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DOES CORPORATE GOVERNANCE MATTER IN THE MARKET RESPONSE TO MERGER ANNOUNCEMENTS? Evidence from the U.S. and Germany Paul Lowengrub,a Torsten Luedecke,b and Michael Melvinc April 2004 ________________________________________________________________________ German executives can make misleading statements regarding merger activities while U.S. executives must either state “no comment” or provide a truthful statement. Do these differences in corporate governance standards cause differences in the market response to merger announcements? A sample of German and U.S. firms that announced acquisition plans between 1995 and 1999 suggests that for smaller firms, merger news has no significant impact on cumulative abnormal returns for German firms but a significant positive impact for U.S. firms. Large German firms, however, have similar experiences to large U.S. firms, as do German firms listed on a U.S. stock exchange, which require greater disclosure requirements. Aside from the smaller-firm effect, the evidence is consistent with no price-relevant differences arising from the differences in corporate governance rules. JEL Classification: G34 _______________________________________________________________________ aCapAnalysis, Washington, D.C., USA bUniversity of Karlsruhe (TH), Karlsruhe, Germany cArizona State University, Tempe, Arizona, USA 1 DOES CORPORATE GOVERNANCE MATTER IN THE MARKET RESPONSE TO MERGER ANNOUNCEMENTS? Evidence from the U.S. and Germany I. INTRODUCTION This paper addresses the following question: Does the market response to a merger announcement depend upon the regulations applying to corporate disclosure? Cross-country differences in securities laws and enforcement result in countries where firm executives must answer public questions about merger talks truthfully or else offer “no comment” while in other countries it is possible to make statements that the public may view as misleading. -
IJBEM-2017-4(4)-82-94.Pdf
International Journal of Business, Economics and Management 2017 Vol. 4, No. 4, pp. 82-94 ISSN(e): 2312-0916 ISSN(p): 2312-5772 DOI: 10.18488/journal.62.2017.44.82.94 © 2017 Conscientia Beam. All Rights Reserved. IMPLICATIONS OF ACCOUNTANTS’ UNETHICAL BEHAVIOR AND CORPORATE FAILURES Udeme Enobong 1Faculty of Social and Management Sciences Department of Accounting Eshiet1 Akwa Ibom State University Obio Akpa Campus Akwa Ibom State Nigeria ABSTRACT Article History Purpose/objective: Emphasis on short term profit and share prices as criteria for the Received: 19 November 2015 determination of business success have led to attrition of stakeholder trust and Revised: 23 June 2016 Accepted: 22 March 2017 unlocked the doors for unethical conducts by professional accountants. Acceptable Published: 3 August 2017 ethics and encounters of accountants are very critical in the global market place. This study was undertaken to advocate high ethical practices by accountants to protect the interest of the stakeholders. Methodology/approach: A literature review of fifteen Keywords scholarly peer-reviewed journal articles on corporate scandals caused by unethical Accounting profession behaviors of corporate leaders and accountants. Findings: (1) Unethical practiced by Accountants Corporate failures accountants have unintended consequences globally; (2) The accounting profession has Ethics suffered severe image damages as a result of unethical behaviors by corrupt Reorganization Tyco international accountants; (3) Unethical behaviors by accountants significantly contributed to the Stakeholders. global corporate scandals, the Nigerian banking sector reorganization, and the extinction of some global companies from 2002 - 2009; (4) With the right corrective measures, organizations plagued with scandals can survive ethical challenges; (5) Audit committees oversight functions are critical in preventing corporate scandals; (6) (Un) ethical behaviors by professional accountants, organizational leaders is a tenable leadership theory. -
Does Economics and Business Education Wash Away Moral Judgment Competence?
J Bus Ethics DOI 10.1007/s10551-016-3142-6 Does Economics and Business Education Wash Away Moral Judgment Competence? 1 1 2 Katrin Hummel • Dieter Pfaff • Katja Rost Received: 30 October 2015 / Accepted: 21 March 2016 Ó Springer Science+Business Media Dordrecht 2016 Abstract In view of the numerous accounting and cor- Keywords Economics and business education Á Moral porate scandals associated with various forms of moral judgment competence Á Moral reasoning Á Self-selection misconduct and the recent financial crisis, economics and effect Á Treatment effect business programs are often accused of actively con- tributing to the amoral decision making of their graduates. Abbreviations It is argued that theories and ideas taught at universities CMD Cognitive moral development engender moral misbehavior among some managers, as DIT Defining issues test these theories mainly focus on the primacy of profit-max- MJC Moral judgment competence imization and typically neglect the ethical and moral MCT Moral competence test dimensions of decision making. To investigate this criti- cism, two overlapping effects must be disentangled: the self-selection effect and the treatment effect. Drawing on Introduction the concept of moral judgment competence, we empirically examine this question with a sample of 1773 bachelor’s The recent economic and financial crisis as well as and 501 master’s students. Our results reveal that there is accounting and corporate scandals over the last decades neither a self-selection nor a treatment effect for economics such as Enron (2001), WorldCom (2002), Global Crossing/ and business studies. Moreover, our results indicate that— Qwest (2002), Merck & Co. (2002), AOL Time Warner regardless of the course of studies—university education in (2002), Tyco International (2002), Computer Associates general does not seem to foster students’ moral (2004), Swissair (2001), Ahold (2003), YLine (2003), development. -
Albemarle Corporation
A Progressive Digital Media business COMPANY PROFILE Albemarle Corporation REFERENCE CODE: B20093EF-4146-4B04-AFCE-A0B03CAFFDD6 PUBLICATION DATE: 10 Mar 2017 www.marketline.com COPYRIGHT MARKETLINE. THIS CONTENT IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED OR DISTRIBUTED Albemarle Corporation TABLE OF CONTENTS TABLE OF CONTENTS Company Overview ........................................................................................................3 Key Facts.........................................................................................................................3 SWOT Analysis ...............................................................................................................4 Albemarle Corporation Page 2 © MarketLine Albemarle Corporation Company Overview Company Overview COMPANY OVERVIEW Albemarle Corporation (Albemarle) is a global developer, manufacturer and marketer of highly- engineered specialty chemicals. The company serves a range of end markets including petroleum refining, consumer electronics, automotive, steel and aerospace, lubricants, pharmaceuticals, crop protection, household appliances, heating, ventilation, aluminum finishing, food safety and custom chemistry services. Albemarle operates in Americas, Europe, the Middle East, Africa, Australia and Asia. It is headquartered in Baton Rouge, Louisiana. The company reported revenues of (US Dollars) US$2,677.2 million for the fiscal year ended December 2016 (FY2016), a decrease of 26.7% over FY2015. In FY2016, the company’s operating margin -
The Pattern of Fraudulent Accounting : Ethics, External Auditing and Internal Whistle-Blowing Process
Journal of Governance and Regulation / Volume 5, Issue 4, 2016 THE PATTERN OF FRAUDULENT ACCOUNTING : ETHICS, EXTERNAL AUDITING AND INTERNAL WHISTLE-BLOWING PROCESS Loredana Ferri Di Fabrizio * * University “Gabriele d’Annunzio”, Chieti-Pescara, Italy Abstract How to cite this paper: Ferri Di The ongoing debate in the literature centres on the compromised Fabrizio, L., (2017). The Pattern Of auditor’s independence in consequence of the relevant provisions Fraudulent Accounting : Ethics, External Auditing And Internal Whistle-Blowing perceived for non-audit services provided to the audited clients. Process. Journal of Governance and The accounting scandals that have occurred over the past two Regulation, 6(1), 12-25. decades show the lack of competence and independence of external http://dx.doi.org/10.22495/jgr_v6_i1_p2 auditors, who kept quite in the face of attempted frauds. The case Copyright © 2017 The Author of Tesco represents an undeniable example of the loss of auditor’s independence, who failed to detect accounting manipulation This work is licensed under the Creative Commons Attribution-NonCommercial confirming the importance of whistle-blowing procedures in 4.0 International License (CC BY-NC 4.0) disclosing concerns before they become serious problems. When http://creativecommons.org/licenses/b turnover occurs in CEOs it is more likely that a rotation in external y-nc/4.0/ auditors occurs as well. Finally, changes in top management enable ISSN Online: 2220-9352 whistle-blowing actions to be successful, interrupting the ISSN Print: 2306-6784 organization’s dependence on serious wrongdoings and preventing Received: 26.11.2016 a disastrous ending. The success of whistle-blowing in preventing Accepted: 20.12.2016 company failure makes it an effective instrument of сorporate пovernance. -
Creative Accounting, Fraud and International Accounting Scandals
Creative Accounting, Fraud and International Accounting Standards Michael Jones University of Bristol [email protected] 1 Overview • Based on Book: Creative Accounting, Fraud and International Accounting Scandals • Investigates nature of creative accounting and fraud • Examines history of accounting scandals • Looks at creative accounting, fraud and accounting scandals in 13 countries worldwide • Focus on political aspects 2 Creative Accounting 3 Two Quotes “How do you explain to an intelligent public that it is possible for two companies in the same industry to follow entirely different accounting principles and both get a true and fair audit report?” M. Lafferty “Every company in the country is fiddling its profits”. I. Griffiths 4 Definitions 1. Fair Presentation Using the flexibility within accounting to give a true and fair picture of the accounts so that they serve the interests of users 5 Definitions 2. Creative Accounting Using the flexibility within accounting to manage the measurement and presentation of the accounts so that they serve the interests of preparers 6 Definitions 3. Impression Management Using the flexibility of the accounts (especially narrative and graphs) to convey a more favourable view than is warranted of a company’s results serving the interests of preparers 7 Definitions 4. Fraud Stepping outside the Regulatory Framework deliberately to give a false picture of the accounts 8 Definitions No Flexibility to give Flexibility to Flexibility to Flexibility a “true and fair“ give a give a view creative view fraudulent view Regulatory Working within Working within Working framework regulatory regulatory framework outside eliminates framework to ensure to serve preparer’s regulatory accounting choice users’ interests interests framework Within regulatory framework Outside regulatory framework 9 Managerial Motivation 1. -
Process, Not Structure: an Organizational Behavior
SHARPE - JCI.DOC (DO NOT DELETE) 3/28/2012 8:12 PM ARTICLES PROCESS OVER STRUCTURE: AN ORGANIZATIONAL BEHAVIOR APPROACH TO IMPROVING CORPORATE BOARDS NICOLA FAITH SHARPE* ABSTRACT History has shown that the scholarly and regulatory focus on board composition and structure is a dangerously incomplete solution to the problems that have caused recent corporate failures. The media and corporate scholars have assigned much of the blame for the 2008 financial crisis and the Enron-era corporate scandals to corporate boards. The conventional diagnosis of these ills is that boards were largely at fault because they failed to effectively monitor corporate officers. Unfortunately the conventional diagnosis of the problem is incomplete and the policy prescriptions flowing from this faulty diagnosis are unlikely to address the very real problems that continue to plague corporate governance. * Associate Professor of Law and Richard W. and Marie L. Corman Scholar, University of Illinois College of Law. J.D., Yale University, M.B.A., Yale University, B.A. Cornell University. Email: [email protected]. © 2012 Nicola Faith Sharpe. For helpful comments and suggestions, I am grateful to Michael Abramowicz, Jena Martin Amerson, Lisa Fairfax, George Geis, Patrick Keenan, Donald Langevoort, Larry Ribstein, Usha Rodrigues, Arden Rowell, Jamelle Sharpe, Lynn Stout, Suja Thomas, Cindy Williams, and participants in the faculty workshops at the George Washington University Law School Center for Law, Economic, and Finance, Northwestern University School of Law, the University of Illinois College of Law, and Washington University in St. Louis School of Law. I would also like to thank participants in the Loyola University Chicago School of Law and Notre Dame Law School faculty workshops at which I presented some of the ideas found in this Article. -
In-House Communitytm of IN-HOUSE LEGAL & COMPLIANCE PROFESSIONALS ALONG the NEW SILK ROAD (ASIA-MENA)
In-House CommunityTM OF IN-HOUSE LEGAL & COMPLIANCE PROFESSIONALS ALONG THE NEW SILK ROAD (ASIA-MENA) Annual Report Q1 – 2016 www.inhousecommunity.com TM In-House Community Annual Report Q1 – 2016 “The In-House Community™ provides a unique combination of best practice sharing, networking, news and technical updates that all practitioners need in order to meet the competing pressures of legal coverage, compliance & commerce. The In-House Community™ empowers the modern lawyer to work smarter and become a trusted business partner” Trevor Faure, Global Adviser, Legal Transformation Former General Counsel, Ernst & Young Global, Tyco International, Dell & Apple EMEA Author of “The Smarter Legal Model: more from less” “Through the In-House Congress series, ASIAN-MENA COUNSEL’s In-House Community provides a home for senior in-house counsel. I am proud to call myself a member of this community” Evangelos Apostolou, President, EMEA SirionLabs, ex-General Counsel, Asia-Pacific, and Partner, Ernst & Young and ex-General Counsel, Asia-Pacific, British Telecom 2 Contents Introduction ..............................................................................................................4 Breakdown of the In-House CommunityTM ..........................................................6 Growth of the Community .....................................................................................7 Community Forums ............................................................................................. 8-9 Corporate Credo ....................................................................................................13 -
Albemarle ACTION Catalyst Or Our Exceptional Portfolio of Products and Services, Call (281) 480-4747 Or Visit
114th American Fuel & Leader in Hydroprocessing Visit the ART and Grace Petrochemical Manufacturers AFPM Hospitality Suite at the Hilton San Francisco Union Square Sunday, March 13 – 8 PM to Midnight ANNUAL MEETING Monday, March 14 – 8 PM to Midnight afpm-hospitality-button.indd 1 3/2/2016 9:56:28 AM ® DAY ONE Sunday–Monday | March 13–14, 2016 | #AM16 Conference Daily Published by HYDROCARBON PROCESSING Creating a realistic and effective INSIDE THIS ISSUE 3 Schedule regulatory environment 4 Global trends in energy saving CHET THOMPSON, President, American Fuel & Petrochemical Manufacturers KBC Advanced Technologies highlights industry trends, EMS processes and technologies Thank you for joining us at look at the political world. The General Session prom- for energy management. the 114th Annual Meeting of the ises interesting commentary from Mark Halperin and American Fuel & Petrochemi- John Heilemann, co-authors of Game Change: Obama 6 A new furnace cal Manufacturers (AFPM). and the Clintons, McCain and Palin, and the Race of management playbook We are happy to welcome you a Lifetime, and Double Down: Game Change 2012, co- Furnace owner-operators make to San Francisco, home to the managing editors of Bloomberg Politics and co-hosts of real-time decisions with correct Golden Gate Bridge, the famous Bloomberg TV’s With All Due Respect. They will pro- data and Haldor Topsoe’s Fisherman’s Wharf, Alcatraz vide their professional views on this year’s rather un- image-based system. Island and, most importantly, usual presidential campaign. five refineries—all important You also will hear from Alex Epstein, author of the New 10 Optimizing catalyst facilities and structures benefit- York Times best-selling book The Moral Case for Fossil selection ing this wonderful city. -
NIPPON KETJEN, a Leader in the Field of Hydroprocessing Catalysts
5/2/2015 COMPANY OUTLINE | Nippon Ketjen Co.,Ltd. TOP > COMPANY OUTLINE Nippon Ketjen Co., Ltd. contributes advanced technologies that improve economic feasibility of oil refining through the development, production and sales of hydroprocessing catalysts, as well as, offsite catalyst regeneration/presulfiding, technology services and process licensing. The company is also dedicated to protecting the global environment through these activities. We are constantly improving our technologies with the aim to optimize our contributions to our customer and the environment. NIPPON KETJEN, a leader in the field of hydroprocessing catalysts Hydroprocessing catalysts play the most important role in the oil refining process. We have continued to provide the most advanced hydroprocessing catalysts to our customers since the company’s establishment in 1970. We have close business relationship with the Albemarle Corporation which has facilities in Texas, USA and Amsterdam, Netherlands. We are also receiving full supports from Sumitomo Metal Mining, Co. Ltd which has been developing their main business for more than 300 years in Niihama, Japan. The excellent R&D, technical services and production technology are not only our pride but also our lifeblood. We have developed and commercialized high activity desulfurization catalysts (STARS catalysts) and its rejuvenation technology (REACT). An alliance with UOP makes us possible to offer the best combination of process and catalysts in the hydroprocessing field. In the global scale the steady supply of energy and the environmental preservation are increasingly important. We are sincerely committed to responding speedily to a wide variety of customer needs and offering the innovative solution to them. Through these activities, we intend to contribute to the society in the fields of energy and environment. -
Albemarle Corporation Benchmark Week 2020 - Lithium: the Keynotes
Albemarle Corporation Benchmark Week 2020 - Lithium: The Keynotes December 10, 2020 Forward-Looking Statements Some of the information presented in this presentation including, without limitation, statements with respect to product development, market trends, price, expected growth and earnings, demand for our products, capital projects, tax rates, stock repurchases, dividends, cash flow generation, economic trends, outlook, and all other information relating to matters that are not historical facts may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from the views expressed. Factors that could cause actual results to differ materially from the outlook expressed or implied in any forward-looking statement include, without limitation: changes in economic and business conditions; changes in financial and operating performance of our major customers and industries and markets served by us; the timing of orders received from customers; the gain or loss of significant customers; competition from other manufacturers; changes in the demand for our products or the end-user markets in which our products are sold; limitations or prohibitions on the manufacture and sale of our products; availability of raw materials; increases in the cost of raw materials and energy, and our ability to pass through such increases to our customers; changes in our markets in general; fluctuations in foreign currencies; changes in laws and government regulation impacting -
Albemarle Corporation Annual Report 2020
Albemarle Corporation Annual Report 2020 Form 10-K (NYSE:ALB) Published: February 26th, 2020 PDF generated by stocklight.com UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________ FORM 10-K ________________________________________ ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2019 or Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 ☐ For the transition period from to Commission file number 001-12658 ALBEMARLE CORPORATION (Exact name of registrant as specified in its charter) Virginia 54-1692118 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 4250 Congress Street, Suite 900 Charlotte, North Carolina 28209 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: ( 980) - 299-5700 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered COMMON STOCK, $.01 Par Value ALB New York Stock Exchange Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for at least the past 90 days.