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This study aims to investigate limited partners’ (LPs) influence on venture capital (VC) fund returns.

We merge data from Preqin and SDC’s VentureXpert spanning from 1993 to 2014 and conduct multiple regression analysis to examine the influence of LPs on VC fund performance. Additionally, we conduct three distinct robustness tests to verify the credibility of our findings.

Our empirical analysis demonstrates that newbie LPs consistently exert a significant positive influence on VC fund returns.

VC and LP data is self-reported, and there is no comprehensive dataset as some LPs prefer to maintain anonymity.

Extant literature on LPs’ contribution to VC fund performance is limited. The general assumption is that the role of LPs in VC fund performance is confined to funding. We introduce a new variable, LP track record, as a proxy for LP experience to examine if this variable influences VC performance.

The purpose of this study is to investigate if non-US/non-Canada (international) equity listings in the Canadian stock exchanges increased with the adoption of International Financial Reporting Standards (IFRS) in Canada. A question of interest is whether the adoption of common global accounting standards (IFRS) was beneficial in attracting international firms to the Canadian exchanges.

The authors use difference-in-difference ordinary least square methodology to conduct inter-country (between Canada and the USA) and intra-country (between the Toronto Stock Exchange [TSX] and the TSX Venture Exchange [TSXV]) tests to investigate whether there is increased listings of international firms on Canada’s exchanges associated with mandatory adoption of IFRS in Canada compared to such listings in the American exchanges.

The authors did not find evidence of a relative increase in listings by international firms on the TSX and the TSXV after Canadian adoption of IFRS, but they did find that listings by international firms on the TSX, Canada’s primary exchange, increased when the authors include the year before mandatory Canadian adoption as part of the IFRS adoption period. The authors also find that international listings from outside the North American, European and Australasian regions increased on the TSXV, consistent with IFRS adoption making the smaller Canadian exchange more attractive to listers from these regions.

With the increasing use of IFRS throughout the world, US regulators, the US Congress and other capital market participants seek to understand the costs and benefits of potential IFRS adoption in the USA. The authors contribute to this debate by examining the effect of Canada’s adoption of IFRS on growth in international stock listings in the Canadian stock exchanges.

The purpose of this paper is to investigate the payment of percentage cash from total payment in a REITs mergers and acquisitions (M&A) transaction.

This study applies a heteroskedastic‐consistent regression model to analyze the relationship between the percentage of cash paid during M&A transactions and other determinants such as sources of funds, geographical proximity and percentage sought by acquirer.

The results of empirical analysis show that REITs with internal corporate funds tend to pay larger percentage of cash versus other forms of payments within M&A deals. Moreover, geographical proximity and intra‐industry REITs M&A has no significant effect on the form of payment. And finally, the larger the percentage sought by the acquirer, the less percentage of cash paid in a REITs M&A deal.

The paper mainly shows that internal funding is a significant factor in determining the percentage of cash versus stocks (or any other form of payment) when completing a merger. This highlights the importance of a REIT to manage its short‐term liquidity and cash specifically. Also, this shows the applicability of pecking order theory on the REITs industry.

The paper researches the cash as a method of payment in REITs M&A, an industry with its specific characteristics.

The purpose of this paper is to examine the insiders’ activities (buy/sell) during the recent meltdown of the homebuilders’ industry.

This study applies a regression model to analyze the relationship between the insiders’ net sales and variables that could be affecting the trading decisions controlling for other market variables.

The results show that CEOs of homebuilding companies had net positive selling activities and enjoyed massive gains by timing the market correctly. The insiders’ massive selling period was followed by significant declines in share prices of homebuilding companies. More specifically, CEOs (but not all top executives) acted as contrarian investors and sold when the share prices hit a record high, coupled by optimistic analysts’ recommendations, which were later seen as incorrect by the market. Also, CEOs sold at a time when EPS was at its highest level.

The current work can not disprove the “argument of diversification” cited by insiders as the reason for their stock sell off, mainly because it is not possible to obtain data about the CEOs’ personal portfolios.

This paper implies that CEOs were able to time the market by forecasting the trend in their industry.

The paper investigates the period between January 2004 and August 2007 which is characterized by mass selling by CEOs in the whole industry of home building companies and not only a specific entity.

The services industry, especially the professional sector in the auditing, accounting, and financial consulting, was and still is moving toward globalization. This move was characterized by the cooperation between headquartered US firms such as the Big‐five and other related firms all over the world. The result was increasing the efficiency and effectiveness. In addition, it satisfied the multinational companies by providing the service required by the branches of those multinational clients. The efficiency and effectiveness of globalization is not a simple issue. Several factors are involved to achieve this issue. One important factor is balancing the trade‐off between decreasing the costs and increasing the quality of the services rendered. The paper proposes one way to achieve this balancing is by the appropriate coordination between the headquarters and their branches.

There is increased interest in online MBA programs across the globe. This paper attempts to review and assess online MBA programs and what lessons other universities and students can learn from them. It attempts to compare between the online and the traditional MBA. In addition, a thorough evaluation of the strengths, weaknesses, opportunities, and threats of the online MBA is made. The evaluation considers point of views from universities, professors, and students that combined together will assess the future and growth of “global MBAs”.

The purpose of this paper is to investigate whether all of the risk factors were priced during the internet bubble period.

A unique hand collected dataset was used from public prospectuses for companies that issued an initial public offering during the internet bubble period. Three hypotheses were proposed: the risk factors mentioned in the prospectus are important for IPO trading and therefore affect IPO underpricing; risk factors affect the IPO deal attributes; and the number of risk factors cited by the issuing firm is affected by direct participants such as venture capitalists and investment bankers.

It was found that hi‐tech dummy played a significant role during the bubble period. Moreover, not all risk factors are regarded important, some of them are not significant at all as predicted by first hypothesis. The most striking observation is the negative economic significance of the risk factor no prior market for the traded stock. This reveals that, traders are selective in valuing risks and may value some factors as opportunities and not as risk factors. In addition, the results reveal that risk factors do affect the deal attributes as predicted by our second hypothesis. Also, the pricing of these risk factors are not different between retail and hi‐tech companies. Regarding the participants, it was found that venture capitalists and investment bankers have a significant statistical and economic effect on the number of risk factors reported in the prospectus.

The paper contributes to the literature by investigating the IPO underpricing phenomenon in the internet bubble period.

As competition abounds, the efficient organization of a company's supply chain is a vital success factor for companies in today's business world. In recent years, electronic hubs have received great attention, providing buyers and suppliers alike with a means of structuring and streamlining their supply chains in order to create maximum efficiency. Concerning the future of the e‐hub environment, online marketplaces are expected to move rapidly toward becoming full service providers, letting e‐commerce swallow the entire supply chain. Moreover, distinctions between public and private hubs will likely blur, while only the strongest electronic hubs with the most profitable operations strategies will be able to succeed in the long run. Conducts analysis to the e‐hubs supply chain, followed by a comparative analysis of the current situation supported by examples of successful e‐hubs. As a consequence, provides a benchmarking basis for organizations wishing to incorporate the know‐how and experience of these successful hubs into their own business. Finally, a forecast to future trends in the e‐hub market space is conducted along with recommendations.

In the current situation of the global economy, engaging in strategic alliances depends upon several factors in which the national and organizational cultures of the companies are involved. This paper discusses the cultural differences between the German and the American culture by applying Hofstede's “value” dimension system and how these differences affect the formation of strategic alliances and outcomes. Furthermore, the paper examines whether literature sustains the fact that Hofstede's value model can be used to sufficiently distinguish between the German and the American culture.

This study aims to compare the value relevance of accounting numbers prepared under the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) standards with those produced under the International Financial Reporting Standards (IFRS) for Takaful companies (TC).

The authors assess the value relevance of accounting numbers using the Easton and Harris (1991) and Ohlson (1995) return and price models. They also use 54 insurance companies from 10 developing countries in Asia and the Middle East from 2006 to 2015.

The analysis shows that book value is significantly related to stock price under AAOIFI and IFRS. It also shows that TC adopting AAOIFI accounting standards have a more significant effect on stock price. This suggests that AAOIFI standards are more value relevant than IFRS.

TC and their stakeholders can use the findings to determine which accounting standards (IFRS or AAOIFI) produce the more relevant accounting information. This study is useful for investors that consider Islamic ethical practices to make their investment decisions for the standards-setting bodies that focus on establishing accounting standards for the Takaful industry.

The authors investigate a new aspect of the topic of value relevance. To the best of the authors’ knowledge, they believe this is the first paper examining the value relevance of TC’ accounting information prepared under AAOIFI and IFRS.