Location,governance, and strategic determinants of japanese manufacturing investment in the united states

A firm's decision to manufacture abroad depends on location, governance, and strategic factors. Governance factors are firm-specific. In spite of this, most empirical studies of foreign direct investment (FDI) have been conducted at the industry level (making it impossible to look at firm-specific determinants), and only a handful have considered governance, location, and strategic factors simultaneously. This paper is the first large sample study of the determinants of foreign direct investment at the product and firm-level. It examines the impact of location and governance factors, and of four types of strategic interactions, on a Japanese firm's propensity to manufacture in the U.S. The results support the view that foreign direct investment is explained by location, governance, and strategic variables. Economies of scale and trade barriers encourage Japanese FDI in the U.S. The larger a Japanese firm's R & D expenditures, the greater the probability it will manufacture in the U.S., but this is not the case for advertising expenditures. Some strategic factors are also important: Japanese firms with medium domestic market shares have the highest propensity to invest in the U.S. There is evidence of follow-the-leader behavior between firms of rival enterprise groups, but none of ‘exchange-of-threat’ between American and Japanese firms. Japanese investors are also attracted by concentrated and high-growth U.S. industries.     

转型期我国市场化进程的多视角分析

本文从四个方面对转型期我国市场化进程进行了分析,一是产品市场与要素市场,二是下层市场组织与上层市场组织,三是正式经济与非正式经济,四是经济运行中的总量交易与每笔交易费用,并且对每个层次我国市场化进程发展中的问题及根源进行了制度经济学的剖析,从而为我国社会主义市场经济体制的完善提供有价值的参考.     

Asymptotic analysis for optimal investment and consumption with transaction costs

We consider an agent who invests in a stock and a money market and consumes in order to maximize the utility of consumption over an infinite planning horizon in the presence of a proportional transaction cost . The utility function is of the form U(c) = c^1-p/(1-p) for p > 0, . We provide a heuristic and a rigorous derivation of the asymptotic expansion of the value function in powers of , and we also obtain asymptotic results on the boundary of the no-trade region.Received: July 2003, Mathematics Subject Classification (1991): 90A09, 60H30, 60G44JEL Classification: G13Work supported by the National Science Foundation under grants DMS-0103814 and DMS-0139911.     

Hedging errors with Leland's option model in the presence of transaction costs

Nonzero transaction costs invalidate the Black–Scholes [1973. Journal of Political Economy 81, 637–654] arbitrage argument based on continuous trading. Leland [1985. Journal of Finance 40, 1283–1301] developed a hedging strategy which modifies the Black–Scholes hedging strategy with a volatility adjusted by the length of the rebalance interval and the rate of the proportional transaction cost. Kabanov and Safarian [1997. Finance and Stochastics 1, 239–250] calculated the limiting hedging error of the Leland strategy and pointed out that it is nonzero for the approximate pricing of an European call option, in contradiction to Leland's claim. As a further contribution, we first identify the mathematical flaw in the argument of Leland's claim and then quantify the expected percentage of hedging losses in terms of the hedging frequency and the level of the option strike price.     

A framework to facilitate institutional arrangements for smallholder supply in developing countries: An agribusiness perspective

The industrialization of agriculture and the potential problem of small-scale farmer marginalization calls for a fresh approach to the design of agribusiness supply chain arrangements in developing countries. The objective of the paper is to contribute to a better understanding of institutional arrangements that can promote stable smallholder agribusiness contracting arrangements in a developing country context. A case study approach, incorporating a transaction cost framework, is used to test whether trust can significantly change the contract characteristics of supply. The results suggest that although the presence of trust can influence the contract characteristics of a supply arrangement, it may not be significant because of other factors in a developing country context. Bearing this in mind, a number of institutional arrangements are recommended in order to promote more stable contract conditions.     

地方公共服务、要素流动与要素空间配置——基于本地交易成本的均衡分析

通过"两区域、两要素与两部门"模型研究发现,即使存在区域内与区域间两类交易成本,增加公共服务仍有利于吸引要素流入,并产生要素空间聚集效应;增加公共支出以改善区内贸易条件对要素流动及其空间分布具有不同的影响;我国地方公共支出规模与全要素生产率之间存在明显的长期因果关系.     

Why are African commodity exchanges languishing? A case study of the Zambian Agricultural Commodity Exchange

Food price volatility and high transactions costs remain major problems in African food markets. These persistent problems provide a strong theoretical justification for the development of commodity exchanges. However, the majority of African commodity exchanges remain underdeveloped. Through a case study of the Zambian Agricultural Commodity Exchange (ZAMACE), this article explores why agricultural commodity exchanges in the region have thus far failed to develop into sustainable trading platforms and identifies the most important changes needed to enhance their performance.     

城市交通问题的产权分析

通过对多个城市的观察,发现《中华人民共和国道路交通安全法》的许多条款形同虚设,得不到切实的执行。本文根据产权理论对这一现象进行了分析,解释当前城市交通问题的主要成因即：车辆的增多、无法识别、十字路口和交通意识。产权的主要作用是帮助人们形成与他人交流的信息的预期,有了清晰界定的产权,就可以减少城市交通中人与人之间的不确定性,减小冲突的发生。为此,本文提出了解决城市交通问题的政策建议,即限制行车数量、增强非机动车辆的识别能力和规范十字路口标识,提高公民城市交通意识。通过减少交易成本,清晰的界定产权等手段规范城市交通,从而帮助行人建立稳定的预期,保证道路畅通。     

投资者异质性与证券市场定价——理论模型与中国的经验证据

本文从投资者异质性的客观现实出发,通过对投资者二维视角的交叉分类与相关行为的探讨,提出了一种按交易特点与行为依据的新的分类方案,即将投资者分为套利交易者、价格预期交易者和量能变动交易者三类。在此基础上分别建立了各类投资者的需求函数,通过对证券市场供求函数的讨论,利用均衡分析方法构建了基于投资者异质性的证券市场定价模型,并以我国证券市场1999-2011年的月度数据为样本进行了实证分析。实证结果表明:我国证券市场价格主要由价格预期交易者的诱导性策略行为与量能变动交易者的羊群行为决定,套利交易者的套利行为对市场价格没有显著的影响,证券市场扩容也未对市场价格的形成产生系统性冲击。