wheat from chaff meta analysis as quantitative literature review abstract this paper presents and develops a quantitative method of literature reviewing and evaluating empirical research meta regression analysis or mra economics is theory driven yet we must learn empirically if economics is to advance mra offers a more objective statistical method to summarize our empirical knowledge and to explain the wide study to study variation in economic research mra is used to assess the evidence for ricardian equivalence and its findings are contrasted to those of conventional narrative review furthermore mra establishes a platform from which to distinguish genuine empirical effect from the exploitable specification error that infests applied econometrics

an institution based view of international business strategy a focus on emerging economies leveraging the recent research interest in emerging economies this perspective paper argues that an institution based view of international business ib strategy has emerged it is positioned as one leg that helps sustain the strategy tripod the other two legs consisting of the industry and resource based views we then review four diverse areas of substantive research 1 antidumping as entry barriers 2 competing in and out of india 3 growing the firm in china and 4 governing the corporation in emerging economies overall we argue that an institution based view of ib strategy in combination with industry and resource based views will not only help sustain a strategy tripod but also shed significant light on the most fundamental questions confronting ib such as what drives firm strategy and performance in ib

evaluating the economic impact of quality reducing seed borne diseases lessons from karnal bunt of wheat abstract estimates of aggregate disease costs can be used for assigning research resources or to evaluate control measures most diseases cause production losses but others affect quality and marketability seed borne diseases also cause problems for the seed production and distribution industry the aim in this paper is to examine issues relating to the economic impact of a quality reducing seed borne disease and to highlight differences compared to non seed borne diseases affecting yield only economic evaluation of quality reducing seed borne diseases needs to incorporate impacts of trading restrictions such as quarantines or embargoes imposed by purchasers the costs of measures taken to control diseases also represent part of the economic impact of the disease full economic costs of a disease include the direct yield and quality costs and costs of the control measures the costs of karnal bunt of wheat in mexico were found to include many control costs that have often been overlooked the optimal amount of resources to invest in controlling a disease depends on the likely annual costs of the disease and of control measures before implementing disease control policies both the costs and the benefits of the policies need to be considered taking the risks of each option into account to ensure that the policy itself does not impose greater costs than the uncontrolled disease

reversing urban bias in african rice markets evidence from senegal summary urban bias constitutes an important institutional impediment to economic development in poor countries some african governments now recognize that they should invest in agricultural productivity in order to reverse urban bias but often forget the equally important objective of investing in quality tailored to consumers so as to reverse urban bias footprint on food markets we conduct framed field experiments in two major urban markets in senegal and find that the majority of urban consumers are willing to pay quality premiums for local rice suggesting that investment in post harvest rice quality is a priority in the reversal of urban bias 2012 elsevier ltd all rights reserved

hedging with mispriced futures this paper analyzes the correspondence between arbitrage sector pricing efficiency and the short term hedging costs and effectiveness of futures contracts reversals of initial contract mispricings by arbitrage sector trading leads to an important mispricing retum component in the total retum to hedge portfolios the existence of the mispricing retum has implications for initial hedge ratio selection hedging effectiveness and expected hedge retum the analysis is used to interpret the hedge ratio guidance and performance of short term hedges between the standard and poor s 500 stock index futures contract and the underlying s p 500 cash stock index portfolio over the 1982 1986 period

competitive tension the awareness motivation capability perspective this paper investigates competitive tension or the strain between a focal firm and a given rival that is likely to result in the firm taking action against the rival drawing on the awareness motivation capability perspective we show how perceived competitive tension as constructed from managers and industry stakeholders competitor assessments is influenced by the independent and interactive effects of three factors relative scale rival s attack volume and rival s capability to contest our results provide a new avenue for studying competitors and the relationship between competitor analysis and interfirm rivalry in science there is a steady state in which opposing forces hold each other in check until the build up of tension turns the static relationship into dynamic interplay the point when the steel cable snaps the steam chamber s pressure valve opens or one psychological force overwhelms the other in business practice a similar phenomenon exists when tension that one opponent imposes on another triggers rivalrous actions competitor analysis is central to strategy and organization research hitt ireland hoskisson 2005 porter 1980 previous research has explored a number of important issues including conjecture variation amit domowitz fershtman 1988 competitor identification porac thomas 1990 and blind spots zajac bazerman 1991 and has made advances in such areas as theoretical integration of competitor analysis and interfirm rivalry chen 1996 fundamental questions such as who a focal firm s competitors are and how much competition the firm faces from each rival have been implicitly or explicitly addressed by a variety

food quality changes and implications evidence from the rice value chain of bangladesh summary in dhaka the share of the less expensive coarse rice is shown to be rapidly decreasing in rice markets and it thus seems that the role of rice as only a cheap staple food is being redefined the increasing demand for the more expensive varieties is seemingly associated with a more important off farm food sector in particular milling retailing and branding as well as a transformed milling industry we further find that the labor rewards for growing different rice varieties are not significantly different and that farmers do not benefit directly from consumers increased willingness to pay for rice

a meta analysis of the export growth hypothesis abstract meta analysis is performed on a sample of seventy six studies that have empirically gauged the nexus between exports and economic growth the results show that studies that use aggregate exports report lower t ratios but studies that use oil and manufactured exports report higher t ratios the study also documents the existence of publication bias in the literature

a hedonic approach to estimating the supply of variety attributes of a subsistence crop the article extends the household hedonic model by estimating a supply function for variety attributes of a subsistence crop in a developing economy the model is applied to bananas in uganda making use of disaggregated data on variety specific farm gate banana bunch prices and attributes while accounting for the semisubsistence nature of banana producing households the article is motivated by the need to understand the attribute trade offs made by farmers at the farm gate in light of targeted variety improvement efforts and their impact on banana markets whether variety improvement will pay off at the market level requires a more detailed examination of the relative worth of banana attributes within the structure of consumer preferences and production technologies related to bananas in uganda the results confirm the importance of consumption and production attributes in selling behavior quality and bunch size are found to be complements at the farm gate banana bunches that capture a premium at the market will be those that provide bundles of desirable consumption and production attributes simultaneously by revealing important price attribute relationships the findings provide guidance for crop improvement efforts and diversification choices while taking into account implicit market signals for output attributes

foreign investment and spillover efficiency in an underdeveloped economy evidence from the mexican manufacturing industry abstract in this paper we consider the question whether differences in technical efficiency of mexican plants in part derive from spillover efficiency associated with foreign direct investment we use labour productivity as a measure of technical efficiency and relate this to capital intensity labour quality and scale of production we measure the degree of competition by different concentration indices and the final factor determining efficiency is the presence of foreign subsidiaries if there is a positive relation between efficiency of domestic plants and the foreign participation of various industries we conclude that there is a spillover of technical efficiency the empirical evidence from the study indicates that this is the case

a structural investigation of biotechnological impacts on cotton quality and returns a structural quality quantity choice model is developed to evaluate the impact of improved fiber quality and the resulting economic surplus under biotechnological scenarios two major biotechnology scenarios are considered for a comparative analysis of fiber quality improvement results show impacts on fiber quality improvement and economic returns

productivity spillovers from foreign direct investment evidence from uk industry level panel data this paper examines intra industry productivity spillovers from foreign direct investment fdi in the uk manufacturing sector the empirical analysis uses panel data for 48 uk industries over the period 1991 1995 a major contribution is empirical evidence on spillover effects in situations where the host country is developed the results indicate that the very presence of fdi has a positive spillover impact on the productivity of uk owned firms the analysis also shows that the extent to which local firms benefit from the introduction of advanced technology depends largely on their own technological capabilities

hedging index exchange traded funds this paper presents an empirical comparison of the out of sample hedging performance from naive and minimum variance hedge ratios for the four largest us index exchange traded funds etfs efficient hedging is important to offset long and short positions on market maker s accounts particularly imbalances in net creation or redemption demands around the time of dividend payments our evaluation of out of sample hedging performance includes aversion to negative skewness and excess kurtosis the results should be of interest to hedge funds employing tax arbitrage or leveraged long short equity strategies as well as to etf market makers

evaluating returns to agricultural research a review this paper reviews and compares the most common approaches used to evaluate public agricultural research investment ex post studies fall into two major groups a consumer and producer surplus analyses estimating average rates of return to research and b production function analyses estimating marginal rates of return to research ex ante studies fall into four groups a those using scoring models to rank research activities b those employing benefit cost analysis to establish rates of return to research c those using simulation models and d those using mathematical programming to select an optimal mix of research activities

a household hedonic model of rice traits economic values from farmers in west africa abstract new crop varieties often have been promoted in developing countries based upon superior yield vis a vis locally available varieties this research presents a hedonic price model for upland rice by drawing upon the input characteristics and consumer good characteristics model literature model specification tests determine that a combination of production and consumption characteristics best explains the willingness to pay for new upland rice varieties the household model specification determined that five traits explain the willingness to pay for new rice varieties plant cycle length plant height grain colour elongation swelling and tenderness yield was not a significant explanatory variable of the willingness to pay for seed the implications of this model are two fold first varietal development and promotion must include post harvest characteristics in addition to production traits when determining which varieties to promote for official release secondly non yield production characteristics such as plant height and cycle length are significant factors in producer s assessments of the value of a new variety overall this paper provides an alternative explanation for limited adoption of modern upland rice varieties in west africa varietal evaluation programs have focused too narrowly on yield evaluation and have not promoted varieties with superior non yield characteristics than locally available varieties

mnc knowledge transfer subsidiary absorptive capacity and hrm based on a sample of 169 subsidiaries of multinational corporations mncs operating in the usa russia and finland this paper investigates the relationship between mnc subsidiary human resource management hrm practices absorptive capacity and knowledge transfer first we examine the relationship between the application of specific hrm practices and the level of the absorptive capacity second we suggest that absorptive capacity should be conceptualized as being comprised of both employees ability and motivation further results indicate that both ability and motivation absorptive capacity are needed to facilitate the transfer of knowledge from other parts of the mnc

on the relevance of exports for regional output growth in china despite high economic growth during the past decades china is still vulnerable to shocks arising from industrial states the advanced economies strongly influence chinese export performance with subsequent effects on output growth using a production function this article examines to which extent regional gdp growth in china is export driven in a panel of 28 chinese provinces series are splitted into common and idiosyncratic components the latter being stationary the results indicate cointegration between the common components of gdp the capital stock and exports in equilibrium exports increase gdp by more than their impact expected from the national accounts while exports and capital are weakly exogenous gdp responds to deviations from the long run a similar adjustment pattern can be detected for most regions except for some provinces in the western part of the country

is corruption grease grit or a gamble corruption increases variance of productivity across countries the effect of corruption on economic growth has attracted interest in empirical development economics the conventional view of corruption as impediment for growth has been challenged by the grease on the wheels hypothesis we take a new perspective on the issue and suggest corruption as macro risk referred to as a gamble hypothesis using cross country data and two alternative indicators of corruption we find corruption to be a significant driver of heteroscedasticity in total productivity this supports the new gamble hypothesis we also note some misleading interpretations in the previously published frontier applications to avoid these shortcomings we apply a flexible semi nonparametric estimator

foreign direct investment and economic growth an increasingly endogenous relationship summary this paper investigates whether foreign direct investment fdi affects economic growth based on a panel of data for 84 countries over the period 1970 99 both single equation and simultaneous equation system techniques are applied to examine this relationship a significant endogenous relationship between fdi and economic growth is identified from the mid 1980s onwards fdi not only directly promotes economic growth by itself but also indirectly does so via its interaction terms the interaction of fdi with human capital exerts a strong positive effect on economic growth in developing countries while that of fdi with the technology gap has a significant negative impact

pollution energy use gdp and trade estimating the long run relationship for vietnam abstractsince the beginning of economic reform in the 1980s and in particular with its openness to international trade accelerating since the 1990s the vietnamese economy has registered significant growth at the same time energy consumption and the level of pollution in vietnam has also increased this article aims to focus on the link between openness to trade and pollution in vietnam due to lack of data very few existing studies have focused on vietnam using annual data from1980 to 2011 and employing the bounds testing approach to cointegration based on an autoregressive distributed lagged ardl model we find that there is a statistically significant long run relationship amongst pollution openness to trade energy consumption and real national income in vietnam this conclusion continues to hold when the possibility of a structural break in the relationship is allowed for using the gregory hansen approach to cointegration analysis of the cointegration relationship suggests that in respons

modern varieties productivity and sustainability recent experience and emerging challenges abstract the contribution of modern varieties of cereal crops to increased productivity in the postgreen revolution period is reviewed and the future role of hybrids and biotechnology discussed particular emphasis is given to the ways in which modern varieties may contribute to input efficiency and sustainability finally economic and institutional issues in restructuring plant breeding programs for the most efficient use of resources in both the public and private sectors and at the national and international levels are analyzed

ex ante evaluation of the economic impact of agricultural biotechnology the case of porcine somatotropin advances in biotechnology are leading to the creation of products which are expected to have a significant impact on agricultural production much discussion in the literature has focused on possible impacts of biotechnology on agriculture kalter and tauer hueth and just stallman and schmid but few quantitative estimates of the probable impact exist this paper examines the impact of a new growth hormone porcine somatotropin pst on the u s pork industry our approach is generally useful for ex ante analyses of new biotechnologies where experimental estimates of the impact of the technology are available and where the nature of the commodity produced may be affected by the new biotechnology pst is a naturally occurring somatotropin protein produced in the pig s pituitary supplemental pst has been shown in experimental research to lead to improvement in average daily gain improvement in feed efficiency and change in carcass composition of the pig by converting fat to lean meat the purpose of this paper is to simulate the likely impact of supplemental pst use on prices and quantities of pork at the retail and farm levels and on net benefits of producers and consumers the approach taken here to quantifying the impact of pst is in the spirit of previous ex ante approaches to estimating returns to agricultural research norton and davis this study explicitly takes into account a interrelationships between the domestic hog and pork markets b interrelationships between pork and other meats c interrelationships between the domestic and international mar

the eclectic paradigm of international production a restatement and some possible extensions this article reviews some of the criticisms directed towards the eclectic paradigm of international production over the past decade and restates its main tenets the second part of the article considers a number of possible extensions of the paradigm and concludes by asserting that it remains a robust general framework for explaining and analysing not only the economic rationale of economic production but many organisational and impact issues in relation to mne activity as well

foreign investment and productive efficiency the case of mexico this paper examines whether the relative performance of firms within mexican manufacturing industries varies systematically with the presence of foreign subsidiaries it also analyzes how foreign entry influences the technological structure in host country industries the findings suggest that 1 foreign presence in an industry is positively correlated with structural efficiency and 2 foreign entry is related to structural changes only in the modern part of the industries the most important source of spillover efficiency is found to be in the competitive pressure induced by the foreign firms i introduction a widely held view among economists studying foreign investment is that one of the important contributions to the host country is likely to stem from external effects or spillovers the spillovers can be of different kinds the foreign firms may influence the productivity and growth of the domestically owned firm they may change the nature and evolution of concentration they may alter financing marketing and technological and managerial practices in the industries that they enter et cetera because of great methodological difficulties in investigating these effects empirically in addition to lack of data few empirical investigations appear in the literature three available econometric studies deal with the influence of foreign investment on the technical efficiency of host country firms one focuses on australia caves 1974 one on canada globerman 1979 and one on mexico blomstrom and persson 1983 all three find some support for the spillover benefit hypothesis but none of the studies analyzes the nature of spillover efficiency in depth the present paper is an attempt to identify through what mechanisms the spillover efficiency of foreign investment takes place by analyzing the effects of foreign investment on the productive efficiency of the industrial structure in mexico we will examine whether the relative performance of firms within an industry varies systematically with the presence of foreign subsidiaries we will also analyze the impact of foreign investment on structural change that is how foreign entry influences the technological structure in host country industries

is china different a meta analysis of export led growth we examine whether china has benefited more from exports than other countries the results show that exports have been more significant for growth in china than in other countries even when china is compared with other transition economies

when and where does foreign direct investment generate positive spillovers a meta analysis local firms may attract productivity spillovers from foreign investors yet these vary with local firms awareness capability and motivation to react to foreign entry in consequence spillovers vary across countries at different levels of economic development we apply competitive dynamics theory to analyze these contextual moderators of spillovers and test hypotheses thus derived in a meta analysis of the empirical literature on spillovers our analysis suggests a curvilinear relationship between spillovers and the host country s level of development in terms of income institutional framework and human capital

economics of biofortification micronutrient malnutrition affects billions of people world wide causing serious health problems different micronutrient interventions are currently being used but their overall coverage is relatively limited biofortification that is breeding staple food crops for higher micronutrient contents has been proposed as a new agriculture based approach yet as biofortified crops are still under development relatively little is known about their economic impacts and wider ramifications in this article the main factors that will influence their future success are discussed and a methodology for economic impact assessment is presented combining agricultural nutrition and health aspects ex ante studies from india and other developing countries suggest that biofortified crops can reduce the problem of micronutrient malnutrition in a cost effective way when they are targeted to specific situations projected social returns on research investments are high and competitive with productivity enhancing agricultural technologies these promising results notwithstanding biofortification should be seen as a complement rather than a substitute for existing micronutrient interventions since the magnitude and complexity of the problem necessitate a multiplicity of approaches further research is needed to corroborate these findings and to address certain issues still unresolved at this stage

trade and poverty in the poor countries now widely regarded as economically benign in the sense that it increases the size of the pie the recent anti globalization critics have suggested that it is socially malign on several dimensions among them the question of poverty 2 their contention is that trade accentuates not ameliorates and that it deepens not diminishes poverty in both the rich and the poor countries the theoretical and empirical analysis of the impact of freer trade on poverty in the rich and in the poor countries is not symmetric of course we focus here only on the latter in doing so we distinguish between two different strands of argumentation static and dynamic

contextualising organisational learning lyles and salk in the context of their research hungary has been the focus of lyles and salk 1996 because their research interest organisational learning was of particular concern in joint ventures in that country at that time this allowed them to investigate in greater depth what drives knowledge acquisition and how it influences the performance of joint ventures this commentary reviews the contribution by lyles and salk as reflected in the subsequent literature the setting of the study in hungary 1993 raises the challenging question of how this particular context may have influenced the research outcomes i argue that the national context of radical environmental change and the organisational context of joint ventures incorporating privatised state firms crucially influence processes of organisational learning the importance of context suggests modifying future research agendas in international business and in organisational learning in particular i thus suggest that future research should incorporate context more explicitly to establish boundary conditions for theory and to develop managerially relevant insights

determinants of cross national knowledge transfer and its effect on firm innovation this study examines the determinants of international knowledge flow from a resource based perspective it evaluates the impact of cross national knowledge transfer on firm innovative performance based on 56 027 us patents owned by 53 selected firms in the us based pharmaceutical industry the results suggest that innovative performance is a curvilinear function of the international knowledge content used by a firm to innovate as hypothesized it was found that at 1 low and moderate levels of international knowledge content a firm s strategy to transfer international knowledge improves its innovative performance and at 2 higher levels of international knowledge content there are diminishing marginal returns to transferring knowledge from overseas

the impact of inward fdi on the performance of chinese manufacturing firms recent years have witnessed the emergence of china as one of the most important destinations for foreign direct investment fdi which reached us 403 98 billion by the end of 1999 moftec 2000 china is now the largest recipient of fdi in the developing world however the amount of fdi will underestimate its overall consequences if spillover effects are significant murphy 1992 o malley 1994 buckwalter 1995 this study investigates the impact of fdi on the performance of chinese locally owned firms in manufacturing

strategic trading behavior and price distortion in a manipulated market anatomy of a squeeze abstract this paper investigates an attempted delivery squeeze in a bond futures contract traded in london using cash and futures trades of dealers and customers we analyze their strategic trading behavior price distortion and learning in a market manipulation setting we argue that marked differences in settlement failure penalties in the cash and futures markets create conditions that favor squeezes we recommend that regulators require special flagging of forward term repurchase agreements on the key deliverables that span futures contract maturity dates and that exchanges mark to market their contract specifications more frequently or consider a cash settled contract on a basket of bonds

promise and pitfalls in the use of secondary data sets income inequality in oecd countries as a case study this paper examines the role of secondary data sets in empirical economic research taking the field of income distribution as a case study we illustrate problems faced by users of secondary statistics showing how both cross country comparisons and time series analysis can depend sensitively on the choice of data after describing the genealogy of secondary data sets on income inequality we consider the main methodological issues and discuss their implications for comparisons of income inequality across oecd countries and over time the lessons to be drawn for the construction and use of secondary data sets are summarized at the end of the paper

consumer demand for rice grain quality and returns to research for quality improvement in southeast asia abundant world rice supply has led to renewed interest in improving grain quality of modem rice varieties implicit prices of grain characteristics are estimated for thailand indonesia and the philippines these prices are used to evaluate rice breeding goals and to estimate returns to research for quality improvement results indicate that the past focus on physical quality improvement was appropriate and future welfare gains are possible from chemical quality improvement returns to quality improvement are substantial and indicate underinvestment in this type of research as asian rice production grew faster than population from 1965 to 1980 the real price of rice declined in world markets and several asian countries flinn and unnevehr greater supply and falling prices have increased concern for rice grain quality improvement in national and international research programs in tropical asia khush in this article the consumer goods characteristics model develo ed bv ladd and suvannunt is used to estimaie thedimplicit prices of rice grain quality characteristics in thailand indonesia and the philippines these estimated implicit prices answer three questions a do observed consumer preferences correspond to measures of quality used to screen material in breeding programs b are consumer preferences similar across countries so that quality improvement can be undertaken at the international level c what are the returns to re

hedging performance and basis risk in stock index futures in early 1982 trading began at three different exchanges in futures contracts based on stock indexes stock index futures were an immediate success and quickly led to a proliferation of new futures and options markets tied to various indexes one reason for this success was that index futures greatly extended the range of investment and risk management strategies available to investors by offering them for the first time the possibility of unbundling the market and nonmarket components of risk and return in their portfolios many portfolio management and other hedging applications in investment banking and security trading have been described elsewhere1 ranging from use by a passive fund manager to reduce risk over a long time horizon to use by an underwriter to hedge the market risk exposure in a stock offering for one or two days in considering the potential applications of index futures it is clear that in nearly every case a cross hedge is involved that is the stock position that is being hedged is different from the underlying portfolio for the index contract 2 this means that return and risk for an index futures hedge will depend upon the behavior of the basis i e the difference between the futures price and the cash price hedging a position in stock will necessarily expose it to some measure of basis risk risk that the change in the futures price over time will not track exactly the value of the cash position basis risk can arise from a number of different sources and is a more significant problem for stock index contracts than for other financial futures like treasury bills and bonds 3 the most apparent cause of basis risk is the nonmarket component of return on the cash stock position since the index contract is tied to the behavior of an underlying stock market index nonmarket risk cannot be hedged this is the essential problem of a cross hedge however basis risk can be present even when the hedge involves a position in the index portfolio itself and there is no nonmarket risk for one thing returns to the index portfolio include dividends while the index and the index future only track the capital value of the portfolio any risk associated with dividends on the portfolio will become basis risk in a hedged position still dividends are fairly low and also quite stable so this may not be a terribly important shortcoming

is the relationship between inward fdi and spillover effects linear an empirical examination of the case of china this paper finds evidence for the coexistence within chinese manufacturing industry of both curvilinear and linear relationships between inward foreign direct investment fdi and the productivity of locally owned enterprises loes this complexity of spillover effects challenges the laissez faire view that all inward fdi into all types of domestic industry is equally valuable in terms of productivity spillover benefits our findings suggest that inward fdi into china leads either to spillovers that decline beyond a critical point or to effects that continue linearly depending on the ownership of foreign investors and the technological characteristics of the industry concerned our analysis yields original insights into the complex pattern of spillover effects from fdi into china and deeper understanding of its possible causes

interdependent behavior in foreign direct investment the multi level effects of prior entry and prior exit on foreign market entry this paper examines the interdependent foreign market entry decisions of multinational corporations mncs based on the argument that legitimacy and competition are two important forces in foreign market entry decisions we hypothesize that an mnc s market entry decisions are influenced by its own prior entry and prior exit decisions and those of other mncs we examine this general proposition at four levels of analysis the host country global industry an industry that spans host countries local industry an industry that is separately defined within each host country and parent firm level our analysis of a panel data of over 4000 market entry decisions that were made by japanese mncs shows that an mnc s market entry decision has a stronger inverted u shaped relationship with the prior entry and exit decisions of other mncs at the local industry level than the prior entry and exit decisions of other mncs at the host country and global industry levels we also find that both the prior entry and prior exit decisions of an mnc have a marginal influence on its own subsequent market entry decisions at the parent firm level

linking fdi motivation and host economy productivity effects conceptual and empirical analysis we develop a taxonomy that relates foreign direct investment fdi motivation technology and cost based to its anticipated effects on host countries domestic productivity we then empirically examine the effects of fdi into the united kingdom on domestic productivity and find that different types of fdi have markedly different productivity spillover effects which are consistent with the conceptual analysis the uk gains substantially only from inward fdi motivated by a strong technology based ownership advantage as theory predicts inward fdi motivated by technology sourcing considerations leads to no productivity spillovers

the rate of return to public sector agricultural r d in the uk 1965 80 1989 the rate of return to public sector agricultural r d in the uk 1965 80 applied economics vol 21 no 8 pp 1063 1086

perspectives on multinational enterprises in emerging economies multinational enterprises mnes play a pivotal role in the development of many emerging economies in consequence they became the focus of scholarly research by economists and policy analysts in contrast international business scholars have been comparatively uninterested in analysing this role of mnes yet they could make important contributions to these debates first studies taking the individual firms as starting point would enhance understanding of the interaction between mnes and the local environment second theories and research methodologies developed in international business research could provide new insights into the dynamics of mnes in emerging economies the objective of this paper is to motivate more international business scholars to engage in research on positive and negative spillovers from foreign direct investment fdi in emerging economy societies to advance this research agenda scholars need to analyse the specific activities and capabilities of the firms involved and the impact of fdi on the broader social and environmental context for management this agenda raises the ethical question to what extent ought businesses to care about their local stakeholders

determinants of fdi induced externalities new empirical evidence for mexican manufacturing industries summary this paper presents new statistical evidence on foreign direct investment fdi induced externalities in mexican manufacturing industries for 1993 the new empirical results are important in three respects first the size of technological differences between fdi and mexican firms is positively related to positive externalities indicating the importance of sufficient scope of potential externalities incentives to make externality facilitating investments and the absence of negative competition effects second geographical concentration is identified as a structural determinant of positive fdi externalities finally the effect from fdi cleared from the influence of technological differences and agglomeration is the creation of positive externalities especially when endogeneity of the foreign participation variable is controlled for

research payoffs from quality improvement the case of protein in australian wheat a model is developed for evaluating the size and distribution of the economic benefits from research that improves the quality of an export commodity quality improvement achieved by research or by agronomic practices shifts the domestic and or excess demand curves for an export commodity research costs are not modeled but any shift in the supply curve due to a change in yield for example accompanying the quality improvement is included the model is used to estimate the gains from research that increases protein content in australian wheat it is estimated that australia has the potential to obtain net benefits up to a 53 million per year from a one percentage point increase in the protein content in wheat over 90 of these gains accrue to wheat producers

the asymmetric relationships between pollution energy use and oil prices in vietnam some behavioural implications for energy policy making abstract with rapidly expanding real gdp in vietnam it is anticipated that the vietnamese energy production will increase to meet its rising energy consumption an important corollary is that pollution will also rise since the energy sector is considered a big polluter in the developing world this paper brings two important insights to this literature first and foremost this paper seeks to establish if any behavioural biases of policy makers have clouded the decision to adopt suitable energy technologies and policies in vietnam with far reaching consequences for sustainability in the region secondly in order to detect behavioural biases it considers the asymmetric effects of increases vis a vis decreases in regressors by using the non linear autoregressive distributed lags nardl models to examine how such increases or decreases really impact on pollution in vietnam using annual data from 1982 to 2015 the analysis finds that the long run relationships between pollution energy use and oil prices have been characterised by non linear and asymmetric interlinkages to indicate hidden cointegration we further argue that such hidden cointegration can signal important behavioural biases in energy policy making

index futures arbitrage and the behavior of stock index futures prices this article examines intraday transaction datafor s p 500 stock indexfutures prices and the intraday quotes for the underlying index the data indicate that thefutures price changes are uncorrelated and that the variability of these price changes exceeds the variability ofprice changes in the s p 500 index this excess variability of the futures over the index remains even after controlling for the nonsynchronous prices in the index quotes which induces autocorrelation in the index changes we advance and examine empirically two hypotheses regarding the difference between the futures price and its theoretical value that this mispricing increases on average with maturity and that it is path dependent evidence supporting these hypotheses is presented

do spillover benefits grow with rising foreign direct investment an empirical examination of the case of china using data from the chinese manufacturing industry for 2001 this article examines the impacts of foreign presence on the performance of locally owned chinese firms our key result supports a curvilinear functional form foreign penetration rates in excess of just about two thirds of industrial capital are associated with declining spillover benefits indicating the dominance of negative spillovers the curvilinear relationship is found to be particularly strong in labour intensive industries contrasting with a standard linear relationship in technology intensive sectors the finding of the complexity of spillover effects challenges the laissez faire view that the more inward foreign direct investment fdi the better and that inward fdi into all types of domestic industry is equally valuable in terms of performance benefits our findings argue for policy measures to strengthen domestically owned chinese industry to provide effective competition to foreign firms and to absorb the benefits from spill

financial liberalization and economic growth a meta analysis this study provides a systematic analysis of the empirical literature on the relationship between financial liberalization and economic growth by conducting a meta analysis based on 441 t statistics reported in 60 empirical studies we focus on explaining the heterogeneity of results in our sample in terms of study data and method specific characteristics although our findings indicate that on average there is a positive effect of financial liberalization on growth the significance of this effect is only weak moreover we find that most of the variables that may help explain the heterogeneity of results are insignificant there are two exceptions first studies carried out based on data from the 1970s on average find a statistically less significant relationship between financial liberalization policies and growth i e they report lower t statistics as compared to studies using data from the 1980s second studies controlling for the level of development of the financial system report lower t statistics for the relationship between liberalization and growth

knowledge acquisition from foreign parents in international joint ventures an empirical examination in the hungarian context in this paper we examine organizational characteristics structural mechanisms and contextual factors that influence knowledge acquisition from the foreign parent in international joint ventures ijvs we in turn relate assessments of knowledge acquisition to ijv performance the data come from a survey of ijvs in the hungarian context where learning and knowledge acquisition from the foreign parent is thought to be particularly critical adaptation mechanisms such as capacity to learn articulated goals and structural mechanisms such as the provision of training technology and managerial assistance by foreign parents all were positively associated with the degree to which ijvs reported acquiring knowledge from their foreign parents we also found limited support for the belief that cultural conflicts can impede knowledge acquisition but only for two party joint ventures with 50 50 equity arrangements we also looked at the relationship between knowledge acquisition and different dimensions for evaluating ijv performance the relationship between knowledge acquisition and performance was significant for all indicators of performance through knowledge acquisition from the foreign parent and the organizational characteristics hypothesized to enhance ijv knowledge acquisition affected assessments of some dimensions of performance more than others our findings contribute to advancing knowledge about the relationship between organizational characteristics and organizational knowledge acquisition in ijvs as well as the relationships between knowledge acquisition and different dimensions of ijv performance

taxes and the pricing of stock index futures stock index futures prices are generally below the level predicted by simple arbitrage models this paper suggests that the discrepancy between the actual and predicted prices is caused by taxes capital gains and losses are not taxed until they are realized as constantinides demonstrates in a recent paper this gives stockholders a valuable timing option if the stock price drops the investor can pass part of the loss on to the government by selling the stock on the other hand if the stock price rises the investor can postpone the tax by not realizing the gain since this option is not available to stock index futures traders the futures prices will be lower than standard no tax models predict on 24 february 1982 the kansas city board of trade began trading futures contracts on the value line average stock index during the next two months both the chicago mercantile exchange and the new york futures exchange also initiated trading in stock index futures although these contracts are actively traded their prices have puzzled both practitioners and academics the observed

the effect of corruption on japanese foreign direct investment in an effort to reduce risk and uncertainty we hypothesize that investors avoid countries where high corruption exists we investigate this issue by examining the relationship of levels of perceived corruption on japanese foreign direct investment fdi in both industrialized and emerging economies the analysis presented utilizes a sample of 29 546 investments in 59 countries results suggest that in emerging nations where comprehensive legal and regulatory frameworks do not exist to effectively curtail fraudulent activity corruption serves to reduce fdi managers need to consider the level of perceived corruption in their assessment of any market prior to potential investment

accounting for sources of fdi technology spillovers evidence from china using a set of panel data of 11 324 firms in china from 1996 to 1999 the paper finds that positive technology spillovers from fies to domestic firms occur through tangible assets rather than intangible assets through domestically consumed products rather than exported products through traditional products rather than new products and through fies employing unskilled workers rather than fies employing skilled workers fies are found to generate negative spillovers through exports and through employment of skilled workers

securing a bioenergy future without imports the uk has legally binding renewable energy and greenhouse gas targets energy from biomass is anticipated to make major contributions to these however there are concerns about the availability and sustainability of biomass for the bioenergy sector a biomass resource model has been developed that reflects the key biomass supply chain dynamics and interactions determining resource availability taking into account climate food land and other constraints the model has been applied to the uk developing four biomass resource scenarios to analyse resource availability and energy generation potential within different contexts the model shows that indigenous biomass resources and energy crops could service up to 44 of uk energy demand by 2050 without impacting food systems the scenarios show residues from agriculture forestry and industry provide the most robust resource potentially providing up to 6 5 of primary energy demand by 2050 waste resources are found to potentially provide up to 15 4 and specifically grown biomass and energy crops up to 22 of demand the uk is therefore projected to have significant indigenous biomass resources to meet its targets however the dominant biomass resource opportunities identified in the paper are not consistent with current uk bioenergy strategies risking biomass deficit despite resource abundance

free trade old and new challenges the paper analyses the old and new challenges to the theory and policy of free trade the old challenges have sought to undermine the case for free trade by citing one or another type of market imperfection thus the postwar period has seen two such challenges factor market imperfections were analysed in the 1950s to 197os product market imperfections in the i980s the new challenges are twofold one comes from the demands for fair trade as a precondition for free trade the other from the concern that free trade while efficient immiserises the unskilled in the richer countries having given a harry johnson lecture four years ago in london i was startled to be invited to give yet another one today but then i recalled his unmatched productivity his articles continued to be published even after his death the pipelines in several journals being full of them it is only appropriate then that he be honoured many times over also in these days of preoccupation with increasing returns to scale such a proliferation of lectures in the memory of a great economist is doubly fitting since harry johnson was in the english tradition of taking his theory from the real world s problems and then taking it back to talk penetratingly about them i thought it appropriate to address the earlier johnson lecture to the threats posed currently to the multilateral trading system by increasing resort

time series minimum wage studies a meta analysis time series minimum wage studies a meta analysis author s david card and alan b krueger reviewed work s source the american economic review vol 85 no 2 papers and proceedings of the hundredth and seventh annual meeting of the american economic association washington dc january 6 8 1995 may 1995 pp 238 243 published by american economic association stable url http www jstor org stable 2117925 accessed 04 11 2011 15 46

farmers perceptions and adoption of new agricultural technology evidence from analysis in burkina faso and guinea west africa economists investigating consumer demand have accumulated considerable evidence showing that consumers generally have subjective preferences for characteristics of products and that their demand for products is significantly affected by their perceptions of the product s attributes however the role of farmers preferences in adoption decisions have received very limited attention in adoption studies conducted by economists this paper tests the hypothesis that farmers perceptions of technology characteristics significantly affect their adoption decisions the analysis conducted with tobit models of modern sorghum and rice varietal technologies in burkina faso and guinea respectively strongly supports this hypothesis our results provide a strong case for future adoption studies to expand the range of variables used away from the broad socio economic demographic and institutional factors to include farmers subjective perceptions of the characteristics of new agricultural technologies

cultural differences and capability transfer in cross border acquisitions the mediating roles of capability complementarity absorptive capacity and social integration this paper presents an integrative model of the impact of cultural differences on capability transfer in cross border acquisitions we propose that cultural differences affect the post acquisition capability transfer through their impact on social integration potential absorptive capacity and capability complementarity two dynamic variables the use of social integration mechanisms and the degree of operational integration of the acquired unit are proposed to moderate the effects of cultural differences on social integration and potential absorptive capacity the implications for acquisition research and practice are discussed

from the editors what makes a study sufficiently international journal of international business studies 2008 39 180 183 doi 10 1057 palgrave jibs 8400351 from the flow of submissions that arrive on the desk of the jibs editors it appears that the issue of what makes a study sufficiently international to be of potential interest to jibs and its readership is perhaps not so obvious to some contributors to the journal one of the top reasons for desk rejection is a misunderstanding by authors of jibs s position on what studies are sufficiently international some leading journals in the business and management domain such as academy of management journal amj consider studies to be sufficiently international if they either involve a non us setting or a non us co author this is definitely not the case in jibs in the following discussion which includes specific examples we clarify what makes a study sufficiently international for jibs and provide advice to help authors to determine in advance the suitability of their potential submissions to jibs as the leading journal in international business ib in short jibs entertains only submissions that are intrinsically international in nature as noted in the jibs statement of editorial policy that can be found on http www palgrave journals com jibs jibs statement html