Three Essays On Investments And International Trade
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Three Essays On Investments And International Trade
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Author : Hyo-Youn Chu
language : en
Publisher:
Release Date : 2012
Three Essays On Investments And International Trade written by Hyo-Youn Chu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
Abstract: My dissertation analyzes investment decisions made by firms.Chapter 1 develops a dynamic structural model of a single agent decision in order to analyze the effect of voluntary export restrains (VERs) on quality-upgrade and foreign direct investment (FDI) behavior. I estimate the model parameters using a variant of the two-step estimator developed by Bajari, Benkard and Levin (2007). Using panel data of Japanese firms in the U.S. automobile industry, both activities are found to have significant sunk costs, which introduces inter-temporal interactions in decisions. I simulate counterfactuals based on the estimation of the structural model. In the absence of the VERs, both quality-upgrade and the probability of undertaking FDI decrease. The second simulation examines the substitution effect between the two investment activities. The proposal to restrict FDI policy causes a dramatic increase in the level of quality-upgrade. Similarly, the proposal to restrict quality-upgrade policy results in an increase in the probability of FDI.Chapter 2 examines the trade-off of developing a brand facing a firm. Establishing the brand on the one hand reduces liquidity risk perceived by investors through effective marketing, but on the other hand increases market risk through incurring a substantial advertising expenditure to accumulate intangible assets. I estimate the model parameters using a new liquidity-augmented Capital Asset Pricing Model developed by Liu (2006). I find that as advertising expenditure increases, the brand lowers liquidity risk associated with perceived risk by consumers and investors, but increases market risk associated with asset-market structure.Chapter 3 presents a theoretical model of negligence and causation by a firm and examines the influence of the causation test on the level of the firm's investment for care under negligence. In this model, a firm's decision to take care reduces the likelihood of an accident only in the event that some nondeterministic intervention occurs. The effects of the causation test depend on the information available to the court, and the manner in which the test is implemented. The key effect of the causation test is to induce firms to take into account the distribution of the intervention probability as well as its expected value
Three Essays In International Trade And Investment
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Author : Ting Gao
language : en
Publisher:
Release Date : 1998
Three Essays In International Trade And Investment written by Ting Gao and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with categories.
Three Essays On The Political Economy Of Foreign Investments And International Business
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Author : Trung A.. Dang
language : en
Publisher:
Release Date : 2017
Three Essays On The Political Economy Of Foreign Investments And International Business written by Trung A.. Dang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Democracy categories.
"My dissertation consists of three essays on the political economy of foreign investments and international business. The first essay investigates the relationship between a country's level of democracy and its ability to attract foreign direct investment (FDI). According to a well-established finding in the literature, democratic countries can attract more FDI. However, I show that this positive association between democracy and FDI disappears once I control for a selection bias in which FDI tends to come from democratic countries in the first place. I then show that it is not democracy by itself but the level of political similarity between any two countries that affects their FDI flow. In other words, democracy does not attract FDI, political similarity does. The second essay looks into how well countries absorb foreign investments after they receive those investments. I find that FDI contributes less to economic growth in more democratic countries. This result survives a long series of robustness checks, and its substantive effect is considerably larger than those of several other factors that affect growth, including market size, trade openness, development level, and inflation. While the first two essays are empirical in nature and primarily deal with politics at the macro level (i.e., between countries), the third essay is a theoretical study ofthe strategic interaction between micro-level actors (i.e., firms, activist groups) and their governments. It is, to my knowledge, the first game-theoretic model of private politics - a relatively young field - that focuses on the international dimension. I find that activist campaigns in democratic and nondemocratic countries have different characteristics due to the nature of the competition between firms and activist groups. Counterintuitively, I find that even if governments have pure economic motives - i.e., they only care about gaining investments for their countries?there still does not exist a "race to the bottom" in equilibrium, as commonly expected. Finally, I propose a novel answer to the perennial question in political science of why there is so "little" lobbying money in politics, which differs from previous explanations in that mine is the first one that is based on a competition dynamic."--Pages vi-vii.
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 International Trade Competition And Trade
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Author : Tŏk-kŭn An
language : en
Publisher:
Release Date : 1996
Three Essays On International Trade Competition And Trade written by Tŏk-kŭn An and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with categories.
Three Essays In International Finance
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Author : Byong-Ju Lee
language : en
Publisher: Stanford University
Release Date : 2011
Three Essays In International Finance written by Byong-Ju Lee and has been published by Stanford University this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
This thesis consists of three essays on international finance. The first essay is "Exchange rates and Fundamentals". A new open interest rate parity condition that takes account of economic fundamentals is developed from stochastic discount factors (SDFs) of two countries. Through this parity condition, business cycles or fundamentals are linked to exchange rates. Key empirical findings from this parity condition are as follows. First, this model beats the random walk hypothesis: economic fundamentals explain exchange rate movements for high interest rate currencies. Exchange rates of low interest rate currencies act like a random walk because they are less correlated with fundamentals owing to their low risk. For example, U.S. business cycles explain the direction of changes in exchange rates against the dollar. The same thing is true for Japan. Second, this model resolves the forward premium puzzle: the forward premium puzzle is not a general characteristic as regarded in previous studies. It happens when the risk awareness of investors is low, during economic expansions and for low risk currencies. The second essay is "Carry Trade and Global Financial Instability". Carry trade, an opportunistic investment strategy that takes advantage of interest rate differential across countries, is identified the cause of the large-scale depreciations of peripheral currencies in the later half of 2008. A simultaneous equations model, which is derived from a conceptual partial equilibrium model for a local foreign exchange market, is estimated from a cross-sectional sample. The results suggest that the larger appreciation of the yen than the dollar was brought about by a lack of the local supply of the yen rather than a more severe crunch of yen credits. The third essay is "The Economic Origin of Letters of Credit". This essay discusses the economic origin of letters of credit, an instrument widely used in international trade. A game theoretical analysis shows that letters of credit improve efficiency in trade settlements, increasing returns in trade. A few notable facts on letters of credit are discussed. First, the new institution is adopted by merchant banks to maximize their profits and in the process, an improvement in efficiency of international transactions is obtained. Second, the organization established by the legacy institution, bills of exchange, played a critical role in adopting the new institution. Third, the legal enforcement is not essential in this economic institution. Finally, two drivers are identified that improve efficiency of transactions: concentration and projection.
Three Essays On Flows
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Author :
language : en
Publisher:
Release Date : 2000
Three Essays On Flows written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with categories.
Three Essays On Foreign Direct Investment And Economic Growth In Developing Countries
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Author : Nitesh Saha
language : en
Publisher:
Release Date : 2005
Three Essays On Foreign Direct Investment And Economic Growth In Developing Countries written by Nitesh Saha and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Economic development categories.
Three Essays On International Trade And Productivity
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Author : Siwook Lee
language : en
Publisher:
Release Date : 2005
Three Essays On International Trade And Productivity written by Siwook Lee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
Three Essays On Institutions And International Economic Relations
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Author : Max Büge
language : en
Publisher:
Release Date : 2012
Three Essays On Institutions And International Economic Relations written by Max Büge and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
The objective of this PhD thesis is to to empirically assess the impact of different institutional frameworks on cross-border trade and direct investment. The thesis consists of three substantive essays. In the first essay, I analyze the repercussions of institutional uncertainty on international trade. The results imply that institutional uncertainty has a significant and robust negative impact on trade volumes. The second and the third chapters of the thesis focus on particular types of contracts among sovereign nations that govern their economic relations: preferential trade agreements and bilateral investment treaties. The objective of the second essay is to test the hypothesis that a preferential trade agreements increases the bilateral investment of its members and I find a strong and robust effect (for developed and developing countries alike). Based on the results of the second chapter, I test in a third essay whether a bilateral investment treaty between a developing and a developed country influences the partners’ trade flows, but the empirical effect of bilateral investment treaties on trade collapses once strict exogeneity is accounted for.