Home country bias in international emissions trading: Evidence from the EU ETS

We examine the pattern of allowance trades in the European Union Emissions Trading System (EU ETS) using highly disaggregated trading data and identify a significant and robust home market bias. Our results point to informational transactions costs that increase when trading across national borders. The existing trade pattern in goods and services explains two thirds of the home bias, with the remainder due to other causes. Our finding suggests that firms make use of existing trade networks to overcome search costs in bilateral allowance trade. Since the home bias differs across firms, it follows that marginal abatement costs are not equalized across market participants of the EU ETS.     

中国跨国公司经营模式架构思考

在当代跨国公司经营实践中，存在着美国制造业跨国公司、日本综合商社、韩国大财阀三种成功模式，三种模式既有共同点，又有不同之处，是美、日、韩三国特定社会经济、政治文化综合作用的结果。如何借鉴国际跨国公司成功模式，构建中国跨国公司经营模式？文章在综合分析宏观政策、中观行业和微观企业因素的基础上，从中国国情和中国跨国公司经营实践具体情况出发，得出了中国跨国公司应选择实力强、效益好，集工业、贸易、金融为一体的综合集团公司经营模式的结论。     

Human resource management in Russian manufacturing subsidiaries of multinational corporations

This article reports the results of a survey of top executives at Russian manufacturing subsidiaries of multinational corporations (MNCs). We examine the prevailing types of job contracts and the use of monetary and non-monetary benefits, and compare such arrangements with those in locally-owned industrial companies. We also reveal differences in human resource management (HRM) policies based on the source of authority over HRM issues (global headquarters, regional headquarters, local groups of companies, etc.). These findings can be used to help predict the evolution of HRM policies in Russian manufacturing subsidiaries of MNCs.     

International research strategies of multinational corporations: A German perspective

This paper explores the international research activities of multinational corporations that are related to Germany. It analyzes what role German companies and Germany as a host of foreign companies play in the growing specialization of global exploitation and generation of knowledge. The paper covers application oriented as well as strategic research for two company samples—German and non-German—on the basis of a complex indicator-based analysis (patents and publications) and microdata from business reports. The paper shows that internationalization of research and development (R&D) has increased and broadened in scope. It highlights the strong and growing differences existing between technological and scientific areas as well as between different sectors. Apparently, while the market adaptation of products is still the major driver for German companies, international knowledge seeking has become more and more important, especially in technological areas that are linked very closely to basic research. While Germany as a host of international industrial R&D is much more attractive for applied research (mechanical engineering) than for basic research, the country has still established attractiveness in selected knowledge-intensive technological areas and shows a high intensity of international cooperation. There is a high level of reciprocity in knowledge-intensive areas pointing towards a global specialization and division of labor.     

跨国公司当地化:动因、特征与影响

跨国公司在中国市场的成功不仅需要依靠原有的优势,而且必须针对中国市场的特点创建新的优势。当地化在一定程度上改变了跨国公司原有的商业模式,并对竞争优势作出了新的解释。     

Prediction of financial distress for multinational corporations: Panel estimations across countries

This research predicts ex-ante financial distress and analyses the link between financial distress, performance, employment, `and research and development (R&D) investment in the case of multinational companies (MNCs). The conditional logit and hazard models are employed to predict financial distress, while a conditional mixed process model is employed to obtain consistent and efficient estimates. Financial distress generates contractions in performance, employment, and R&D investment. Hedging against risk mitigates the effect of financial distress on R&D. Our findings vary across countries, for example, we find MNCs in Canada, Israel and the U.S. benefit from hedging against risk. The findings also indicate that ex-ante financial distress is detrimental to employment for Canada, the U.K., the Netherlands and the U.S. The findings indicate the MNCs play different roles across countries in contributing jobs, investment in R&D during the distress period.     

培育中国跨国公司的意义与方略

国际市场环境和国内发展背景都表明,中国有必要实施跨国公司培育战略,而且跨国公司培育的战略意义在经济、政治、文化诸层面都将有所体现。中国政府应按照一定的方针、策略和规划来实施跨国公司培育战略,以促使中国企业国际化进程与中国经济的发展形成良性互动关系。实施跨国公司培育战略的必要性以下若干方面问题向我们提出了中国实施跨国公司培育战略的必要性。一、企业市场环境全球化。全球产品市场一体化、产品属性共同化、要素市场一体化趋势越来越明显。1.产品市场一体化。20世纪80年代以来,全球贸易自由化趋势加速。一方面,原多边自…     

Home bias in multimarket Cournot games

We explore the role of trade costs for the home bias in trade. In a series of Cournot duopoly experiments with a home and an export market, we compare output choices when firms face different levels of trade costs. We find that there is two-way trade in identical products and that firms hold the majority market share in their home market. The resulting home bias turns out to be, however, stronger than that predicted by theory, and it even occurs without trade costs. Tacit collusion contributes to the home bias observed in our experiment but does not offer a full explanation for the phenomenon.     

Home market effect in the presence of multinational activities: location and nationality

This study examines the phenomenon of home market effect (HME) through a framework where firms can serve a foreign market either via trade or via foreign direct investment (FDI). The results show that HME holds when determined through both location-based and nationality-based criteria. However, compared to the original measure of HME in the absence of FDI, the magnitude of the location-based HME is smaller whereas that of the nationality-based HME is larger. Comparative statics indicate that an increase in trade barriers reduces the magnitude of the location-based HME and that an increase in operative barriers facing foreign affiliates reduces the magnitude of the nationality-based HME. Also, larger restrictions on the foreign ownership of capital accentuate the location-based HME but attenuate the nationality-based HME.     

Home bias and the persistence of real exchange rates

This paper investigates the half-life of real exchange rates after taking into account the impact of home bias. Empirical results indicate that the half-life of real exchange rates is in the range of 1.5 to 2 years for four out of five countries after controlling the impact of home bias. These results support Obstfeld and Rogoff's (2000, NBER Macroeconomics Annual) view that home bias is crucial in explaining the PPP puzzle.     

Home bias, distribution services and determinants of real exchange rates

This paper examines empirically how exogenous changes in the terms of trade affect the real exchange rate through the relative price of traded goods with Canada–US data. The relative price of traded goods is constructed using prices at the dock and retail prices. The first measure emphasizes the importance of home bias in consumption of traded goods. The second measure highlights the importance of distribution services required for consumption of traded goods. It is found that terms of trade shocks affect the relative price of traded goods using both measures. A possible interpretation of empirical findings is that home bias and distribution services are important for understanding the relative price of traded goods.     

跨国公司在营销中的转移定价策略

随着全球经济一体化趋势的发展,跨国公司已经成为当今世界经济活动的主体,跨国公司内部贸易的定价机制,尤其是转移价格,成为跨国公司经营中最具诱惑力的商业秘密武器.     

Power in the multinational corporation in industry equilibrium

Recent theories of the multinational corporation introduce the property rights model of the firm and examine whether to integrate or outsource firm activities locally or to a foreign country. This paper focuses instead on the internal organization of the multinational corporation by examining the power allocation between headquarters and subsidiaries. We provide a framework to analyse the interaction between the decision to serve the local market by exporting or FDI, market access and the optimal mode of organization of the multinational corporation. We find that subsidiary managers are given decision power to run the firm at intermediate levels of host country competition. We then provide comparative statics on the optimal organization of the multinational corporation for changes in fixed FDI entry costs, trade costs, as well as changes in information technology.      

Foreign and domestic multinational presence in the UK

The determinants of multinational presence in Uk manufacturing industry in 1979 are analysed. It is argued that maultinational presence may result from strategic interaction as well as other firm and industry characteristics. The determinants of both foreign and Uk multinational presence are estimated using a dataset that enables both types of multinational to be indentified. Results show an important effect of both scale and concentration on multinational presence.     

基金公司督察员的角色定位

在我国的基金管理公司中,按现行规定,有一个很特别的角色——督察员,其职能是全权负责管理公司的监察稽核工作。督察员的任免应报中国证监会核准。督察员可列席管理公司的任何会议,对基金运作、内部管理、制度执行及遵规守法情况进行内部监察、稽核,并独立出具稽核报告,报送中国证监会和管理公司的董事长;如发现管理公司有重大违规行为,应立即向中国证监会报告。根据这些规定,我们可以给出现行的督察员的职能定位。     

Lobbying and the power of multinational firms

Can multinational firms exert more power than national firms by influencing politics through lobbying? To answer this question, we analyze the extent of national environmental regulation when policy is determined in a lobbying game between a government and a firm. We compare the resulting equilibrium regulation levels, outputs and welfare in a game with a multinational firm with those in an otherwise identical game with a national firm. For low transportation costs, output and pollution of a national firm are always as least as high as for a multinational; this changes for high transportation costs and intermediate damage parameters. When there is no lobbying, welfare levels are always higher with multinationals than with national firms. However, the existence of lobbying may reverse this ordering.     

中国500强:现状、变化与差距

8月21日,由中国企业联合会和中国企业家协会评选的“2005年中国企业500强”在天津发布,同时发布的还有“2005中国制造业企业500强”和“2005中国服务业企业500强”名单。从总体上看,这个由各地企业联合会推荐、各企业自主报名参加评选、评选指标完全与《财富》500强一致的排行榜,基本上延续了前几届评选的特点,但排名上的一些细小变化以及它与前不久由美国《财富》杂志评选的“2005年世界企业500强”在各个方面的差距也是值得我们深思的。中国500强:竞争激烈实力提升此次的排行榜与往年相比,进入500强行列的企业有着不小的变化,约有110家左…     

On the genesis of multinational foreign affiliate networks

Multinational enterprises (MNEs) develop their networks of foreign affiliates gradually over time. Instead of exploring all profitable opportunities immediately, they first establish themselves in their home countries and then enter new markets stepwise. We argue that this behavior is driven by uncertainty concerning a firm's success in new markets. After entry, the firm collects information which is used to update its beliefs about its performance in a market. As conditions in different markets are correlated, the information gathered in one of them can also be used to update beliefs elsewhere – with the degree of correlation depending on issues such as the geographical or cultural distance between markets. This correlated learning may render it optimal to enter markets sequentially – investment in market A is only followed by entry in market B if the firm was sufficiently successful in A. The prediction that firms start their expansion in markets that are closer to their home base and then proceed step by step is supported by our empirical analysis, which features the universe of foreign affiliates held by German multinationals. Based on a rich set of benchmark estimates and sensitivity checks, we identify correlated learning across markets beyond alternative explanations as a key driver of gradualism in the genesis of MNEs' foreign affiliate networks.     

跨国公司收入最大化的行为模型

Departing from the traditional profit-maximization assumption underlying the theory of the multinational enterprises (MNEs), this paper proposes a model of the revenue-maximizing MNE subject to the profit constraint. The nonlinear programming techniques are used for the equilibrium analysis of the MNE’ s decision-making. A set of optimal conditions is derived regarding the quantity of output, volume of intra-firm trade, allocation of multinational production, as well as transfer prices in both exogenous and endogenous cases. Under the context, a comparison of the behavioral differences is made between the revenue-maximizing MNE and the profit-maximizing MNE.