We examine the familiarity hypothesis of home bias by studying how foreign ownership of Swedish firms is affected by the mandatory adoption of IFRS. We decompose foreign investors into institutional and non-institutional investors. Foreign investors are further decomposed into EU (IFRS adopting...

Research shows that the bid announcement return (BAR) of the acquiring firm is lower for cross-border than domestic acquisition announcements. The current lack of economically based explanations for this effect, labeled the cross-border effect by Moeller and Schlingemann (2005), motivates our...

Tests of the semi-strong form of the efficient market hypothesis (EMH) typically use earnings and book value of equity as benchmarks of fundamental value. Accounting earnings, however, are contaminated by noise due to their transient component and book value of equity tends to be biased...

In recent years, several accounting standards, including IFRS 3, issued by the IASB, substitute historical cost with fair value measures and so provide managers with increased discretion to determine fair value without an actual market for the asset. Using Swedish data, we document the...

The value premium earned on value and growth investment strategies increases after adjusting for transitory earnings and for the accounting conservatism bias in the book value of equity. Simple investment strategies based on earnings-to-price (E/P) and book-to-market (B/M) performed on the...

Purpose – The purpose of this paper is to investigate the extent to which founding-family firms create value. In particular, the paper investigates how agency costs and monitoring capabilities influence the value creation process. Design/methodology/approach – The empirical analysis relies...

This article, using an in-depth single case study approach, studies the local integration process between two globally merging multinational companies’ (MNCs) subsidiaries in India. The focus is on the interplay between the parent company and the subsidiary level during the local...

Innovation Spaces in Asia provides insight into how and why Asia is poised to impact global innovation. Asia is undergoing rapid developments in markets, sources of technology and user preferences. A key characteristic of the book is the rich empirical understanding of the dynamic processes,...

Despite extensive research on the importance of business networks for the internationalization of small- and medium-sized enterprises (SMEs), there is still a lack of knowledge on how such firms actively create networks that facilitate their international expansion. By employing and thereby also...