Showing 1 - 10 of 90
This paper investigates a hitherto unexplored rationale for firms to enter into joint ventures. We model risky projects with autocorrelated productivity shocks as creating an option value of investing over time so that later investments benefit from the information revealed by the realization of...
Persistent link: https://www.econbiz.de/10008468544
The majority of enterprises in China are controlled by local governments at the provincial, city, county, township and … lower-level governments of townships and villages in China. …
Persistent link: https://www.econbiz.de/10005124311
This Paper empirically investigates two important determinants of international activity through wholly owned operations, joint-ventures and licensing, namely country risk and IPRs protection. Using a comprehensive database on investments in chemical plants during the period 1981-96, we show...
Persistent link: https://www.econbiz.de/10005504443
We find that in a sample of emerging economies business cycles are more volatile than in developed ones, real interest rates are countercyclical and lead the cycle, consumption is more volatile than output and net exports are strongly countercyclical. We present a model of a small open economy,...
Persistent link: https://www.econbiz.de/10005656244
Using the 2007-2009 financial crisis as a laboratory, we analyze the transmission of crises to country-industry equity portfolios in 55 countries. We use an asset pricing framework with global and local factors to predict crisis returns, defining unexplained increases in factor loadings as...
Persistent link: https://www.econbiz.de/10009148883
Product development within and across community-based and geographically dispersed virtual organizations is becoming an increasingly important mechanism through which individual knowledge holders create and disseminate knowledge in joint efforts to generate products. Without the benefits of...
Persistent link: https://www.econbiz.de/10011083814
pooling--based on a census-type primary household survey in three natural villages in rural China and on detailed household …
Persistent link: https://www.econbiz.de/10011084405
In our model, workers are embedded within a network of social relationships and can communicate through word-of-mouth. They can find a job either through formal agencies or through informal networks of contacts (word-of-mouth communication). From this micro scenario, we derive an aggregate...
Persistent link: https://www.econbiz.de/10005789195
private sector in urban China. We show that a reform that untied access to housing in urban areas from working for the state …
Persistent link: https://www.econbiz.de/10011084427
The paper discusses the institutional arrangements of a multilateral payments union for the Commonwealth of Independent States. It starts with an analysis of the risks of a non-cooperative solution, which would lead to serious liquidity and solvency problems and thus curtail inter-republican...
Persistent link: https://www.econbiz.de/10005661562