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Preservation of the Estate, Maximization of Value, and Facilitation of Rescues

Irit Mevorach

in Insolvency within Multinational Enterprise Groups

This chapter focuses on the administration of MEG insolvencies and examines ‘linking tools’ which could enhance preservation of the estate, wealth maximization and rescues. It asks to what extent and ... More

This chapter focuses on the administration of MEG insolvencies and examines ‘linking tools’ which could enhance preservation of the estate, wealth maximization and rescues. It asks to what extent and in which circumstances a global unified approach should be applied. Measures such as procedural consolidation, cooperation, and coordination and substantive consolidation (on a global level) are examined in light of the goal of wealth maximization, considering to what extent they might defeat the benefits of entity law and concerns of territorialism. The chapter suggests that a global unified approach is desired for cases of ‘business integrated’ insolvent MEGs. Stronger ‘linking’ measures in the course of insolvency are proposed for centralized integrated MEGs where the entire process may be centralized and conducted in the group ‘home country’. Greater intervention with entity law by way of applying global substantive consolidation is suggested for ‘asset integrated’ insolvent MEGs.Less

The Changing Political Geography of Financial Crisis Management

Louis W. Pauly

in Managing Financial Risks: From Global to Local

In the wake of several financial crises that also now spanned national boundaries, pragmatic financial supervisors gradually built a workable regime around the principle of ‘home-country control’ — ... More

In the wake of several financial crises that also now spanned national boundaries, pragmatic financial supervisors gradually built a workable regime around the principle of ‘home-country control’ — the government ultimately responsible for any particular coordinated response necessary to stabilize an interdependent system was the government of the state within which a troubled institution was licensed and clearly based. A truly integrated pan-European market, however, just as a truly global market, pushes such a regime past its limit. In fact, it is already the case that the emergence of certain large, complex financial institutions in Europe blurs the identity of the responsible government and opens the policy space for new supervisory approaches and common agreement on burden sharing. In principle and in extremis, that space can only be filled with an understanding involving the fundamental commitment of fiscal resources, and by the sharing of such a commitment by national authorities. For various reasons, the extent of that commitment may have to remain implicit, but it will only be plausible if credible structures are in place to coordinate responses in the event of emergency. The difficulty in putting these crisis prevention and crisis management arrangements in place exposes the political dilemma at the heart of the financial integration project, both in Europe and more broadly. Finance respects fewer frontiers, but fiscal politics remains geographically bounded. This chapter sets out the conceptual and historical context for understanding that dilemma, and in this light examines the contemporary evolution of policy responses.Less

 Changes in Equity Markets in the Major Developed Countries and Overview of the Book

George J. Benston, Michael Bromwich, Robert E. Litan, and Alfred Wagenhofer

in Worldwide Financial Reporting: The Development and Future of Accounting Standards

This chapter provides an introduction to recent and likely future trends in financial reporting in the United States, Europe, Japan, and in the international arena (through reporting standards set by ... More

This chapter provides an introduction to recent and likely future trends in financial reporting in the United States, Europe, Japan, and in the international arena (through reporting standards set by the International Accounting Standards Board). It sets the stage by providing a brief overview of changes in equities markets around the world, which have led to global participation. It is this trend toward globalized investing that has given rise to calls for a single set of global accounting standards. A central thesis of this book is that these calls are misplaced, that global accounting standards are not necessary and are not likely to remain unified even if initially adopted.Less

Regulating Multinationals:Foreign Investment, Development, and the Balance of Corporate and Home Country Rights and Responsibilities in a Globalizing World

Peter T. Muchlinski

in The Evolving International Investment Regime: Expectations, Realities, Options

This chapter examines the nature and function of international investment agreements (IIAs) within the process of economic globalization and development. The examination is carried out from the ... More

This chapter examines the nature and function of international investment agreements (IIAs) within the process of economic globalization and development. The examination is carried out from the perspective of the balance of rights and obligations of the principal parties interested in the operation of IIAs. These parties are the host country which admits the investor, the home country of the investor, and the investor itself. Each party has a particular reason for having an IIA in place, and each party's rationale reflects their respective economic and political interests. The chapter then describes the current form and content of investment provisions in international agreements. It explains why in the first generation of such agreements the balance of obligations falls mostly on the host country, while the balance of rights falls on the investor, with the home country having no obligations under the IIA save where it acts as a host country to investors from other signatory states. The third section of the chapter asks whether this division of rights and responsibilities can be sustained in a changing economic, political, and social environment such as the one that has been generated by the process of globalization. It is argued that the presently one-sided nature of IIAs cannot be maintained without the risk of a serious backlash against investor and investment protection among countries eager to assert their economic sovereignty and self-determination in the world.Less

Financial Market Integration in the Post FSAP Era. In Search of Overall Conceptual Consistency in the Regulatory Framework

Michel Tison

in Investor Protection in Europe: Corporate Law Making, The MiFID and Beyond

This chapter looks into the concepts underpinning the current generation of capital market integration directives, that follow the ‘Lamfalussy-approach’. In particular, it examines whether the level ... More

This chapter looks into the concepts underpinning the current generation of capital market integration directives, that follow the ‘Lamfalussy-approach’. In particular, it examines whether the level 1-directives are based on minimum or maximum harmonization. It argues that the European lawmakers have failed to clarify this issue, thereby reducing legal certainty for the various stakeholders (suppliers, investors, and supervisors alike). In addition, the adoption of yet a new harmonization technique runs the risk of creating inconsistencies with the previous generation of financial market integration directives, adopted under the 1992 Internal market program. Finally, the chapter looks at how the Prospectus Directive and MiFID divide regulatory and supervisory powers between home and host state.Less

Medical Tourism and Ending Life: Travel for Assisted Suicide and Abortion

I. Glenn Cohen

in Patients with Passports: Medical Tourism, Law, and Ethics

Many countries restrict access to abortion and assisted suicide. Therefore, some individuals travel abroad to get these services in what I call “circumvention tourism”—traveling abroad for the ... More

Many countries restrict access to abortion and assisted suicide. Therefore, some individuals travel abroad to get these services in what I call “circumvention tourism”—traveling abroad for the express purpose of doing in the destination country something legal there but illegal in the home country. The first part of this chapter describes the existing practice and case law of travel for assisted suicide and abortion. The second argues that home countries have the power to apply their domestic prohibitions on abortion and assisted suicide to patients who travel abroad for these services. The third argues that in the case of abortion there is a strong moral argument for applying criminal prohibitions abroad, but the case is somewhat weaker for assisted suicide. A final part examines other ways that home countries might attempt to control their citizens who engage in circumvention tourism—the regulation of home country physician speech.Less

“Boll Weevil in the Cotton / Devil in the White Man”: Reasons for Leaving the South

Farah Jasmine Griffin

in Who Set You Flowin?: The African-American Migration Narrative

The chapter begins by a description of migration narratives that portray the lynching of African Americans. Two meanings can be derived from these migration narratives, the first being the impact of ... More

The chapter begins by a description of migration narratives that portray the lynching of African Americans. Two meanings can be derived from these migration narratives, the first being the impact of lynching to the land and their home country and the horrors shown by a lynched body. The second part of the chapter focuses on the migration blues encountered by the African Americans as they left the South and how they dealt with it. The chapter also provides relevant insights into why the African Americans chose to migrate and leave their home country. The commonly used symbols found are briefly discussed in each of the migration narratives.Less

United States: Slippery Jannah?

Cawo M. Abdi

in Elusive Jannah: The Somali Diaspora and a Borderless Muslim Identity

Chapter Four examines how Somalis’ ultimate imagined Eden, the United States, measures to expectations. Life for Somali refugees who succeed in reaching America is rife with challenges. State and ... More

Chapter Four examines how Somalis’ ultimate imagined Eden, the United States, measures to expectations. Life for Somali refugees who succeed in reaching America is rife with challenges. State and federal refugee settlement policies unintentionally, but profoundly, disrupt Somalis’ sense of identity. Unlike the UAE and South Africa, Somalis’ religion defines them as ‘other’ in conjunction with their racial and socio-economic position. Despite access to citizenship documents, contact with American institutions disrupt gender and family dynamics, and fuel longings for return to the home country. Interestingly, despite these profound struggles, family members left behind in Somalia and its neighboring countries still idealize the United States. For all these reasons, Somali experiences in the United States often fail to align with the image that they brought with them from the Horn. Paradoxically, despite access to permanent residence documents and even highly coveted American citizenship, first-generation Somalis do not develop a strong sense of belonging, as they become aware that their lives and those of their children are now defined by their refugee status, their Muslim faith, and their newly acquired black identity, leaving them struggling at the bottom of a heavily racialized and profoundly unequal economy.Less

Home- and Host-Country Effects of Foreign Direct Investment

Robert E. Lipsey

in Challenges to Globalization: Analyzing the Economics

This chapter presents a detailed analysis and appraisal of the empirical findings concerning the home- and host-country effects of foreign direct investment (FDI). It first summarizes the empirical ... More

This chapter presents a detailed analysis and appraisal of the empirical findings concerning the home- and host-country effects of foreign direct investment (FDI). It first summarizes the empirical evidence concerning the effects of FDI on home-country exports and on home-country factor demand, and then discusses wages, productivity, exports, and the introduction of new industries on the host-country side. A commentary is also included at the end of the chapter.Less

Home-Country Effects of FDI: Foreign Production and Structural Change in Home-Country Operations

Gunnar Fors and Ari Kokko

in Topics in Empirical International Economics: A Festschrift in Honor of Robert E. Lipsey

The home-country effects of foreign direct investment (FDI) have received renewed attention over the past decade. One important reason is the development of the regional integration processes in ... More

The home-country effects of foreign direct investment (FDI) have received renewed attention over the past decade. One important reason is the development of the regional integration processes in Europe and the Americas. The reduction of regional trade and investment barriers has created new, large markets and removed restrictions on where plants can be located. However, it is not obvious that the benefits will be distributed equally among the participating countries, or between members of the integration agreement and outsiders. The worry in the home countries of multinational corporations (MNCs) — in particular, those home countries that are large net outward investors — is that foreign production and investment may replace home-country exports, employment, or investment. This chapter examines the home-country effects of FDI using detailed firm- and plant-level data from a sample of MNCs from Sweden for the period 1986–1994. It also considers the direction of some of the structural changes that are in progress and show that the effects of FDI at the plant level are significantly different from those at more aggregate levels.Less

Transnationalism and Political Participation: The Challenges of “In-Between” Americans

Sangay K. Mishra

in Desis Divided: The Political Lives of South Asian Americans

Chapter 5 presents evidence from quantitative and qualitative data to argue that higher level of South Asian engagements with the issues concerning home countries do not lead to depressed political ... More

Chapter 5 presents evidence from quantitative and qualitative data to argue that higher level of South Asian engagements with the issues concerning home countries do not lead to depressed political participation in U.S. politics and demonstrates the linkages between the two spheres of political engagements.Less

Concluding remarks

Jon Birger Skjærseth and Tora Skodvin

in Climate Change and the Oil Industry: Common Problem, Different Strategies

This chapter sums up the key findings of this study which has been on the factors that may explain the changes and differences in corporate climate strategies adopted by major oil companies: ... More

This chapter sums up the key findings of this study which has been on the factors that may explain the changes and differences in corporate climate strategies adopted by major oil companies: ExxonMobil, the Shell Group and Statoil. It explains that Shell has chosen a proactive strategy, ExxonMobil a reactive one, while the climate strategy adopted by Statoil can be placed in between as intermediate. The analysis reveals that the domestic political context of the companies' home-base countries is more important for explaining differences in corporate climate strategy than are company-specific factors. This chapter also concludes that the analytical framework developed in this study may be applicable also for analysing other issue areas in which large corporations play an important role.Less

Deirdre, Johnny, and Jane

Terry Chester Shulman

in Film's First Family: The Untold Story of the Costellos

Vruwink’s sterility casts a pall on his marriage to Dolores, who desperately wants more children. For this and other reasons, she starts drinking heavily. Helene is offered permanent residence at the ... More

Vruwink’s sterility casts a pall on his marriage to Dolores, who desperately wants more children. For this and other reasons, she starts drinking heavily. Helene is offered permanent residence at the Motion Picture Country Home, and with Le Blanc now training with the Merchant Marines, Dolores’s custody of Deirdre is made official despite the fact that Le Blanc continues to welsh on his support agreements. Dolores makes her last film appearance in This Is the Army. John Blyth Barrymore, an unruly and difficult youth, tries his family’s patience. Le Blanc sues Helene for custody and a protracted legal battle begins.Less

Internationalization at the Firm Level

Hwy-Chang Moon

in The Strategy for Korea's Economic Success

Internationalization plays a key role in promoting the growth of firms and building their competitiveness. Although key decision-makers at the firm and national level often misunderstand the nature ... More

Internationalization plays a key role in promoting the growth of firms and building their competitiveness. Although key decision-makers at the firm and national level often misunderstand the nature of internationalization, it is clear that internationalization plays a critical role in business operations, as demonstrated by how companies that efficiently coordinate their global value chain gain greater competitive advantage. The impact of internationalization on both home and host countries is demonstrated by the implementation of foreign direct investment (FDI) in terms of capital transfer, trade promotion, industry growth and cluster effects, and technology development and innovation. The ABCD model then provides guidelines for effectively implementing internationalization policies at the firm level.Less

Marriage Stories: Crossing the Boundaries of Nation, Gender, and Law

in The Culture of Islam: Changing Aspects of Contemporary Muslim Life

As Muslims move across national and cultural frontiers they bring the problems of their family lives with them. Whether accompanying the primary wage earner or remaining in the home country, the ... More

As Muslims move across national and cultural frontiers they bring the problems of their family lives with them. Whether accompanying the primary wage earner or remaining in the home country, the family unit is often placed under considerable strain. When the result is marital discord, the problem then arises as to whose law shall apply, that of the home country or the laws of a land so foreign in its views of the family, the individual, and the nature of property as seriously to undercut both the structure of ongoing relationships and the image the migrants. These issues, broadly grouped under the jurisprudential heading of “conflict of laws,” are also a conflict of cultures. To trace the specific form these problems take in the lives of contemporary Muslims is to see the meaning of borders in the lives of the migrant—and the realities that attend on the theories applied by different jurisdictions.Less

Mapping the Modes of Mobilization

Sangay K. Mishra

in Desis Divided: The Political Lives of South Asian Americans

Chapter 4 identifies three major modes of political engagement relying on selective elite mobilization: the trend of descriptive representation from white majority districts, the prominence of ... More

Chapter 4 identifies three major modes of political engagement relying on selective elite mobilization: the trend of descriptive representation from white majority districts, the prominence of campaign fundraising as a strategy for gaining political power, and the prominence of lobbying related to home country concerns. All three forms lead to the mobilization of a very narrow segment leaving out the broader community from the political process that is in complete contrast to the kinds of ethnoracial mobilization predicted by the dominant models.Less

International Sister Students Today: Institute and University Responses

Mary Johnson, Mary L. Gautier, Patricia Wittberg, and Thu T. Do

in Migration for Mission: International Catholic Sisters in the United States

This chapter provides demographic data on international sisters who are currently studying in the United States. It describes how U.S. Catholic colleges and universities and institutes of women ... More

This chapter provides demographic data on international sisters who are currently studying in the United States. It describes how U.S. Catholic colleges and universities and institutes of women religious collaborate in providing education for these sisters by using two types of qualitative data. The chapter includes interviews with administrators of Catholic universities and religious institutes. It also includes some data from the survey of international sisters who are students in the United States. The chapter describes pathways to the universities and the types of support resources that international sisters receive from universities and religious institutes. It describes the impact that international sisters have on fellow students and, upon their return, on their home countries.Less

Marriage and Motherhood

Elizabeth Harlan

in George Sand

This chapter focuses on the period in which Sophie and Aurore were invited to the country home of Angele and James Roettiers Du Plessis. The Du Plessis country home was a Louis XVI villa at Le ... More

This chapter focuses on the period in which Sophie and Aurore were invited to the country home of Angele and James Roettiers Du Plessis. The Du Plessis country home was a Louis XVI villa at Le Plessis-Picard, near Melun. Enchanted by the lushly landscaped park and the acres of meadows grazed by livestock from a neighbor's farm, Aurore immediately felt at home in the Du Plessis family. The feeling of comfort was reciprocal, and what began as a brief visit turned into an extended stay. Madame Angele, twenty-seven and prematurely gray, and seventeen-year-old Aurore took an instant liking to each other. Angele and James, whom Aurore soon took to calling mother and father, were a happy, caring couple, and the warmth of their family was irresistible to Aurore, starved as she was for domestic harmony.Less