Foreign Direct Investment and Political Uncertainty

Recent developments in the general equilibrium theory of multinationals emphasize the importance of multilateral considerations. Yet, existing explanations and corresponding estimations of FDI patterns have largely limited political and institutional investment impediments to a bilateral framework. Through the application of spatial econometric techniques, I demonstrate that the presence of both domestic and regional political uncertainty generate real options effects that lead to the delay or redirection of foreign direct investment. The magnitude and direction of these effects is conditional upon the host country regime type and the predominant multinational integration strategies in the region. Comparing these results with FDI of U.S. origin, I find evidence for divergent investment behavior by U.S. multinationals during regime changes in partner countries. Additionally, I find no evidence that multinationals from developing countries are more likely to complete cross-border deals in environments characterized by greater political risk or political uncertainty.

Spatial and Temporal Dynamics of Larval Atlantic Menhaden on the East Coast of the United States

Atlantic Menhaden Brevoortia tyrannus is a commercially and ecologically important forage fish abundant on the Atlantic Coast of the United States. We conducted spatial and temporal analyses of larval Atlantic Menhaden using data collected from two large-scale ichthyoplankton programs during 1977-1987 and 1999-2013 to construct indices of larval abundance and survival over time, evaluate how environmental factors affect early life survival, and examine how larvae are distributed in space to gain knowledge on spawning and larval dispersal. Over time, we found larval abundance to increase, while early life survival declined. Coastal temperature, wind speed, and Atlantic Multidecadal Oscillation were found to potentially explain some of this decline in survival. Over both periods, we found evidence spawning predominantly occurs near shore, from New York to North Carolina, increasing in intensity southwards. While the general spatial patterns were consistent, we observed some localized variation and overall expansion of occupied area by larvae.