Abstract: "This thesis examines the Hong Kong market's perception of being a politically connected firm in China. The recent phenomenon of globalisation has seen a continuous trend of Chinese enterprises listing in overseas markets, especially for state-owned enterprises that play a dominant role in Chinese market. There are no prior studies examining the non-domestic market's perception of Chinese cross-listed firms. Do these Chinese cross-listed firms enjoy a premium or a discount in a non-domestic market? This study therefore fills a research gap and makes a contribution from a different perspective. It examines the Hong Kong market's perception of Chinese cross-listed firms by comparing Chinese HK-listed firms and HK-listed firms at the aggregate level. In addition, this study extends the literature and examines the role of political connections in overseas-listing and examines whether political connections leads to a discount or premium in the overseas market. In this study, the model is set up to examine the valuation differences between Chinese HK-listed SOEs, Chinese HK-listed non-SOEs, and HK-local firms. This study examines three variables which have been identified as having an impact on capital markets' perceptions of cross-listed firms. These variables are related to home bias, the ownership structure of firms and political connections.This study found that Chinese cases were particular and different from western stories. It is found that Chinese cross-listed firms traded at a premium to host market firms in the Hong Kong market. In relation to home bias literature, this study found this theory does not have much of an impact in the context of Chinese overseas-listing. In relation to ownership concentration, this study found that the concentrated ownership structure in the Chinese context contributed to the valuation premium of Chinese HK-listed firms. In relation to political connections, this study suggested that capital markets viewed politically connected firms favourably. This should give the strongest indication of the market's perception of being politically connected in Chinese context. The study also found that there was not much difference between Chinese non-SOEs and a matched local Hong Kong firm in the same market. It indicated that what has found from western studies is not necessarily true for Chinese cases. Unlike previous literature on political connections, which is mostly based on domestic markets, this study discusses the role of political connections on firm valuations from the perspective of the non-domestic market. This study not only assists Chinese companies to better understand the non-domestic financial environment but also helps Chinese firms to become competent market participants. Additionally, it may be applicable to firms from emerging markets in terms of understanding overseas-listing."

The thesis, empirically investigates issues pertinent to the partial privatization of Chinese initial public offerings at home and abroad, especially on issues relating to Chinese enterprises? seeking overseas listings. Based on the asymmetric information hypotheses on initial public offerings (IPOs) and cross-border flotation literature, the proposed research includes both short-run and long-run methods, and covers the entire offering process of Chinese firms? going public in overseas markets. The investigation begins with an overview of Hong Kong?s and China mainland?s financial markets in Chapter II. The limitation of development in the domestic capital market, the desire of bringing Chinese SOEs into the international market, and the appropriate conditions in Hong Kong encourage Chinese companies to issue new shares in Hong Kong. Chapter III provides a comparative analysis on underpricing of Chinese and non-Chinese firms in Hong Kong, in order to discover the influence of asymmetric information on overseas listing and the correspondent offering strategies of Chinese companies and their underwriters. They are normally underwritten by highly reputable bankers, and the overwhelming majority of Chinese firms went public via bookbuilding when the market is on an optimal evaluation base. The average price range seems to be relatively conservative for promoting subscription demands. The potential loss can be partially mitigated by a positive price revision and carefully market timing. Chapter IV focuses on information disclosure and earnings forecasting accuracy in IPO prospectuses with their subsequent effects on aftermarket performance, since the accuracy of information becomes important in influencing IPOs offerings and after-market performance. The IPO profit forecasts errors represent a pessimistic bias on average, but it can be a crucial information resource for their investment decisions. The magnitude of forecasting errors is higher for China-related companies than local shares, indicating a higher asymmetric information level. The forecasts are not rational in the sense that managers correctly incorporate all available information, especially historical profits, in their forecasting. Also, the magnitude of forecasting errors can systematically affect the one-year trading performance. Due to the initial overvaluation, firms with higher initial returns actually underperform in the long run. And Chapter V, in order to discover the ultimate meanings and motives of such overseas listing, directly questions why and how the Chinese government takes so many many state-owned enterprises (SOEs) public in the international market. It concludes Chinese SOEs? overseas primary listing takes on the formidable tasks of macroeconomic partial privatization, home market protection, and domestic infantile market development. Large and?healthy? state-owned enterprises (SOEs) within the government?s supporting industries are more likely to issue their shares on foreign, open, and well-developed stock exchanges when the target market is in good time of pricing and offering, in order to raise more capital, to operate under international standards, to send a positive signal of Chinese economic reform, and to indirectly protect the development of domestic financial market. Consequently, the partial privatization through an overseas primary listing approach is indeed a feasible way to facilitate domestic financial market growth, particularly for countries with a large economy but lack of a well-developed home capital market and a mature trading platform.

Seventeen in a series of annual reports comparing business regulation in 190 economies, Doing Business 2020 measures aspects of regulation affecting 10 areas of everyday business activity.

ïVerbeke and Merchant have assembled a remarkable collection of brand new essays by the whoÍs-who of international business. It will become a standard reference for both junior and senior scholars working in this increasingly important area.Í _ Ravi Ramamurti, Northeastern University, US ïLeading thinkers about the multinational enterprise offer both concise syntheses and critical reflections of the state of the art on international strategic management research. They in particular highlight the potential of internalization theory as a central paradigm for the field, and critically examine pertinent issues such as the complex notion of distance in international business. Refreshingly, they do not shy away from naming flaws in recent work, while offering avenues to improve the quality and impact of future research.Í _ Klaus Meyer, University of Bath, UK The Handbook provides an impressive state-of-the-art overview of the international strategic management field as an area of scholarly inquiry. The great strength of the work is the thoughtfulness of the messages conveyed by the expert team of authors. The implications for future international strategy research and for international management practice are profound and will influence the next generation of scholars in international strategy as well as senior level managers. Corporate executives will continue to operate in a world that is far from flat and will use this volume as a reliable compass, in the form of powerful conceptual frameworks, to navigate uncharted territory in the global economy. The Handbook presents a collection of 24 original research papers that should serve international strategy scholars and reflective MNE managers alike.

It is common practice to assume that business practices are universally similar. Business and social attitudes to corruption, however, vary according to the wide variety of cultural norms across the countries of the world. International business involves complex, ethically challenging, and sometimes threatening, dilemmas that can involve political and personal agendas. Corruption in International Business presents a broad range of perspectives on how corruption can be defined; the responsibilities of those working for publicly traded companies to their shareholders; and the positive influences that corporations can have upon combating international corruption. The authors differentiate between public and private sector corruption and explore the implications of both, as well as methods for qualifying and quantifying corruption and the challenges facing policy makers, legal systems, corporations, and NGOs, as they seek to mitigate the effects of corruption and enable cultural and social change.

"The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.