Growing research where economies grow: essays on strategy and international expansion of companies from emerging countries

In recent years, emerging countries have assumed an increasingly prominent position in the world economy, as growth has picked up in these countries and slowed in developed economies. Two related phenomena, among others, can be associated with this growth: emerging countries were less affected by the 2008-2009 global economic recession; and they increased their participation in foreign direct investment, both inflows and outflows. This doctoral dissertation contributes to research on firms from emerging countries through four independent papers. The first group of two papers examines firm strategy in recessionary moments and uses Brazil, one of the largest emerging countries, as setting for the investigation. Data were collected through a survey on Brazilian firms referring to the 2008-2009 global recession, and 17 hypotheses were tested using structural equation modeling based on partial least squares. Paper 1 offered an integrative model linking RBV to literatures on entrepreneurship, improvisation, and flexibility to indicate the characteristics and capabilities that allow a firm to have superior performance in recessions. We found that firms that pre-recession have a propensity to recognize opportunities and improvisation capabilities for fast and creative actions have superior performance in recessions. We also found that entrepreneurial orientation and flexibility have indirect effects. Paper 2 built on business cycle literature to study which strategies - pro-cyclical or counter-cyclical – enable superior performance in recessions. We found that while most firms pro-cyclically reduce costs and investments during recessions, a counter-cyclical strategy of investing in opportunities created by changes in the environment enables superior performance. Most successful are firms with a propensity to recognize opportunities, entrepreneurial orientation to invest, and flexibility to efficiently implement these investments. The second group of two papers investigated international expansion of multinational enterprises, particularly the use of distance for their location decisions. Paper 3 proposed a conceptual framework to examine circumstances under which distance is less important for international location decisions, taking the new perspective of economic institutional distance as theoretical foundation. The framework indicated that the general preference for low-distance countries is lower: (1) when the company is state owned, rather than private owned; (2) when its internationalization motives are asset, resource, or efficiency seeking, as opposed to market seeking; and (3) when internationalization occurred after globalization and the advent of new technologies. Paper 4 compared five concurrent perspectives of distance and indicated their suitability to the study of various issues based on industry, ownership, and type, motive, and timing of internationalization. The paper also proposed that distance represents the disadvantages of host countries for international location decisions; as such, it should be used in conjunction with factors that represent host country attractiveness, or advantages as international locations. In conjunction, papers 3 and 4 provided additional, alternative explanations for the mixed empirical results of current research on distance. Moreover, the studies shed light into the discussion of differences between multinational enterprises from emerging countries versus those from advanced countries.

Do equity and foreign currency risk premiums display common patterns?

In da Costa et al. (2006) we have shown how a same pricing kernel can account for the excess returns of the S&:P500 over the US short term bond and of the uncovered over the covered trading of foreign government bonds. In this paper we estimate and test the overidentifying restrictiom; of Euler equations associated with "ix different versions of the Consumption Capital Asset Pricing I\Iodel. Our main finding is that the same (however often unreasonable) values for the parameters are estimated for ali models in both nmrkets. In most cases, the rejections or otherwise of overidentifying restrictions occurs for the two markets, suggesting that success and failure stories for the equity premium repeat themselves in foreign exchange markets. Our results corroborate the findings in da Costa et al. (2006) that indicate a strong similarity between the behavior of excess returns in the two markets when modeled as risk premiums, providing empirical grounds to believe that the proposed preference-based solutions to puzzles in domestic financiaI markets can certainly shed light on the Forward Premium Puzzle.

Foreign Body in Preauricular Region

Foreign bodies, although they are often found throughout the body, to a lesser degree in the face, still constitute a diagnostic challenge for the trauma surgeon. Its removal means danger of damaging important facial anatomic structures, even if its exact position from the image data was known. So, the objective is to describe a clinical report of a patient (42 years of age, male sex) who experienced falling to the ground, attended by the Department of Surgery and Traumatology Bucco-Maxillo-Facial Surgery, Faculty of Dentistry of Aracatuba, São Paulo State University, and 2 days after the trauma, he reported difficulty in mouth opening and pain. After clinical evaluation, we observed the presence of injury in the left preauricular region already in the process of healing. During the intraoral physical examination, a limitation of the mouth opening was noted. Radiographic posteroanterior and profile of the face showed 2 radiopaque foreign bodies in the left side, lying apparently at the region of the mandibular condylar process. Under local anesthesia, foreign body removal was carried from there with access to it through the preexisting facial injury. Further clinical examinations showed an improvement in mouth opening, absence of pain complaints, and/or functional complaints.

Economic Survey of Latin America and the Caribbean 2010-2011: Internacional integration and macroeconomic policy challenges amid global economic turmoil

Includes bibliography

Foreign Investment in Latin America and the Caribbean 1999

Includes bibliography

Foreign Investment in Latin America and the Caribbean 2000

Includes bibliography

Trade and investment promotion between Asia-Pacific and Latin America: present position and future prospects

Includes bibliography

The US position in world markets.

"ER 79-10305."

Essays on International Asset Allocation and Pricing

Thesis (Ph.D.)--University of Washington, 2016-06

Trans-national cooperation: an asset in the Portuguese overseas trade. Foreigners operating in the Portuguese overseas trade, 1580-1590

This paper aims to discuss the role of foreign merchants, operating from Portugal, in the Portuguese overseas trade, during the first ten years of Iberian Union. The focus is not in products or routes, but in the mechanisms of association of such merchants. Iberian Union created a legal framework which prohibited the interference and trade of Portuguese agents in the Spanish Empire and vice-versa. Due to the imperialist wars of the Habsburgs, the Portuguese Empire also suffered from Dutch and English rivalry both in the Indic and in the Atlantic and also from the embargos of Dutch and English products and ships in Iberian ports. In such conjuncture, how did merchants related with each other? What was the impact of the political union of the Portuguese and Spanish crowns in trading associations? The used data sources are the notarial contracts of Lisbon for the same period. The paper highlights the role of Castilian merchants in the Portuguese trade, but it also stresses that Iberian partnerships have prevailed before 1580. The role of other merchants, such as Flemish/Dutch, Germans, Italians and French, is also considered. The paper discusses how and why did these merchants join in trans-national partnerships and what was their role in the Portuguese trade network at the time.

Changes in Management Strategies After Spontaneous Migration of a Retained Intraorbital Metallic Foreign Body

Purpose: Because of the controversial biologic tolerance and management, retained intraorbital metallic foreign body (RIMFb) poses a formidable challenge to surgeons. Besides location of the foreign body, indications for surgical management include neurologic injury, mechanical restriction of the eye movement, and development of local infection or draining fistula. The authors describe an unusual case of spontaneous migration of a RIMFb. Methods: A 26-year-old man had a gunshot injury on the left orbit. The patient was initially managed conservatively because of the posterior position of the bullet fragment. Thereafter, because of the clinical impairments and anterior migration of projectile, surgical treatment was considered. Results: Spontaneous anterior migration has led to mechanical disturbances and inflammatory complications that comprise explicit surgical indications for removal. The patient underwent surgery with complete relief of symptoms. We suppose that extrinsic ocular muscles might play a role in shifting large RIMFb over time, leading to change in the management strategies. Conclusions: Spontaneous migration of RIMFb is a rare clinical situation that can lead to pain, local deformity, as well as changes in the management strategies of the affected patients even in the late phase of follow-up.

Does corruption inhibit foreign direct investment?

Globalization creates new opportunities for firms to invest abroad and many economies are making active efforts to attract Foreign Direct Investment (FDI) in order to promote economic growth. Decisions to invest abroad depend on a complex set of factors, but the least corrupt countries may attract more foreign direct investment because they provide a more favorable climate for investors. In this paper we investigate the impact of corruption on FDI inflows in 73 countries, over the period 1998-2008. Our results suggest that countries where corruption is lower, the FDI inflows are greater, and so controlling corruption may be an important strategy for increase FDI inflows.

Motivations to visit and image destination of Guimarães: differences between Portuguese and foreign tourists during 2012 Guimarães European Capital of Culture (ECOC)

Guimarães hosted the European Capital of Culture (ECOC) during the year of 2012. This study investigates the differences between Portuguese and foreign tourists regarding the main motivations to visit Guimarães and the retained perceived image of the destination. To achieve that purpose a survey was administered to 390 tourists that visited the city during the cultural event. The results show that tourists who visited Guimarães are relatively young, wealthy, employed and well educated. They are touring around the northern part of the country which includes an itinerary beginning in Porto, and extended to other important neighboring cities such as Braga or Viana do Castelo. The main motivations to visit the city, for both Portuguese and foreign tourists, are its historical heritage and the title of ECOC, the associated cultural events and celebrations that take place during 2012. However, these items were more valued by foreigners than Portuguese tourists. Using a factor analysis the tourists’ perceived attributes of Guimarães were described in four dimensions: “material heritage”, “intangible heritage”, “cultural performance”, and “sport and education”. Although foreigners and nationals perceived the tourism attributes of the city differently, the comparison of the mean scores of the four factors across Portuguese and foreigner tourists reveals that the most valued and least valued factors are common to both groups.

Foreign languages in the primary school

Of vital importance to the successful implementation of the teaching of FLs in the 1st Cycle...

Portuguese telenews and foreign news

Brief caracterization of portuguese television and telenews. Foreign news international politics news