. The Baoshang Bank failure has caused concerns over the stability of the Chinese financial system and the Chinese economy. This study aims to examine the case of Baoshang Bank’s failure and its theoretical implications including the relation between ownership structure and bank performance, the monetary transmission during a banking crisis and the market response to Baoshang Bank failure. Then this study discusses policy implications.

This study adopts a two-stage least squared model to examine the relation between ownership structure and bank performance, a series of rolling regressions to examine the monetary transmission and event studies to examine the market response to Baoshang Bank failure.

This study finds that there is a nonlinear relation between ownership structure and bank performance, the interest pass-through has broken down after the Baoshang Bank failure and the Baoshang Bank failure and the gradual exit of implicit guarantee from the Chinese government are considered to be positive to the Chinese banking sector.

First, although previous studies on ownership structure and bank performance classified different types of larger shareholders and found that this nonlinear relation is insignificant, this study finds a significant relation by innovatively using a combined ownership. Second, further contributing to the studies on monetary transmission in banking crisis based on international data, this study based on Chinese data sets finds that the interest rate pass-through has broken down after the Baoshang Bank failure.