Russia–Ukraine crisis: The effects on the European stock market

We examine the effect of the Russia–Ukraine crisis on the European stock markets. Because of increased political uncertainty, geographic proximity and the ramifications of the fresh sanctions imposed on Russia, the European stock markets tended to react negatively to this crisis. We find that on 21 February 2022, when Russia recognized two Ukrainian states as autonomous regions, European stocks incurred a significant negative abnormal return. Moreover, the negative stock price reactions continued in the post-event period. The magnitude of the stock price reactions to this crisis exhibits considerable variation across industries, countries and size of the company.     

Longevity challenges and leadership interventions: Strategy journeys of two Indian banks

This article studies the strategic journeys of two Indian banks in evolving socio-political and economic environments, spread across eight decades. It provides a holistic view of longevity challenges by exploring interdependencies between a firm’s internal dynamics, external environment, and its leaders. This article covers the growth of Canara Bank and Syndicate Bank in distinct phases of unrestricted, regulated, and centrally planned economic environment, and in changing socio-political scenarios. It uses within-case and across-case analysis, contextualised in these conditions, to provide rich insights about measures adopted by firms for their long-term survival and sustenance.     

Multinational firms, exclusivity, and backward linkages

How does the nature of contractual relationships between a multinational and its local suppliers affect backward linkages and welfare in the local industry? We address this question in a two-tier oligopoly model where a multinational transfers technology to its suppliers if they accept an exclusive contract that precludes them from serving its local rivals. Invited suppliers balance the benefits of gaining access to new technology and the derived demand of the multinational against the opportunity of selling to other local firms. Exclusivity reduces competition among local suppliers and can lower backward linkages and local welfare relative to autarky.     

MARKET REFORM AND FOREIGN DIRECT INVESTMENT IN LATIN AMERICA: Evidence from an Error Correction Model

This study models dollar values of foreign direct investment (FDI) inflows to conditions in seven Latin American countries (Argentina, Brazil, Chile, Colombia, Mexico, Peru, and Venezuela) during the 1988-1992 period. Although much research on FDI has used time series data to explain inward or outward flows, two things set this study apart. First, this study includes market reforms as independent variables. Second, this study uses newer time series econometric tools (unit root test and cointegration analysis) to correct for a spurious regression. Our model is robust, explaining 79.4 percent of variation. We found three independent variables (size of current account deficit, size of GDP, and value of privatization less FDI in privatized companies) to be significant. Although we found directional support for three other independent variables (degree of capital market liberalization, low inflation rate, and depreciation of the real exchange rate), none of these proved significant.     

Company Financial Performance and ISO 9000 Registration: Evidence from Malaysia

This study investigates factors, including ISO 9000 registration, that impact on corporate performance, in a sample of Malaysian companies. To achieve this objective, the annual reports of 162 companies (81 ISO 9000 accredited companies and 81 non-ISO accredited companies) were collected and a performance evaluation model was estimated. The results of the analysis revealed that factors such as ISO 9000 registration, return on assets (ROA), economic value added (EVA) and industrial category (INDCAT) determine corporate performance.     

On the International Linkages between Trade and Merger Policies*

In a three‐country model, this paper investigates linkages between merger incentives of exporting firms and the trade policy of an importing country. When exporting firms come from only one country, the tariff response of the importing country reverses the welfare effects of a merger in the exporting country. If there exist two exporting countries, a merger creates two types of conflicting international externalities. First, a merger in one exporting country increases profits of all firms. Secondly, non‐merged firms lose if the importing country is free to raise its tariff in response to a merger of foreign exporters.     

Construction and stormwater pollution: Policy,violations, and penalties

This study investigated the construction related stormwater pollution violations cases and penalties in Minnesota from 2001 to 2007. The major type of construction stormwater violations was related to the lack of best management practices (BMPs). Twenty-one percent of these violations were committed by public agencies. Forty-six percent of the total number of cases lacked a stormwater construction permit. The increase in the number of these violations coincided with the housing boom in the early-2000s and the change of enforcement of construction sites from five or more acres to one or more acres. Implementing these new expanded rules caused an increase in the responsibility of the enforcing agency of the State. Hence, the agency had to develop creative methods to enforce the laws by involving local government agencies more directly.     

Trade, Foreign Direct Investment, and International Technology Transfer: A Survey

What role does trade play in international technology transfer?Do technologies introduced by multinational firms diffuse tolocal firms? What kinds of policies have proved successful inencouraging technology absorption from abroad and why? Usingthese questions as motivation, this article surveys the recenttrade literature on international technology transfer, payingparticular attention to the role of foreign direct investment.The literature argues that trade necessarily encourages growthonly if knowledge spillovers are international in scope. Empiricalevidence on the scope of knowledge spillovers (national versusinternational) is ambiguous. Several recent empirical plant-levelstudies have questioned earlier studies that argued that foreigndirect investment has a positive impact on the productivityof local firms. Yet at the aggregate level, evidence supportsthe view that foreign direct investment has a positive effecton economic growth in the host country.      

Ranking economics departments in the US South: an update

This study provides an update to Mixon and Upadhyaya’s (2001) ranking of Southern economics departments using research output indexed in EconLit. Ranking results from a ‘core’ (i.e. the top five faculty researchers) of each institution’s economics department reveal that Vanderbilt University, George Mason University, Johns Hopkins University, the University of Maryland and Georgia State University currently maintain the top five economics departments, respectively, in the US South. Relatedly, the five institutions rising the most from Mixon and Upadhyaya (2001) are Tulane University, Georgia State University, University of Texas–Dallas, Rice University and Florida International University, respectively.     

An exploratory study of the impact of intervening variables on student performance in a Principles of Accounting course

The purpose of this paper is to provide some new empirical evidence on the determinants of student performance in a Principles of Accounting course at Birzeit University situated in the Occupied West Bank. It examines the impact of a number of new attitudinal variables on examination performance. The empirical results suggest that, in addition to a number of standard control variables, student perceptions of factors associated with class size, the attributes of the lecturer, student effort and the complexity of the course are associated with student performance in a first level principles of accounting course.