The role of innovation in venture capital: empirical evidence from European Union and EFTA countries

This article investigates the effects of innovation attempts on the venture capital and investment activity in the cases of the selected European Union plus European Free Trade Agreement countries using annual panel data and by controlling for real income growth and business sophistication. Our findings suggest that innovation has positively significant effects on venture capital in the cases without opt-out countries (United Kingdom and Denmark); however, these effects become negative in the cases with opt-out countries. Policy implications are provided in the conclusion section of this study.     

Institutional context as a moderator of the relationship between board structure and acquirer returns

The objective of this paper is to contribute to the understanding of the supervisory role of the board of directors in the context of mergers and acquisitions (M&As). We focus our study on the European case, for which there is no previous exhaustive evidence on this topic. Using information on 985 mergers and acquisitions carried out over the period 2003–2016 by companies in the major European countries, we analyze the influence of supervisory capacity of the board (small size, higher proportion of outsiders and separated Chairperson-CEO positions) on acquirer returns, differentiating between Anglo-Saxon and continental European contexts. Our results confirm that the effectiveness of corporate governance practices depends strongly on their fit with the broader institutional context. Specifically, we find that a smaller size of the board of directors and the separation of the positions of Chairperson and CEO lead to higher acquirer returns in European Anglo-Saxon countries. By contrast, we do not find evidence that any proxy of supervisory capacity of the board significantly improves acquirer returns in the rest of countries.     

Are imports and remittances cointegrated for the Central and Eastern European countries?

In this article, we investigate the existence of long-run common trends between imports and remittances in 11 Central and Eastern European countries which are part of the European Union. Using the Engle–Granger two-step procedure, we determine that for all countries in our sample there are no long-run common trends (no cointegration) between imports and remittances. However, the results are mixed when running a Granger causality test. For nine countries, we can establish either a bidirectional or unidirectional Granger causality, indicating that past values of one variable have predictive content on the other variable. In two countries, there is no Granger causality between imports and remittances.     

Working-time reduction and employment: experiences in Europe and economic policy recommendations

The paper seeks to evaluate the evidence on the employment effectsof the collective working-time reductions in Europe over thepast 20 years. While theoretical analyses produce contradictoryassessments, most empirical studies show positive employmenteffects but take insufficient account of these conditions underwhich the reductions in working time were implemented. Theseconditions for the success of collective working-time reductionsinclude an active training policy designed to minimise skillshortages in the labour market, the modernisation of work organisation,wage increases in conjunction with productivity gains and amore equal income distribution.     

The effect of exchange rate changes on trade balances in the short and long run

Using generalized impulse response functions, this study tests for the trade J‐curve for three transitional central European countries – the Czech Republic, Hungary, and Poland – in their bilateral trade with respect to Germany. Our findings suggest that for each country there are some characteristics associated with a J‐curve effect: after a (real or nominal) depreciation the export‐to‐import ratio briefly drops to below its initial value within a few months and then rises to a long run equilibrium value higher than the initial one.     

Experience and enlightenment of recycling system of packaging waste in Europe

As economy explodes and packaging industry flourishes, it is a critical issue that international community encounters the waste of resources and environmental pollution caused by packaging waste. As far as the Packaging Waste Management is concerned, European countries are abundant in worthwhile experiences, which could be used for reference to China＇s Construction of Packaging Waste Recycling System. Based on the analysis of industrial chain of European Packaging Waste Recycling System, this paper illuminates the corresponding policies, managements and role of distinguished interest-individual in different stages, which administers suggestions on how to put forward policies and implementing ordinance to China＇s Packaging Waste Management.     

西气东输工程用感应加热弯管技术条件探讨

在对国外X70管线弯管技术条件进行调查分析与研究的基础上，对其中的几个关键技术问题包括母管成分，弯管的制造工艺和技术路线，强度与韧性要求，屈强比，Cu污染问题等进行了讨论。一些观点在西气东输感应加弯管技术条件中得到应用。     

Shareholder Value Creation in European M&As

This paper looks at the value generated to shareholders by the announcement of mergers and acquisitions involving firms in the European Union over the period 1998–2000. Cumulative abnormal shareholder returns due to the announcement of a merger reflect a revision of the expected value resulting from future synergies or wealth redistribution among stakeholders. Target firm shareholders receive on average a statistically significant cumulative abnormal return of 9% in a one‐month window centred on the announcement date. Acquirers’ cumulative abnormal returns are null on average. When distinguishing in terms of the geographical and sectoral dimensions of the merger deals, our main finding is that mergers in industries that had previously been under government control or that are still heavily regulated generate lower value than M&A announcements in unregulated industries. This low value creation in regulated industries becomes significantly negative when the merger involves two firms from different countries and is primarily due to the lower positive return that shareholders of the target firm enjoy upon the announcement of the merger. This evidence is consistent with the existence of obstacles (such as cultural, legal, or transaction barriers) to the successful conclusion of this type of transaction, which lessen the probability of the merger actually being completed as announced and, therefore, reduce its expected value.     

Trade-offs in sulfur emission trading in Europe

How to implement emission trading is one question in the current negotiations on a new sulfur protocol in Europe. Whereas the current protocol stipulates a 30 percent uniform reduction, national emission ceilings included in the proposed new protocol imply differentiated reductions. In addition, emission and fuel standards are proposed. This paper examines the costs and environmental impacts of emission trading. Emission trading combined with regulations is a new element in the paper. Calculations using the RAINS (Regional Acidification INformation and Simulation) model suggest that overlaying emission trading on regulations not only reduces the cost savings but has beneficial impacts as well: ecosystem protection is not changed and significant decreases in environmental benefits for countries are largely avoided. Emission trading can also be used to decrease emissions and increase ecosystem protection. If combined with existing legislation, emission trading minimizes losses in expected environmental benefits for some countries, and most countries gain. However, the initial distribution of emission ceilings has to be used so that some countries are not confronted with higher costs. Trade-offs appear to exist between the use of emission trading to achieve cost savings on the one hand, and ecosystem protection and distributional equity on the other.     

欧洲"健康城市"研究评述

在明确"健康城市"相关概念和特征的基础上,回顾了欧洲"健康城市"运动的发端,详细介绍了欧洲"健康城市项目"的运作流程,随后着重从老龄化、城市规划、社会因素三方面与城市健康之间的关系总结欧洲关于"健康城市"的研究成果,最后展开若干思考.