Using a fixed-effects panel data approach, FDI flows of 22 OECD countriesare explained by gravity equations over the period 1991-2001. It isdistinguished between all available observations, Intra-EU25 observationsonly, and observations not belonging to the EU25 area in order to controlfor...

This thesis considers a dynamic panel data model with error components that are correlated both spatially (cross-sectionally) and time-wise. The model extends the literature on dynamic panel data models with cross-sectionally independent error components. The model for spatial dependence is a...

The end of the 1990’s saw a number of foreign automobile manufacturers become the largest shareholders in several Japanese automobile manufacturers. It seems logical to conclude that a firm only enters into a partial ownership arrangement (POA) if it is profit maximizing. However, research to...