Innovation And Corporate Cash Holdings In The Era Of Globalization
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Innovation And Corporate Cash Holdings In The Era Of Globalization
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Author : Konrad Adler
language : en
Publisher: International Monetary Fund
Release Date : 2019-01-18
Innovation And Corporate Cash Holdings In The Era Of Globalization written by Konrad Adler and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-01-18 with Business & Economics categories.
We document a broad-based trend in rising cash holdings of firms across major industrialized countries over the last two decades, a trend that is most pronounced for firms engaged strongly in R&D activities. Our contributions to the literature are twofold. First, we develop a simple model that brings together the insights from modern trade theory (Melitz, 2003) with those of contract theory in corporate finance (Holmström and Tirole, 1998) to show that increased openness to trade can result in rising returns to innovation and in turn greater demand for cash as firms insure against innovation-induced liquidity risk. Second, we derive sharp empirical predictions and find supporting evidence for them using firm-level data across major G7 countries during 1995-2014, a period that saw an unprecedented rise in globalization and business innovation.
The Rise In Corporate Saving And Cash Holding In Advanced Economies Aggregate And Firm Level Trends
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Author : Mai Chi Dao
language : en
Publisher: International Monetary Fund
Release Date : 2018-12-07
The Rise In Corporate Saving And Cash Holding In Advanced Economies Aggregate And Firm Level Trends written by Mai Chi Dao and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-12-07 with Business & Economics categories.
Using cross-country national accounts and firm-level data, we document a broad-based trend in rising gross saving and net lending of non-financial corporates across major industrialized countries over the last two decades, though most pronounced in countries with persistent current account surpluses. We find that this trend holds consistently across major industries, and is concentrated among large firms, driven by rising profitability, lower financing costs, and reduced tax rates. At the same time, higher gross corporate saving have not supported a commensurate increase in fixed capital investment, but instead led to a build-up of liquid financial assets (cash). The determinants of corporate cash holding and saving are also broad-based across countries, with the growth in assets of large firms, R&D intensity, and lower effective tax rates accounting for most of the increase over the last 15 years.
Non Financial Corporate Debt In Advanced Economies 2010 17
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Author : Luiza Antoun de Almeida
language : en
Publisher: International Monetary Fund
Release Date : 2020-07-03
Non Financial Corporate Debt In Advanced Economies 2010 17 written by Luiza Antoun de Almeida and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-07-03 with Business & Economics categories.
This paper studies the evolution of non-financial corporate debt among publicly listed companies in major advanced economies between 2010 and 2017. Since 2010, firms have started to rely more on corporate bond markets and have used part of their debt to increase their holdings of cash. In our sample of some 5,000 firms, we find substantial differences across countries, industries, firms, and years in leverage and debt maturity, and we also identify time factors that are common drivers of capital structures. Within countries, loosening an index of financial conditions seems to be associated with lengthening debt maturity after controlling for firms’ characteristics. Across firms and countries, leveraging and lengthening debt maturity have been greater where economic growth was stronger. Tighter financial conditions are positively associated with an increase in short-term debt financing. Quantile regressions suggest that there is substantial heterogeneity among firms on how they react to macro-financial conditions: large increases in long-term debt financing and large declines in short-term debt financing tend to be driven more by better macroeconomic performance, while large increases in short-term debt financing are more strongly impacted by tighter financial conditions. Since the paper uses data up to 2017, it does not reflect developments that occurred during the coronavirus pandemic. Nonetheless, sensitivity analysis shows that a significant amount of corporate debt, representing more than 5 percent of GDP, could be at risk in some countries, with an adverse spillover to the financial system if financial conditions tighten or economic growth slows down. This suggests that vulnerabilities should be closely monitored and policy action taken if warranted.
The Fourth Industrial Revolution
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Author : Klaus Schwab
language : en
Publisher: Penguin UK
Release Date : 2017-01-03
The Fourth Industrial Revolution written by Klaus Schwab and has been published by Penguin UK this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-01-03 with Business & Economics categories.
The founder and executive chairman of the World Economic Forum on how the impending technological revolution will change our lives We are on the brink of the Fourth Industrial Revolution. And this one will be unlike any other in human history. Characterized by new technologies fusing the physical, digital and biological worlds, the Fourth Industrial Revolution will impact all disciplines, economies and industries - and it will do so at an unprecedented rate. World Economic Forum data predicts that by 2025 we will see: commercial use of nanomaterials 200 times stronger than steel and a million times thinner than human hair; the first transplant of a 3D-printed liver; 10% of all cars on US roads being driverless; and much more besides. In The Fourth Industrial Revolution, Schwab outlines the key technologies driving this revolution, discusses the major impacts on governments, businesses, civil society and individuals, and offers bold ideas for what can be done to shape a better future for all.
Globalization And Poverty
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Author : Ann Harrison
language : en
Publisher: University of Chicago Press
Release Date : 2007-11-01
Globalization And Poverty written by Ann Harrison and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-11-01 with Business & Economics categories.
Over the past two decades, the percentage of the world’s population living on less than a dollar a day has been cut in half. How much of that improvement is because of—or in spite of—globalization? While anti-globalization activists mount loud critiques and the media report breathlessly on globalization’s perils and promises, economists have largely remained silent, in part because of an entrenched institutional divide between those who study poverty and those who study trade and finance. Globalization and Poverty bridges that gap, bringing together experts on both international trade and poverty to provide a detailed view of the effects of globalization on the poor in developing nations, answering such questions as: Do lower import tariffs improve the lives of the poor? Has increased financial integration led to more or less poverty? How have the poor fared during various currency crises? Does food aid hurt or help the poor? Poverty, the contributors show here, has been used as a popular and convenient catchphrase by parties on both sides of the globalization debate to further their respective arguments. Globalization and Poverty provides the more nuanced understanding necessary to move that debate beyond the slogans.
Policy Uncertainty In Japan
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Author : Ms.Elif C Arbatli
language : en
Publisher: International Monetary Fund
Release Date : 2017-05-30
Policy Uncertainty In Japan written by Ms.Elif C Arbatli and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-05-30 with Business & Economics categories.
We develop new economic policy uncertainty (EPU) indices for Japan from January 1987 onwards building on the approach of Baker, Bloom and Davis (2016). Each index reflects the frequency of newspaper articles that contain certain terms pertaining to the economy, policy matters and uncertainty. Our overall EPU index co-varies positively with implied volatilities for Japanese equities, exchange rates and interest rates and with a survey-based measure of political uncertainty. The EPU index rises around contested national elections and major leadership transitions in Japan, during the Asian Financial Crisis and in reaction to the Lehman Brothers failure, U.S. debt downgrade in 2011, Brexit referendum, and Japan’s recent decision to defer a consumption tax hike. Our uncertainty indices for fiscal, monetary, trade and exchange rate policy co-vary positively but also display distinct dynamics. VAR models imply that upward EPU innovations foreshadow deteriorations in Japan’s macroeconomic performance, as reflected by impulse response functions for investment, employment and output. Our study adds to evidence that credible policy plans and strong policy frameworks can favorably influence macroeconomic performance by, in part, reducing policy uncertainty.
Financial And Trade Globalization Greener Technologies And Energy Transition
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Author : Magdalena Radulescu
language : en
Publisher: Frontiers Media SA
Release Date : 2023-02-09
Financial And Trade Globalization Greener Technologies And Energy Transition written by Magdalena Radulescu and has been published by Frontiers Media SA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-02-09 with Science categories.
The Multiple Dimensions Of Institutional Complexity In International Business Research
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Author : Alain Verbeke
language : en
Publisher: Emerald Group Publishing
Release Date : 2021-03-04
The Multiple Dimensions Of Institutional Complexity In International Business Research written by Alain Verbeke and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-04 with Business & Economics categories.
This volume provides a fresh overview of many novel international business research challenges as they pertain to salient institutional dimensions with a locational component, with a focus on the ‘new normal’.
Handbook Of Production Economics
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Author : Subhash C. Ray
language : en
Publisher: Springer Nature
Release Date : 2022-06-02
Handbook Of Production Economics written by Subhash C. Ray and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-06-02 with Business & Economics categories.
This three-volume handbook includes state-of-the-art surveys in different areas of neoclassical production economics. Volumes 1 and 2 cover theoretical and methodological issues only. Volume 3 includes surveys of empirical applications in different areas like manufacturing, agriculture, banking, energy and environment, and so forth.
Globalization And International Investment
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Author : Fiona Beveridge
language : en
Publisher: Taylor & Francis
Release Date : 2017-07-05
Globalization And International Investment written by Fiona Beveridge and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-05 with Law categories.
This volume brings together a broad range of articles on international law and foreign investment which together provide a contemporary overview of the diverse range of issues and perspectives which continue to exercise policy-makers and scholars alike. Central to this collection is the tension between market-oriented reforms on the one hand, raising issues of market access and protection of investors, and corporate social responsibility discourses on the other, raising concerns about environmental protection and respect for human and labour rights. Regional perspectives on these issues reveal differing priorities and approaches.