This paper examines the pattern of settlements, investor wins and state wins in investor-state dispute settlement cases, focusing on the impact of arbitration rules, the resources and experience of the litigants, the type of treaty breach under investigation, and the pattern of state intervention. Logistic regression results show that settlements are more likely when investors do not disclose their allegations publicly, when the host state has been involved in a greater number of past cases, and when the respondent state has a higher control-of-corruption rating. Panel awards to investors are more likely in cases of alleged direct expropriation and less likely for indirect expropriation. Panel decisions favoring the state increase with higher per capita income and rule-of-law ratings. 相似文献
Cuba sought economic independence from the U.S. and its reliance on sugar exports after its 1959 revolution, but subsequently developed new dependency relationships. In the meantime, Cuba remained inside the General Agreement on Tariffs and Trade (GATT), despite conducting most of its trade outside it. This paper explores the political economy of Cuba’s participation in the GATT and later the World Trade Organization (WTO). Documents show that Cuba sought to use its participation to gain new markets and influence in the developing world. While Cuba has gained little economically from its participation, in recent years it has diversified its exports and trade partners, and its trade interests now align more closely with WTO rules. Economic reforms will be necessary in order for Cuba to benefit. 相似文献
The Grand Anse Declaration of 1989 recognised the need for financial integration within the emerging economies that comprise the CARICOM region, as a way of furthering the wider process of economic integration and, indeed, economic development in that region. Using co-movement as a measure of financial integration, this paper investigates the co-movement in stock prices among the Barbados, the Jamaica and the Trinidad and Tobago Stock Exchanges, the three major exchanges within the CARICOM region. It also examines how integrated these exchanges are with the New York Stock Exchange. The GARCH-Copula methodology and, to a lesser extent, estimated correlation coefficients, are used to attain this objective. There appears to be co-movement in stock prices and returns within the CARICOM stock markets and significant dependence structures between the returns of the three CARICOM stock markets. However, there is considerably less evidence of integration between the CARICOM markets and the New York Stock Exchange. 相似文献
We investigate migrant construction workers’ experiences in the Former Soviet Union, examining their attitudes to other ethno-national groups, unions and collective action. Industrial relations and migration studies view migrant workers’ hypermobility and diversity, under conditions of low union coverage and rising nationalism, as potentially obstructing consciousness-raising and mobilizing. Workers in our study faced union indifference, ethno-national segregation and discrimination. However, managerial abuses, informality and contestation from below led to spontaneous mobilization. Lack of institutional channels to solve these disputes drove workers’ further mobility. Complex mobility trajectories and collective action translated into increased awareness of collective interests and rejection of nationalist ideologies. The outcome is ‘multinational workers’ potentially resistant to nation-state politics and capital's logics but also aware of the value and usefulness of collective solidarities. Thus, previous arguments solely associating exit with individualistic attitudes, and post-socialist legacies with workers’ quiescence present only partial pictures. 相似文献
We develop a dynamic model of information transmission and aggregation in social networks in which continued membership in the network is contingent on the accuracy of opinions. Agents have opinions about a state of the world and form links to others in a directed fashion probabilistically. Agents update their opinions by averaging those of their connections, weighted by how long their connections have been in the system. Agents survive or die based on how far their opinions are from the true state. In contrast to the results in the extant literature on DeGroot learning, we show through simulations that for some parameterizations the model cycles stochastically between periods of high connectivity, in which agents arrive at a consensus opinion close to the state, and periods of low connectivity, in which agents’ opinions are widely dispersed.
In cross‐section studies, if the dependent variable is I(0) but the regressor is I(1), the true slope must be zero in the resulting “unbalanced regression.” A spuriously significant relationship may be found in large cross‐sections, however, if the integrated regressor is related to a stationary variable that enters the DGP but is omitted from the regression. The solution is to search for the related stationary variable, in some cases the first difference of the integrated regressor, in other cases, a categorical variable that can take on limited number of values which depend on the integrated variable. We present an extensive survey, new developments, and applications particularly in finance. 相似文献
The paper argues that although considerations such as industry consolidation, the role of lending and the effects of technology are still important in shaping the future of investment banking, sustainable competitive advantage necessitates that emphasis is also placed on thought leadership. This entails quite a radical change in terms of the way in which the industry approaches the problem of competition and requires emphasis on value creation for all the constituent parts of the industry: corporations, investors, the banks themselves and research departments. Accordingly, the paper provides a rationale for this change and provides inter alia a range of examples to illustrate how thought leadership could lead to a fundamental change in the future of the investment banking industry. 相似文献