Capital markets and the market structure of foreign investments

Contrary to the long-received theory of FDI, interest rates or rates of return can motivate foreign direct investment (FDI) in concert with the benefits of direct ownership. Thus, access to investor capital and capital markets is a vital component of the multinational’s competitive market structure. Moreover, multinationals can use their superior financial capacity as a competitive advantage in exploiting FDI opportunities in dynamic markets. They can also mitigate higher levels of foreign business risks under dynamic conditions by shifting more financial risk to creditors in the host economy. Furthermore, the investor’s expectation of foreign business risk necessarily commands a risk premium for exposing their equity to foreign market risk. Multinationals can modify the profit maximization strategy of their foreign subsidiaries to maximize growth or profits to generate this risk premium. In this context, we investigate how foreign subsidiaries manage their capital funding, business risk, and profit strategies with a diverse sample of 8,000 matched parents and foreign subsidiary accounts from multiple industries in 38 countries.We find that interest rates, asset prices, and expectations in capital markets have a significant effect on the capital movements of foreign subsidiaries. We also find that foreign subsidiaries mitigate their exposure to foreign business risk by modifying their capital structure and debt maturity. Further, we show how the operating strategy of foreign subsidiaries affects their preference for growth or profit maximization. We further show that superior shareholder value, which is a vital link for access to capital for funding foreign expansion in open market economies, is achieved through maintaining stability in the rate of growth and good asset utilization.

Intellectual property law

A firm favourite with students and lecturers alike, Intellectual Property can be trusted to equip you with the best possible basis for study of this dynamic subject. Providing an unrivalled account of the law in this area, this book also examines the ethical and policy influences which have shaped its development providing you with a solid basis for further exploration of the subject.

Institutional environment, innovative entrepreneurial entry and venture capital financing

We analyse the determinants of high growth expectations entrepreneurial entry (HGE) using individual data drawn on working age population, based on the Global Entrepreneurship Monitor (GEM) surveys for the 1998-2004 period. Individual level explanatory variables are combined with country-level factors. Our results suggest that availability of venture capital and intellectual proper rights protection are strong predictors of HGE. In addition, we also find that innovative start-ups are associated with highest growth expectations in countries with extensive supply of venture capital and strongest intellectual property rights. Once we introduce venture capital, we detect no significant effects of other elements of financial systems on high-powered entry.

Technology of Storage and Processing of Electronic Documents with Intellectual Search Properties

The technology of record, storage and processing of the texts, based on creation of integer index cycles is discussed. Algorithms of exact-match search and search similar on the basis of inquiry in a natural language are considered. The software realizing offered approaches is described, and examples of the electronic archives possessing properties of intellectual search are resulted.

Intellectual Communications and Contemporarly Technologies Alternatives of the Science Libraries

(Summary of: Varbanova-Dencheva, K. Intellectual communications and contemporarly technologies. Alternatives of the science libraries. Sofia, Marin Drinov academic publishing house. 2003, 114p. ) The new technologies and the globalization are the factors which have brought essential changes in human society and its environment. The unceasing dynamic changes imposed new strategies for survival and prosperity of institutions and people in the new conditions. The spheres with greatest potential for achieving competition priority are compatible to the fastness of research results implementation in each field of human activity. The extended knowledge requires narrower specialization as well as interdisciplinarity to solve the arising problems. The new research fields and trends are a synthesis of science and high technologies determined by the new discoveries. The present study aims at finding answers to the questions about the place of science library in the dynamic restructuring of research environment. The necessity of transformation of the scientific library’s genetically set functions from a guardian of the achieved knowledge to an active participant in the creation of new knowledge is a natural consequence of the processes and tendencies of the social medium. The priorities of Europe and USA for intensive creation of knowledge economics are at the first place and this requires intensification of that research an integral part of which are the new communications realized at a new technological level.

State–society relations in a dynamic framework:the case of the Far East and Sub-Saharan Africa

According to the textbook approach, the developmental states of the Far East have been considered as strong and autonomous entities. Although their bureaucratic elites have remained isolated from direct pressures stemming from society, the state capacity has also been utilised in order to allocate resources in the interest of the whole society. Yet, society – by and large –has remained weak and subordinated to the state elite. On the other hand, the general perception of Sub-Saharan Africa (SSA) has been just the opposite. The violent and permanent conflict amongst rent-seeking groups for influence and authority over resources has culminated in a situation where states have become extremely weak and fragmented, while society – depending on the capacity of competing groups for mobilising resources to organise themselves mostly on a regional or local level (resulting in local petty kingdoms) – has never had the chance to evolve as a strong player. State failure in the literature, therefore, – in the context of SSA – refers not just to a weak and captured state but also to a non-functioning, and sometimes even non-existent society, too. Recently, however, the driving forces of globalisation might have triggered serious changes in the above described status quo. Accordingly, our hypothesis is the following: globalisation, especially the dynamic changes of technology, capital and communication have made the simplistic “strong state–weak society” (in Asia) and “weak state–weak society” (in Africa) categorisation somewhat obsolete. While our comparative study has a strong emphasis on the empirical scrutiny of trying to uncover the dynamics of changes in state–society relations in the two chosen regions both qualitatively and quantitatively, it also aims at complementing the meaning and essence of the concepts and methodology of stateness, state capacity and state-society relations, the well-known building blocks of the seminal works of Evans (1995), Leftwich (1995), Migdal (1988) or Myrdal (1968).

The calculation of dynamic ecological footprint on the basis of the dynamic input-output model

The Leontief input-output model is widely used to determine the ecological footprint of consumption in a region or a country. It is able to capture spillover environmental effects along the supply change, thus its popularity is increasing in ecology related economic research. These studies are static and the dynamic investigations are neglected. The dynamic Leontief model makes it possible to involve the capital and inventory investment in the footprint calculation that projects future growth of GDP and environmental impacts. We show a new calculation method to determine the effect of capital accumulation on ecological footprint. Keywords: Dynamic Leontief model, Dynamic ecological footprint, Environmental management, Allocation method

State–society relations in a dynamic framework: The case of the Far East and Sub-Saharan Africa.

According to the textbook approach, the developmental states of the Far East have been considered as strong and autonomous entities. Although their bureaucratic elites have remained isolated from direct pressures stemming from society, the state capacity has also been utilised in order to allocate resources in the interest of the whole society. Yet, society – by and large –has remained weak and subordinated to the state elite. On the other hand, the general perception of Sub-Saharan Africa (SSA) has been just the opposite. The violent and permanent conflict amongst rent-seeking groups for influence and authority over resources has culminated in a situation where states have become extremely weak and fragmented, while society – depending on the capacity of competing groups for mobilising resources to organise themselves mostly on a regional or local level (resulting in local petty kingdoms) – has never had the chance to evolve as a strong player. State failure in the literature, therefore, – in the context of SSA – refers not just to a weak and captured state but also to a non-functioning, and sometimes even non-existent society, too. Recently, however, the driving forces of globalisation might have triggered serious changes in the above described status quo. Accordingly, our hypothesis is the following: globalisation, especially the dynamic changes of technology, capital and communication have made the simplistic “strong state–weak society” (in Asia) and “weak state–weak society” (in Africa) categorisation somewhat obsolete. While our comparative study has a strong emphasis on the empirical scrutiny of trying to uncover the dynamics of changes in state–society relations in the two chosen regions both qualitatively and quantitatively, it also aims at complementing the meaning and essence of the concepts and methodology of stateness, state capacity and state-society relations, the well-known building blocks of the seminal works of Evans (1995), Leftwich (1995), Migdal (1988) or Myrdal (1968).

Social capital, HIV risk behavior and substance use among recent Latino immigrants in South Florida

Social capital, or social cohesion or group connectedness, can influence both HIV risk behavior and substance use. Because recent immigrants undergo a change in environment, one of the consequences can be a change in social capital. There may be an association among changes in social capital, and HIV risk behavior and substance use post immigration. The dissertation focused on the interface of these three variables among recent Latino immigrants (RLIs) in South Florida. The first manuscript is a systematic review of social capital and HIV risk behavior, and served as a partial background for the second and third manuscripts. Twelve papers with a measure of social capital as an independent variable and HIV risk as the dependent variable were included in the analysis. Eleven studies measured social capital at the individual level, and one study measured social capital at the group level. HIV risk was influenced by social capital, but the type of influence was dependent on the type of social capital and on the study population. Cognitive social capital, or levels of collective action, was protective against HIV in both men and women. The role of structural social capital, or levels of civic engagement/group participation, on HIV risk was dependent on the type of structural social capital and varied by gender. Microfinance programs and functional group participation were protective for women, while dysfunctional group participation and peer-level support may have increased HIV risk among men. The second manuscript was an original study assessing changes in social capital and HIV risk behavior pre to post immigration among RLIs in South Florida (n=527). HIV risk behavior was assessed through the frequency of vaginal-penile condom use, and the number of sexual partners. It was a longitudinal study using secondary data analysis to assess changes in social capital and HIV risk behavior pre immigration to two years post immigration, and to determine if there was a relationship between the two variables. There was an 8% decrease in total social capital (p < .05). Reporting of 'Never use' of condoms in the past 90 days increased in all subcategories (p < .05). Single men had a decrease in number of sexual partners (p < .05). Lower social capital measured on the dimension of 'friend and other' was marginally associated with fewer sexual partners. The third manuscript was another original study looking at the association between social capital and substance use among RLIs in South Florida (n=527). Substance use with measured by frequency of hazardous alcoholic drinking, and illicit drug use. It was a longitudinal study of social capital and substance-use from pre to two years post immigration. Post-immigration, social capital, hazardous drinking and illicit drug use decreased (p<.001). After adjusting for time, compared to males, females were less likely to engage in hazardous drinking (OR=.31, p<.001), and less likely to engage in illicit drug use (OR=.67, p=.01). Documentation status was a moderator between social capital and illicit drug use. 'Business' and 'Agency' social capital were associated with changes in illicit drug use for documented immigrants. After adjusting for gender and marital status, on average, documented immigrants with a one-unit increase in 'business' social capital were 1.2 times more likely to engage in illicit drug use (p<.01), and documented immigrants with one-unit increase in 'agency' social capital were 38% less likely to engage in illicit drug use (p<.01). 'Friend and other' social capital was associated with a decrease in illicit drug use among undocumented immigrants. After adjusting for gender and marital status, on average, undocumented immigrants with a one-unit increase in 'friend and other' social capital were 45% less likely to engage in hazardous drinking and 44% less likely to use illicit drugs (p<.01, p<.05). Studying these three domains is relevant because HIV continues to be a public health issue, particularly in Miami-Dade County, which is ranked among other U.S. regions with high rates of HIV/AIDS prevalence. Substance use is associated with HIV risk behavior; in most studies, increased substance use is associated with increased chances of HIV risk behavior. Immigration, which is the hypothesized catalyst for the change in social capital, has an impact on the dynamic of a society. Greater immigration can be burdensome on the host country's societal resources; however immigrants are also potentially a source of additional skilled labor for the workforce. Therefore, successful adaption of immigrants can have a positive influence on receiving communities. With Florida being a major receiver of immigrants to the U.S, this dissertation attempts to address an important public health issue for South Florida and the U.S. at large.

Wind Shear, Gust, and Yaw-Induced Dynamic Stall on Wind-Turbine Blades

This study examined the effect of a spanwise angle of attack gradient on the growth and stability of a dynamic stall vortex in a rotating system. It was found that a spanwise angle of attack gradient induces a corresponding spanwise vorticity gradient, which, in combination with spanwise flow, results in a redistribution of circulation along the blade. Specifically, when modelling the angle of attack gradient experienced by a wind turbine at the 30% span position during a gust event, the spanwise vorticity gradient was aligned such that circulation was transported from areas of high circulation to areas of low circulation, increasing the local dynamic stall vortex growth rate, which corresponds to an increase in the lift coefficient, and a decrease in the local vortex stability at this point. Reversing the relative alignment of the spanwise vorticity gradient and spanwise flow results in circulation transport from areas of low circulation generation to areas of high circulation generation, acting to reduce local circulation and stabilise the vortex. This circulation redistribution behaviour describes a mechanism by which the fluctuating loads on a wind turbine are magnified, which is detrimental to turbine lifetime and performance. Therefore, an understanding of this phenomenon has the potential to facilitate optimised wind turbine design.

International Capital Flows and Monetary Policy Spillovers

This dissertation examines the drivers and implications of international capital flows. The overarching motivation is the observation that countries not at the centre of global financial markets are subject to considerable spillovers from centre countries, notably from their monetary policy. I present new empirical evidence on the determinants of the observed patterns of international capital flows and monetary policy spillovers, and study their effect on both financial markets and the real economy. In Chapter 2 I provide evidence on the determinants of a puzzling negative correlation observed between productivity growth and net capital inflows to developing and emerging market economies (EMEs) since 1980. By disaggregating net capital inflows into their gross components, I show that this negative correlation is explained by capital outflows related to purchases of very liquid assets from the fastest growing countries. My results suggest a desire for international portfolio diversification in liquid assets by fast growing countries is driving much of the original puzzle. In the reminder of my dissertation I pivot to study the foreign characteristics that drive international capital flows and monetary policy spillovers, with a particular focus on the role of unconventional monetary policy in the United States (U.S.). In Chapter 3 I show that a significant portion of the heterogeneity in EMEs' asset price adjustment following the quantitative easing operations by the Federal Reserve (the Fed) during 2008-2014 can be explained by the degree of bilateral capital market frictions between these countries and the U.S. This is true even after accounting for capital controls, exchange rate regimes, and domestic monetary policies. Chapter 4, co-authored with Michal Ksawery Popiel, studies unconventional monetary policy in a small open economy, looking specifically at the case of Canada since the global financial crisis. We quantify the effect Canadian unconventional monetary policy shocks had on the real economy, while carefully controlling for and quantifying spillovers from U.S. unconventional monetary policy. Our results indicate that the Bank of Canada's unconventional monetary policy increased Canadian output significantly from 2009-2010, but that spillovers from the Fed's policy were even more important for increasing Canadian output after 2008.

Monitoring of Dynamic Bridge Behaviour Using Digital Image Correlation

Bridges are a critical part of North America’s transportation network that need to be assessed frequently to inform bridge management decision making. Visual inspections are usually implemented for this purpose, during which inspectors must observe and report any excess displacements or vibrations. Unfortunately, these visual inspections are subjective and often highly variable and so a monitoring technology that can provide quantitative measurements to supplement inspections is needed. Digital Image Correlation (DIC) is a novel monitoring technology that uses digital images to measure displacement fields without any contact with the bridge. In this research, DIC and accelerometers were used to investigate the dynamic response of a railway bridge reported to experience large lateral displacements. Displacements were estimated using accelerometer measurements and were compared to DIC measurements. It was shown that accelerometers can provide reasonable estimates of displacement for zero-mean lateral displacements. By comparing measurements in the girder and in the piers, it was shown that for the bridge monitored, the large lateral displacements originated in the steel casting bearings positioned above the piers, and not in the piers themselves. The use of DIC for evaluating the effectiveness of rehabilitation of the LaSalle Causeway lift bridge in Kingston, Ontario was also investigated. Vertical displacements were measured at midspan and at the lifting end of the bridge during a static test and under dynamic live loading. The bridge displacements were well within the operating limits, however a gap at the lifting end of the bridge was identified. Rehabilitation of the bridge was conducted and by comparing measurements before and after rehabilitation, it was shown that the gap was successfully closed. Finally, DIC was used to monitor the midspan vertical and lateral displacements in a monitoring campaign of five steel rail bridges. DIC was also used to evaluate the effectiveness of structural rehabilitation of the lateral bracing of a bridge. Simple finite element models are developed using DIC measurements of displacement. Several lessons learned throughout this monitoring campaign are discussed in the hope of aiding future researchers.

The Capital Sculpture of Wells Cathedral, c. 1184-1210

The understudied capital sculpture of Wells Cathedral in Somerset, England (c. 1184-1210) provides ample opportunity of expanding the current scholarship and understanding of interior ecclesiastical sculpture in a West Country cathedral. While the Gothic style of architecture is typically understood as, according to Paul Binski (2014), rational in execution and reception, the capital sculpture at Wells Cathedral has been considered illogical in terms of both its iconography and location within the nave, transepts, and north porch. Utilizing Michael Camille’s post/anti-iconographical approach, this project examines the Wells figural capitals in five case studies: labour, Old and New Testament Scenes, animals and beast fables, busts, and monsters and hybrids. Each group of capitals will be approached with an understanding that this type of art was viewed by people of different classes and professions, with each viewer bringing their own personal experiences and abilities into how they could have read and understood these types of images. Therefore, the capitals at Wells must be read through layers of meaning and interpretation while also considering their locations within the cathedral and how they react and respond to surrounding figural capitals.

Between Principle and Practicality: A Dynamic Realist Examination of Independence in the Canadian Justice System

This work examines independence in the Canadian justice system using an approach adapted from new legal realist scholarship called ‘dynamic realism’. This approach proposes that issues in law must be considered in relation to their recursive and simultaneous development with historic, social and political events. Such events describe ‘law in action’ and more holistically demonstrate principles like independence, rule of law and access to justice. My dynamic realist analysis of independence in the justice system employs a range methodological tools and approaches from the social sciences, including: historical and historiographical study; public administrative; policy and institutional analysis; an empirical component; as well as constitutional, statutory interpretation and jurisprudential analysis. In my view, principles like independence represent aspirational ideals in law which can be better understood by examining how they manifest in legal culture and in the legal system. This examination focuses on the principle and practice of independence for both lawyers and judges in the justice system, but highlights the independence of the Bar. It considers the inter-relation between lawyer independence and the ongoing refinement of judicial independence in Canadian law. It also considers both independence of the Bar and the Judiciary in the context of the administration of justice, and practically illustrates the interaction between these principles through a case study of a specific aspect of the court system. This work also focuses on recent developments in the principle of Bar independence and its relation to an emerging school of professionalism scholarship in Canada. The work concludes by describing the principle of independence as both conditional and dynamic, but rooted in a unitary concept for both lawyers and judges. In short, independence can be defined as impartiality, neutrality and autonomy of legal decision-makers in the justice system to apply, protect and improve the law for what has become its primary normative purpose: facilitating access to justice. While both independence of the Bar and the Judiciary are required to support access to independent courts, some recent developments suggest the practical interactions between independence and access need to be the subject of further research, to better account for both the principles and the practicalities of the Canadian justice system.

The (Im)possibility of the Intellectual Worker Inside the Neoliberal University

The provocation and point of this paper is that universities of the North during the era of neoliberalism of have been sucked of their human life-giving capacities. What remains are closed doors and bare walls. Lest we give the impression of a hopelessly romantic view of the university (and embark upon a lament for some paradise lost), let us be clear from the outset: there is no such place – and there never has been. As will be outlined below, a consideration of the history of the university reveals it was born and has persistently drawn its life breath from oxygen formed in the tension ridden mix of an impulse to human freedom and accommodation to powers of church, state and capital. But, we contend, history is now the witness to the almost complete dissolution of that tension: to the exhaustion of emancipatory impulses in the service of indoctrination, regulation and accumulation. In the church-state-capital triad, it is the latter that has emerged hegemonic. Importantly, we argue, its dominance has emerged with the rise of what Paul Baran and Paul Sweezy describe as monopoly capital: the move from competitive (small entrepreneurial business) forms to monopolistic (large corporate business) regimes of accumulation (Baran & Sweezy 1966). A central feature of monopoly capitalism is its need for significant financial support of national states and the harnessing of public resources such as universities to feed accumulation. It is no surprise that neoliberalism, despite its neoclassical economic pronouncements, is a ‘big state’ advocate (Harvey 2005). Our argument is that neoliberalism, as the political workhorse of monopoly capitalism, has overseen a makeover of universities so they might behave like a monopoly capitalist corporation. Our time is the time of the near global domination of capital. The university has succumbed. In its colonisation – its capitalisation – the university has not only reinvented itself as a willing ally of capital but has also set about remaking itself in its image.