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In 2017, it was a challenge to assess the future of global trade. It was an open question whether the US financial crisis and the recession that it triggered would mark a turning point for the liberal post–World War II world order. If one looked toward Europe, China, Latin America, and Japan, there was a flurry of activity. New trade agreements were being completed and pursued. In Washington, DC, on the other hand, President Donald Trump seemed set on ripping apart and/or renegotiating any trade deal the United States was ever part of.

This case explores Trump's opinions and emerging policy stance on trade, bilateralism, and the global economy, among others. It also gives an overview of the World Trade Organization (WTO) and the General Agreement on Tariffs and Trade (GATT) and asks whether the Trump presidency would constitute a major challenge to the WTO and what it stood for in 2017.

In June 23, 2016, voters in the United Kingdom have just approved a referendum calling for leaving the European Union. The case describes the motives for European integration, the rise of separatist movements in the United Kingdom and elsewhere, and the referendum process itself.

The purpose of this case is to provide a contemporary counterpoint to a discussion of the economic and political motivations for the American Civil War. Dominant themes highlighted here are economic nationalism, political nationalism, cultural centrism and ethnocentrism, and populism.

This case invites students to assess the impact that Brexit, the withdrawal of the United Kingdom from the European Union, might have on a New York–based hedge fund's portfolio and, specifically, its UK assets. The case is designed to prompt students to make market assumptions and investment hypotheses based on a combination of numerical data and qualitative information. It requires no numerical computations; instead, it asks the student to interpret both markets' short-term reactions to the Brexit vote and strategy shifts from UK and European business leaders in order to evaluate longer-term implications for the economies of the United Kingdom, Europe, and the world.

The purpose of this study is to provide a holistic view of the emergence of shareholder activism (SA) in India. However, specifically, this study aims at fulfilling the research gap by discussing the policy and legal advancement in the area of SA and investigating the chronological evolution of SA, manifestations of SA, motives of SA, outcome of SAs and impact of SA on the financial performance of the firm.

This study used a mixed methodology (both qualitative and quantitative) to draw inferences, including content analysis, descriptive statistics, independent sample t-test and paired sample t-test. The data has been collected from the annual reports of the sample companies and the Prowess database. Return on assets and return on equity have been used as measures of financial performance while investigating the difference in financial performance between firms subjected to SA and firms not subjected to SA.

The findings of this study suggest that there has been significant growth in the occurrence of SA incidents in India in the past decade, with shareholders prominently manifesting by opposing the proposals at annual general meetings/extraordinary general meetings, mostly involving governance-related demands. The findings from the independent sample t-tests revealed that there has been a significant difference in the financial performance of the sample subjected to SA and firms not subjected to SA. Furthermore, the results of the paired sample t-test provide strong evidence of significant improvement in the financial performance of firms’ post-SA.

The findings of this study have implications for various stakeholders. The findings of this study suggest that SA has been relatively more successful in the Indian context and may encourage minority shareholders to follow active participation through shareholder proposals and votes rather than a passive strategy to trade and exit. For firms, it can provide valuable inferences about the emergence of SA and how it has a positive impact on the financial performance of the firm, which can lead to a change in the perception of investors and promoters who perceive SA as a threat (Gillan and Starks 2000; Hartzell and Starks, 2003). For policymakers, it can act as a tool to investigate whether the regulatory changes have been able to bring the intended transparency, accountability and enhanced shareholder participation. This will encourage policymakers to be more agile, as their efforts are bearing fruit. This will also act as a guide to formulating future policies and regulations.

This study is an effort to provide a holistic view of SA scenarios in a developing economy setting like India, where SA is a very recent phenomenon. Although there are studies in the area of SA, there is a dearth of studies that have investigated the various dimensions of SA in the Indian context in a very systematic and extensive manner, investigating all the different dimensions of SA. Furthermore, this study also intends to investigate the impact of SA, which is normally perceived as a threat to financial performance and provide valuable contrasting evidence.

This study aims to investigate the link between carbon emissions and market value for nonfinancial companies in the STOXX Europe 600 index, with a specific focus on the moderating effect of executive compensation.

To achieve the study’s purpose, this study uses data from the STOXX Europe 600 index between 2010 and 2021. The researchers use ordinary least squares regression analysis to examine the relationship between carbon emissions and market value while taking into account the moderating effect of executive compensation. The study also uses additional tests, such as the dynamic two-step system generalized method of moments regression and the difference in differences method.

The study reveals four key findings. First, there is a statistically significant negative relationship between carbon emissions and market value. Second, executive compensation has a negative moderating effect on the association between carbon emissions and market value. Third, Say-on-Pay regulations can encourage companies to adopt environmentally responsible practices, which can positively impact their market value. Finally, the study shows that the Paris Agreement motivates companies to prioritize sustainability, leading to potentially higher market values for those that are more environmentally responsible.

This study highlights the importance of considering environmental sustainability in corporate decision-making. It suggests that prioritizing sustainability can lead to financial benefits, as companies with lower carbon emissions tend to have higher market values. The findings also have important implications for regulators and investors.

This study provides novel insights into the link between carbon emissions and market value and the moderating effect of executive compensation. It also sheds light on the potential impact of Say-on-Pay regulations and the Paris Agreement on corporate sustainability practices and market values.

Following the traditions of stakeholder salience theory, this paper aims to contend that some institutional investor activists and tactics have more power, legitimacy and urgency than others.

The author undertakes an empirical test of a saliency table looking at the effects of institutional investor heterogeneity on portfolio firm responses using ordinal logistic regression.

This study found heterogeneity for institutional investor type to drive firm responses but not tactic type raising the importance of the attributes of each type of investor activist. The author found a rank ordering of public pension plans, hedge funds and then private multiemployer funds in saliency to portfolio firms. In addition, the use of proxy-based tactics did not help or hurt each investor type. Both findings challenge prior empirical work.

The rank ordering based upon the heterogeneity of institutional investor activists and their tactical interactions are tested providing empirical evidence of the most influential activist investors and tactics in one study, which is rare in the literature.

The COVID19 crisis has thrown wide open the debate on Europe’s Economic and Monetary Union’s (EMU) future. Next Generation EU (NGEU) has broken the stalemate over a central fiscal capacity. The open question is whether NGEU is a one-off or a first step. The suspension of the Stability and Growth Pact has given new urgency to the debate on reforming EMU’s fiscal rules.

There is no debate as yet about how these two prospects relate to each other. This paper argues that a permanent fiscal capacity and revised rules should be seen as alternatives.

This study makes two claims: first, a fiscal capacity renders a reformed pact unnecessary and second, that is an optimal solution politically. A fiscal capacity would provide an efficient asymmetric shock absorber and therefore reduce the need for pre-emptive action against negative cross-border externalities. It would also provide an abundant supply of an EU-wide safe asset around which to structure the EU’s financial system, thus rendering unnecessary the backstopping of member states' debts.

This would restore democratic accountability while eliminating moral hazard and enforcement problems.

This paper aims to critically examine the European Union’s legislative initiative to establish an Anti-Money Laundering Authority (AMLA), which will introduce union-level supervision and provide support to national supervisors in the field of anti-money laundering and countering the financing of terrorism (AML/CFT), as well as to financial intelligence units (FIUs) in European Union (EU) member states. The paper discusses why this initiative was deemed necessary, which are the key objectives, rules and principles of AMLA and which challenges and opportunities will emerge as AMLA becomes operational.

This paper draws on reports, legislation, legal scholarship and other open-source data on the EU legislative initiative to establish a new AMLA.

AMLA will provide a comprehensive framework for EU-level AML/CFT supervision and for cooperation among FIUs. If all organisational challenges are properly addressed, the new authority will significantly enhance the EU’s ability to tackle money laundering and terrorism financing.

To the best of the author’s knowledge, this study is one of the first to examine the mission, governance and supervision mechanisms of the EU’s AMLA, as well as the challenges and opportunities associated with its functioning.