Finance and Financial Management Commons^™

Third Party Access And Refusal To Deal In European Energy Networks: How Sector Regulation And Competition Law Meet Each Other, Michael Diathesopoulos

Michael Diathesopoulos

In this paper, we will analyse the issue of concurrence between competition and sector rules and the relation between parallel concepts within the two different legal frameworks. We will firstly examine Third Party Access in relation to essential facilities doctrine and refusal of access and we will identify the common points and objectives of these concepts and the extent to which they provide a context to each other’s implementation. Second, we will focus on how Commission uses sector regulation and objectives as a context within the process of implementation of competition law in the energy sector and third, we will …

The Effect Of Taxes On Multinational Debt Location, Matteo Arena, Andrew Roper

Matteo P. Arena

We provide new evidence that differences in international tax rates and tax regimes affect multinational firms' debt location decisions. Our sample contains 8287 debt issues from 2437 firms headquartered in 23 different countries with debt-issuing subsidiaries in 59 countries. We analyze firms' marginal decisions of where to issue debt to investigate the influence of a comprehensive set of tax-related effects, including differences in personal and corporate tax rates, tax credit and exemption systems, and bi-lateral cross-country withholding taxes on interest and dividend payments. Our results show that differences in personal and corporate tax rates, the presence of dividend imputation or …

Maintenance Of Latvian Business Language, Culture, And Community Through Heritage Tourism And The Internet, Gundars Kaupins, Nina M. Ray, Andris Berzins

Nina M. Ray

No abstract provided.

Emphasizing Foreign Language Use To International Marketing Students: A Situational Exercise That Mimics Real-World Challenges, Tracy L. Melin, Nina M. Ray

Nina M. Ray

An international marketing exercise consists of students orally providing an introduction in a chosen foreign language of what they, as potential salespeople, might say to a client in that country. Students speak (not read) their prepared statements to the class and are leniently, yet constructively, evaluated on language use and pronunciation and marketing credibility. The objective is to emulate a real business situation and to show students the challenges of working with different languages and cultures in international marketing and the imperfections of direct translation. Results of a student survey showed that a majority of students believed the exercise to …

Basque Studies: Commerce, Heritage, And A Language Less Commonly Taught, But Whole-Heartedly Celebrated, Nina M. Ray, Nere Lete

Nina M. Ray

No abstract provided.

Beyond Spanish For Business: Teaching Marketing Issues In The Spanish-Speaking World, Nina M. Ray

Nina M. Ray

No abstract provided.

Examining Foreign Exchange Behaviour In Asia Pacific And Eastern European Emerging Countries, Catherine S. F. Ho, Mohamed Ariff

Mohamed Ariff

This paper reports new findings on exchange rate dynamics concerning whether non-parity fundamentals and parity factors affect exchange rates within a group of trade-related emerging countries: non-parity fundamentals suggested by economic theories have yet been systematically related to exchange rates. We use high- and low-frequency multi-country pooled time series panel data approach. The evidence that emerges from this paper is that non-parity factors are significant contributors to exchange rates. These new findings on other-than-parity fundamentals add to a richer understanding of exchange rate behaviour as well as clarifying why existing findings are mixed.

The Role Of Non-Parity Fundamentals In Exchange Rate Determination: Australia And The Asia Pacific Region, Mohamed Ariff, Catherine S. F. Ho

Mohamed Ariff

This paper extends the literature by looking at the contribution of non-parity variables after extracting the impact of parity variables on exchange rates of Australia and the Asia Pacific countries. Exchange rates are examined using high- and low-frequency multi-country panel time series data for a group of trade-related nations in the Asia Pacific, including Japan. Our findings suggest that exchange rate is affected by growth rate, and trade and capital flows: other less significant variables include sovereign debt; balance of payments; money supply; and trade openness. It also confirms that interest rate has significant effect on exchange rates while price …

Foreign Bank Efficiency In Australia: What Makes A Difference?, Jan-Egbert Sturm, Barry Williams

Barry Williams

Purpose – The purpose of this paper is to explore the factors that affect differences in measured efficiency of foreign-owned banks operating in Australia. The relevance of both comparative advantage theory and new trade theory to multinational banking in Australia will be tested.

Design/methodology/approach – A three stage research method is employed. First, estimates of foreign bank efficiency are drawn from a larger sample of domestic and foreign banks in Australia. Efficiency is estimated using parametric distance functions, applying several different specifications of inputs and outputs. Second, factor analysis is used to estimate a series of common factors drawn from …

The 'New Responsibility Paradigm': Implications For Strategic Competitiveness, Art Stewart

Art Stewart

No abstract provided.

Nasaba Convention 2010, Karen Ahmed

Karen Hunt Ahmed

No abstract provided.

Chicago Microfinance Conference 2010, Karen Ahmed

Karen Hunt Ahmed

No abstract provided.

Does Trade Weaken Product Quality Standards, Katia Berti, Rodney E. Falvey

Rodney Falvey

In this paper we investigate the effects of trade on the national minimum quality standards applied by two trading partners. We employ a simple partial equilibrium model in which national regulators set a minimum quality standard for a product whose quality is unobservable to consumers prior to purchase. Both producers and consumers can benefit from a minimum standard, but the former prefer a lower standard to the latter. Because producers are organised and consumers are not, the standards set by national regulators will tend to unduly favour producer interests. As always, trade changes the balance of consumer and producer interests …

Trade Liberalisation And Human Capital Adjustment, Rodney E. Falvey, David Greenaway, Joana Silva

Rodney Falvey

This paper highlights the way in which workers of different age and ability are affected by anticipated and unanticipated trade liberalisations. A two-factor (skilled and unskilled labour), two-sector Heckscher-Ohlin trade model is supplemented with a education sector which uses skilled labour and time to convert unskilled workers into skilled workers. A skilled worker's income depends on her ability, but all unskilled workers have the same income. Trade liberalisation in a relatively skilled labour abundant country increases the relative skilled wage and induces skill upgrading by the existing workforce. The younger and more able unskilled workers are most likely to upgrade. …

Financial Constraints, The Distribution Of Wealth And International Trade, Emmanuel Amissah, Spiros Bougheas, Rodney Falvey

Rodney Falvey

Extract:

As the Heckscher-Ohlin-Mundell paradigm predicts, in a world where capital markets are perfect and production exhibits constant-returns to scale, while aggregate wealth endowments can be an important source of comparative advantage, their internal distribution does not matter for the patterns of international trade. This is because in the absence of financial frictions the only factor that determines the availability of external finance is a project's net present value. In real life financial markets are far from perfect. Informational asymmetries between lenders and borrowers, corporate governance quality shortcomings and non-negligible intermediation costs are only a sample of the types of …

The Impact Of The Asian Economic Crisis In Thailand, Craig C. Julian

Dr Craig C Julian

Traces the economic development of Thailand since 1945, referring to relevant research, and analyses the reasons why it was the first Southeast Asian country to collapse in the 1997 economic crisis: large current account deficits, excessive external debt, a collapse in the property sector, exchange rate mismanagement and political instability. Considers its future prospects and shows statistics on economic growth and inflation for the world as a whole and various countries and groups within it.

Compensation Across Executive Labor Markets: What Can We Learn From Cross-Listed Firms?, Colette Southam, Stephen Sapp

Colette Southam

There is wide consensus that chief executive officers (CEOs) of US firms earn significantly more than their Canadian counterparts. Using a matched sample, we find that the majority of this difference is due to US CEOs earning 50% more than CEOs of Canadian non-cross-listed firms. We find no such ‘‘US premium’’ for Canadian cross-listed firms, because the use of options allows the cross-listed firms to keep pace with their neighbors to the south. While firms that list only in Canada compete in the labor market defined by their national boundary, crosslisted firms appear to be competing directly with their US …

Crisis Opportunism: Bail Outs And E-Scads In The Gfc, Judy Johnston, Alexander Kouzmin, Kym Thorne, Stephen Kelly

Adjunct Professor Stephen J Kelly

As a response to the “junk-debt”- inspired, global, economic crisis, governments, with supra-national organizational approval, have appropriated billions of taxpayers’ dollars for bail-outs, have set-up special funds and under-written depositors’ savings in the desperate hope of alleviating the threat of rapid, economic decline and systemic destruction of value. Whether these governments have a democratic mandate for such unprecedented action is debatable. More importantly, though, is whether such decisions amount to good re-regulatory policy.

First, it is known that some of the bail-out money to large corporations has been squandered by oligarchic recipients and appropriated by them in their own interests. …