Three Essays On Firms In International Markets
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Three Essays On Firms In International Markets
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Author : Irene Iodice
language : en
Publisher:
Release Date :
Three Essays On Firms In International Markets written by Irene Iodice and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Three Essays On International Trade And Multinational Firms
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Author : Nathaniel P. S. Cook
language : en
Publisher:
Release Date : 2007
Three Essays On International Trade And Multinational Firms written by Nathaniel P. S. Cook and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Commercial treaties categories.
Three Essays On Trade And Mode Of Supply
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Author : Pamela Bombarda
language : en
Publisher:
Release Date : 2011
Three Essays On Trade And Mode Of Supply written by Pamela Bombarda and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
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 On Empirical Asset Pricing In International Equity Markets
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Author : Birgit Charlotte Müller
language : de
Publisher: Springer Gabler
Release Date : 2021-08-20
Three Essays On Empirical Asset Pricing In International Equity Markets written by Birgit Charlotte Müller and has been published by Springer Gabler this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-08-20 with Business & Economics categories.
In this Open-Access-book three essays on empirical asset pricing in international equity markets are presented. Despite being of fundamental economic and scientific importance, international financial markets have remained considerably underresearched until today. In the first essay, the role of firm-specific characteristics is analyzed for the momentum effect to exist in international equity markets. The second essay investigates the validity, persistence, and robustness of the newly discovered capital share growth factor across international equity markets as proposed by Lettau et al. (2019) for the U.S. market. Lastly, the third and final essay studies stock market reactions of European vendor banks to distressed loan sale announcements.
Three Essays On Firms And International Institutions
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Author : Calvin Thrall
language : en
Publisher:
Release Date : 2022
Three Essays On Firms And International Institutions written by Calvin Thrall and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
A long-underappreciated fact in the field of international political economy is that, while states are the actors who create international political institutions, it is often nonstate actors—particularly firms—who are most directly affected by them. As firms' operations have become increasingly global over the course of the last five decades, international institutions such as economic treaties have become increasingly important for firms' bottom lines. Theorizing from the corporate perspective, this project details three strategies by which firms influence and engage with international institutions: first, by lobbying for the creation of favorable institutions; second, by shifting their legal forms in order to gain access to new institutions; and third, by cooperating with international institutions to govern their own operations (when it is profitable to do so). In the first essay, I study the role of multinational firms in the development of international institutions. Over the course of the 20th century, states have developed large networks of bilateral or small-group economic treaties in several issue areas. These treaties, which are important tools of foreign economic policy, redistribute the gains and losses of globalization. Why do states sign treaties with some partners and not others? Motivated by the observation that the same pairs of states tend to sign multiple treaties within a short time period, I develop a theory of treaty regime coevolution that centers corporate demand for treaties. Firms expand into new foreign markets in search of profit, paying fixed costs to do so. However, once the initial cost is paid, these firms become the primary beneficiaries of any future treaty between home and host states. Incumbent firms therefore have incentive to lobby home state legislators and diplomats in favor of signing treaties with their host states, across several issue areas. Strong private sector demand can lead to the formation of multiple types of treaties between pairs of states, creating firm-driven interdependence across treaty networks. Using quantitative and qualitative data—including novel data from the USSR, declassified diplomatic cables, and elite interviews—I find support for my theory. The results have implications for the decline of multilateralism in foreign policy, and suggest new avenues for studying the effects of treaties. In the second essay, I study a case in which overlap between international institutions generated opportunites for corporate arbitrage. Multinational firms frequently route their foreign investments through intermediate shell companies. Increasingly, firms engage in proxy arbitration, using these shell companies to access other states' bilateral investment treaties and file investor-state disputes against their host states. I argue that proxy arbitration is actually a spillover effect of corporate tax avoidance. Firms invest abroad through intermediate shell companies to access the bilateral tax treaty network, reducing their withholding taxes. Because the tax and investment treaty networks overlap extensively, these "tax-planning" firms often gain investment treaty coverage as a side benefit, enabling them to file proxy arbitration in the event of a dispute. Using novel, fine-grained data on the ownership structures of multinational firms, I find evidence in support of the spillover effects theory. The results suggest that understanding the true effects of global governance institutions requires attention to how firms strategically change their legal forms to access or avoid them. Finally, in the third essay, I ask whether or not firms can cooperate with international institutions in a way that produces normatively positive outcomes. Multinational firms operate in multiple national jurisdictions, making them difficult for any one government to regulate. For this reason much of the regulation of multinational firms is done by the firms themselves, increasingly in conjunction with international organizations by way of public-private governance initiatives. Prior research has claimed that such initiatives are too weak to meaningfully change firms' behavior. Can public-private governance initiatives help firms self-regulate, even if they lack strong monitoring or enforcement mechanisms? I take two steps towards answering this question. First, I introduce a new measure of firms' performance on ESG (environmental, social, and governance) issues: the extent to which the firms issue public responses to claims of misconduct from civil society actors. Second, I argue that public-private governance initiatives allow firms to benefit from the legitimacy of their public partners, lowering the reputational cost of transparent response. Employing novel data on firm responses to human rights allegations from the Business and Human Rights Resource Center, I find that membership in the largest and most prominent initiative, the United Nations Global Compact, significantly increases firms' propensity to respond transparently to stakeholder allegations. These results suggest a limited but important role for public-private initiatives in global governance
Three Essays In International Trade
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Author : Leo Karasik
language : en
Publisher:
Release Date : 2014
Three Essays In International Trade written by Leo Karasik 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.
Three Essays On Oligopolistic Competition Product Differentiation And International Trade
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Author : Fayçal Régis Sinaceur
language : en
Publisher:
Release Date : 1999
Three Essays On Oligopolistic Competition Product Differentiation And International Trade written by Fayçal Régis Sinaceur and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Competition, International categories.
This Thesis presents three essays in the area of strategic trade theory and policy. The first essay presents an analysis of trade and welfare between countries with asymmetric conditions. A two-period two-country address model of product differentiation is examined in which firms face an initial period of autarky. Trade takes place in the subsequent period and firms fully anticipate switches in trade regimes. Results suggest that historical (domestic) conditions matter a lot on the international market place. Firms that come from countries with a larger market tend to develop longer product lines, which puts that country in a dominant position in international competition. The model is also used to analyse gains/losses from trade in relation to country size. The second essay investigates the differential effects of specific and ad-valorem tariffs on quality, price and welfare in an oligopolistic industry consisting of foreign and domestic firms. These effects are shown to depend on the location of the home and foreign firms in the quality spectrum. Both tariffs are ranked and conditions for either tariff to be welfare superior are derived. Finally, the third essay presents an analysis of trade policy with endogenous market structure. A "third market model" is specified. Using a simple framework in which industry structure is derived endogenously as the outcome of product line decisions by firms, we show that governments have an incentive to affect the equilibrium product composition by setting non-zero subsidy rates in order to maximize domestic welfare. Subsidies may be uniform or non-uniform across goods and the optimal policy exhibits strong discontinuities as domestic welfare maximization implies a switch of regimes.
Three Essays In International Economics
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Author : Irina Balteanu
language : en
Publisher:
Release Date : 2009
Three Essays In International Economics written by Irina Balteanu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with International economic relations categories.
Multinationals And Trade
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Author : Theresa Tracey Helen Carpenter
language : en
Publisher:
Release Date : 2006
Multinationals And Trade written by Theresa Tracey Helen Carpenter and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
This thesis contributes to the theoretical literature on multinational corporations. Theory posits foreign direct investment as an alternative to trade in goods: exporting firms benefit from scale economies, whereas firms supplying foreign markets via FDI benefit from proximity to markets. Yet empirical evidence shows FDI and trade to be positively related. This thesis introduces trade in intermediate goods into a standard model, to create a framework in which FDI and trade can be complementary. The model developed fits with the observation that a third of trade takes place within firms. The second part introduces firm-level heterogeneity into the basic proximity-versus-scale framework. The model allows investigation of the patterns of trade and the investment allowing simultaneously for difference among firms within a since sector. This firm-level size heterogeneity is a critical element of reality since in fact most multinationals are very large firms and most large firms are multinationals.