Search results for "HG Finance"
showing 5 items of 5 documents
Co-determination and Merger Incentives from Transfers of Wealth: Firm Owners vs. Workers
2010
When workers can capture rents from their influence on corporate decisions, mergers can become a device to generate transfers of wealth. This paper examines the merger incentives from these transfers of wealth. It is found that worker influence increases merger profitability, in line with the owners’ incentive to use mergers to reduce the rents captured by workers. In contrast, the workers’ merger incentives are shown to be decreasing in their own degree of influence on the merger decision, in line with the view according to which workers can be used by incumbent managers as a defensive instrument in acquisitions.
Governance, foreign aid, and Chinese foreign direct investment
2022
This article examines how Chinese foreign aid interacts with the quality of the host country's governance in shaping Chinese state-owned enterprises' (CSOEs') foreign direct investment (FDI) in Africa. By analyzing the firm-level greenfield FDI data of CSOEs between 2003 and 2014 and distinguishing between China's official development assistance and less concessional forms of Chinese foreign aid, we reveal two main findings. First, the quality of the host country's governance negatively affects CSOEs' FDI. Second, other official aid and loans from China negatively moderate the relationship between the quality of the host country's governance and FDI by CSOEs. Specifically, the tendency for …
Testing explosive bubbles with time-varying volatility: the case of Spanish public debt
2023
In this paper the dynamics of the Spanish public debt-GDP ratio is analysed during the period 1850–2021. We use recent procedures to test for explosive bubbles in the presence under time- varying volatility (Harvey et al., 2016; Harvey et al., 2019, 2020; Kurozumi et al., 2022) in order to test the explosive behavior of Spanish public debt over this long period. We extend previous analysis of Esteve and Prats (2022) where assume constant unconditional volatility in the underlying error process.
Evolution's cycles of global social systems and the basic mechanisms behind the crisis. The times in which we live. What has changed where are we hea…
2011
Šajā darbā tiek apskatīta viena no 20. gadsimta svarīgākajām paradigmām – pašorganizācija globālu sociāli-ekonomisku sistēmu evolūcijas kontekstā. Tās loma jaunu transdisciplināro metožu izstrādē ir nenovērtējama. Tā ir jauna valoda, kurā, viens otru saprotot, var sarunāties matemātiķi, eksakto un humanitāro zinātņu pārstāvji. Uzsvars darbā likts uz to, lai vienkāršā valodā lasītāju iepazīstinātu ar sarežģītu sistēmu evolūcijas pamatprincipiem, koncentrējoties vairāk uz sociāli-ekonomisko procesu dinamiku un evolūcijas projektēšanas metodoloģiju. Krīžu mehānismu un globālo cilvēces attīstības ciklu dziļāka izpratne ir jo īpaši aktuāla, izstrādājot varbūtīgākos globālās pasaules attīstības s…
Spillovers through banking centers: a panel data analysis of bank flows
2003
Abstract This paper presents evidence that spillovers through bank lending contributed to the transmission of currency crises during the recent episodes of financial instability in emerging markets. The innovation of the paper is that it looks beyond aggregated measures of contagion into the structure of bank flows, disaggregating by banking centers. The main findings are that spillovers caused by banks’ exposures to a crisis country help predict flows in third countries after the Mexican and Asian crises, but not after the Russian crisis. In the latter, there is evidence of a generalized outflow from emerging markets. The importance of spillovers through banking centers suggests that count…