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Three Essays On Firms And International Institutions

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Three Essays On Firm Productivity In Industrial Organization And International Trade

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Author : Hongsong Zhang
language : en
Publisher:
Release Date : 2013

Three Essays On Firm Productivity In Industrial Organization And International Trade written by Hongsong Zhang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.

Three Essays On Firm Organization And Trade

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Author : Grigorios Spanos
language : en
Publisher:
Release Date : 2014

Three Essays On Firm Organization And Trade written by Grigorios Spanos and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.

Business And State In The Developing World

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Author : Stanislav Markus
language : en
Publisher:
Release Date : 2008

Business And State In The Developing World written by Stanislav Markus and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.

How do property rights become secure? Rather than emphasizing the state, the third essay investigates the role of firms to address these fundamental issues of political economy. The literature proceeds from the assumption of a strong and rational sovereign, yet most states in the developing world lack long time horizons and institutionally capacity. In this context, I argue that firms can enforce their property rights through alliances with stakeholders such as foreign actors, community residents, labor, and other firms. These stakeholders can impose costs on the potential aggressors through diverse mechanisms. Empirically, case studies and an original large-N survey of 516 firms in Russia and Ukraine are used to test the hypothesis that stakeholder alliances have significant deterrence capacity.

Three Essays On Corporate Finance And Financial Institutions

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Author : Yan Wang
language : en
Publisher:
Release Date : 2014

Three Essays On Corporate Finance And Financial Institutions written by Yan Wang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.

"This dissertation consists of three essays. The first essay provides a systematic way to distinguish informed institutional trades from uninformed ones based on the relation between institutional trades and sequential public information. By studying actively managed U.S. institutions from 1994 to 2010, I show that institutional trades initiated by managers responding proactively to upcoming informational signals strongly predict future stock returns. A hedging portfolio based on these trades generates an average risk-adjusted abnormal return of approximately 3% per quarter. The predictability is more pronounced for stocks with higher information asymmetry, such as those of firms with high volatility and young age. I also find that the most informed institutional traders are likely to have short-term investment horizon, large block holdings, high industry portfolio concentrations, as well as reside in financial centers. My results indicate that the informedness of certain institutional investor groups is substantially reduced after Regulation FD. The second essay examines the product market impact of minority stake acquisitions. We show that partial equity ownership between rival firms has a significant impact on industry competition. Industry-level tests indicate that acquisitions of a minority stake in competing firms' equity are followed by higher output prices and higher price-cost margins, particularly in industries with high barriers to entry. Stock-price reactions of non-participating competitors of the acquirer and target are positive while announcement returns of customer firms are negative. Moreover, the positive (negative) stock-price reaction of competitors (customers) is more pronounced when the acquirer and target are larger firms with greater market share. These results indicate that equity ownership of rival firms dampens competition in an industry.The third essay examines whether foreign firms by listing on or delisting from regular U.S. stock exchanges affect their U.S. counterparts. We find that they do - negatively for listings and positively for delistings, - and the impact is especially profound for the listing events. The U.S. counterparts of foreign firms belonging to the same industry experience severe underperformance in the short- and long-run across a variety of financial and accounting performance metrics, such as firm returns as well as growth in sales, profits, total assets, and capital expenditures. For example, the average 60-day cumulative abnormal return of U.S. firms around the foreign listing date is negative 2%, while the 36-month post-listing return is negative 4.3%. This result is present among listings with and without U.S. equity issuance. In addition, incumbent U.S. firms experience changes in their financing policies and a reduction in analyst coverage following listings of competing foreign firms in the U.S. Our findings therefore highlight an important role of international markets in influencing U.S. firms and markets. " --

Three Essays In International Economics

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Author : Hannah Claire Gabriel
language : en
Publisher:
Release Date : 2020

Three Essays In International Economics written by Hannah Claire Gabriel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with Electronic dissertations categories.

Chapter 1: This paper contributes to a growing literature on the effects of credit constraints on international trade, and an existing body of literature on the exporting advantage of multinational firms. Using 2013 data from Estonian and Hungarian exporting firms, I find that traditional measures of credit constraints (cash flows, debt to sales ratio, and tangible asset share) have a significant negative effect on the intensive margin of international trade, and being a multinational affiliate has a positive effect on trade. Multinational affiliates export nearly twice as much as domestic firms. I find no strong evidence that multinational affiliates are less credit constrained than domestic firms conditional on firms already exporting. Therefore, any differences between the two types of firms appear on the extensive margin of trade or in domestic activities. Estonia and Hungary are relatively recent EU members that experienced an influx of foreign investment during their transition periods in the 1990s. Therefore, these results provide useful information for studying the long-term benefits of EU accession and foreign investment in transition economies.Chapter 2: This paper analyzes the impact of multinational banking and multinational ownership on the performance of exporting Central European firms. Using a panel of Hungarian, Croatian, and Estonian exporters, I find that controlling for a firm's borrowing behavior leads to a 12.5% reduction in the coefficient on multinational status. Such a non-trivial amount indicates that the "multinational advantage" in export revenue falls from 122% to 102%. This outcome is strongest for Hungarian firms and weakest for Croatian firms, indicating a long-run benefit to increases in foreign banking among recent EU members. Additionally, I find that the Hungarian government's effort to increase domestic banking presence by purchasing two major multinational banks, MKB and Budapest Bank, led to a $270,000 decrease in loans among domestically owned exporters. However, this purchase had no effect on the loans of multinational affiliates. These results provide evidence that multinational affiliates are better able to smooth their borrowing behavior in the presence of a tumultuous banking sector, and that the firms most affected by anti-global banking policies are smaller, locally owned firms. Chapter 3: In 2014, the Austrian bank Hypo Group Alpe Adria went bankrupt and was purchased and rebranded as Addiko bank. The bank was purchased by the American banking group Advent International, and the European Bank for Reconstruction and Development (EBRD), an international organization that serves as an investment bank in former transition economies. Their primary goal is to assist European transition countries in establishing or enriching a market-based economy. In this paper, I explore how this "bailout" of Addiko Bank by an international organization affected exporting firms in Croatia. Specifically, I investigate whether there was a positive effect on firm performance, therefore justifying the need for intervention by an international financial institution. I find that the turnover of Addiko bank led to a $260,000 decrease in loans taken out by firms. However, this effect seems to occur immediately after the turnover, and vanishes over time. Additionally, I find no effect on the export revenue, and total revenue of firms, and a small increase in the domestic revenue amongst the firms. These results indicate that after an initial period of turmoil, the intervention by EBRD and Advent International had no lasting negative (and perhaps slightly positive) effects on firm outcomes.

Three Essays On Emerging Market Business Groups

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Author : Zhixiang Liang
language : en
Publisher:
Release Date : 2020

Three Essays On Emerging Market Business Groups written by Zhixiang Liang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.

Much of the literature on emerging market Business Group (henceforth BG) views the subject in a monochrome 'paragons or parasites' dichotomy. In these divergent perspectives, BGs have either a positive or negative effect on economic and institutional development. In the paragon view, BGs emerge as an organizing mechanism to address weak institutions by internalizing market transactions. However, with the development of market-supporting institutions, BGs become less efficient and theory predicts their dissolution and replacement with independent freestanding firms. In the parasite view, BGs emerge but develop strong economic and political power, which are used to block the development of market supporting institutions and support their entrenchment in a stagnant domestic economy, consistent with a middle-income trap.The overarching goal of this thesis is to address this dichotomous paradigm and investigate why neither perspective adequately explains the phenomenon of long-lived and efficient BGs. In some economies, BGs emerge, persist, and exhibit increasing efficiency and international competitiveness accompanied by continuing institutional development. More specifically, this thesis aims to offer more nuanced understanding between BGs and their institutional context to understand their resilience during market transitions. The dissertation addresses its theme with three related essays. The first investigates the fundamental source of the emergence and persistence of BG in a shifting institutional environment. Empirical results show that several complementary bundles of management practice differentiate BG affiliates and independent firms in the early phase of development but become less prominent at later stages. The second essay considers the export performance of BG affiliates through organizational capability lens to distinguish between market and nonmarket capabilities. This paper finds support for the hypothesis that BGs utilized superior nonmarket capabilities on enhancing their export performance and suppressing other's internationalization, but these advantages would be mitigated in a jurisdiction with better political and social support. The third essay complements process theories of emerging market BGs internationalization by considering the structural conditions for successful early-stage internationalization. We propose that international political economy origins have long-lasting path-dependent effects on BG strategy and structure and find strong evidence that BG affiliates in Latin America are less likely to export than are those in Asia. The overall implication of the thesis is to present a vibrant picture of BGs in their institutional context. Empirically, this thesis is among the first few to perform empirical research with firm-level microdata BG, collected from the World Bank Enterprise Surveys. The large multi-country dataset allows for a comparative analysis of the issues, while most BG research focuses on single country settings. This thesis contributes a cross-country study using a BG standard definition, thereby adding to a comparative understanding of BG persistence. This thesis also adds to the literature by identifying explicitly non-financial consequences of group affiliation. To sum up, this thesis offers insights for future research on the broader spectrum regarding institutional spheres where BGs associated with and its either positive or negative inter-connections.