Search results for "Foreign"

Why FX Risk Management Is Broken - And What Boards Need to Know to Fix It

2015

In this paper we rethink the role of Foreign Exchange Risk Management (FXRM) in corporate management. We believe it is fair to characterize FXRM, on the whole, as a legacy activity rather than something that reflects a realistic cost-benefit analysis at the enterprise-level. The Board of Directors, as the designated guardians of the interests of shareholders, has a key role in setting the firm on a path towards a cost-efficient and centralized FXRM that preserves the firm’s transparency and predictability towards the investor community. A policy conclusion from our analysis is that responsibility for FX policy should shift from the traditional Finance/Treasury orientation to a group risk fu…

Asymmetric Demand Information and Foreign Direct Investment

2007

We examine the FDI versus exports decision of firms competing in an oligopolistic (quantitysetting) market under demand uncertainty and asymmetric information. Compared to a firm that chooses to export, a firm that chooses to set up a plant in the host market has superior information about local market demand. In addition to the well-known tension between the fixed set-up costs of investment, the additional variable costs of exports and oligopoly sizes, the incentive to invest abroad is explained by the strategic learning effect. FDI may be observed even if trade costs are zero. The analysis is robust to price competition and to the possibility that a foreign firm can engage in both FDI and…

Developing and using tasks for the assessment of speaking

2019

This article provides an overview of the development and use of tasks for the assessment of speaking. It first addresses the key role of the assessment of the skill of speaking within language assessment in general and in the context of teaching and learning foreign languages. Then, it discusses how social changes and research have reshaped the way speaking is defined and operationalized, and focuses on how speaking can be assessed more validly and reliably today. The central role of tasks is also discussed, together with the importance of taking into consideration the implications and impact of different task characteristics. Some recommendations for the development of useful and meaningfu…

“No, I’m Not Reading”: How Two Language Learners Enact Their Investments by Crossing and Blurring the Boundaries of Literacy and Orality

2019

This chapter makes an argument for bridging the gap between Second Language Acquisition (SLA) and Literacy Studies from the perspective of so-called transmodalities, i.e. ways of using language that merge and blur the modalities of writing, speaking, listening, and reading. This argument is based on data from a qualitative case study that describes the transmodal practices of two trilingual high school students in a German classroom in the Midwestern US. More precisely, the study investigated how the high school students Jana and Karina (both pseudonyms), users of English, Latvian, and German, engaged in activities that mixed and blurred oral and literacy modalities in their German classroo…

Effects of external imbalances on GDP recovery patterns

2021

Abstract A decade after the beginning of the Great Recession, flow external imbalances, measured by the current account (CA) have narrowed markedly. However, stock or net foreign assets (NFA) imbalances have kept increasing and have created challenges for future macroeconomic and financial stability. To date, early warning systems (scoreboards) have focused more on flow than on stock variables. To approach this problem, in this paper we analyze expansions using two complementary sets of indicators proposed by Harding and Pagan (2002) and Gadea et al. (2017) for the period 1950–2016. After controlling for a large set of explanatory variables, we find that the effect of CA imbalances is limit…

Growth in a time of external imbalances

2019

Abstract Globalization and financial integration have increased in the last three decades giving rise to cumulated large external imbalances. The question we address in this paper is whether economic growth can be affected by these external imbalances. We estimate an augmented growth equation with the external stock position of the countries measured by the net foreign asset position. Unlike previous literature, we use non-parametric methods that capture non-linearities and heterogeneity, and apply them to a sample that includes 106 developed and developing countries for the period 1983-2011. Contrary to the neoclassical theory, we find that improvements in the external position foster grow…

Les parcours scolaires des enfants issus de l'immigration : réussites et désillusions

2006

06052; Cette communication propose une analyse des parcours scolaires des enfants issus de l'immigration en lien avec les aspirations éducatives de leurs parents et le vécu de ces parcours par les enfants eux-mêmes. Les données exploitées sont celles du Panel 95-2002 (DEP, Ministère de l'Education) et de l'enquête Education et famille (INSEE, 2003). Sont mises en évidence les aspirations éducatives plus élevées des familles immigrées comparées aux familles françaises d'origine de même milieu social, avec des différences selon l'origine géographique. Ces aspirations jouent un rôle positif sur les scolarités des enfants d'immigrés. Toutefois, existent des décalages entre aspirations et parcou…

The school careers of immigrant's children in France: success and disillusions

2006

06056; This paper will describe the school careers of immigrant children and analyze the patterns of educational inequality in France. It will provide an analysis of immigrant's educational expectations viewed in relation with their children's school careers, taking into account the impact of social, ethnic and geographical origin. In this perspective, we use a rich longitudinal dataset (Ministry of Education 1995 Panel). We point out higher educational expectations among immigrant parents, as compared with native parents of similar social background. High expectations and consistent efforts turn out to be important elements of educational achievement. However some discrepancy appears betwe…

Xenogeneic bone substitute materials-differences in processing techniques induce different extend of vascularization and foreign body giant cells: in…

2015

Porcine Dermis and Pericardium-Based, Non–Cross-Linked Materials Induce Multinucleated Giant Cells After Their In Vivo Implantation: A Physiological …

2015

The present study analyzed the tissue reaction to 2 novel porcine-derived collagen materials: pericardium versus dermis. By means of the subcutaneous implantation model in mice, the tissue reactions were investigated at 5 time points: 3, 10, 15, 30, and 60 days after implantation. Histologic, histochemical, immunhistologic, and histomorphometric analysis methodologies were applied. The dermis-derived material underwent an early degradation while inducing mononuclear cells together with some multinucleated giant cells and mild vascularization. The pericardium-derived membrane induced 2 different cellular tissue reactions. The compact surface induced mononuclear cells and multinucleated giant…