We build on sociology-grounded research on financial market behavior and suggest a "nested" legitimacy framework to explore U.S. investor perceptions of foreign IPO value. We draw on a fuzzy-set theoretic approach to demonstrate how different combinations of monitoring and incentive-based corporate governance mechanisms lead to the same level of investor valuations of firms. We also argue that institutional factors related to the minority shareholder protection strength in the foreign IPO's home country represent a boundary condition that affects the number of governance mechanisms required to achieve U.S. investors' high value perceptions. Our findings, drawn from a unique, hand-collected dataset of foreign IPOs in the U.S, contribute to the sociological perspective on comparative corporate governance and the inter-dependencies between organizations and institutions.

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(SGH) ROGER BELL ESADE Business School The rapid increase in courses dealing with cross-cultural management (CCM), brought about by economies' globalization and increased workforce mobility motivated us to examine the impact of cross-cultural management courses on cultural intelligence. Cultural intelligence (CQ) refers to individual's abilities and skills to effectively manage interactions in cross-cultural situations. It includes four dimensions: metacognitive, cognitive, motivational and behavioral. In two multinational longitudinal studies using matched samples and pre-postintervention measures, we assessed the effects of academic CCM courses on students' CQ. We found that after the courses, students' overall CQ was significantly higher than at Time 1. No effects on CQ were detected in the control group, where students worked in multicultural settings but did not take a CCM course. Cross-cultural management courses had stronger effects on metacognitive and cognitive CQ than on motivational and behavioral CQ. We found an interesting pattern regarding students' international experience: While international experience in Time 1 positively related to students' CQ, at Time 2, this relationship became nonsignificant (Study 1). These findings contribute to understanding the antecedents of cultural intelligence and how educational interventions affect it, with practical implications for designing and developing international management education and training programs.