Determinants of direct cross-border public procurement in EU Member States

The aim of this paper is to analyse the determinants of direct cross-border public procurement in the EU Member States. For this purpose, we use a unique dataset based on data published on Tenders Electronic Daily which covers public procurement contract award notices for the 2008–2012 period and consists of more than 30 variables. Among others, results of the econometric estimation suggest that the probability of awarding a contract cross-border depends positively on the value of the contract and negatively on the number of bids. Among awarding country characteristics, GDP per capita and trade-to-GDP ratio are found to positively impact the probability of a cross-border award. Our results also provide econometric evidence for predictions from the economic theory. We make the case for the importance of product market regulation indicators used as proxies for anticompetitive practices, such as regulatory protection of incumbent firms and barriers to foreign direct investment, as well as the scope of public enterprises, and show that they have a significant negative impact on the probability of a cross-border win.     

Default premia on European government debt

Default Premia on European Government Debt. — This paper addresses the question of the existence and size of a risk premium in the Eurobond market. We measure the yield difference between German government bonds and bonds issued in Deutsche Mark by several European countries. The results are regressed against macroeconomic variables supposed to be determinants of the risk of default on government debt. Our yield differences are smaller than those found between US states. However, some of our macroeconomic variables seem to be good predictors of yield differentials. A conclusion is that yield differentials partially are related to risks perceived by market participants.     

Exchange risk premia in a currency basket system

Zusammenfassung Pr?mien für Wechselkursrisiken in einem W?hrungskorb-System. - Viele L?nder binden ihre Wechselkurse an W?hrungsindizes wie die ECU oder einseitig definierte W?hrungsk?rbe. In diesem Aufsatz werden die Implikationen eines Korbsystems für die Pr?mien von Wechselkursrisiken untersucht. Dabei wird argumentiert, da\ die Risiken im Falle bilateraler Wechselkurse durch eine Replik des Korbes diversifiziert werden k?nnen. Um den Teil der Pr?mie zu erfassen, der von inl?ndischen Faktoren beeinflu\t wird, sollte sich die Untersuchung auf korb-gewichte-te Positionen konzentrieren. Werden schwedische Daten benutzt, dann ergibt sich eine Risikopr?mie für die schwedische Krone in bezug auf den W?hrungskorb.

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Resumen Sobretasa por riesgo de cambio en un sistema de canasta monetaria. - Varios países vinculan sus tipos de cambio a índices monetarios como el del Ecu o a canastas monetarias definidas unilateralmente. Este trabajo estudia las implicaciones de un sistema de canasta para la sobretasa por riesgo de cambio. Se arguye que los riesgos asociados con tipos bilaterales pueden ser reducidos por diversificación através de una réplica de la canasta. A los efectos de captar la parte de la sobretasa influenciada por factores locales, el análisis deberá concentrarse en posiciones ponderadas con la canasta. Utilizando datos para Suecia se encuentra evidencia consistente con la existencia de una sobretasa sobre la corona sueca en relación a la canasta.

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Résumé Primes de risque de change dans un système de panier de monnaie. - Beaucoup de pays lient leurs taux de change aux indices de monnaie comme par exemple l’ECU et aux paniers de monnaie définis unilatéralement. Cet article étudie les implications d’un système de panier pour des primes de risque de change. L’auteur argue que les risques en taux bilatéraux peuvent être diversifiés en répliquant le panier. Pour comprendre mieux la partie du prime qui est influencée par des facteurs locaux, l’analyse devrait se concentrer sur les positions panier-pondérées. En utilisant des données suédoises l’évidence est trouvée en faveur de l’observation d’une prime de risque sur la couronne suédoise en relation au panier.

     

EU-wide money and cross-border holdings

EU-Wide Money and Cross-Border Holdings. —The paper explores the economic properties of several measures of EU-wide money that include different definitions of cross-border holdings (CBHs). ‘Very broad’ aggregates are poorly linked with EU-wide income and price developments; in contrast, the demand for aggregates which is ‘focused on the European Union’ (which hinge on the inclusion of CBHs denominated in EU currencies and/or kept within the EU) is shown to be stable and predictable. Although aggregates extended to include CBHs do not yet outperform the traditional measure of broad money, they are likely to become an increasingly important tool for monetary analysis at the EU level.     

Literacy traps: Society-wide education and individual skill premia

Using a model of an O-ring production function, the present paper demonstrates how certain communities can get caught in a low-literacy trap in which each individual finds that it is not worthwhile investing in higher skills because others are not high-skilled. The model sheds light on educational policy. It is shown that policy for promoting human capital has to take the form of a mechanism for solving the coordination failure in people's choice of educational strategy.     

Impact of institutions on cross-border price dispersion

This paper analyzes the role of institutions in price dispersion among cities in the European region in the 1996–2009 period. An overview of the literature on the border effect reveals that the role of institutions is completely neglected. Using the Worldwide Governance Indicators as explanatory variables I find that the better the institutions, the lower the predicted dispersion. The result is robust to different specifications of the regression model and it is consistent with a hypothesis that arbitrage, as an entrepreneurial activity and the main power behind the law of one price, is influenced by institutional quality.     

Explaining the size differences of exporter premia: theory and evidence

Two decades of research have established pronounced exporter productivity premia (EPP) and exporter size premia (ESP). Yet, we do not know why such exporter premia differ so widely in magnitude across countries or sectors? We take this question to the theory and to the data. We derive the sectoral EPP and ESP in a standard heterogeneous firms trade model and apply the insights from the model to guide our empirical investigation of detailed Danish firm-level data. We show that a significant share of the observed variation in EPP and ESP across sectors can be accounted for by sector differences in the underlying variation in productivity dispersion, variable trade costs, the ratio of fixed export costs to fixed costs of production, and the elasticity of demand.     

外贸集装箱沿海中转制约因素分析

多年来,我国大量的外贸集装箱不在本国沿海港口中转,而选择韩国、日本以及我国台湾的港口中转.     

TCL与阿尔卡特并购案之研析

随着全球范围内行业竞争的加剧,跨国并购成为全球经济一体化发展的一种趋势。因此,中国企业“走出去”的方向是正确的,这是国际化的必经之路,但也是一条艰难之路。本文从资金、文化和人力3个方面分析了TCL与阿尔卡特并购案失利的原因,得出跨国并购后,企业如何进行“消化吸收”,完成在资金、文化和人力资源等方面的整合,成为中国企业提升整体竞争力,实现跨国并购的关键。     

跨国购并:万达远航

2013年6月19日,万达集团宣布,将斥资10.2亿英镑(约合人民币98亿元)投资英国.其中3.2亿英镑用来并购英国圣汐游艇公司91.8％股份,另外7亿英镑计划投资在伦敦核心区建设超五星级万达酒店. 此次投资英国是继去年9月并购世界第二大院线美国AMC公司后,万达集团的又一次大手笔海外投资.     

跨国并购的法律问题

2001年10月29日,法国阿尔卡特公司以3亿美元巨资控股中国电信市场龙头企业上海贝尔公司,这一并购的完成不但使阿尔卡特间接持股一家中国国内上市公司,并具备了直接在中国资本市场上市的资格。我国已加入世贸组织,随着外商投资领域的     

云南省跨境人民币流动路径与创新

自沿边金融综合改革试验区开始建设以来,云南省立足沿边、跨境及区域经济金融发展的需要,紧紧抓住各种机遇大胆先行先试,积极推动各项业务的开展,在跨境人民币资金流动的诸多领域取得了重大突破。笔者总结归纳了云南省跨境人民币业务开展现状,然后从三个维度列出了跨境人民币流动的路径,最后把落脚点放在了跨境人民币业务创新的对策和建议上。     

别为两税合并盲目叫好

备受关注的《中华人民共和国企业所得税法(草案)》即将获得全国人大审议通过。新税法将统一内、外资企业所得税税率,这就是大家通称的“两税合并”。两税合并将大幅降低内资企业所     

论跨国并购中合作型劳资关系的构建

由于文化差异和利益矛盾,企业跨国并购过程中容易产生劳资冲突的问题。合作型的劳资关系强调相互理解和适应,通过平等协商、参与管理和利益分享等机制和措施,实现外国投资方和东道国劳动者的双赢。     

市场性并购促进我国信托业的发展

一、行政性并购的弊端与市场性并购的必要性1.行政性并购的弊端经过了5次整顿重组后的信托业在最近3年内迈出了可喜的步子。信托品种和募集资金大大增加,信托公司在平均盈利能力和平均资产负债等指标上丝毫不逊色于其他非银行金融机构。几次信托业的整顿重组为这些成果的取得做     

试论企业购并后的文化整合

企业进行购并之目的在于通过并购降低成本,扩大市场份额,实现资源的重新优化配置.企业在完成了对目标公司的收购后,企业购并的目标实际上还远未达到.购并后的企业是否能够真正实现并购目标,其关键在于对购并后企业的整合.据不完全统计,在全球范围内失败的并购案例中,80%以上直接或间接起因于购并后企业整合的失败.因此,决定企业购并是否成功,除与企业购并战略的制定、购并过程的具体战术实施有直接关系外,购并后的企业是否能进行有效整合、最终企业核心竞争力是否真正有所增强,也是决定企业购并成功与否的重要因素.     

Stock prices and merger movements: Interactive relations

Zusammenfassung Die wechselseitigen Beziehungen zwischen Aktienkursen und Firmenzusammenschlüssen. - Der Aufsatz untersucht die Beziehungen zwischen Firmenzusammenschlüssen und makro?konomischen Variablen. Es werden Kausalit?tstests mit US-Daten der Periode 1919–1979 durchgeführt, die zeigen, da? Zusammenschlüsse und Aktienkurse in derselben Periode aufeinander einwirken und da? keine Lead- oder Lag-Beziehungen bestehen. Die Zeitreihenanalyse deutet darauf hin, da? die Reihe der Zusammenschlüsse einem autoregressiven Proze? 2. Ordnung folgt, die „random walk”-Hypothese also abzulehnen ist.

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Résumé Cours des actions et mouvements de fusion: Relations interactives. - Dans cet article l’auteur examine la relation entre des mouvements de fusion et des variables macro-économiques. Après avoir testé la causalité avec des données des E.U. pour la période 1919–1979, l’évidence démontre que l’activité de fusion et les cours des actions interagissent dans la même période et ne revèlent pas une relation d’avance ou à retard. L’analyse des séries chronologiques indique que la série de fusion suit un processus AR (2), refusant l’hypothèse de ?random walk?.

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Resumen Precios de valores bursátiles y la pauta de fusiones: relaciones interactivas. - En este trabajo se examina la relación entre la pauta de fusiones y variables macroeconómicas. Los resultados de tests de causalidad utilizando datos de los EE UU para el período 1919–1979 muestran que las fusiones y los precios de las acciones interactúan en forma comtemporánea y no revelan rezago o adelanto alguno. El análisis de series de tiempo indica que las series de fusiones responden a un proceso AR(2), lo cual significa un rechazo de la hipótesis del ?random walk?.

     

Determinants of Trade Misinvoicing

Trade misinvoicing should be seen as an element of de facto capital account openness. Traditional explanations for trade misinvoicing??high custom duties and weak domestic economies??are less persuasive in a world of high growth emerging markets that have low trade barriers. We construct a 53-country data set over a 26?year span, covering both industrialized and developing countries, to study the phenomena of export and import misinvoicing. Capital account openness, differentials in interest rates, political stability, corruption, indebtedness and the exchange rate regime are identified as factors related to misinvoicing.     

并购对企业绩效的影响分析

文章以2012—2017年沪深A股上市公司为研究样本,对并购事件发生如何影响企业绩效进行实证研究和分析,通过多元线性回归模型、固定效应模型等方法,从计量上识别企业并购的影响因素和评估可能的经济效应。研究结果表明并购行为对企业绩效有显著的正向影响,因此企业如果想要扩大规模或者提升绩效,可以通过实施并购决策来实现,分别从内部和外部出发,在企业营运、盈利、偿债、成长以及抗风险等能力上进行加强,在并购决策上保证企业发展方向的正确性、高瞻性。实施高效战略措施,使企业在市场中发挥正向作用,整个市场资源分配将更加科学,使企业创新活动的规模和定位更加清晰,促进企业绩效提高。