Mostrando recursos 1 - 10 de 10

  1. International project finance: review and implications for international finance and international business

    Müllner, Jakob
    This literature review analyzes the global phenomenon of international project finance (PF) as both a management and finance instrument, allowing practitioners to realize large scale infrastructure projects in high risk contexts. After describing the characteristics of PF, its historical origins and its unique benefits for empirical inquiry, I summarize the findings of academic research from an interdisciplinary perspective. Based on this integration of Finance, Management and International Business research, I discuss the theoretical implications for each field that emanate from PF. Finally, I identify possibilities for future research and propose a more balanced, interdisciplinary academic treatment of PF.

  2. Spacey Parents and Spacey Hosts in Foreign Direct Investment

    Badinger, Harald; Egger, Peter
    Shocks on FDI of some parent country in a host affect the same parent's FDI in other hosts. Shocks on a parent's FDI in some host affect other parents' FDI in the same host. In general equilibrium, shocks on FDI between any country pair will affect all country pairs' FDI. Using cross-sectional data on FDI among 22 OECD countries in 2000, we use a spatial estimation framework to allow for all three modes of interdependence simultaneously, thereby distinguishing between market-size-related and remainder interdependence. Our results highlight the complexity of multinational enterprises' investment strategies and the interconnectedness of the world investment system.

  3. Determinants of fiscal rules

    Badinger, Harald; Reuter, Wolf Heinrich
    This paper empirically assesses determinants of countries' fiscal rules suggested by the political science, sociology, and economics literature. We find several of these variables to be related to the stringency of fiscal rules, providing indirect evidence for the relevance of governments' deficit bias. These determinants may also serve as instruments in models with (endogenous) fiscal rules as explanatory variable.

  4. How to reveal people's preferences: Comparing time consistency and predictive power of multiple price list risk elicitation methods

    Csermely, Tamás; Rabas, Alexander
    The question of how to measure and classify people's risk preferences is of substantial importance in the field of economics. Inspired by the multitude of ways used to elicit risk preferences, we conduct a holistic investigation of the most prevalent method, the multiple price list (MPL) and its derivations. In our experiment, we find that revealed preferences differ under various versions of MPLs as well as yield unstable results within a 30-minute time frame. We determine the most stable elicitation method with the highest forecast accuracy by using multiple measures of within-method consistency and by using behavior in two economically relevant games as benchmarks. A derivation of the...

  5. The direct and indirect costs of tax treaty policy - Evidence from Ukraine

    Balabushko, Oleksii; Beer, Sebastian; Loeprick, Jan; Vallada, Felipe
    We combine macro and micro data to quantify the revenue effects of Double Tax Treaties (DTT). First, drawing on administrative information, we estimate the tax sensitivity of income flows (dividend, interest and royalty payments) at an aggregate level. We find important direct revenue costs linked to treaty restrictions on taxing rights, in particular with respect to flows into a small number of major investment hubs. Importantly, however, high elasticities of income flows also suggest that increases of withholding rates at the individual treaty partner level would not necessarily result in more revenue collection. Second, we use firm-level information to estimate the sensitivity of reported profitability to...

  6. The direct and indirect costs of tax treaty policy - Evidence from Ukraine

    Balabushko, Oleksii; Beer, Sebastian; Loeprick, Jan; Vallada, Felipe
    This study combines macro and micro data to quantify the revenue effects of double tax treaties. First, drawing on administrative information, the study estimates the tax sensitivity of income flows (dividend, interest, and royalty payments) at an aggregate level. The analysis finds important direct revenue costs linked to treaty restrictions on taxing rights, especially for flows into a few major investment hubs. However, high elasticities of income flows also suggest that increases in withholding rates at the individual treaty partner level would not necessarily result in more revenue collection. Second, the study uses firm- level information to estimate the sensitivity...

  7. Indifference pricing of natural gas storage contracts.

    Löhndorf, Nils; Wozabal, David
    Natural gas markets are incomplete due to physical limitations and low liquidity, but most valuation approaches for natural gas storage contracts assume a complete market. We propose an alternative approach based on indifference pricing which does not require this assumption but entails the solution of a high- dimensional stochastic-dynamic optimization problem under a risk measure. To solve this problem, we develop a method combining stochastic dual dynamic programming with a novel quantization method that approximates the continuous process of natural gas prices by a discrete scenario lattice. In a computational experiment, we demonstrate that our solution method can handle the...

  8. Appendix to "A Sectoral Net Lending Perspective on Europe"

    Glötzl, Florentin; Rezai, Armon
    This appendix contains supplementary material to the paper "A sectoral net lending perspective on Europe". It includes information on the data provenance and processing, the statistical and algebraic framework applied in the study as well as supplementary figures for all countries in the sample. Moreover, it provides robustness checks for the cyclicality analysis of sectoral net lending flows.

  9. Approach to solving the e-waste problem - case study Ghana

    Höltl, Andrea; Brandtweiner, Roman; Müller, Roman
    The market for electrical devices still continues to increase all over the world and as a consequence the quantity of waste in the category of electronics rises. A huge proportion of the electronic waste is exported from the industrial countries to developing countries, in order to save costs, and also because of too few recycling plants in industrial countries. The significant environmental and social problem in this context is that the electronic devices are mostly recycled in informal plants. Thereby the burden for the people as well as the environment increases because e-waste includes a lot of toxic substances. The...

  10. Towards a Knowledge-Based Theory of Developing Sustainable Visions: The Theory Wave

    Kaiser, Alexander
    Although research and practice agree that visions are essential for organizations, the process of vision development remains elusive in academic literature. Presenting the "theory wave", this paper proposes a knowledge-based theory for developing sustainable visions to guide the creation of measures and actions in the future. Central to the theory wave, we suggest three features that characterize the development of sustainable visions; (1) learning from an envisioned future, (2) need orientation and (3) a wavelike process combining top-down and bottom-up approaches. Furthermore, by enhancing the creation of different kinds of knowledge, the theory-wave entails aspects of research on knowledge creation...

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