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evidence on the bonding, segmentation, and market timing theories of internationalization. Using new data on 9,096 firms across … 74 countries over the period 1989-2000, we find that Tobin's "q" does not rise after internationalization, even relative … to firms that do not internationalize. Instead, "q" rises significantly one year before internationalization and during …
Persistent link: https://www.econbiz.de/10010522397
/rental ratios the world round between 1870 and 1940. The data offer a useful way to identify the impact of globalization on the pre …
Persistent link: https://www.econbiz.de/10012470966
Some world historians attach globalization big bang' significance to 1492 (Christopher Colombus stumbles on the … important events in recorded history. Other world historians insist that globalization stretches back even earlier. There is a … integration of markets between trading economies (e.g., the central manifestation of globalization, commodity price convergence …
Persistent link: https://www.econbiz.de/10012471135
This paper examines the effect of reduced transaction costs in the international trading of assets on the ability of governments to issue debt. We examine a model in which governments care about the welfare of their citizens, and thus are more inclined to default if a large proportion of their...
Persistent link: https://www.econbiz.de/10012471194
This paper analyzes the effects of the legal rules governing transnational bankruptcies. We compare a regime of territoriality' -- in which assets are adjudicated by the jurisdiction in which they are located at the time of the bankruptcy -- with a regime of universality are adjudicated in a...
Persistent link: https://www.econbiz.de/10012471197
To what extent must nations cede control over their economic and social policies if global efficiency is to be achieved in an interdependent world? This question is at the center of the debate over the future role of GATT (and its successor, the WTO) in the realm of labor and environmental...
Persistent link: https://www.econbiz.de/10012471491
This paper pursues the comparison of economic integration today and pre 1914 for trade as well as finance, primarily for the United States but also with reference to the wider world. We establish the outlines of international integration a century ago and analyze the institutional and...
Persistent link: https://www.econbiz.de/10012471593
This paper argues that the globalization of securities markets may promote contagion among investors by weakening …
Persistent link: https://www.econbiz.de/10012471634
This paper uses a new pre-1940 Third World data base documenting real wages and relative factor prices to explore their determinants. There are three possibilities: external price shocks, factor endowment changes, and technological change. As the paper's title suggests, technological change is...
Persistent link: https://www.econbiz.de/10012471648
Conventional wisdom has it that global financial markets were as well integrated in the 1890s as in the 1990s, but that it took several post-war decades to regenerate the connections that existed before 1914. This view has emerged from a variety of tests for world financial capital market...
Persistent link: https://www.econbiz.de/10012471649