Multinational Performance and the Geography of FDI:evidence from 46 countries

The literature on multinationality and firm performance has generally disregarded the role of geography. However, the location of FDI assumes particular importance in terms of the link between multinationality at the firm level. The purpose of this paper is to consider the multinationality-performance relationship within the context of greater emphasis on the importance of location, but also emphasising the importance of the location decision. This paper draws on firm-level data covering over 16,000 multinationals from 46 countries over the period of 1997-2007 and allows for different effects upon the performance of the multinational firm depending on the level of development of the host economy. In our results, we find a clear positive relation between multinationality and firm performance. However, investment in developing countries is associated with larger effects on performance than in the case of investment in developed countries. We also find that the return to investing in developing countries is U-shaped. This indicates that multinationals are likely to face losses in the early stage of their investment in developing countries before the positive returns are realized. Overall, our results suggest that the net gains for multinationals from greater geographical diversification have not yet been fully explored. Geographical diversification into developing countries may be an important source of competitive advantages that deserves more serious consideration from business leaders and academics alike. © 2013 Springer-Verlag Berlin Heidelberg.

Sparse representation of astronomical images

Sparse representation of astronomical images is discussed. It is shown that a significant gain in sparsity is achieved when particular mixed dictionaries are used for approximating these types of images with greedy selection strategies. Experiments are conducted to confirm (i) the effectiveness at producing sparse representations and (ii) competitiveness, with respect to the time required to process large images. The latter is a consequence of the suitability of the proposed dictionaries for approximating images in partitions of small blocks. This feature makes it possible to apply the effective greedy selection technique called orthogonal matching pursuit, up to some block size. For blocks exceeding that size, a refinement of the original matching pursuit approach is considered. The resulting method is termed "self-projected matching pursuit," because it is shown to be effective for implementing, via matching pursuit itself, the optional backprojection intermediate steps in that approach. © 2013 Optical Society of America.