Migrants and multinational firms: The role of institutional affinity and connectedness in FDI

We examine how, and to what extent, migrants in a host country attract foreign direct investment (FDI) from firms based in their country of origin (CO). Introducing the notion of institutional affinity, we argue that increased institutional affinity and increased connectedness of institutional environments of migrants’ CO and country of residence, make a location attractive to CO firms. Empirical analysis of FDI and migration panel data shows that in addition to the traditional factors influencing FDI patterns, there is a collective migrant effect on FDI, and this effect is statistically significant and economically meaningful for migrants from developing countries.     

政府投资工程总承包项目设计优化认定与收益归属研究

工程总承包模式以设计与施工的高度融合,日益在建筑业受到青睐。但由于政府投资项目中存在有关结余资金上缴国库等规定,容易导致政府投资工程总承包项目下设计优化产生的成果是进行分成或作为结余资金上缴界定不清。鉴于此,本文通过政策文件,并结合政府投资项目特点,分析政府投资工程总承包项目设计优化的情形认定以及在不同结算依据和合同计价方式下设计优化收益归属的界定,为有效激励总承包单位积极进行设计优化奠定基础。     

人力资本、营商环境优化与外资企业创新——兼论引智的重要性

在营商环境优化成为培育引资及引技竞争新优势的背景下，考察发展中国家的营商环境优化对外资企业创新意愿的影响以及外资企业人力资本的调节效应。研究表明：营商环境优化降低了外资企业进行技术创新、流程创新和产品创新的意愿，且平均边际效应依次增强；内在机制是营商环境优化带来的外资企业特惠度降低和内资企业竞争力增强；外资企业的人力资本增强了营商环境优化对其创新意愿的降低作用，且是通过增强外资企业特惠度、降低抑制其创新意愿以及营商环境优化促进内资企业竞争力的方式实现的。进一步发现，外资企业的引智具有显著的创新溢出效应，且内资企业的吸收能力存在积极的调节效应。     

江苏企业“走出去”的模式及财务风险防控研究

随着中国“一带一路”倡议的逐步实施,越来越多的企业开始加入“走出去”的队伍。但是由于不同企业所处行业、资金实力、规模大小、对外投资目的等因素不尽相同,如果选择不恰当的模式往往会导致陷入经营困境。因此本文为江苏“走出去”企业提出相应的财务风险防控措施,旨在促进企业在国际化进程中健康、可持续发展。     

浅谈学习中心向动态中心的转移

“教师中心论”、“学生中心论”以及“学习中心论”教学法有其各自的理论基础及不足,动态学习中心的观点认为,学生的角色与教师的角色是动态的,二者相互促进、相互作用。     

浅析外贸代理制之存在必然性及其完善

新外贸法的颁布施行,放开了外贸经营的管制,但外贸代理制仍将在我国长期存在。完善外贸代理制,应解决好代理双方权利义务失衡问题,进一步保护委托人的利益。     

河北省对外贸易与经济增长关系的实证分析

运用计量经济模型分析河北省对外贸易与经济增长之间的关系,结果表明:对外贸易对河北经济增长有很强的拉动作用,其中出口对经济增长的贡献要高于进口,而净出口对经济增长的作用不明显.     

Is socially responsible investment useful in Mexico? A multi-factor and ex-ante review

The present paper continues the firsts reviews made to socially responsible investment in Mexico. We extended these reviews by using a non-parametric multivariate equality test, along with a multi-factor market cap model, and a Monte Carlo simulation. Our results show that the IPCS index, the IPCcomp and the IPC have a statistically equal mean-variance performance, suggesting that this sort of investment style (SRI) is a good substitute of the broad market investment style in the long term. Among the causes of this finding is the fact that the IPCS and the IPCcomp indexes have almost the same large and small cap stock concentration and the IPC index (a large-cap one) is not as diversified and mean-variance efficient as the former.     

Decline of Controlled Foreign Company Rules and Rise of Intellectual Property Boxes: How the European Court of Justice Affects Tax Competition and Economic Distortions in Europe

The European Court of Justice (ECJ) has become an influential player in the field of direct taxation in the European Union (EU) in the past 20 years. However, it is unclear whether or not the ECJ's decisions and the corresponding reactions by the member states actually contribute to tax neutrality in economic terms and, therefore, to the achievement of the internal market. In 2006, the ECJ limited the applicability of specific tax rules in the EU that are intended to prohibit the excessive use of low‐tax countries by multinationals. Our counterfactual analysis shows that the court's restriction of so‐called controlled foreign company rules and the related second‐round reactions by some member states – i.e. the introduction of low‐tax regimes for income from acquired intellectual properties (IP boxes for acquired IP) – cast doubt on the seemingly positive effects the ECJ has on reducing tax distortions. In addition, we demonstrate that the restricted applicability of IP boxes as endorsed by the OECD and the European Commission would strengthen tax neutrality in Europe.     

Do Managers of U.S. Defined Benefit Pension Plan Sponsors Use Regulatory Freedom Strategically?

We use historical particularities of pension funding law to investigate whether managers of U.S. corporate defined benefit pension plan sponsors strategically use regulatory freedom to lower the reported value of pension liabilities, and hence required cash contributions. For some years, pension plans were required to estimate two liabilities—one with mandated discount rates and mortality assumptions, and another where these could be chosen freely. Using a sample of 11,963 plans, we find that the regulated liability exceeds the unregulated measure by 10% and the difference further increases for underfunded pension plans. Underfunded plans tend to assume substantially higher discount rates and lower life expectancy. The effect persists both in the cross‐section of plans and over time and it serves to reduce cash contributions. We further show that plan sponsor managers use the freed‐up cash for corporate investment and that credit risk is unlikely to explain the finding.