Free download. Book file PDF easily for everyone and every device. This Book have some digital formats such us :paperbook, ebook, kindle, epub, fb2 and another formats. Table of contents. This fact is in accordance with the pattern that we find in Latin America. The most active industries issuing ADRs are electricity, real estate investment and services, banks, financial services, food producers, and construct and materials.
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The nine Colombian firms that issue ADRs belong to five of these six sectors. While the first was associated with acts of violence, the latter were considered businessmen. Gilberto Orejuela created his first pharmaceutical company at the age of 25 and by the time he was 50 it had become the biggest diversified group in the Colombian pharmaceutical sector. According to anti-drug intelligence services, the Rodriguez brothers used their legal economic activities to launder money, obtain supplies and gather the intelligence information necessary to keep their illicit operations hidden.
Many Colombian drug traffickers used these tactics: To penetrate established businesses or to start their own to hide their illegal activities.
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On the other hand, legitimate firms felt threatened by the possibility of being captured by the drug business and responded with even more concentrated ownership. The first has succeeded in its expansion plans and the second was recently sold to the Casino de Francia group.
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This is just an example to illustrate the influence of drug trafficking in Colombia and the defensive business practices adopted by some legitimate firms. Many firms and individuals have, in fact, been involved with illicit operations.
This list includes the names of individuals and organizations with which permanent residents and citizens of the US are prohibited from doing business with. Inspecting the list informally called the Clinton List it is evident that Colombia has been the country with the greatest number of names on that list. In alone, Colombia has 9, references, Mexico has 2,, Brazil has 98, Venezuela has 80, Argentina has 56, and Chile has As stated previously, trading in US markets increases the demand for transparency and information disclosure, requirements that persons or companies who have or have had relationships with illicit organizations could not accept.
However, it is important to highlight that since the Colombian government has improved the legal requirements about disclosure and corporate governance to public and private firms in Colombia. These efforts could, in part, explain the increase of ADR's issuers that grow from only one firm in to nine in Drug trafficking is not the only problem of internal order in Colombia. Probably the most important is the armed conflict with the left-wing guerrillas, the most important of these being the FARC, Fuerzas Armadas Revolucionarias de Colombia Armed Revolutionary Forces of Colombia , and with the right-wing paramilitary forces that fight with the guerrillas but also fight with the state.
All subversive groups are active in the "kidnapping business", as shown in Figure 6 , where the growth of kidnapping cases has increased since the eighties, reaching more than three thousand in Subversive groups in Colombia have always justified the armed conflict from an ideological point of view. Violence associated with guerrillas is recent, dating back only to the late s, when Liberal peasants organized self-defense associations in response to Conservative attacks during La Violencia Boudon, According to Duncan , , FARC as well as the self-defense forces are armies and therefore can provide protective services to drug trafficking organizations.
Both illegal actors dominate the drugs trade Duncan, Drug trafficking consumes key resources; armed conflict and crime in Colombia are at high levels compared to other countries Echeverry, In summary, drug trafficking introduced an element of business reasoning into the Colombian armed conflict, which brought other effects of the conflict into the political and economic sphere.
This particular context is a key factor for doing business and investment initiatives in Colombia because it affects perceptions about the Colombian environment. The problems derived from drug trafficking and organized crime, supported by illegal groups in Colombia, increase the security risks for business people and foreign investors. It is evident that criminal bands use kidnapping, extortion, and robbery of businesspersons and civilians as financing mechanisms. These situations limit the willingness of foreign investors to buy shares of Colombian companies issued abroad because of the impact of the internal conflict problems on the operation of the firm, and in consequences, on the stock prices.
This potentially limits the amount of funds that can be raised in foreign markets through the issuing of ADRs. The Colombian case is not unique in the world. Countries such as Italy have lived similar situations. According to a Nuevo Diario report, the Neapolitan Mafia agreed with the Italian groups Parmalat and Cirio to impose their products on the southern Italian peninsula.
In exchange for an "honorarium", the mafia employed its traditional methods to intimidate small business owners.
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All this demonstrates there is, in fact, an understudied relationship between organized crime and business where information disclosure and legitimacy plays a key role. First, "legal" businesses react to avoid infiltration by illegal groups, in part, by increasing ownership concentration levels through complicated business arrangements that reduce the firm's transparency which in turn make it harder for an international investor to be willing to invest capital in such a firm.
Second, the drug trafficking business money laundering was so widespread in the eighties and nineties that it touched many companies and individuals directly or indirectly, with or without their knowledge, and they faced restrictions on their participation in the international market. And third, the evolution of the armed conflict in Colombia and the use of criminal practices such as kidnapping and systematic attacks on corporate infrastructure substantially deteriorate the image of the country as a good place to invest.
At the same time, this kind of illegal practices affects the willingness of the managers and owners of Colombian firms to implement high levels of disclosure. To reveal information would also make managers and owners targets. This is one of the reasons behind the low level of information about ownership structures and shareholders of private firms in Colombia.
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The governmental organisms collect this information but keep it in the strictest confidence. This situation would lead to less cross-listing. From our theoretical model, the internal order problems, d , in Colombia are so high that it separates itself from other countries with similar economic and financial development levels in the ADRs market. This affects the use of ADRs as a viable governance mechanism.
As we said before, the Colombian case analyzed here allows us to give conceptual support for our model; however, the theory we developed could also be validated empirically in order to additionally gain statistical support. We posited the question of why only few Colombian firms have issued ADRs, despite the potential advantages of participating in the international financial market.
We showed that in addition to the firms' and country's observable characteristics there are other factors, not usually taken into account in the literature, that affect the transaction costs of listing on the foreign market. Problems of social order such as illegal armed groups and illegal drug trafficking significantly reduce foreigners' willingness to invest.
Confronted with this situation, Colombian firms have excluded themselves from the ADRs markets, and the possibility of using it as a signaling mechanism of good corporate governance.
Our theoretical proposal highlights the relevance of the security and institutional strengthening at country level for businesses in general and for good governance practices in particular. Functional convergence does not require legal reform per se but still brings more firms and assets under the umbrella of effective legal protection for investors Chong and Lopez-de-Silanes, How can you generalize from a single case?
Is a frequently heard question [ In this sense, the case study, like the experiment, does not represent a 'sample' and in doing a case study, your goal will be to expand and generalize theories analytic generalization and not to enumerate frequencies statistical generalization " Yin, , p. These authors assume that each country regime is characterized by the set of contracts that it can enforce; hence, legal regimes differ in their ability to enforce some kind of contracts.
This assumption allows them to present a model in which the insiders choose offer protection contracts inside a country according to their motivations and the legal regime. However, for twelve years, Colombia had had a speculative- grade rating while similar countries as Chile and Mexico have investment-grade rating. An alternative explanation for a higher level of country risk classification of Colombia in comparison to Venezuela and Argentina during the s in despite of the Colombian internal order problems, it is its excellent payment history. Colombia has never missed a payment. Consider the following sequence of events figure 1A.
The impact of pragmatic arbitrators—that enforce concessions that precede their appointment—is compared with that of arbitrators that act on principle—ignoring prior concessions. We show that while the impact of arbitration always depends on how costly that intervention is relative to direct negotiation, the range of scenarios for which it has an impact, and the precise effect of such impact, does change depending on the behavior— pragmatic or on principle—of the arbitrator.
Moreover the requirement of mutual consent to appoint the arbitrator matters only when he is pragmatic. Efficiency and equilibrium are not aligned since agents sometimes reach negotiated agreements when an arbitrated settlement is more efficient and vice versa. What system of arbitration has the best performance depends on the arbitration and negotiation costs, and each can be optimal for plausible environments.
This paper analyzes a War of Attrition where players enjoy private information about their outside opportunities. The main message is that uncertainty about the possibility that the opponent opts out increases the equilibrium probability of concession. In many modern production systems the human operator is faced with problems when it comes to interacting with the production system using the control system. One reason for this is that the control systems are mainly designed with respect to production, without taking into account how an operator is supposed to interact with it.
This article presents a control system where the goal is to increase flexibility and reusability of production equipment and program modules. Apart from this, the control system is also suitable for human operator interaction. To make it easier for an operator to interact with the control system, the operator activities vis-a-vis the control system have been divided into so called control levels.
One of the six predefined control levels is described more in detail to illustrate how production can be manipulated with the help of a control system at this level. The communication with the control system is accomplished with the help of a graphical tool that interacts with a relational database.