Natural resource endowments and the domestic revenue effort

We examine whether there is evidence of an offset between government revenues from hydrocarbon (oil and gas) related activities and revenues from other domestic sources in a panel of 30 hydrocarbon producing countries. Our main finding is that there is an offset of about 20%, which is robust to the inclusion of control variables, the exclusion of outliers, and alternate estimation methodologies. While the impact of the offset on long-term development prospects is not clear, there is a risk of significant adjustment costs in moving to a higher level of domestic taxation once natural resources are depleted.     

兼并完，但别让队伍整合“完蛋”了

完全可以肯定：企业的合并充满挑战性。但即便如此，它们仍然可以为企业组织提供变革的可能性。为了确保收入增长和实现合并行动所承诺但往往无法实现的价值，最大的变革之———销售队伍的整合——是企业的首要任务。     

An empirical investigation of the effect of imputation credits on remittance of overseas dividends

Overseas dividend remittance is an important vehicle for multinational corporations (MNCs) to move funds among their global subsidiaries. Using firm-level data from 2001 to 2004 for Taiwan-based MNCs with subsidiaries in China, this paper provides empirical evidence on the effect of imputation credits on overseas dividend remittances. We find that imputation credits have a positive effect on increasing foreign dividend payouts, thereby reducing the efficiency loss induced by the tax cost for within-firm dividends of MNCs. We also document evidence that parent companies’ net fund flows from related-party transactions with their subsidiaries are negatively correlated with dividends repatriated from those affiliates, supporting the notion that transfer-pricing may be substituting for within-firm dividend remittance. Our results contribute to understanding the links between taxation and related-party transactions and subsidiary dividend repatriation decisions of MNCs.     

Exploring the role of the spouse in expatriate failure: a grounded theory-based investigation of expatriate' spouse adjustment issues from India

This paper applied the grounded theory method in a study of the expatriates' spouses' relocation adjustment process and the impact of such adjustment problems in expatriate failure. A qualitative enquiry approach using open-ended questions in the form of personal interviews was adopted. Iteratively, the questions were changed to reach theoretical saturation and we allowed the respondents to lead us through the data collection process during our eventual theory development process. An action diagram technique was used to help structure and process the data. The study was conducted with 26 Indian origin spouses who had to encounter relocation issues one time or the other. We found the spouses' perceived gender role ideology to play a critical part in their adjustment process. Other factors that influenced the adjustment process in expatriate assignments were personality factors such as extraversion, organizational and family support, country demographics and pre-departure training.     

Joint probability distributions concerning a sequence of symmetric Bernoulli trials

Abstract

Two consecutive trials in a sequence of trials would yield one of the four patterns SS, SF, FF and FS, where S stands for success and F stands for failure. In the context of brand choice process under Bernoulli Model (Wierenga, 1974) SS and FF imply continuation with the same brand and SF and FS imply brand switching. Thus, a study of the probability distributions concerning these patterns assumes importance in the development and evaluation of marketing strategies towards the promotion of sales by the producer of a particular brand. Restricting ourselves to the case of Symmetric Bernoulli Trials (SBT), viz., the probability of success (and, therefore, of failure) at any trial is 1/2, we obtain in this paper, generating functions for the various tri-nomial distributions that arise by considering two of the four patterns mentioned above. We obtain these results by developing, at the first instance, the difference equations that connect the relevant probability functions (Uspensky, 1937, Bizley, 1957 and Feller, 1968). Some of the known results (Sabharwal, 1969), are obtained as a particular case of the new results.     

Comparative performance appraisal practices and management values among foreign and domestic firms in India

Countering culture-based analyses indicating homogeneity in Indian management practices, this empirical study compares performance appraisal practices and management values in India by firm ownership. Differences in Indian private investor corporations, public sector enterprises, foreign/joint ventures and private family businesses are examined to assist managers to adapt selectively to firms in the changing Indian economy. Theoretical and managerial implications, as well as future directions for research are discussed.     

Green hotel servicescape: attributes and unique experiences

ABSTRACT

The relationship between green hotel service attributes and consumption experiences remains unclear in the extant research, especially in the context of emerging economies such as India. This work uses a multi-method approach that combines in-depth interviews, word association and two-stage empirical validation to propose a three-dimensional framework for measuring a hotel’s green servicescape, composed of atmospherics, motifs and human encounters. Individual effects of each green servicescape sub-dimension on those of green experiential values, namely utilitarian, emotional, social and altruistic values, are examined. The results reveal interesting findings, some counterintuitive, which are expected to create new insights for academicians and practitioners alike.     

Samuelson Hypothesis & Indian Commodity Derivatives Market

Samuelson (1965) devised that futures price volatility increases as the futures contract approaches its expiration. The relation amid the volatility and time to maturity has significant inference for hedging strategies. Interestingly, so far the empirical evidence in favor of the Samuelson Hypothesis (maturity effect) is mixed in various markets. Considering no significant work to examine the relationship is so far carried out in commodity derivative markets of India, this paper ordeal the Samuelson Hypothesis on 8 commodities traded on Multi-Commodity Exchange (MCX), India. We have examined the issue by applying different regression techniques to test the hypothesis for 8 commodities (Aluminium, Nickel, Copper, Gold, Silver, Natural Gas, Crude Oil and Wheat) using inter-day data on MCX India. In order to test the Samuelson’s hypothesis, tests have been conducted using a series of GARCH, EGARCH and TGARCH models by including trading volume, open interest and time-to-maturity in the conditional variance equation. From our results, it is concluded that Samuelson’s hypothesis does not hold true for majority of commodity contracts considered. Our results also find that volatility series depend on the trading volume, compared to the time-to-maturity or open interest. As Samuelson hypothesis does not hold true for majority of commodity contracts, traders in Indian commodity derivative markets should not bias their decisions solely based on the time-to-maturity, but should also consider trading volume and open interest as they are an important determinant of price volatility. They should also consider the possibility of leverage effect while predicting future price volatilities, and the associated margin requirements.     

Risk Taking and Performance of Public Insurers: An International Comparison

We investigate how investor protection, government quality, and contract enforcement affect risk taking and performance of insurance companies from around the world. We find that better investor protection results in less risk taking, as do higher quality government and greater contract enforceability. However, we find only limited evidence that these factors influence firm performance. We conclude that better overall operating environments result in less risk taking by insurers without the concomitant decline in performance. These results imply that better investor protection environments benefit policyholders and outside stockholders by preventing corporate insiders from expropriating wealth from policyholders and outside stockholders.     

An application of the monetary approach to black market exchange rates

Zusammenfassung Eine Anwendung des monet?ren Ansatzes zur Erkl?rung von Schwarzmarkt-Wechselkursen. — Dieser Aufsatz entwickelt einen monet?ren Ansatz zur Analyse der Schwarzmarkt-Wechselkurse unter besonderer Berücksichtigung Indiens. Der Gleichgewichtskurs auf solchen M?rkten wird in einem Modell durch die Bedingungen des Bestandsgleichgewichts bestimmt. Berücksichtigt wird dabei das m?gliche Zusammenwirken zwischen dem Schmuggel und dem Schwarzmarkt für Devisen. Die empirischen Sch?tzungen lassen vermuten, daΒ die Ausweitung der Geldmenge im Inland und der internationale Goldpreis neben anderen Faktoren einen bedeutenden EinfluΒ auf den Schwarzmarkt-Wechselkurs in Indien haben.

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Résumé Une application de l’approche monétaire aux taux de change sur le marché noir. —Cet article développe une approche monétaire pour l’analyse des taux de change sur le marché noir en considération particulière de l’Inde. Dans le modèle, le taux de change d’équilibre sur le marché noir est déterminé par les conditions d’équilibre de stock. Le modèle permet l’interaction possible entre la fraude et le marché noir pour les monnaies étrangères. Les estimations empiriques suggèrent que l’expansion monétaire locale et le prix mondial d’or (complémentairement aux autres facteurs) ont une influence significative sur le taux de change sur le marché noir indien.

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Resumen Una aplicación del aprocha monetaria a las tasas de cambio del mercado negro. — En este artículo se desarrolla un aprocha ?monetaria? para el análisis de las tasas de cambio del mercado negro con especial referencia a la India. En el modelo, el equilibrio de la tasa de cambio del mercado negro se determina por las condiciones del equilibrio de stock. Se permite una posible interacción entre contrabando y mercado negro de monedas extranjeras. Las estimaciones empíricas sugieren que la expansión monetaria doméstica y el precio mundial del oro (agregados a otros factores) tienen una influencia significativa sobre la tasa de cambio de mercado negro en la India.