Download or read book Investing Across Borders with Heterogeneous Firms written by Swarnim Waglé and published by . This book was released on 2011 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Cross border Investment written by Xinli Wang and published by . This book was released on 2012 with total page 191 pages. Available in PDF, EPUB and Kindle. Book excerpt: My dissertation investigates issues concerning information asymmetry, imperfect capital markets, and their impact on foreign portfolio investment (FPI) and crossborder mergers and acquisitions (M & As). Chapter 1 studies how investors allocate their portfolio equity investment internationally. I develop a model to formalize the information signaling mechanism of foreign direct investment (FDI): When investors make FDI, due to their control and monitoring as insiders, they obtain the information about the returns on overseas subsidiaries and thereby extract the information about the returns on FPI. The extent to which FDI predicts the returns on FPI is referred to as the informativeness of FDI. I construct measures for the informativeness of FDI and find that FPI is more sensitive to FDI if FDI has a higher degree of informativeness. Chapter 2, coauthored with G. Andrew Karolyi, investigates how imperfect capital markets and exchange rates affect firms' asset sales worldwide. We show that the informational imperfection on the capital markets impacts entrepreneurs' odds to win bids through two channels: First, it decreases the maximum amount of loans that entrepreneurs obtain; second, it reduces the cutoff level of entrepreneurs' initial wealth below which they are credit rationed. We find that the cross-border asset sales between a country pair are negatively correlated with the financial development of the target country, while it is positively associated with that of the acquirer country. The depreciation of the target country currency is associated with a lower increase in the cross-border asset sales for a higher level of financial development of the target country. Chapter 3 explores how firms' heterogeneous characteristics, in particular their competitiveness on the product market and productivity affect their domestic and cross-border corporate asset transactions. I find that firms participate in the domestic and overseas corporate asset markets through endogenous self-selection. Specifically, firms with high competitiveness are more likely to buy assets on the overseas markets, and they are more likely to sell assets on the domestic market. Firms with high productivity are more likely to buy assets on both the domestic and overseas markets, and they are less likely to sell assets on the domestic market.
Download or read book Doing Business 2020 written by World Bank and published by World Bank Publications. This book was released on 2019-11-21 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seventeen in a series of annual reports comparing business regulation in 190 economies, Doing Business 2020 measures aspects of regulation affecting 10 areas of everyday business activity.
Download or read book Heterogeneity and Persistence in Returns to Wealth written by Andreas Fagereng and published by International Monetary Fund. This book was released on 2018-07-27 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: We provide a systematic analysis of the properties of individual returns to wealth using twelve years of population data from Norway’s administrative tax records. We document a number of novel results. First, during our sample period individuals earn markedly different average returns on their financial assets (a standard deviation of 14%) and on their net worth (a standard deviation of 8%). Second, heterogeneity in returns does not arise merely from differences in the allocation of wealth between safe and risky assets: returns are heterogeneous even within asset classes. Third, returns are positively correlated with wealth: moving from the 10th to the 90th percentile of the financial wealth distribution increases the return by 3 percentage points - and by 17 percentage points when the same exercise is performed for the return to net worth. Fourth, wealth returns exhibit substantial persistence over time. We argue that while this persistence partly reflects stable differences in risk exposure and assets scale, it also reflects persistent heterogeneity in sophistication and financial information, as well as entrepreneurial talent. Finally, wealth returns are (mildly) correlated across generations. We discuss the implications of these findings for several strands of the wealth inequality debate.
Download or read book Making It Big written by Andrea Ciani and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Firms of different sizes play different roles in organized markets and societies. This report focuses on the particular role that larger firms ? firms with 100 employees or more ? play in this ecosystem.
Download or read book Global Investment Competitiveness Report 2019 2020 written by World Bank Group and published by World Bank Publications. This book was released on 2020-07-06 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Global Investment Competitiveness Report 2019-2020 provides novel analytical insights, empirical evidence, and actionable recommendations for governments seeking to enhance investor confidence in times of uncertainty. The report's findings and policy recommendations are organized around "3 ICs" - they provide guidance to governments on how to increase investments' contributions to their country's development, enhance investor confidence, and foster their economies' investment competitiveness. The report presents results of a new survey of more than 2,400 business executives representing FDI in 10 large developing countries: Brazil, China, India, Indonesia, Malaysia, Mexico, Nigeria, Thailand, Turkey, and Vietnam. The results show that over half of surveyed foreign businesses have already been adversely affected by policy uncertainty, experiencing a decrease in employment, firm productivity, or investment. Foreign investors report that supporting political environments, stable macroeconomic conditions, and conducive regulatory regimes are their top three investment decision factors. Moreover, the report's new global database of regulatory risk shows that predictability and transparency increase investor confidence and FDI flows. The report also assesses the impact of FD! on poverty, inequality, employment, and firm performance using evidence from various countries. It shows that FDI in developing countries yields benefits to their firms and citizens-including more and better-paid jobs-but governments need to be vigilant about possible adverse consequences on income distribution. The report is organized in S chapters: Chapter 1 presents the results of the foreign investor survey. Chapter 2 explores the differential performance and development impact of greenfield FDI, local firms acquired by multinational corporations {i.e. brownfield FDI), and domestically-owned firms using evidence from six countries. Chapter 3 assesses the impact of FDI on poverty, inequality, employment and wages, using case study evidence from Ethiopia, Turkey and Vietnam. Chapter 4 presents a new framework to measure FDI regulatory risk that is linked to specific legal and regulatory measures. Chapter S focuses on factors for increasing the effectiveness of investment promotion agencies.
Download or read book Czech Yearbook of International Law Regulatory Measures and Foreign Trade 2013 written by Alexander J. Belohlávek and published by Juris Publishing, Inc.. This book was released on 2013-04-01 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: The foreign trade is the engine of the global economics. In these turbulent days, when governments and international organizations tend to protect their markets spheres of interest, the application of regulatory measures gains in importance. The Czech Yearbook of International Law - Regulatory Measures and Foreign Trade - 2013 pinpoints these trends and its various aspects on different levels in comparative analysis. The Yearbook provides insight into problematic of regulatory measures in investment law on global level same as from the EU prospective. Similarly, authors also analyze various aspects of the regulatory measures applied in the areas of financial markets and money laundering, market abuse, Common European Sales Law and Consumer Protection. Local practitioners from the region also share their views on the measures in foreign trade on the domestic level and the problems interconnected with such regulation in the region. The new volume of the Czech Yearbook of International Law - Regulatory Measures and Foreign Trade - 2013 brings useful resource for everyone who is dealing with international trade, be it an academic, practitioner, law or international relations student who seeks global compendium on the issue including an overlap to economic and politic aspects of the problematic.
Download or read book ESG and Responsible Institutional Investing Around the World A Critical Review written by Pedro Matos and published by CFA Institute Research Foundation. This book was released on 2020-05-29 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: This survey examines the vibrant academic literature on environmental, social, and governance (ESG) investing. While there is no consensus on the exact list of ESG issues, responsible investors increasingly assess stocks in their portfolios based on nonfinancial data on environmental impact (e.g., carbon emissions), social impact (e.g., employee satisfaction), and governance attributes (e.g., board structure). The objective is to reduce exposure to investments that pose greater ESG risks or to influence companies to become more sustainable. One active area of research at present involves assessing portfolio risk exposure to climate change. This literature review focuses on institutional investors, which have grown in importance such that they have now become the largest holders of shares in public companies globally. Historically, institutional investors tended to concentrate their ESG efforts mostly on corporate governance (the “G” in ESG). These efforts included seeking to eliminate provisions that restrict shareholder rights and enhance managerial power, such as staggered boards, supermajority rules, golden parachutes, and poison pills. Highlights from this section: · There is no consensus on the exact list of ESG issues and their materiality. · The ESG issue that gets the most attention from institutional investors is climate change, in particular their portfolio companies’ exposure to carbon risk and “stranded assets.” · Investors should be positioning themselves for increased regulation, with the regulatory agenda being more ambitious in the European Union than in the United States. Readers might come away from this survey skeptical about the potential for ESG investing to affect positive change. I prefer to characterize the current state of the literature as having a “healthy dose of skepticism,” with much more remaining to be explored. Here, I hope the reader comes away with a call to action. For the industry practitioner, I believe that the investment industry should strive to achieve positive societal goals. CFA Institute provides an exemplary case in its Future of Finance series (www.cfainstitute.org/research/future-finance). For the academic community, I suggest we ramp up research aimed at tackling some of the open questions around the pressing societal goals of ESG investing. I am optimistic that practitioners and academics will identify meaningful ways to better harness the power of global financial markets for addressing the pressing ESG issues facing our society.
Download or read book New Voices in Investment written by Laura Gómez-Mera and published by World Bank Publications. This book was released on 2014-12-03 with total page 115 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study analyzes the characteristics, motivations, strategies, and needs of FDI from emerging markets. It draws from a survey of investors and potential investors in Brazil, India, South Korea, and South Africa.
Download or read book The Oxford Handbook of the Political Economy of International Trade written by Lisa L. Martin and published by Oxford Handbooks. This book was released on 2015 with total page 577 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Oxford Handbook of the Political Economy of International Trade surveys the literature on the politics of international trade and highlights the most exciting recent scholarly developments. The Handbook is focused on work by political scientists that draws extensively on work in economics, but is distinctive in its applications and attention to political features; that is, it takes politics seriously. The Handbook's framework is organized in part along the traditional lines of domestic society-domestic institutions - international interaction, but elaborates this basic framework to showcase the most important new developments in our understanding of the political economy of trade. Within the field of international political economy, international trade has long been and continues to be one of the most vibrant areas of study. Drawing on models of economic interests and integrating them with political models of institutions and society, political scientists have made great strides in understanding the sources of trade policy preferences and outcomes. The 27 chapters in the Handbook include contributions from prominent scholars around the globe, and from multiple theoretical and methodological traditions. The Handbook considers the development of concepts and policies about international trade; the influence of individuals, firms, and societies; the role of domestic and international institutions; and the interaction of trade and other issues, such as monetary policy, environmental challenges, and human rights. Showcasing both established theories and findings and cutting-edge new research, the Handbook is a valuable reference for scholars of political economy.
Download or read book Golden Growth written by Indermit S. Gill and published by World Bank Publications. This book was released on 2012-04-25 with total page 515 pages. Available in PDF, EPUB and Kindle. Book excerpt: The public debt crisis in Europe has shaken the confidence not just in the Euro, but in the European model. Aging and uneconomical Europeans are being squeezed between innovative Americans and efficient Asians, it is said. With debt and demographics dragging down them down, one hears that European economies will not grow much unless radically new ways are discovered. The end of complacency in Europe is a good thing, but this loss of confidence could be dangerous. The danger is that in a rush to rejuvenate growth, the attractive attributes of the European development model could be abandoned along with the weak. In fact, the European growth model has many strong points and enviable accomplishments. One can say without exaggeration that Europe had invented a convergence machine , taking in poor countries and helping them become high income economies. World Bank research has identified 27 countries that have grown from middle-income to high income since 1987: a few thanks to the discovery and exploitation of massive natural resources (e.g.: oil in Oman and Trinidad and Tobago), several others like Japan, Hong Kong, Singapore, Taiwan, and South Korea, embracing aggressive export-led strategies which involved working and saving a lot, postponing political liberties, and looking out only for themselves. But half of the countries that have grown from middle income to high income Croatia, Cyprus, Czech Republic, Estonia, Greece, Hungary, Latvia, Malta, Poland, Portugal, Slovak Republic, and Slovenia are actually in Europe. This is why the European model was so attractive and unique, and why with some well designed efforts it ought to be made right again.
Download or read book The Shield of Nationality written by Rachel L. Wellhausen and published by Cambridge University Press. This book was released on 2016-04-28 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is extraordinary variation in how governments treat multinational corporations in emerging economies; in fact, governments around the world have nationalized or eaten away at the value of foreign-owned property in violation of international treaties. This even occurs in poor countries, where governments are expected to, at a minimum, respect the contracts they make with foreign firms lest foreign capital flee. In The Shield of Nationality, Rachel Wellhausen introduces foreign-firm nationality as a key determinant of firms' responses to government breaches of contract. Firms of the same nationality are likely to see a compatriot's broken contract as a forewarning of their own problems, leading them to take flight or fight. In contrast, firms of other nationalities are likely to meet the broken contract with apparent indifference. Evidence includes quantitative analysis and case studies that draw on field research in Ukraine, Moldova, and Romania.
Download or read book Firm Innovation and Productivity in Latin America and the Caribbean written by Inter-American Development Bank and published by Springer. This book was released on 2016-07-01 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume uses the study of firm dynamics to investigate the factors preventing faster productivity growth in Latin America and the Caribbean, pushing past the limits of traditional macroeconomic analyses. Each chapter is dedicated to an examination of a different factor affecting firm productivity - innovation, ICT usage, on-the-job-training, firm age, access to credit, and international linkages - highlighting the differences in firm characteristics, behaviors, and strategies. By showcasing this remarkable heterogeneity, this collection challenges regional policymakers to look beyond one-size-fits-all solutions and create balanced policy mixes tailored to distinct firm needs. This book is open access under a CC BY-NC-ND 3.0 IGO license.
Download or read book Alternative Investments A Primer for Investment Professionals written by Donald R. Chambers and published by CFA Institute Research Foundation. This book was released on 2018 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: Alternative Investments: A Primer for Investment Professionals provides an overview of alternative investments for institutional asset allocators and other overseers of portfolios containing both traditional and alternative assets. It is designed for those with substantial experience regarding traditional investments in stocks and bonds but limited familiarity regarding alternative assets, alternative strategies, and alternative portfolio management. The primer categorizes alternative assets into four groups: hedge funds, real assets, private equity, and structured products/derivatives. Real assets include vacant land, farmland, timber, infrastructure, intellectual property, commodities, and private real estate. For each group, the primer provides essential information about the characteristics, challenges, and purposes of these institutional-quality alternative assets in the context of a well-diversified institutional portfolio. Other topics addressed by this primer include tail risk, due diligence of the investment process and operations, measurement and management of risks and returns, setting return expectations, and portfolio construction. The primer concludes with a chapter on the case for investing in alternatives.
Download or read book Nation States and the Multinational Corporation written by Nathan M. Jensen and published by Princeton University Press. This book was released on 2008-01-21 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: What makes a country attractive to foreign investors? To what extent do conditions of governance and politics matter? This book provides the most systematic exploration to date of these crucial questions at the nexus of politics and economics. Using quantitative data and interviews with investment promotion agencies, investment location consultants, political risk insurers, and decision makers at multinational corporations, Nathan Jensen arrives at a surprising conclusion: Countries may be competing for international capital, but government fiscal policy--both taxation and spending--has little impact on multinationals' investment decisions. Although government policy has a limited ability to determine patterns of foreign direct investment (FDI) inflows, political institutions are central to explaining why some countries are more successful in attracting international capital. First, democratic institutions lower political risks for multinational corporations. Indeed, they lead to massive amounts of foreign direct investment. Second, politically federal institutions, in contrast to fiscally federal institutions, lower political risks for multinationals and allow host countries to attract higher levels of FDI inflows. Third, the International Monetary Fund, often cited as a catalyst for promoting foreign investment, actually deters multinationals from investment in countries under IMF programs. Even after controlling for the factors that lead countries to seek IMF support, IMF agreements are associated with much lower levels of FDI inflows.
Download or read book Financing Sustainable Development in Africa written by Uchenna R. Efobi and published by Springer. This book was released on 2018-05-15 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edited volume provides a critical evaluation of financing options for sustainable development in Africa. While sustainability has long been the watchword for development programs, and while many African countries have taken initiatives to develop integrated frameworks that tackle developmental challenges—including poverty, education, and health—financing has remained a challenge. In this book, an expert team of chapter authors examines new financing options while also exploring how traditional financing means, such as foreign aid and foreign direct investment, can be more effective for sustainability. The authors discuss how African nations can build adequate structures and productive capacity to create a platform that can meet present economic, social, and environmental needs without compromising the ability of future generations to meet their own needs. Practical case studies and scientific evidence give this book a unique approach that is both qualitative and quantitative. This book will be of interest to students, practitioners, and scholars of development studies, public policy and African economics.
Download or read book Cross Border Investing written by Julia Djarova and published by Springer Science & Business Media. This book was released on 2007-05-08 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cross-Border Investing: The Case of Central and Eastern Europe offers a view that reflects two main hypotheses: -You cannot understand foreign direct investment (FDI) trends and developments unless you understand the company's motives to invest, -You cannot understand a company's cross-border investment decision-making unless you understand what the investment area offers. This is the reason why this text builds up a relationship between the world of companies' decision-makers and that of the policy makers in the public sector. It does so by linking the business processes to the factors that together constitute the location profile of a country or a region. Based on more than 15 years of practical experience as well as research in the field of FDI, Dr Julia Djarova offers a Cross-Border Investment Model to describe the logic behind the decision-making process concerning foreign investments made by companies. The model is illustrated by a number of case studies of multinationals.
