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Full-Text Articles in Education

Foreign Under-Investment In Us Securities And The Role Of Relational Capital, Bryane Michael Jan 2010

Foreign Under-Investment In Us Securities And The Role Of Relational Capital, Bryane Michael

Bryane Michael (bryane.michael@stcatz.ox.ac.uk)

Over 70 academic papers attempt to explain why foreigners invest in US securities. All ignore the vital role of the US broker-dealer. Macroeconomic factors like a trade balance or corporate governance may guide foreign investors toward certain markets. But US broker-dealers provide information to foreign investors and execute the actual trades. We hypothesize that particular foreign investors under-invest in US securities because of a lack of relational capital with US broker-dealers. We find that broker-dealer marketing intensity in foreign markets partly explains foreigners’ decisions to invest in US securities. We also estimate “pent-up” demand for US securities in developing countries …


The Size And Structure Of Government, Bryane Michael, Maja Popov Jan 2010

The Size And Structure Of Government, Bryane Michael, Maja Popov

Bryane Michael (bryane.michael@stcatz.ox.ac.uk)

Does government size and structure adapt to changes in government’s organisational environment (particularly to uncertainty and complexity) as predicted by organisational theory? We find – using a range of statistical analyses – support for each of the major theories of organisation adaptation (the contingency-based view, resource-based view, and rational choice view). We find that both government size and structure change – holding other factors constant – for changes in the uncertainty and complexity of governments’ organisational environments. We find seven clusters of governments which adapt their organisational sizes differently in response to changes in the uncertainty and complexity of their …