2024-03-29T11:15:19Z
https://eprints.soas.ac.uk/cgi/oai2
oai:eprints.soas.ac.uk:9600
2024-03-13T02:57:51Z
7374617475733D707562
7375626A656374733D58:46:33393030
7375626A656374733D58:46:33393030:33393031
74797065733D61727469636C65
https://eprints.soas.ac.uk/9600/
Globalisation and Developing Countries - a Shrinking Tax Base?
Aizenman, Joshua
Jinjarak, Yothin
This paper evaluates the impact of globalisation on tax bases of countries at varying stages of development. We see globalisation as a process that induces countries to embrace greater trade and financial integration. This in turn should shift their tax revenue from 'easy to collect' taxes (tariffs and seigniorage) towards 'hard to collect' taxes (value added and income taxes). We find that trade and financial openness have a positive association with the 'hard to collect' taxes, and a negative association with the easy to collect taxes.
Taylor and Francis
2009
Journal Article
PeerReviewed
text
en
https://eprints.soas.ac.uk/9600/1/Aizenman.Jinjarak.JDS.2009.pdf
Aizenman, Joshua and Jinjarak, Yothin (2009) 'Globalisation and Developing Countries - a Shrinking Tax Base?' Journal of Development Studies, 45 (5). pp. 653-671.
10.1080/00220380802582338
oai:eprints.soas.ac.uk:9602
2024-02-09T14:12:02Z
7374617475733D707562
7375626A656374733D58:46:33393030
7375626A656374733D58:46:33393030:33393031
74797065733D61727469636C65
https://eprints.soas.ac.uk/9602/
The USA As The 'Demander Of Last Resort' And The Implications For China'S Current Account
Aizenman, Joshua
Jinjarak, Yothin
The present paper evaluates the current account patterns of 69 countries during 1981-2006. We identify an asymmetric effect of the USA as the 'demander of last resort': a 1% increase in the lagged US imports/GDP is associated with a 0.3% increase in current account surpluses of countries running surpluses, but results in insignificant changes in the current accounts of countries running deficits. The impact of US demand variables is larger on the current accounts of developing countries than that of OECD countries. We also contemplate China's current account over the next 6 years, and project a large drop in its current account/GDP surpluses.
Wiley
2009-08
Journal Article
PeerReviewed
text
en
https://eprints.soas.ac.uk/9602/1/Aizenman.Jinjarak.PER.2009.pdf
Aizenman, Joshua and Jinjarak, Yothin (2009) 'The USA As The 'Demander Of Last Resort' And The Implications For China'S Current Account.' Pacific Economic Review, 14 (3). pp. 426-442.
10.1111/j.1468-0106.2009.00450.x
oai:eprints.soas.ac.uk:9605
2024-02-09T14:12:03Z
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7375626A656374733D58:46:33393030
7375626A656374733D58:46:33393030:33393031
74797065733D61727469636C65
https://eprints.soas.ac.uk/9605/
International reserves and swap lines: Substitutes or complements?
Aizenman, Joshua
Jinjarak, Yothin
Park, Donghyun
Developing Asia experienced a sharp surge in foreign currency reserves prior to the 2008-9 crisis. The global crisis has been associated with an unprecedented rise of swap agreements between central banks of larger economies and their counterparts in smaller economies. We explore whether such swap lines can reduce the need for reserve accumulation. The evidence suggests that there is only a limited scope for swaps to substitute for reserves. The selectivity of the swap lines indicates that only countries with significant trade and financial linkages can expect access to such ad hoc arrangements, on a case by case basis. Moral hazard concerns suggest that the applicability of these arrangements will remain limited. However, deepening swap agreements and regional reserve pooling arrangements may weaken the precautionary motive for reserve accumulation.
Elsevier
2011
Journal Article
PeerReviewed
text
en
https://eprints.soas.ac.uk/9605/1/Aizenman.Jinjarak.Park.IREF.2011.pdf
Aizenman, Joshua, Jinjarak, Yothin and Park, Donghyun (2011) 'International reserves and swap lines: Substitutes or complements?' International Review of Economics and Finance, 20 (1). pp. 5-18.
10.1016/j.iref.2010.07.002
oai:eprints.soas.ac.uk:10639
2024-02-09T14:15:47Z
7374617475733D707562
7375626A656374733D58:46:33393030
7375626A656374733D58:46:33393030:33393031
74797065733D61727469636C65
https://eprints.soas.ac.uk/10639/
Causality, Real Estate Prices, and the Current Account
Jinjarak, Yothin
Sheffrin, Steven
This paper explores the causal relations between real estate prices and the current account using recently developed econometric methods for recursive systems. Using a variety of high quality real estate indices, we find little evidence that current account deficits (capital account surpluses) directly drove real estate prices in the United States, Spain, and Ireland. There is some evidence for this linkage in England; however it is transitory and not persistent. There is also strong evidence that current account surpluses have direct impacts on mortgage rates in the United States, providing an indirect channel for stimulating the real estate market mediated through the financial markets.
Elsevier
2011-06
Journal Article
PeerReviewed
text
en
https://eprints.soas.ac.uk/10639/1/Jinjarak.Sheffrin.JMACRO.2011.pdf
Jinjarak, Yothin and Sheffrin, Steven (2011) 'Causality, Real Estate Prices, and the Current Account.' Journal of Macroeconomics, 33 (2). pp. 233-246.
10.1016/j.jmacro.2010.11.001
oai:eprints.soas.ac.uk:11578
2024-02-09T14:17:41Z
7374617475733D707562
7375626A656374733D58:46:33393030
7375626A656374733D58:46:33393030:33393031
74797065733D61727469636C65
https://eprints.soas.ac.uk/11578/
New evidence on asset location from the survey of consumer finances
Jinjarak, Yothin
Zhou, Jie
This article provides new evidence on household asset location decisions using the latest Survey of Consumer Finances (SCF). The authors find that the difference between the equity share in tax-deferred accounts (TDAs) and the equity share in taxable accounts (TAs), a measure of asset location in the article, declined significantly after 2001. They also discuss potential explanations of the change in asset location.
Sage
2011
Journal Article
PeerReviewed
text
en
https://eprints.soas.ac.uk/11578/1/Jinjarak.Zhou.PFR.2011.pdf
Jinjarak, Yothin and Zhou, Jie (2011) 'New evidence on asset location from the survey of consumer finances.' Public Finance Review, 39 (4). pp. 594-615.
10.1177/1091142111403619
oai:eprints.soas.ac.uk:12183
2018-06-22T16:02:21Z
7374617475733D707562
7375626A656374733D58:46:33393030
7375626A656374733D58:46:33393030:33393031
74797065733D61727469636C65
https://eprints.soas.ac.uk/12183/
Uncertainty, Expectations, and Fundamentals: Whatever Happened to Long-Term Oil Prices?
Fattouh, Bassam
Scaramozzino, Pasquale
Oxford University Press
2011
Journal Article
PeerReviewed
Fattouh, Bassam and Scaramozzino, Pasquale (2011) 'Uncertainty, Expectations, and Fundamentals: Whatever Happened to Long-Term Oil Prices?' Oxford Review of Economic Policy, 27 (1). pp. 186-206.
http://oxrep.oxfordjournals.org/
10.1093/oxrep/grr006
oai:eprints.soas.ac.uk:12536
2023-02-21T14:18:29Z
7374617475733D707562
7375626A656374733D58:46:33393030
7375626A656374733D58:46:33393030:33393031
74797065733D61727469636C65
https://eprints.soas.ac.uk/12536/
Climate policy and financial institutions
Haigh, Matthew
This article examines how financial institutions, such as pension funds and insurance companies, have interpreted and used UN-issued climate change management policies. A critical discourse approach is used to analyse material issued by the United Nations Framework Convention on Climate Change, the World Bank Group and some business and investment consultancies, with interview data supplementing the document analysis. It is argued that although policymakers and business consultants have been eager to appropriate the discourses of financial services, they have not produced guidance on how the outputs of climate science might best be used to allocate managed capital. In terms of outcomes, financial services remain on the periphery of policy implementation, attention has been deflected from the emitters of greenhouse gases, and policy objectives have been frustrated. By unspoken fiat, the market is here the new truth that cannot be contradicted.
Taylor and Francis
2011
Journal Article
PeerReviewed
Haigh, Matthew (2011) 'Climate policy and financial institutions.' Climate Policy, 11 (5). pp. 1367-1385.
http://www.ingentaconnect.com/content/earthscan/cpol/2011/00000011/00000006/art00008
10.1080/14693062.2011.579265
oai:eprints.soas.ac.uk:12551
2022-10-20T18:16:17Z
7374617475733D707562
7375626A656374733D58:46:33393030
7375626A656374733D58:46:33393030:33393031
74797065733D61727469636C65
https://eprints.soas.ac.uk/12551/
Deconstructing myth: 'low-carbon sustainability'
Haigh, Matthew
Informed by a semiotics that directs attention to the context of the message, this paper contributes to work on the meanings of terms such as ‘low-carbon’, ‘green’, and ‘sustainability’. Interview-based evidence and printed material are used to assess the interest of hundreds of financial institutions in data on carbon emissions levels and environmental projects. The collection of such data is where for most interviewees its usefulness stopped. Such is typical of myth. By collecting carbon data, financial institutions can connote they are doing something about addressing the risks posed by global warming, without actually describing what it is they are doing.
Taylor and Francis
2012-06-22
Journal Article
PeerReviewed
Haigh, Matthew (2012) 'Deconstructing myth: 'low-carbon sustainability'.' Social Semiotics, 23 (2). pp. 47-66.
http://dx.doi.org/10.1080/10350330.2012.693296
10.1080/10350330.2012.693296
oai:eprints.soas.ac.uk:12576
2018-06-22T16:02:42Z
oai:eprints.soas.ac.uk:12598
2018-06-22T16:02:44Z
7374617475733D707562
7375626A656374733D58:46:33393030:33393031
74797065733D626F6F6B5F73656374696F6E
https://eprints.soas.ac.uk/12598/
Activism in European pension funds
De Graaf, Frank Jan
Haigh, Matthew
This paper answers calls for in-depth investigations into the factors affecting the success of (legislative) attempts to broaden the role of pension funds by means of shareholder activism. Documents such as national codes of pension governance and the Principles of Responsible Investment require institutional investors to address issues of corporate governance in portfolio management processes. Investors have developed several mechanisms to address such obligations. Using two pension funds in Great Britain and the Netherlands as cases, we identify the sources of changes to activism practices. Both cases relied on cooperative action to change the practices of investment intermediaries. This type of pressure, it was hoped, would filter through to observable portfolio allocation decisions.
Emerald
Sun, William
Louche, Céline
Pérez, Roland
2011
Book Chapters
NonPeerReviewed
De Graaf, Frank Jan and Haigh, Matthew (2011) 'Activism in European pension funds.' In: Sun, William, Louche, Céline and Pérez, Roland, (eds.), Finance and Sustainability: Towards a New Paradigm: A Post-Crisis Agenda. Bingkey UK: Emerald, pp. 118-143. (Critical Studies on Corporate Responsibility, Governance and Sustainability, Volume 2)
http://dx.doi.org/10.1108/S2043-9059(2011)0000002012
oai:eprints.soas.ac.uk:12802
2022-12-03T11:24:50Z
7374617475733D707562
7375626A656374733D58:46:33393030:33393031
7375626A656374733D58:46:33393030:33393032
7375626A656374733D58:46:34303030:34353333
74797065733D61727469636C65
https://eprints.soas.ac.uk/12802/
Carbon reporting: does it matter?
Haigh, Matthew
Shapiro, Matthew
This paper identifies the significance of carbon emissions reporting for investment bankers at selected financial institutions in the USA, Europe and Australia. Carbon emissions reporting methods as used by firms are identified using desk research. A proposal from a non-state actor called the Climate Disclosure Standards Board for general-purpose carbon emissions reporting is assessed. We find that environmental investing for well-diversified investors constitutes a discourse of the imaginary. Financialised constructs have been used to represent heavier polluters as superior ‘carbon performers’ (the imaginary), while reported variations in industrial carbon emissions levels have been ignored in asset allocation decisions (the actual).
Environmental investing is conditioned by four factors:
- exclusion of carbon emissions in constructions of firm value;
- diverse methods used by firms to calculate, measure and report carbon emissions;
- the appropriate venue for such reporting; and
- the quantum of data contained therein.
Risk assessment is likely to be erroneous if using measures which deflate carbon emissions by firms’ revenues. This may not matter much as carbon reports in the hands of investors are linked to an imaginary signification more so than actual portfolio allocation.
Emerald
2013-01-01
Journal Article
PeerReviewed
Haigh, Matthew and Shapiro, Matthew (2013) 'Carbon reporting: does it matter?' Accounting, Auditing and Accountability Journal, 25 (1). pp. 105-125.
http://www.emeraldinsight.com/fwd.htm?id=aob&ini=aob&doi=10.1108/09513571211191761
10.1108/09513571211191761
oai:eprints.soas.ac.uk:14253
2022-05-10T17:25:12Z
7374617475733D707562
7375626A656374733D53:38353230
7375626A656374733D58:46:33393030:33393031
74797065733D626F6F6B
https://eprints.soas.ac.uk/14253/
Società di capitali, trasferimento all'estero della sede sociale e arbitraggi normativi [Transfer abroad of corporations' registered office and regulatory arbitrages]
Mucciarelli, Federico
KJ Europe
Giuffrè
2010
Authored Books
PeerReviewed
Mucciarelli, Federico (2010) Società di capitali, trasferimento all'estero della sede sociale e arbitraggi normativi [Transfer abroad of corporations' registered office and regulatory arbitrages]. Milano: Giuffrè.
oai:eprints.soas.ac.uk:14254
2024-02-09T14:26:00Z
7374617475733D707562
7375626A656374733D53:38353230
7375626A656374733D58:46:33393030:33393031
74797065733D61727469636C65
https://eprints.soas.ac.uk/14254/
White knights and black knights. Does the search for competitive bids always benefit the shareholders of “target” companies?
Mucciarelli, Federico
K Law (General)
According to the EC Directive on Takeover Bids, defensive measures should be authorised by the general meeting of the target company. The incumbent board can, nonetheless, search for a competing bid, a so-called “white knight”. The rationale underpinning this exception is that competing bids always benefit target’s shareholders. In this paper I will tackle this rationale, arguing that even competing bids could generate a pressure to tender on target’s shareholders and, therefore, in this case should not be considered as a benefit for them.
De Gruyter
2006-12-19
Journal Article
PeerReviewed
text
en
https://eprints.soas.ac.uk/14254/1/Mucciarelli_White_Knights_v_Black_Knights_ecfr_2006.pdf
Mucciarelli, Federico (2006) 'White knights and black knights. Does the search for competitive bids always benefit the shareholders of “target” companies?' European Company and Financial Law Review, 3 (4). pp. 408-425.
http://www.degruyter.com/view/j/ecfr.2006.3.issue-4/ecfr.2006.018/ecfr.2006.018.xml?format=INT
10.1515/ECFR.2006.018
oai:eprints.soas.ac.uk:14256
2024-02-09T14:26:00Z
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7375626A656374733D53:38353230
7375626A656374733D58:46:33393030:33393031
74797065733D61727469636C65
https://eprints.soas.ac.uk/14256/
Company ‘Emigration’ and EC Freedom of Establishment: Daily Mail Revisited
Mucciarelli, Federico
Following the ECJ’s recent case law on EC freedom of establishment (the Centros, Überseering and Inspire Art cases), regulatory competition for corporate law within the European Union takes place at an early stage of the incorporation of new companies. In contrast, as regards the ‘moving out’ of companies from the country of incorporation, the ECJ once considered a tax law restriction against the transfer abroad of a company’s administrative seat as compatible with EC freedom of establishment (the Daily Mail case). For years, this decision has been regarded as applicable to all restrictions imposed by countries of incorporation, even the forced liquidation of the ‘emigrating’ company. This paper addresses the question whether EC freedom of establishment really allows Member States to place any limit on the ‘emigration’ of nationally registered companies. It argues that EC freedom of establishment covers the transfer of the administrative seat as well as the transfer of the registered office and, therefore, that the country of incorporation cannot liquidate ‘emigrating’ companies. In addition, it addresses the question whether a new Directive is needed to allow the transfer of a com- pany’s registered office and the identity-preserving company law changes. It argues that such a Directive is necessary to avoid legal uncertainty and to protect the interests of employees, creditors and minority shareholders, among others, who could be detrimentally affected by the ‘emigration’ of national companies.
Cambridge University Press
2008
Journal Article
PeerReviewed
text
en
https://eprints.soas.ac.uk/14256/1/Daily_Mail_Revisited_EBOR_2008.pdf
Mucciarelli, Federico (2008) 'Company ‘Emigration’ and EC Freedom of Establishment: Daily Mail Revisited.' European Business Organization Law Review, 9. pp. 267-303.
http://journals.cambridge.org/action/displayAbstract?fromPage=online&aid=1936688
10.1017/S156675290800267X
oai:eprints.soas.ac.uk:14270
2024-02-09T14:26:03Z
7374617475733D707562
7375626A656374733D58:46:33393030
7375626A656374733D58:46:33393030:33393031
74797065733D61727469636C65
https://eprints.soas.ac.uk/14270/
Capital flows and economic growth in the era of financial integration and crisis, 1990-2010
Aizenman, Joshua
Jinjarak, Yothin
Park, Donghyun
We investigate the relationship between economic growth and lagged international capital flows, disaggregated into FDI, portfolio investment, equity investment, and short-term debt. We follow about 100 countries during 1990–2010 when emerging markets became more integrated into the international financial system. We look at the relationship both before and after the global crisis. Our study reveals a complex and mixed picture. The relationship between growth and lagged capital flows depends on the type of flows, economic structure, and global growth patterns. We find a large and robust relationship between FDI – both inflows and outflows – and growth. The relationship between growth and equity flows is smaller and less stable. Finally, the relationship between growth and short-term debt is nil before the crisis, and negative during the crisis.
Springer Nature
2013-07
Journal Article
PeerReviewed
text
en
https://eprints.soas.ac.uk/14270/1/Aizenman.Jinjarak.Park.OER.2013.pdf
Aizenman, Joshua, Jinjarak, Yothin and Park, Donghyun (2013) 'Capital flows and economic growth in the era of financial integration and crisis, 1990-2010.' Open Economies Review, 24 (3). pp. 371-396.
10.1007/s11079-012-9247-3
oai:eprints.soas.ac.uk:14271
2024-02-09T14:26:03Z
7374617475733D707562
7375626A656374733D58:46:33393030
7375626A656374733D58:46:33393030:33393031
74797065733D61727469636C65
https://eprints.soas.ac.uk/14271/
What is the risk of European sovereign debt defaults? Fiscal space, CDS spreads and market pricing of risk
Aizenman, Joshua
Hutchison, Michael
Jinjarak, Yothin
We estimate the pricing of sovereign risk for fifty countries based on fiscal space (debt/tax; deficits/tax) and other economic fundamentals over 2005-10. We measure how accurately the model predicts sovereign credit default swap (CDS) spreads, focusing in particular on the five countries in the South-West Eurozone Periphery (SWEAP: Greece, Ireland, Italy, Portugal, and Spain). Dynamic panel estimates of the model suggest that fiscal space and other macroeconomic factors are statistically significant and economically important determinants of market-based sovereign risk. However, risk pricing of the SWEAP countries is not predicted accurately by the model either in-sample or out-of-sample: unpredicted high spreads are evident during global crisis period, especially in 2010 when the sovereign debt crisis swept over the periphery area. We “match” the periphery group with five middle income countries outside Europe that were closest in terms of fiscal space during the European fiscal crisis. SWEAP default risk is priced much higher than the “matched” countries in 2010, even allowing for differences in fundamentals. One interpretation is that these economies switched to a “pessimistic” self-fulfilling expectational equilibrium. An alternative interpretation, consistent with the selective default of Greece in early 2012, is that the market prices not on current but future fundamentals, expecting SWEAP fiscal space to deteriorate markedly and posing a high risk of debt restructuring. Adjustment challenges in the Eurozone may be perceived as economically and politically more difficult for SWEAP than the matched group of middle-income countries because of exchange rate and monetary constraints.
Elsevier
2013-04
Journal Article
PeerReviewed
text
en
https://eprints.soas.ac.uk/14271/1/Aizenman.Hutchison.Jinjarak.JIMF.2013.pdf
Aizenman, Joshua, Hutchison, Michael and Jinjarak, Yothin (2013) 'What is the risk of European sovereign debt defaults? Fiscal space, CDS spreads and market pricing of risk.' Journal of International Money and Finance, 34. pp. 37-59.
https://www.sciencedirect.com/science/article/abs/pii/S0261560612001908
10.1016/j.jimonfin.2012.11.011
oai:eprints.soas.ac.uk:14294
2022-10-04T09:17:50Z
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7375626A656374733D53:38353230
7375626A656374733D58:46:33393030:33393031
74797065733D61727469636C65
https://eprints.soas.ac.uk/14294/
The Function of Corporate Law and the effects of Reincorporations in the U.S. and the E.U.
Mucciarelli, Federico
In the U.S., corporations can be incorporated in any of the 50 states and can “reincorporate” afterwards in any other state. However, the competence of the state where a company is incorporated is limited: on the one hand, it is restricted by federal laws and, on the other hand, it regulates only the “internal affairs” of corporate activities. Consequently, in the U.S. reincorporations are a relatively easy task, since they only shift rules that address the shareholders - board relation, while creditors and other stakeholders are not affected. In the E.U., we find a partially similar scenario. In the last decade, the European Court of Justice has liberalized initial incorporations and in 2005 the cross-border directive has opened the doors to freedom of reincorporation from one member state to another. In the E.U., reincorporations have a much different impact than on the other side of the Atlantic, since the agency problems between shareholders and the board are bundled with the agency problems between shareholders and creditors, all being in the competence of the member state of incorporation. In the E.U., therefore, any change of the applicable corporate law risks to jeopardize creditors. Sophisticated creditors will discount this risk from the credit rate or will protect themselves through specific covenant, but non-sophisticated creditors will bear entirely the risk of opportunistic reincorporations. For this reason, many E.U. member states provide mechanisms for creditors’ protection in case of reincorporation, often by requiring the debtor to give a security or to pay the debts that are not yet due. These mechanisms are aimed at avoiding negative externalities, yet they make reincorporations more expensive and will impede a certain number of efficient transactions.
Tulane Law School
2012
Journal Article
PeerReviewed
Mucciarelli, Federico (2012) 'The Function of Corporate Law and the effects of Reincorporations in the U.S. and the E.U.' Tulane Journal of International and Comparative Law, 20 (2). pp. 421-468.
http://heinonline.org/HOL/Page?handle=hein.journals/tulicl20&collection=journals&set_as_cursor=0&men_tab=srchresults&type=matchall&id=429
oai:eprints.soas.ac.uk:14295
2022-10-06T10:08:54Z
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74797065733D61727469636C65
https://eprints.soas.ac.uk/14295/
Cross-border Tender Offers, the Exclusion of Certain Shareholders and the Principle of Equal Treatment
Mucciarelli, Federico
In order to avoid the cumulative application of U.S. takeover rules it is common practice to exclude U.S. shareholders from tender offers. To this end, bidders usually avoid publicising the offer in the United States or among U.S. residents (restrictions on dissemination) and they may even regard acceptances on the part of U.S. residents as void (restrictions on acceptance).However, such restrictions could be at odds with the principle of equal treatment of target’s shareholders or with the mandatory bid rule, provided for by the EU Takeover Directive as well as by Member States’ domestic laws. This article sets out to demonstrate that only restrictions on dissemination might be reconcilable with the equality principle. Restrictions on acceptance, on the contrary, represent a clear violation of that principle, admissible only if the cumulative application of U.S. law would make the offer unfeasible.
Oxford University Press
2009
Journal Article
PeerReviewed
Mucciarelli, Federico (2009) 'Cross-border Tender Offers, the Exclusion of Certain Shareholders and the Principle of Equal Treatment.' Uniform Law Review, 14 (1/2). pp. 165-180.
http://heinonline.org/HOL/Page?handle=hein.journals/droit2009&collection=journals&set_as_cursor=0&men_tab=srchresults&id=165
10.1093/ulr/14.1-2.165
oai:eprints.soas.ac.uk:14307
2018-06-22T16:04:17Z
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7375626A656374733D58:46:33393030
7375626A656374733D58:46:33393030:33393031
7375626A656374733D58:46:34363030:46444336
74797065733D61727469636C65
https://eprints.soas.ac.uk/14307/
Why so controversial? The Dilemma of Trying to Assess Energy Subsidies
El-Katiri, Laura
Oxford Institute for Energy Studies
2012-05
Journal Article
NonPeerReviewed
El-Katiri, Laura (2012) 'Why so controversial? The Dilemma of Trying to Assess Energy Subsidies.' Oxford Energy Forum (88). pp. 3-4.
http://www.oxfordenergy.org/wpcms/wp-content/uploads/2012/06/OEF_881.pdf
oai:eprints.soas.ac.uk:14309
2022-07-12T09:28:14Z
7374617475733D707562
7375626A656374733D53:38353230
7375626A656374733D58:46:33393030:33393031
74797065733D626F6F6B
https://eprints.soas.ac.uk/14309/
Società per azioni e offerta pubblica d’acquisto. Le difese successive contro offerte pubbliche d’acquisto di azioni quotate [Public companies and take-over bids: Defensive measures against hostile takeovers]
Mucciarelli, Federico
K Law (General)
Giuffrè
2004
Authored Books
NonPeerReviewed
Mucciarelli, Federico (2004) Società per azioni e offerta pubblica d’acquisto. Le difese successive contro offerte pubbliche d’acquisto di azioni quotate [Public companies and take-over bids: Defensive measures against hostile takeovers]. Milano: Giuffrè. (Quaderni di Giurisprudenza Commerciale)
oai:eprints.soas.ac.uk:14311
2024-02-09T14:26:10Z
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https://eprints.soas.ac.uk/14311/
Equal treatment of shareholders and European Union law - Case note on the Decision ‘Audiolux’ of the European Court of Justice
Mucciarelli, Federico
The European Court of Justice has recently issued a decision on the existence of a general principle of equal treatment of minority shareholders upon a transfer of control. According to the plaintiff, from certain specific acts of EU law (such as, among others, the mandatory bid rule provided for by the Takeover Directive) could be inferred the existence of a principle, according to which the person who purchases the control of a company should then offer to all other shareholders the same opportunity to sell their shares. The ECJ denied that such a principle can be inferred from specific provisions of derivative EU law beyond their scope of application. In addition, the ECJ has put in clear words that, in order to impose to the acquirer of corporate control a duty to purchase all outstanding shares, a specific legislative decision is required, with the aim to weight all involved interests.
De Gruyter
2010-03-01
Journal Article
PeerReviewed
text
en
https://eprints.soas.ac.uk/14311/1/Mucciarelli_Audiolux_equal_treatment_ECFR_2010.pdf
Mucciarelli, Federico (2010) 'Equal treatment of shareholders and European Union law - Case note on the Decision ‘Audiolux’ of the European Court of Justice.' European Company and Financial Law Review, 7 (1). pp. 158-167.
10.1515/ecfr.2010.158
oai:eprints.soas.ac.uk:14442
2024-02-09T14:26:26Z
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https://eprints.soas.ac.uk/14442/
The Transfer of the Registered Office and Forum-Shopping in International Insolvency Cases: an Important Decision from Italy
Mucciarelli, Federico
The Italian Supreme Court (Corte di Cassazione) has issued an important decision on companies’ freedom of establishment in the European Union (EU) and on jurisdiction over insolvency proceedings. It was a typical forum-shopping case in insolvency situations, in which a company decides to shift its registered office abroad before a court from its original country declares the insolvency. The Cassazione did not apply EC-Regulation 1346/2000 on cross-border insolvency, but declared the company as liquidated because of the transfer of the registered office. This solution leaves many questions unclear, both under EC-freedom of establishment and under jurisdiction rules for cross-border insolvency
De Gruyter
2005
Journal Article
PeerReviewed
text
en
https://eprints.soas.ac.uk/14442/1/ecfr.2005.2.4.512.pdf
Mucciarelli, Federico (2005) 'The Transfer of the Registered Office and Forum-Shopping in International Insolvency Cases: an Important Decision from Italy.' European Company and Financial Law Review, 2 (4). pp. 512-533.
10.1515/ecfr.2005.2.4.512
oai:eprints.soas.ac.uk:14445
2022-09-10T09:31:09Z
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https://eprints.soas.ac.uk/14445/
La sentenza “Volkswagen” e il pericolo di una “convergenza” forzata tra gli ordinamenti societari [ECJ’s “Volkswagen decision” and the risk of a coercive covergence of European company laws]
Mucciarelli, Federico
Giuffrè
2009
Journal Article
NonPeerReviewed
text
en
https://eprints.soas.ac.uk/14445/1/Mucciarelli_Nota_VW_2009.pdf
Mucciarelli, Federico (2009) 'La sentenza “Volkswagen” e il pericolo di una “convergenza” forzata tra gli ordinamenti societari [ECJ’s “Volkswagen decision” and the risk of a coercive covergence of European company laws].' Giurisprudenza Commerciale (II). pp. 273-282.
oai:eprints.soas.ac.uk:14446
2022-08-30T12:52:59Z
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https://eprints.soas.ac.uk/14446/
Problemi aperti in tema di offerte pubbliche d’acquisto transfrontaliere [Open issues related to cross-border tender offers]
Mucciarelli, Federico
K Law (General)
Giuffrè
2009
Journal Article
PeerReviewed
text
en
https://eprints.soas.ac.uk/14446/1/Opa_cross_border_Mucciarelli.doc
Mucciarelli, Federico (2009) 'Problemi aperti in tema di offerte pubbliche d’acquisto transfrontaliere [Open issues related to cross-border tender offers].' Banca Borsa e Titoli di Credito, 72 (4).
oai:eprints.soas.ac.uk:14520
2024-02-09T14:26:34Z
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https://eprints.soas.ac.uk/14520/
Economic Integration and Government Revenue from Financial Repression
Jinjarak, Yothin
We study a relationship between economic openness via financial and trade integration and government revenue from financial repression. An implicit budgetary saving, the financial repression revenue, as measured by the stock of government domestic debt multiplied by the difference between effective foreign and domestic interest rate, has declined significantly from the 1980s into the 2000s across the upper-income, the middle-income, and the low-income developing countries. While we find that both the financial and trade openness have a negative association with the financial repression revenue in the panel of countries, the effect of financial openness is stronger and the empirical correlations depend on the quality of governmental and budgetary management.
Elsevier
2013-06
Journal Article
PeerReviewed
text
en
https://eprints.soas.ac.uk/14520/1/Jinjarak.ECOSYS.2013.pdf
Jinjarak, Yothin (2013) 'Economic Integration and Government Revenue from Financial Repression.' Economic Systems, 37 (2). pp. 271-283.
10.1016/j.ecosys.2012.10.003
oai:eprints.soas.ac.uk:14611
2024-02-09T14:26:47Z
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https://eprints.soas.ac.uk/14611/
Sovereign Default Risk, Overconfident Investors and Diverse Beliefs: Theory and Evidence from a New Dataset on Outstanding Credit Default Swaps
Janus, Thorsten
Jinjarak, Yothin
Uruyos, Manachaya
In standard public finance theory a government’s cost of borrowing depends on the common beliefs held by rational investors regarding default risk. We advance understanding of the effects of diverse beliefs and overconfidence among investors in their ability to assess the sovereign’s creditworthiness. Theoretically, we find that demand for insurance against default is positively related to the absolute difference between the market price of sovereign risk and the risk forecasted by the economy’s fundamentals. We find preliminary support for this prediction in a newly available dataset on sovereign credit default swaps (CDSs): after controlling for the size of the public debt, the absolute size of the gap between the actual and forecasted spreads is positively related to the value of outstanding CDSs.
Elsevier
2013-09-20
Journal Article
PeerReviewed
text
en
https://eprints.soas.ac.uk/14611/1/JJU-2013-JFS-Published.pdf
Janus, Thorsten, Jinjarak, Yothin and Uruyos, Manachaya (2013) 'Sovereign Default Risk, Overconfident Investors and Diverse Beliefs: Theory and Evidence from a New Dataset on Outstanding Credit Default Swaps.' Journal of Financial Stability, 9 (3). pp. 330-336.
10.1016/j.jfs.2012.11.007
oai:eprints.soas.ac.uk:14651
2024-02-09T14:26:55Z
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https://eprints.soas.ac.uk/14651/
The GCC and the Nuclear Question
El-Katiri, Laura
For a long time, nuclear energy appeared to be an unlikely scenario for the Gulf Cooperation Council (GCC) states. However, the late 2000s have seen a policy U-turn in the GCC’s attitude toward nuclear power, with the United Arab Emirates and Saudi Arabia now pursuing plans for their own nuclear reactors by the 2020s. The introduction of civilian nuclear programmes to the GCC is symptomatic of a more structural shift in the way the GCC and the wider Gulf produces and consumes energy. Rapidly rising levels of domestic energy consumption have already made the GCC a regional energy consumer rivalling the combined energy demand of Latin America. This renders alternative sources of energy, including nuclear power, an increasingly attractive long-term solution in view of the region’s otherwise rapidly rising drag on its own main export products – crude oil and natural gas. However, nuclear power raises a number of economic, political, and security question in the fragile Gulf region. This energy comment by Laura El-Katiri explores the reasons for the GCC’s pursuit of nuclear power, and questions the economic and political rationale behind the move.
Oxford Institute for Energy Studies
2012-12
Journal Article
NonPeerReviewed
text
en
https://eprints.soas.ac.uk/14651/1/The-GCC-and-the-Nuclear-Question.pdf
El-Katiri, Laura (2012) 'The GCC and the Nuclear Question.' Oxford Energy Comment.
https://www.oxfordenergy.org/publications/the-gcc-and-the-nuclear-question/
oai:eprints.soas.ac.uk:14742
2018-06-22T16:04:45Z
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https://eprints.soas.ac.uk/14742/
East Mediterranean Gas: What Kind of Game Changer?
El-Katiri, Laura
Fattouh, Bassam
Darbouche, Hakim
H Social Sciences (General)
The discovery of sizable gas resources in the Levant Basin, a geological structure that straddles the territorial waters of Cyprus, Israel, the Palestinian Territories, Lebanon, and Syria, has the potential to be game-changing for the East Mediterranean region. Hitherto net energy importers, these countries are now faced with the prospect of long-term energy self-sufficiency and the development of a new revenue stream for the economy. With the resource potential of the Levant Basin believed to be much higher than the 35 Tcf of gas discovered recently, the East Mediterranean is now the focus of much interest on the part of major upstream investors. However, in the short to medium term, the development and monetisation of these resources present stakeholders with a set of challenges originating in the region’s complex political make-up, as well as in the fact that their energy and gas utilisation policies are still work in progress, over and above the technical difficulties relating to the development of these resources. This paper examines the challenges and opportunities that have been given rise to by these discoveries, arguing that to 2020 East Mediterranean gas is more likely to be a game-changer for local energy systems than for regional and international gas markets.
Oxford Institute for Energy Studies. Oil and the Middle East Programme
2012-12
Monographs and Working Papers
NonPeerReviewed
El-Katiri, Laura, Fattouh, Bassam and Darbouche, Hakim (2012) East Mediterranean Gas: What Kind of Game Changer? Oxford: Oxford Institute for Energy Studies. Oil and the Middle East Programme.
http://www.oxfordenergy.org/2012/12/east-mediterranean-gas-what-kind-of-a-game-changer/
oai:eprints.soas.ac.uk:14746
2018-06-22T16:04:45Z
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https://eprints.soas.ac.uk/14746/
Energy and Arab Economic Development
Fattouh, Bassam
El-Katiri, Laura
Like no other region, energy resources have shaped the Arab world and its modern-day development trajectory. Endowed with some of the world’s most important oil and natural gas reserves, countries in the Arab world have over the past four decades produced and exported more oil than those of any other region, and hold reserves sufficient to supply world energy markets for more than another hundred years at current rates of production. Its energy wealth has without doubt benefited the Arab world, despite significant differences across the region alongside differing national resources, and their management across governments. Significant challenges also derive from the Arab energy-led development model, particularly patterns of domestic energy consumption, rising demand for energy across the region, and rising domestic investment needs. This paper attempts to provide a very brief overview of the role energy has played in driving economic development in the Arab world, its effects on development choices, and the challenges faced by the resultant development model. It does so by looking at four different aspects of energy-led development: 1) the effect of energy on regional Arab economic growth; 2) the inter-linkages between energy and Arab economic structures; 3) the implications of energy for intra-regional integration; and 4) evolving challenges from this development model
United Nations Development Programme
2012
Monographs and Working Papers
NonPeerReviewed
Fattouh, Bassam and El-Katiri, Laura (2012) Energy and Arab Economic Development. United Nations Development Programme.
http://www.arab-hdr.org/publications/other/ahdrps/ENGFattouhKatiriV2.pdf
oai:eprints.soas.ac.uk:14849
2024-02-09T14:27:23Z
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https://eprints.soas.ac.uk/14849/
The Hidden Voyage of a Dying Italian Company, from the Mediterranean Sea to Albion
Mucciarelli, Federico
KJ Europe
For the first time, the European Court of Justice addresses a case of a cross-border transfer of registered office before the filing for insolvency. The Interedil decision makes clear that the location of a debtor’ s centre of main interests (“COMI”) is to be assessed as of the moment of filing for insolvency. Furthermore, the ECJ addresses the question of the evidence required to overcome the presumption that the COMI coincides with a corporation’s registered office. However, behind these relevant cross-border insolvency issues hides a strange story of corporate mobility from Italy to England, which shows the need for further harmonization throughout the EU in the field of cross-border transfer of register offices.
De Gruyter
2012
Journal Article
PeerReviewed
text
en
https://eprints.soas.ac.uk/14849/1/Mucciarelli_The%20Hidden%20Voyage%20of%20a%20Dying%20Italian%20Company%20from%20the%20Mediterranean%20Sea%20to%20Albion.pdf
Mucciarelli, Federico (2012) 'The Hidden Voyage of a Dying Italian Company, from the Mediterranean Sea to Albion.' European Company Financial Review, 9 (4). pp. 571-579.
10.1515/ecfr-2012-0571
oai:eprints.soas.ac.uk:14851
2023-09-28T09:41:00Z
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https://eprints.soas.ac.uk/14851/
Problemi aperti in tema di offerte pubbliche d’acquisto transfrontaliere [Issues related to cross-border tender offers]
Mucciarelli, Federico
Giuffrè
2009
Journal Article
PeerReviewed
text
en
https://eprints.soas.ac.uk/14851/3/Mucciarelli_Opa_transfrontalieri_2009.pdf
Mucciarelli, Federico (2009) 'Problemi aperti in tema di offerte pubbliche d’acquisto transfrontaliere [Issues related to cross-border tender offers].' Banca Borsa e Titoli di Credito, 72 (4). pp. 382-402.
oai:eprints.soas.ac.uk:14852
2023-09-28T09:41:00Z
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https://eprints.soas.ac.uk/14852/
Il principio di reciprocità nella direttiva comunitaria sull’opa [The reciprocity principle in the European Directive on takeover bids]
Mucciarelli, Federico
KJ Europe
Giuffrè
2005
Journal Article
PeerReviewed
text
en
https://eprints.soas.ac.uk/14852/1/Mucciarelli_Reciprocit%C3%A0_Opa_2005.pdf
Mucciarelli, Federico (2005) 'Il principio di reciprocità nella direttiva comunitaria sull’opa [The reciprocity principle in the European Directive on takeover bids].' Giurisprudenza Commerciale, 32. pp. 830-843.
oai:eprints.soas.ac.uk:15598
2018-06-22T16:04:56Z
oai:eprints.soas.ac.uk:15846
2018-06-22T16:05:12Z
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https://eprints.soas.ac.uk/15846/
Federal Transfers and Fiscal Discipline in India: An Empirical Evaluation
Bhatt, Antra
Scaramozzino, Pasquale
HA Statistics
HJ Public Finance
This paper examines the relationship between federal transfers and fiscal deficits in India. The system of federal transfers has been criticized on the grounds that it distorts the incentives for states to promote fiscal discipline. We analyze the relationship between transfers, state domestic product, and fiscal deficit for a panel of states during the period 1990–2010. The paper finds a positive long-run relationship and bi-directional causality between primary/gross fiscal deficits and non-plan transfers. Further, a negative long-run relationship and one-way causality between state domestic product and transfers is observed, with causality going from state product to transfers. These results are confirmed by multi-variate cointegration analysis, which finds a long-run relationship between fiscal transfers, state product per capita and the primary deficit of the states. The evidence in the paper is consistent with the system of fiscal transfers being “gap-filling.”
Asian Development Bank
2013-03
Monographs and Working Papers
NonPeerReviewed
Bhatt, Antra and Scaramozzino, Pasquale (2013) Federal Transfers and Fiscal Discipline in India: An Empirical Evaluation. Manila, Philippines: Asian Development Bank.
http://www.adb.org/publications/federal-transfers-and-fiscal-discipline-india-empirical-evaluation
oai:eprints.soas.ac.uk:15847
2018-06-22T16:05:12Z
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7375626A656374733D58:46:33393030:33393031
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https://eprints.soas.ac.uk/15847/
Complexity, Specialization, and Growth
Ferrarini, Benno
Scaramozzino, Pasquale
This paper analyzes the role of complexity in production on the level of output and on its rate of growth. We develop an endogenous growth model with human capital accumulation, where increased complexity could exert either a positive or a negative effect on the level of output but always a positive effect on its rate of growth. Our empirical measure of complexity is derived from net trade flows, and is based on the product space description of production sectors in the global economy. The evidence from a broad cross-section of countries is consistent with the main theoretical predictions of the model, and supports the view that production complexity is important in order to account for differences in economic performance. An indicator of the intensity of vertical trade among countries is also shown to be relevant to explain output performance.
Asian Development Bank
2013-03
Monographs and Working Papers
NonPeerReviewed
Ferrarini, Benno and Scaramozzino, Pasquale (2013) Complexity, Specialization, and Growth. Manila, Philippines: Asian Development Bank.
http://www.adb.org/publications/complexity-specialization-and-growth
oai:eprints.soas.ac.uk:15848
2023-03-06T19:40:14Z
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https://eprints.soas.ac.uk/15848/
To Sleep, Perchance to Dream: Prices for Funeral Homes in US States
Canofari, Paolo
Marini, Giancarlo
Scaramozzino, Pasquale
HA Statistics
HB Economic Theory
The need for a proper burial is widely felt. This paper makes use of an original data set to explore the relationship between the prices of cemetery plots and the prices of housing. It considers a simple model where the services from both real estate and funeral homes enter individuals’ utility function, and derives testable propositions in order to analyse the relation between housing when alive and after death. The services from funeral homes and from conventional housing are complements in the households’ utility. On the other hand, the services from funeral homes are an inferior good: a lower personal income is associated with higher grave prices.
CEIS
2013-01
Monographs and Working Papers
NonPeerReviewed
Canofari, Paolo, Marini, Giancarlo and Scaramozzino, Pasquale (2013) To Sleep, Perchance to Dream: Prices for Funeral Homes in US States. Rome, Italy: CEIS.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2199481
10.2139/ssrn.2199481
oai:eprints.soas.ac.uk:15849
2018-06-22T16:05:12Z
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https://eprints.soas.ac.uk/15849/
Introduction to Valuation
Jinjarak, Yothin
Scaramozzino, Pasquale
Simms, Jonathan
HG Finance
CeFiMS (Centre for Financial and Management Studies), University of London
2013
Other
NonPeerReviewed
Jinjarak, Yothin, Scaramozzino, Pasquale and Simms, Jonathan (2013) 'Introduction to Valuation.' London, UK: CeFiMS (Centre for Financial and Management Studies), University of London.
oai:eprints.soas.ac.uk:15871
2023-03-03T20:48:25Z
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https://eprints.soas.ac.uk/15871/
Percentile Normative Values of Parameters of Electrical Pain and Reflex Threshold
Scaramozzino, Pasquale
Neziri, Alban Y.
Andersen, Ole K.
Arendt-Nielsen, Lars
Curatolo, Michele
HA Statistics
RA Public aspects of medicine
Central hypersensitivity, defined as an increased excitability of the central nervous system, is considered as the main factor behind facilitation of central pain processes and is probably a very important factor in the induction and maintenance of chronic pain. Widespread hyposensitivity is less studied than hypersensitivity states, but recent work indicates that hypoesthesia may be present in chronic non-neuropathic pain conditions and could have negative prognostic value. Electrical pain and reflex thresholds are well established measures of central pain sensitivity in human pain research. One potential application of these assessments in clinical practice is the detection of central hyper- or hyposensitivity in individual patients. In order to identify these disturbances in the central pain processing of individual patients, knowledge of reference values is essential. We computed percentile normative values of nociceptive withdrawal reflex (NWR) and pain thresholds to different electrical stimulation paradigms. The aim was to provide reference values for the assessment of widespread central hyper- and hyposensitivity in individual patients.
Elsevier
2013-04
Journal Article
PeerReviewed
Scaramozzino, Pasquale, Neziri, Alban Y., Andersen, Ole K., Arendt-Nielsen, Lars and Curatolo, Michele (2013) 'Percentile Normative Values of Parameters of Electrical Pain and Reflex Threshold.' Scandinavian Journal of Pain, 4 (2). pp. 120-124.
10.1016/j.sjpain.2012.09.002
oai:eprints.soas.ac.uk:15892
2024-02-09T14:28:19Z
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https://eprints.soas.ac.uk/15892/
Capital Controls in Brazil: Stemming a Tide with a Signal?
Jinjarak, Yothin
Noy, Ilan
Zheng, Huanhuan
Controls on capital inflows have been experiencing a renaissance since 2008, with several prominent emerging markets implementing them in recent years. We focus on Brazil, which instituted five changes in its capital account regime in 2008-2011. Using the synthetic control method, we construct counterfactuals (i.e., Brazil with no policy change) for each of these changes. We find no evidence that any tightening of controls was effective in reducing the magnitudes of capital inflows, but we observe some modest and short-lived success in preventing further declines in inflows when the capital controls were relaxed. We hypothesize that price-based capital controls’ only perceptible effect is to be found in the content of the signal they broadcast regarding the government’s larger intentions and sensibilities. In the case of Brazil, its left-of-center government’s willingness to remove controls was perceived as a noteworthy indication that the government was not as hostile to the international financial markets as many expected it to be.
Elsevier
2013-08
Journal Article
PeerReviewed
text
en
https://eprints.soas.ac.uk/15892/1/Jinjarak.Noy.Zheng.JBF.2013.pdf
Jinjarak, Yothin, Noy, Ilan and Zheng, Huanhuan (2013) 'Capital Controls in Brazil: Stemming a Tide with a Signal?' Journal of Banking and Finance, 37 (8). pp. 2938-2952.
10.1016/j.jbankfin.2013.04.007
oai:eprints.soas.ac.uk:15928
2024-02-09T14:28:27Z
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https://eprints.soas.ac.uk/15928/
The Effect of World Bank Trade Adjustment Assistance on Trade and Growth: 1987-2004, Is the Glass Half Full of Half Empty?
Jinjarak, Yothin
Salinas, Gonzalo
Tsikata, Yvonne M.
This paper studies the association between trade reform, growth, and trade adjustment assistance, in a sample of developing countries that underwent trade reforms during 1987-2004. Our analysis explicitly differentiates between a group of countries that received trade-adjustment loans from the World Bank, and a non-recipient group. The results suggest that trade adjustment assistance is positively associated with economic growth after trade reform in a medium- to long-run. Comparing to a pre-reform period and to the non-recipient group, the recipient countries registered 0.2 percent higher growth of real GDP/capita, 5.0 percent higher import growth, and 2.5 percent higher export growth during a period of three to five years after trade reform.
Elsevier
2013-09-12
Journal Article
PeerReviewed
text
en
https://eprints.soas.ac.uk/15928/1/Jinjarak.Salinas.Tsikata.ECOSYS.2013.pdf
Jinjarak, Yothin, Salinas, Gonzalo and Tsikata, Yvonne M. (2013) 'The Effect of World Bank Trade Adjustment Assistance on Trade and Growth: 1987-2004, Is the Glass Half Full of Half Empty?' Economic Systems, 37. pp. 415-430.
10.1016/j.ecosys.2013.05.004
oai:eprints.soas.ac.uk:16004
2018-06-22T16:05:21Z
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https://eprints.soas.ac.uk/16004/
Energy Sustainability in the Gulf States – The Why and the How
El-Katiri, Laura
For many decades, the Gulf states’ significant oil reserves have rendered the region among the most important energy suppliers in the world, and there is similar potential for the region’s natural gas reserves. However, the Gulf states’ rapidly rising regional consumption has begun to play a critical role in the region’s future export prospects, including the size and longevity of domestic oil and gas production, both for domestic and export market supply. This paper by Laura El-Katiri aims to discuss the current and future challenges evolving from the Gulf region’s growing domestic energy use, coupled to its continued, almost exclusive, reliance on oil and natural gas, on the region’s future export potential, as well as the security of its domestic energy supplies. It suggests that only a more proactive Gulf policy response to rising domestic energy consumption can help safeguard the stability of the Gulf’s role as a global energy supplier as well as its domestic long-term energy security; such a policy response would include the diversification of the region’s energy base and the effective management of domestic demand.
Oxford Institute for Energy Studies
2013-03
Monographs and Working Papers
NonPeerReviewed
El-Katiri, Laura (2013) Energy Sustainability in the Gulf States – The Why and the How. Oxford: Oxford Institute for Energy Studies.
http://www.oxfordenergy.org/2013/03/energy-sustainability-in-the-gulf-states-the-why-and-the-how/
oai:eprints.soas.ac.uk:16648
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https://eprints.soas.ac.uk/16648/
Implementation Cycles and the New Economy in Retrospect
Scaramozzino, Pasquale
Temple, Jonathan
Vulkan, Nir
Routledge
Morone, Piergiuseppe
2013
Book Chapters
NonPeerReviewed
text
en
https://eprints.soas.ac.uk/16648/1/Scaramozzino%20Temple%20Vulkan%20-%20Implementation%20cycles.docx
Scaramozzino, Pasquale, Temple, Jonathan and Vulkan, Nir (2013) 'Implementation Cycles and the New Economy in Retrospect.' In: Morone, Piergiuseppe, (ed.), Knowledge, Innovation and Internationalisation: Essays in Honour of Cesare Imbriani. London: Routledge, pp. 130-154.
oai:eprints.soas.ac.uk:16675
2023-01-23T12:02:25Z
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https://eprints.soas.ac.uk/16675/
Energy subsidies in the Middle East and North Africa
Fattouh, Bassam
El-Katiri, Laura
The policy of maintaining tight control of domestic energy prices has been widely spread in the Middle East and North Africa. Energy subsidies that keep domestic energy prices below market prices serve as a strategic tool to promote industrialization and diversification, to protect the income of citizens, and to distribute state benefits to the population. However, whilst they may be seen as achieving some of these objectives, this paper argues they do so in a costly and highly inefficient way. Energy subsidies distort price signals and lead to a systemic misallocation of resources. They also tend to be regressive, and the mounting fiscal burden they cause makes them increasingly unsustainable from a budgetary point of view. For this reason, a reform of energy pricing is in many MENA countries increasingly unavoidable e despite being a politically and economically delicate task. The diversity of MENA suggests that no single reform agenda will fit all countries in the region equally.
Elsevier
2013-06
Journal Article
PeerReviewed
Fattouh, Bassam and El-Katiri, Laura (2013) 'Energy subsidies in the Middle East and North Africa.' Energy Strategy Reviews, 2 (1). pp. 108-115.
http://www.sciencedirect.com/science/article/pii/S2211467X12000399
10.1016/j.esr.2012.11.004
oai:eprints.soas.ac.uk:16931
2024-02-09T14:29:49Z
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https://eprints.soas.ac.uk/16931/
Equity Prices and Financial Globalization
Jinjarak, Yothin
This paper examines the association between equity returns, economic shocks, and economic integration. The empirical findings show that oil prices and U.S. Federal Reserve funds rates are associated with negative responses of international equity returns, the association which a standard asset-pricing
model is capable of explaining the patterns of international differences. We also find that the effects of global economic shocks operate through the current excess returns of equity prices. Empirically, trade integration increases the responses of international equity returns to oil prices, while finance integration increases the responses of equity returns to Federal Reserve funds rates across countries.
Elsevier
2014-06-09
Journal Article
PeerReviewed
text
en
https://eprints.soas.ac.uk/16931/1/Jinjarak.FINANA.2014.pdf
Jinjarak, Yothin (2014) 'Equity Prices and Financial Globalization.' International Review of Financial Analysis, 33. pp. 49-57.
10.1016/j.irfa.2013.08.009
oai:eprints.soas.ac.uk:16957
2024-02-09T14:29:56Z
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https://eprints.soas.ac.uk/16957/
Not Just Efficiency: Insolvency Law in the EU and Its Political Dimension
Mucciarelli, Federico
KJ Europe
Certain insolvency law rules, like creditors’ priorities and set-off rights, have a distributive impact on creditors. Distributional rules reflect the hierarchies of values and interests in each jurisdiction and, as a result, have high political relevance and pose an obstacle to reforming the EU Insolvency Regulation. This paper will show the difficulty of reform by addressing two alternative options to regulate cross-border insolvencies in the European Union. The first one is the ‘choice model’, under which companies can select the insolvency law they prefer. Although such a model would allow distressed firms to select the most efficient insolvency law, it would also displace Member States’ power to protect local constituencies. The choice model therefore produces negative externalities and raises legitimacy concerns. The opposite solution is full harmonisation of insolvency law at EU level, including distributional rules. Full harmonisation would have the advantage of internalising all externalities produced by cross-border insolvencies. However, the EU legislative process, which is still based on negotiations between states, is not apt to decide on distributive insolvency rules; additionally, if harmonisation includes such rules, it will indirectly modify national social security strategies and equilibria. This debate shows that the choice regarding power allocation over bankruptcies in the EU depends on the progress of European integration and is mainly a matter of political legitimacy, not only of efficiency.
Cambridge University Press
2013
Journal Article
PeerReviewed
text
en
https://eprints.soas.ac.uk/16957/1/Not%20Just%20Efficiency%20EBOR%202013.pdf
Mucciarelli, Federico (2013) 'Not Just Efficiency: Insolvency Law in the EU and Its Political Dimension.' European Business Organization Law Review, 14. pp. 175-200.
10.1017/S1566752912001127
oai:eprints.soas.ac.uk:17704
2024-02-09T14:31:55Z
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https://eprints.soas.ac.uk/17704/
Discretionary Enforcement and Strategic Interactions Between Firms, Regulatory Agency and Justice Department: A Theoretical and Empirical Investigation
Germani, Anna Rita
Morone, Andrea
Morone, Piergiuseppe
Scaramozzino, Pasquale
HB Economic Theory
This paper presents a game theoretic morphological analysis of the U.S. environmental authorities’ (i.e., EPA and DOJ) behavioural mechanisms, based on strategic interactions among the players. The models explore the role of discretion that such authorities enjoy, either in deciding how to pursue environmental violations (investigative and prosecutorial discretion) or in judging them (judicial discretion). The purpose is to identify both the optimal firms’ behaviour in terms of compliance, and the DOJ’s and EPA’s optimal strategies in terms of enforcement actions to undertake. Consistent with the setting of the game theory models, the role of EPA and DOJ in deterring firms from polluting is, then, empirically tested, by means of a laboratory experiment. Laboratory evidence on compliance behaviour of firms when faced with enforcement conditions predicted by the theoretical models set up is discussed for the different experimental treatments performed.
CeFiMS, SOAS, University of London
2013-09
Monographs and Working Papers
NonPeerReviewed
text
en
https://eprints.soas.ac.uk/17704/1/research-115.pdf
Germani, Anna Rita, Morone, Andrea, Morone, Piergiuseppe and Scaramozzino, Pasquale (2013) Discretionary Enforcement and Strategic Interactions Between Firms, Regulatory Agency and Justice Department: A Theoretical and Empirical Investigation. London: CeFiMS, SOAS, University of London.
http://www.cefims.ac.uk/documents/research-115.pdf
oai:eprints.soas.ac.uk:17888
2024-02-09T14:32:29Z
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https://eprints.soas.ac.uk/17888/
China’s Growth, Stability, and Use of International Reserves
Aizenman, Joshua
Jinjarak, Yothin
Marion, Nancy
Since the onset of the global crisis, China and the U.S. current-account imbalances are now less than half their pre-crisis levels. For China, the reduction in its current-account surplus post-crisis suggests a structural change. Panel regressions almost 100 countries over 1983-2013 confirm that the relationship between current-account balances and economic variables changed in important ways after the financial crisis. For China, the reduction in its current-account surplus post-crisis suggests a structural change. The rebalancing of China’s current account has been also associated with a decline in its reserves-to-GDP ratio and greater outward FDI that, in turn, mitigates reserve hoarding.
Springer Nature
2014-07-01
Journal Article
PeerReviewed
text
en
https://eprints.soas.ac.uk/17888/1/Aizenman.Jinjarak.Marion.OER.2014.pdf
Aizenman, Joshua, Jinjarak, Yothin and Marion, Nancy (2014) 'China’s Growth, Stability, and Use of International Reserves.' Open Economies Review, 25 (3). pp. 407-428.
10.1007/s11079-014-9308-x
oai:eprints.soas.ac.uk:18298
2024-02-09T14:34:49Z
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https://eprints.soas.ac.uk/18298/
Granular Institutional Investors and Global Market Interdependence
Jinjarak, Yothin
Zheng, Huanhuan
We study the propagation of global investment risk across markets through the granular view of institutional investors. Applying the conditional value-at-risk estimation to micro-level weekly observations of international mutual funds between 2003 and 2011, we find that idiosyncratic shocks to large institutional investors explain both aggregate market risk and cross-market risk interdependence. Conditional on the US capital markets being in financial distress, idiosyncratic shocks to the top 10% largest funds investing in the US explain about 40% of the risk fluctuations in other non-US markets. The findings are also economically and statistically significant for the top largest funds investing in non-US markets, with the effects becoming especially large during the global financial crisis of 2007–09. These results are robust after controlling for common risk factors and applying alternative measures of idiosyncratic shocks.
Elsevier
2014-09-01
Journal Article
PeerReviewed
text
en
https://eprints.soas.ac.uk/18298/1/Jinjarak.Zheng.JIMF.2014.pdf
Jinjarak, Yothin and Zheng, Huanhuan (2014) 'Granular Institutional Investors and Global Market Interdependence.' Journal of International Money and Finance, 46. pp. 61-81.
10.1016/j.jimonfin.2014.03.007
oai:eprints.soas.ac.uk:18364
2020-07-11T14:36:45Z
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https://eprints.soas.ac.uk/18364/
Supply chains, global financial shocks, and firm behavior towards liquidity needs
Jinjarak, Yothin
Driven by the increasingly important role of supply chains in global production, this paper studies empirical association between global credit‐market shocks and firm behaviour towards liquidity needs across countries and industries. Focusing on the adjustment of working‐capital financing, we find two pieces of supporting evidence from international firm‐level panel data covering the period 2002:I–2012:IV . First, for industries where specific investment in the input supplier–customer relationship is large, firms are more exposed to credit‐market shocks. We find that measures of global credit‐market shocks are negatively associated with trade receivables, trade payables and inventories, conditional on the level of contract intensity in the industries where firms operate. Second, firms in emerging markets are more vulnerable to credit‐market shocks than are firms in developed countries. We are also able to verify the economic significance of sales growth, operating cash flows, cash stock and firm size in the overall adjustment. Our findings highlight the importance of balance‐sheet contagion along supply chains during the 2007–09 global financial crisis.
Basil Blackwell for the Trade Policy Research Centre
2014-12-31
Journal Article
PeerReviewed
Jinjarak, Yothin (2014) 'Supply chains, global financial shocks, and firm behavior towards liquidity needs.' The World Economy, 38 (3). pp. 425-444.
10.1111/twec.12202
oai:eprints.soas.ac.uk:18369
2024-02-09T14:35:08Z
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https://eprints.soas.ac.uk/18369/
Environmental communications: The reader's perspective
Haigh, Matthew
Connecting reception theory and social semiotics, this article offers a framework for the analysis of hortatory texts. An illustrative case uses the pronouncements of environmental regulators, with the reader group represented by a sample of executives in financial institutions. Although the participants thought the texts important, none had found any use for them. It is unlikely that financial institutions en masse will address environmental issues before and until communicators frame their material in terms of customary financial discourse and investors’ dominant cognitive rationalities. The depth of insights gained suggests wider application of the framework to a range of hortatory texts and authoritative reader groups.
De Gruyter
2015-10
Journal Article
PeerReviewed
text
en
https://eprints.soas.ac.uk/18369/1/Haigh_Environmental%20communications.pdf
Haigh, Matthew (2015) 'Environmental communications: The reader's perspective.' Semiotica, 2015 (207). pp. 233-250.
10.1515/sem-2015-0046
oai:eprints.soas.ac.uk:18385
2020-09-04T21:41:19Z
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https://eprints.soas.ac.uk/18385/
Real estate valuation, current account and credit growth patterns, before and after the 2008-9 crisis
Aizenman, Joshua
Jinjarak, Yothin
We explore the stability of the conditioning variables accounting for the real estate valuation before and after the crisis of 2008–9, in a panel of 36 countries, recognizing the crisis break. We validate the robustness of the association between the real estate valuation and lagged current account patterns, both before and after the crisis. The most economically significant variable in accounting for real estate valuation changes turned out to be the lagged real estate valuation appreciation (real estate inflation minus CPI inflation), followed by lagged declines of the current account/GDP, lagged domestic credit/GDP growth, and lagged equity market valuation appreciation (equity market appreciation minus CPI inflation). A one standard deviation increase in lagged real estate appreciation is associated with a 10% increase in the present real estate appreciation, larger than the impact of a one standard deviation deterioration in the lagged current account/GDP (5%) and of the lagged domestic credit/GDP growth (3%). The results are supportive of both current account and credit growth channels, with the momentum channels playing the most important role. Smaller current account/GDP surpluses or larger deficits may serve as warning signals, especially when coinciding with credit expansion and real estate appreciation during the past several quarters.
Elsevier
2014-12-31
Journal Article
PeerReviewed
Aizenman, Joshua and Jinjarak, Yothin (2014) 'Real estate valuation, current account and credit growth patterns, before and after the 2008-9 crisis.' Journal of International Money and Finance, 48 (B). pp. 249-270.
10.1016/j.jimonfin.2014.05.016
oai:eprints.soas.ac.uk:18386
2018-06-22T16:07:20Z
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https://eprints.soas.ac.uk/18386/
Disclosing climate risk to investors: Is corporate reporting giving investors what they need?
Haigh, Matthew
Guthrie, Lois
Fulton Publishing
2012
Book Chapters
NonPeerReviewed
Haigh, Matthew and Guthrie, Lois (2012) 'Disclosing climate risk to investors: Is corporate reporting giving investors what they need?' In: Corporate climate risk disclosure: An executive guide to monitoring and disclosing climate risk. London: Fulton Publishing, pp. 37-42.
http://www.lrqa.com/Images/MKCorporateClimateRiskDisclosure_tcm152-240148.pdf
oai:eprints.soas.ac.uk:18387
2022-12-10T09:17:07Z
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https://eprints.soas.ac.uk/18387/
Incorporating sustainability into accounting curricula: Lessons learnt from an action research study
Hazelton, James
Haigh, Matthew
In this chapter, as in the rest of the book in which this chapter form a part, the logic of teaching using the liberal arts is described and contrasted with the practical vocational training approach of teaching which has formed the foundation of accountancy courses for many years. The chapters proposes to change the established practice by integrating the liberal arts into the university accounting curriculum. Comments and counter-arguments are then discussed before the chapter uses two illustrations supplied by the authors of how the proposed change may be achieved by the inclusion of ethics and sustainability within the accounting curriculum.
Taylor and Francis
Wilson, Richard M. S.
Sangster, Alan
2013
Book Chapters
NonPeerReviewed
Hazelton, James and Haigh, Matthew (2013) 'Incorporating sustainability into accounting curricula: Lessons learnt from an action research study.' In: Wilson, Richard M. S. and Sangster, Alan, (eds.), Liberalising the accounting curriculum in university education. Milton Park: Taylor and Francis.
oai:eprints.soas.ac.uk:18388
2024-02-09T14:35:13Z
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https://eprints.soas.ac.uk/18388/
Stakeholders in global climate policy instruments
Haigh, Matthew
Everywhere the call is out for ‘stakeholder’ involvement as a means for improving developmental decisions, particularly those involving complex technology, uncertain risks, and contending values. Everywhere but in funds management, it would seem. Despite the presence of obligations under policy instruments such as the Kyoto Protocol, funds management sectors (comprising pooled investment schemes such as hedge funds, pension funds, insurance companies and mutual funds) have been excluded from ecological crisis management discussions.
Palgrave MacMillan
2013
Book Chapters
NonPeerReviewed
text
en
https://eprints.soas.ac.uk/18388/1/CadmanEtAl2012_chapter%20Haigh.pdf
Haigh, Matthew (2013) 'Stakeholders in global climate policy instruments.' In: Governing the climate regime complex: Towards institutional legitimacy. London: Palgrave MacMillan, pp. 125-142.
oai:eprints.soas.ac.uk:18593
2018-06-22T16:07:34Z
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https://eprints.soas.ac.uk/18593/
Monetary integration in ASEAN+3: A perception survey of opinion leaders
Rana, Pradumna
Chia, Wai-Mun
Jinjarak, Yothin
Recently, the ASEAN+3 countries have taken a number of measures to bolster monetary integration. These include the establishment of the ASEAN+3 Economic Review and Policy Dialogue and the Chiang Mai Initiative Multilateralization (CMIM). More recently, the ASEAN+3 Macroeconomic Research Office (AMRO) was also established as an independent surveillance unit. Also, business cycles in the region are starting to become more synchronized. Policymakers have, however, not heeded to calls for introducing a regional monetary unit (RMU) to strengthen regional surveillance and to promote greater exchange rate coordination. Why and what are the practical issues and constraints in introducing the RMU? What actions could be taken in the short and the longer term to promote exchange rate coordination? This paper assesses the views of ASEAN+3 opinion leaders through a perception survey. The opinion leaders feel that RMU, CMIM, and AMRO could go a long way in deepening monetary integration in the region.
Elsevier
2012-02
Journal Article
PeerReviewed
Rana, Pradumna, Chia, Wai-Mun and Jinjarak, Yothin (2012) 'Monetary integration in ASEAN+3: A perception survey of opinion leaders.' Journal of Asian Economics, 23 (1). pp. 1-12.
10.1016/j.asieco.2011.11.001
oai:eprints.soas.ac.uk:18594
2024-02-09T14:35:46Z
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https://eprints.soas.ac.uk/18594/
Net foreign assets and macroeconomic volatility
Chia, Wai-Mun
Jinjarak, Yothin
Rana, Pradumna
Xie, Taojun
Elsevier
2014-10
Journal Article
PeerReviewed
text
en
https://eprints.soas.ac.uk/18594/1/Chia.Jinjarak.Rana.Xie.JAE.2014.pdf
Chia, Wai-Mun, Jinjarak, Yothin, Rana, Pradumna and Xie, Taojun (2014) 'Net foreign assets and macroeconomic volatility.' Journal of Asian Economics, 34. pp. 42-53.
10.1016/j.asieco.2014.06.004
oai:eprints.soas.ac.uk:18617
2022-09-26T10:24:49Z
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https://eprints.soas.ac.uk/18617/
Fundamentals and sovereign risk of emerging markets
Aizenman, Joshua
Jinjarak, Yothin
Park, Donghyun
Wiley
2016-05-17
Journal Article
PeerReviewed
Aizenman, Joshua, Jinjarak, Yothin and Park, Donghyun (2016) 'Fundamentals and sovereign risk of emerging markets.' Pacific Economic Review, 21 (2). pp. 151-177.
10.1111/1468-0106.12160
oai:eprints.soas.ac.uk:18819
2024-02-09T14:36:16Z
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https://eprints.soas.ac.uk/18819/
Public Capital Expenditure and Debt Dynamics: Evidence from the European Union
Bhatt Hakhu, Antra
Piergallini, Alessandro
Scaramozzino, Pasquale
This paper investigates the relationship between public capital expenditure and public debt in the European Union (EU), relying on a panel of fifteen countries over the sample period 1980-2013. We find robust evidence of a negative cointegrating relation, according to which increases in the capital expenditure-GDP ratio cause reductions in the debt-GDP ratio in the long run. Our empirical results suggest that current EU fiscal austerity can trigger upward debt spirals if cuts in total expenditure disregard its composition. Consistently with the “golden rule of public finance”, EU fiscal rules should allow for higher levels of capital expenditure in order to foster debt consolidation through growth dividends.
CeFiMS
2014-07
Monographs and Working Papers
NonPeerReviewed
text
en
https://eprints.soas.ac.uk/18819/1/research-122.pdf
Bhatt Hakhu, Antra, Piergallini, Alessandro and Scaramozzino, Pasquale (2014) Public Capital Expenditure and Debt Dynamics: Evidence from the European Union. London: CeFiMS.
http://www.cefims.ac.uk/cgi-bin/research.cgi?id=122
oai:eprints.soas.ac.uk:18888
2020-11-05T08:45:58Z
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https://eprints.soas.ac.uk/18888/
Le offerte pubbliche di acquisto e di scambio
Mucciarelli, Federico
This book deals with tender offers regulation in Italian and EU law. In particular, it focuses on the economic, social and political issues raised by takeover-bids and it stresses that takeover regulation has an impact on the interests of many stakeholders, such as industrial capitalist, “rentier” capitalists, creditors of different kinds and workers.
Giappichelli
2014-01-01
Authored Books
PeerReviewed
Mucciarelli, Federico (2014) Le offerte pubbliche di acquisto e di scambio. Torino: Giappichelli. (Trattato di Diritto Commerciale)
oai:eprints.soas.ac.uk:19318
2024-03-29T02:38:42Z
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https://eprints.soas.ac.uk/19318/
Federal Transfers and Fiscal Discipline in India: An Empirical Evaluation
Bhatt, Antra
Scaramozzino, Pasquale
HA Statistics
HJ Public Finance
This article examines the relationship between federal transfers and fiscal deficits in India. The current system of transfers has been criticized on the grounds that it distorts the incentives for states to promote fiscal discipline. We analyze the relationship between transfers, state domestic product, and fiscal deficit for a panel of states during the period 1990 to 2010. The article finds a positive long-run relationship and bidirectional causality between primary/gross fiscal deficits and non-plan transfers. Further, there is a negative long-run relationship and one-way causality from state domestic product to transfers. These results are confirmed by multivariate cointegration analysis, which finds a long-run relationship between fiscal transfers, state product
per capita, and state primary deficit. The evidence in the article is consistent with the system of fiscal transfers being ‘‘gap filling.’’
Sage
2015-01
Journal Article
PeerReviewed
text
en
https://eprints.soas.ac.uk/19318/1/Bhatt%20Scaramozzino%20-%20Federal%20Transfers%20in%20India%20%281%29.pdf
Bhatt, Antra and Scaramozzino, Pasquale (2015) 'Federal Transfers and Fiscal Discipline in India: An Empirical Evaluation.' Public Finance Review, 43 (1). pp. 53-81.
10.1177/1091142113515049
oai:eprints.soas.ac.uk:19362
2022-06-21T07:19:15Z
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https://eprints.soas.ac.uk/19362/
The Transformation of Islamic Law in Global Financial Markets
Ercanbrack, Jonathan
The role of global capital in relation to human social systems has assumed enormous proportions in liberalised, deregulated markets. States attempt to nationalise it, financial centres spring up in its wake, and INGOs attempt to deal with its de-territorialising, supranational characteristics. A global adjudication system (arbitration) has been introduced to safeguard and buttress its flow. The power of Islamic capital has generated numerous sites of legal contestation and negotiation, ranging from gateway financial centres, international law firms and transnational financial institutions, all of which interact in the production of Islamic financial law (IFL). The process of producing IFL illustrates complex fields of action driven by power dynamics, neoliberal paradigms and the institutional momentum of the global economy. The municipal legal systems under study in this book (the United Kingdom, Bahrain, United Arab Emirates and the Dubai International Financial Centre) illustrate globalisation's acceleration of legal, economic and social production.
Cambridge University Press
2015-01-01
Authored Books
PeerReviewed
Ercanbrack, Jonathan (2015) The Transformation of Islamic Law in Global Financial Markets. Cambridge: Cambridge University Press.
https://doi.org/10.1017/CBO9781107447929
10.1017/CBO9781107447929
oai:eprints.soas.ac.uk:19846
2022-12-06T08:52:30Z
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https://eprints.soas.ac.uk/19846/
Determinants of money flows into investment trusts in Japan
Shinozawa, Yoshikatsu
Vivian, Andrew
This study investigates determinants of net money (fund) flows of Japanese investment trusts. This paper employs a pooled regression technique that can distinguish between the impact on fund flow of raw performance and market-adjusted performance. This paper also investigates the impact of fund affiliation with large financial groups on the flow-performance sensitivity as the Japanese fund industry is often portrayed as being “fee-hungry” where large groups play an influential role. The primary determinant of future net fund flows is the fund's current raw return, which by itself can explain a large proportion of the variation in net fund flow. Hence, our model's estimates of future fund flows would be of practical use to investment managers when planning asset purchases and managing cash reserves. Interestingly, we find that if a fund is part of a large financial group then its fund flow is more sensitive to its performance.
Elsevier
2015-07
Journal Article
PeerReviewed
Shinozawa, Yoshikatsu and Vivian, Andrew (2015) 'Determinants of money flows into investment trusts in Japan.' Journal of International Financial Markets, Institutions and Money, 37. pp. 138-161.
10.1016/j.intfin.2015.02.005
oai:eprints.soas.ac.uk:20426
2024-02-09T14:41:21Z
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https://eprints.soas.ac.uk/20426/
Women on corporate boards around the world: Triggers and barriers
Chizema, Amon
Kamuriwo, Dzidziso
Shinozawa, Yoshikatsu
One of the institutions in which the gender gap remains a contestable issue is the board of directors, where the proportion of female directors is still low. While some countries have achieved higher proportions of female directors on their corporate boards, others have not registered even a single one. Drawing on social role theory, that places emphasis on traditional gender activities, this study starts by arguing that board directorship is an agentic role and more suitable for men. The study shows that key social institutions have the potential to alleviate such stereotypical attitudes or to maintain the status quo. Employing a robust statistical technique in two-stage least squares (2SLS), this study finds that the representation of women in other key national institutions, such as in politics, positively affects the appointment of female directors on boards. On the other hand, religiosity has a negative causal effect on female board appointments.
Elsevier
2015-12
Journal Article
PeerReviewed
text
en
cc_by_nc_nd_4
https://eprints.soas.ac.uk/20426/1/Shinozawa_Women%20on%20corporate%20boards%20around%20the%20world.pdf
Chizema, Amon, Kamuriwo, Dzidziso and Shinozawa, Yoshikatsu (2015) 'Women on corporate boards around the world: Triggers and barriers.' Leadership Quarterly, 26 (6). pp. 1051-1065.
10.1016/j.leaqua.2015.07.005
oai:eprints.soas.ac.uk:20977
2024-02-09T14:43:10Z
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https://eprints.soas.ac.uk/20977/
The Product Space Revisited: China’s Trade Profile
Ferrarini, Benno
Scaramozzino, Pasquale
HA Statistics
HF Commerce
HG Finance
The concept of product space has encountered broad interest within the development community, as an analytical tool against which to assess countries’ potential to diversify their production and export structures. It has received far less attention in the economics literature, and its assumptions and building blocks have not been put under scrutiny. This paper assesses whether exclusive reliance on export data in product space analysis may limit its value as a tool assessing country capabilities. Reliance on net trade flows—to account for horizontal intra-industry trade—and on unit values—to capture within-product differentiation—changes the features of the product space. Based on a highly detailed data set of both trade value and volume and spanning over 144 countries, the amended product space put forth in this paper shows that China has indeed expanded its trade profile to now occupy also product areas that are typically associated with higher-income countries. However, China's remarkable success in expanding horizontally within the product space is strongly qualified by the introduction of the vertical dimension, which shows the country to be occupying mostly the low-unit value segment of product categories, more akin to the typical trade profile of a developing country.
Wiley
2015-09
Journal Article
PeerReviewed
text
en
https://eprints.soas.ac.uk/20977/1/Product%20Space%20Revisited%20-%20China%27s%20Trade%20Profile.pdf
Ferrarini, Benno and Scaramozzino, Pasquale (2015) 'The Product Space Revisited: China’s Trade Profile.' The World Economy, 8 (9). pp. 1368-1386.
10.1111/twec.12246
oai:eprints.soas.ac.uk:21085
2018-06-22T16:10:24Z
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https://eprints.soas.ac.uk/21085/
I compensi agli amministratori esecutivi nelle società quotate: uno sguardo comparatistico a Regno Unito, Germania e Stati Uniti d’America
Mucciarelli, Federico
This article critically compare directors' remuneration regimes in the U.K., Germany and the U.S. After the crisis, these countries have differently reacted to the huge increase of directors' remunerations over the last decades (which was not stopped by the crisis itself, despite the explosion of inequalities across the globe). The most effective strategy, so far, seems to be the British one. nevertheless, these countries - as most countries in the world - are still reluctant to simply entirely delegate to shareholders the decision on executive remuneration packages, or to put statutory limits to the remunerations.
Il Mulino
2014-12
Journal Article
PeerReviewed
Mucciarelli, Federico (2014) 'I compensi agli amministratori esecutivi nelle società quotate: uno sguardo comparatistico a Regno Unito, Germania e Stati Uniti d’America.' Analisi Giuridica dell'Economia, 13 (2). pp. 295-310.
10.1433/78512
oai:eprints.soas.ac.uk:21087
2018-06-22T16:10:24Z
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https://eprints.soas.ac.uk/21087/
Review of: The Spirit of Corporate Law – Core Princi- ples of Corporate Law in Continental Europe by Günther H. Roth and Peter Kindler. Beck – Hart – Nomos, 2013.
Mucciarelli, Federico
The book rests upon a fundamental criticism of what the authors hold as the core tenet of both UK and American corporate law, namely the ‘freedom of con- tract theory’, according to which company law is a mechanism aimed at facilitating contractual relations among shareholders.2 By contrast, Continental European cor- porate law is described as a ‘regulatory policy model’, for it tries to protect a broader range of stakeholders, in particular minority shareholders and creditors, through mandatory rules.
Asser
2014-09
Book Reviews
NonPeerReviewed
Mucciarelli, Federico (2014) 'Review of: The Spirit of Corporate Law – Core Princi- ples of Corporate Law in Continental Europe by Günther H. Roth and Peter Kindler. Beck – Hart – Nomos, 2013.' European Business Organization Law Review, 15 (3). pp. 443-445.
10.1017/S1566752914001219
oai:eprints.soas.ac.uk:21169
2022-03-23T09:01:44Z
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https://eprints.soas.ac.uk/21169/
Social Media and Branding in Asia: Threats and Opportunities
Abosag, Ibrahim
Martin, Felix
Zahy, Ramadan
Social media includes Western and Asian platforms. Asian consumers perceive, feel and behave according to their own cultural values and these drive their attitudes within social media with significant implications for branding and brand relationship within these social media platforms. The choice between a global Western or local Asian strategy creates potential threats and opportunities. Thus, this chapter aims at helping managers to understand the complexity surrounding branding in Asian via social media. Key critical success factors are discussed together with depth discussion of managerial implications for branding on social media (Western and Asian) in Asia.
Palgrave Macmillan
Melewar, T. C.
Nguyen, Bang
Schultz, Don
2016-10-14
Book Chapters
NonPeerReviewed
text
en
https://eprints.soas.ac.uk/21169/1/Social%20Media%20and%20Branding%20in%20Asia.pdf
Abosag, Ibrahim, Martin, Felix and Zahy, Ramadan (2016) 'Social Media and Branding in Asia: Threats and Opportunities.' In: Melewar, T. C., Nguyen, Bang and Schultz, Don, (eds.), Asia Branding: Connecting Brands, Consumers and Companies. London: Palgrave Macmillan.
oai:eprints.soas.ac.uk:21170
2022-03-23T09:02:07Z
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https://eprints.soas.ac.uk/21170/
Understanding Online Brand Relationships in Western Asia: The Case of Lebanon and Saudi Arabia
Ramadan, Zahy
Abosag, Ibrahim
Online brand relationship development in West Asia is still a nascent field brands still did not master. While online brand relationships are becoming a key focus point for brands, brand communities embedded in social networking sites are still under-researched in the literature due to their novelty especially in West Asia. To that objective, this chapter focuses on bridging the gap in the literature through a qualitative study conducted in Lebanon and Saudi Arabia that explores the triggers as well as the risks that online brand communities present to brands in West Asian countries. The study identifies the main interests for consumers to joining online brand communities as well as the key negative downturns that are affecting their active participation and to a certain extent their relationship with brands. Managerial implications and recommendations are discussed.
Palgrave Macmillan
Melewar, T. C.
Nguyen, Bang
Schultz, Don
2016-10-14
Book Chapters
NonPeerReviewed
text
en
https://eprints.soas.ac.uk/21170/1/Understanding%20Online%20Brand%20Relationships%20in%20Western%20Asia.pdf
Ramadan, Zahy and Abosag, Ibrahim (2016) 'Understanding Online Brand Relationships in Western Asia: The Case of Lebanon and Saudi Arabia.' In: Melewar, T. C., Nguyen, Bang and Schultz, Don, (eds.), Asia Branding: Connecting Brands, Consumers and Companies. London: Palgrave Macmillan.
oai:eprints.soas.ac.uk:21233
2022-05-17T07:13:31Z
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https://eprints.soas.ac.uk/21233/
The Co-evolution of Business Incubation and National Innovation Systems in Taiwan
Tsai, F.S.
Hsieh, Linda
Fang, S.C.
Lin, Julia L.
Incubation has already proven to be of great value in promoting small and medium enterprise(SME) entrepreneurship activities and technological development in developed and developing countries. Incubation not only provides a diversified and integrated service for
entrepreneurial ventures but also contributes upward to regional and national innovation and economic growth. Building upon the logic of co-evolution theory, this paper argues that incubation acts at the meso-level as a critical interface between macro-innovation systems and
micro-business ventures. These multi-directional coupling elements in innovation ecology coevolve to achieve collective interests and excellence, which in turn may stimulate technological development and social change. Important processes/mechanisms, including a policy kit and action, strategic networking, supportive associations, knowledge and intellectual capital management, among others, are discussed. Drawing on the national innovation system (NIS)and business incubation (BI) experience in Taiwan, we discuss the future prospects of incubation and innovation policies, including industrializing and globalizing incubation activities and virtual business incubation.
Elsevier
2009
Journal Article
PeerReviewed
Tsai, F.S., Hsieh, Linda, Fang, S.C. and Lin, Julia L. (2009) 'The Co-evolution of Business Incubation and National Innovation Systems in Taiwan.' Technological Forecasting and Social Change, 76 (5). pp. 629-643.
10.1016/j.techfore.2008.08.009
oai:eprints.soas.ac.uk:21235
2021-11-19T10:52:51Z
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https://eprints.soas.ac.uk/21235/
Risk Perception and Post-formation Governance in International Joint Ventures in Taiwan: The Perspective of the Foreign Partner
Hsieh, Linda
Rodrigues, S. B.
Child, John
This paper draws on a risk analysis framework in order to develop a systematic understanding of the risks perceived by partners, and to investigate the implications of risk perception for the configuration of control, in the post-formation governance of international joint ventures. The key variables in this framework consist of six situational factors which are considered as potential
antecedents of perceived risk: conflict, opportunism, cultural difference, dependence, partner fit, and ownership share; partner's perception of risk; and post-formation governance as a set of outcome variables. The framework is tested using a sample of international joint ventures located in Taiwan. The findings show that conflicts between partners, opportunistic behavior by the local partner, cultural differences, and perceived partner misfit are related to foreign partners' risk
perceptions. This study suggests that when foreign partners face likely performance and partnership risks after an IJV is established, they tend to resort to tighter post-formation governance measures in order to increase or maintain their confidence in their joint ventures.
Elsevier
2010
Journal Article
PeerReviewed
Hsieh, Linda, Rodrigues, S. B. and Child, John (2010) 'Risk Perception and Post-formation Governance in International Joint Ventures in Taiwan: The Perspective of the Foreign Partner.' Journal of International Management, 16 (3). pp. 288-303.
10.1016/j.intman.2010.06.007
oai:eprints.soas.ac.uk:21236
2023-03-16T12:25:50Z
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https://eprints.soas.ac.uk/21236/
Revisiting the trustworthiness-performance-governance nexus in international joint ventures
Hsieh, Linda
Rodrigues, S. B.
This paper contributes to the research on international joint ventures (IJV) in the following ways: (1) by identifying different patterns of governance that partners in the post-formation period exercise and examining how contrasting patterns relate to variations in perceived partner’s trustworthiness, as well as to IJV performance; (2) by empirically testing the extent to which partners emphasize or even renegotiate and change different elements of governance; and (3) by complementing existing studies that have examined only unidirectional links among trustworthiness, performance and governance by considering possible simultaneous relationships that may exist among these variables. The findings from a survey and follow-up interviews with international joint ventures located in Taiwan reveal that levels of partners’ trustworthiness and performance satisfaction each, by itself, may lead to the deployment of different governance measures. However, it is the combinations of extreme (high or low) variants on both partners’ trustworthiness and performance satisfaction that seem to generate clearer patterns of governance. Low satisfaction and partners’ trustworthiness seem to encourage intensification of control or the deployment of more aggressive governance measures. In contrast, high performance satisfaction and partners’ trustworthiness may foster a combination of soft and routine forms of control.
Springer Nature
2014
Journal Article
PeerReviewed
Hsieh, Linda and Rodrigues, S. B. (2014) 'Revisiting the trustworthiness-performance-governance nexus in international joint ventures.' Management International Review, 54 (5). pp. 675-705.
10.1007/s11575-014-0217-4
oai:eprints.soas.ac.uk:21237
2024-02-09T14:44:01Z
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https://eprints.soas.ac.uk/21237/
Decision mode, information and network attachment in the internationalization of SMEs: A configurational and contingency analysis
Child, John
Hsieh, Linda
There has been limited attention to the internationalization of SMEs as a decision, and how the use of contrasting decision modes is associated with different information use and patterns of network attachment. This paper offers a new and systematic analysis of the likely associations between decision
modes, information use, and network attachment among internationalizing SMEs. The analysis is subsequently contextualized in terms of two contingencies – the knowledge domain of the SME and the international experience of its key decision-maker. By focusing on the relation between a relatively neglected subject – decision modes – and other issues that have been more center-field, the paper contributes to an analytic synthesis in the field of SME internationalization research.
Elsevier
2014-10
Journal Article
PeerReviewed
text
en
cc_by_nc_nd_4
https://eprints.soas.ac.uk/21237/1/Child_Decision%20mode%2C%20information%20and%20network%20attachment%20in%20the%20internationalization%20of%20SMEs.pdf
Child, John and Hsieh, Linda (2014) 'Decision mode, information and network attachment in the internationalization of SMEs: A configurational and contingency analysis.' Journal of World Business, 49 (4). pp. 598-610.
10.1016/j.jwb.2013.12.012
oai:eprints.soas.ac.uk:21238
2024-02-09T14:44:01Z
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https://eprints.soas.ac.uk/21238/
Knowledge exchange in networked organizations: does place matter?
Mabey, C
Wong, ALY
Hsieh, Linda
While many studies of knowledge exchange have been undertaken in private and service organizations, government and R&D enterprises, few have studied scientific interorganizational collaborations. Furthermore, in the literature on international networks there has been a tendency to assume that knowledge exchange will be inevitably enhanced by global dispersion. Two linked dynamics deserving further study are the role of geographic proximity and the role of information and communication technologies in facilitating knowledge flow across international networks. Studies of intra- and inter-firm knowledge transfer, managerial work values and cultural norms all point to China as being a fascinating counterpoint for the way knowledge exchange might occur in Europe. So in this study of the ATLAS collaboration, a ‘big science’ global network of 3,500 physicists, we explore the perceptions of two subgroups: UK physicists working in Europe and Chinese scientists based in Beijing and HeFei. Findings from 24 interviews and non-participant observation reveal that face-to-face working at European Organization for Nuclear Research (Geneva) is not without its difficulties, but for a variety of sociocultural reasons, it is primarily the Chinese scientists who perceive themselves to be inhibited from full participation in effective knowledge exchange.
Wiley
2015
Journal Article
PeerReviewed
text
en
cc_by_4
https://eprints.soas.ac.uk/21238/1/Mabey_et_al-2015-R%26D_Management.pdf
Mabey, C, Wong, ALY and Hsieh, Linda (2015) 'Knowledge exchange in networked organizations: does place matter?' R and D Management, 45 (5). pp. 487-500.
10.1111/radm.12099
oai:eprints.soas.ac.uk:21916
2024-02-09T14:46:23Z
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https://eprints.soas.ac.uk/21916/
Production Complexity, Adaptability and Economic Growth
Ferrarini, Benno
Scaramozzino, Pasquale
HA Statistics
HB Economic Theory
HD28 Management. Industrial Management
HF Commerce
T Technology (General)
This paper analyzes the impact of production complexity and its adaptability on the level of output and on its rate of growth. We develop an endogenous growth model where increased complexity raises the rate of economic growth but has an ambiguous effect on the level of output. Our empirical measure of production adaptability captures the proximity of production sectors within the product space, which we modify to reflect intra-industry trade and the international fragmentation of production. We test the model against a sample of 89 countries over the two decades to 2009 and find that its main predictions are validated.
Elsevier
2016-06
Journal Article
PeerReviewed
text
en
https://eprints.soas.ac.uk/21916/2/Complexity%20Specialization%20and%20Growth%2013_Oct_2015.pdf
Ferrarini, Benno and Scaramozzino, Pasquale (2016) 'Production Complexity, Adaptability and Economic Growth.' Structural Change and Economic Dynamics, 37. pp. 52-61.
10.1016/j.strueco.2015.12.001
oai:eprints.soas.ac.uk:22151
2024-02-09T14:47:08Z
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Private International Law Rules in the Insolvency Regulation Recast: A Reform or a Restatement of the Status Quo?
Mucciarelli, Federico
K Law (General)
KJ Europe
The European Parliament, after a lengthy debate, has eventually approved a reform of Regulation 1346/2000 on cross-border insolvency proceedings (hereinafter, the ‘Insolvency Regulation Recast’), which provides for significant innovations of the original Regulation, such as a EU-wide register of insolvencies and a new proceeding for insolvencies of corporate groups. The fundamental logic of the Regulation, however, does not change: the Recast does not harmonise insolvency rules at EU level and its goal is still selecting competent venues and applicable insolvency regimes. In many respects, the reform simply codifies CJEU’s case law, with the aim of increasing legal certainty. The Insolvency Regulation Recast is however innovative regarding the definition of COMI, by repealing the causality relation between criterions of ‘permanence’ and ‘ascertainability’. Eventually, the Recast aims at better coor- dinating secondary proceedings and main proceedings; in this regard, it introduces ‘synthetic secondary proceedings’, whereby the insolvency practitioner of a main proceeding undertakes to respect other Member States distributional criterions in order to avoid the opening of a secondary proceeding. The real impact of these innovations is however uncertain.
De Gruyter
2016-03-16
Journal Article
PeerReviewed
text
en
https://eprints.soas.ac.uk/22151/1/Mucciarelli%20Insolvency%20Regulation%20Recast%20ECFR%202016.pdf
Mucciarelli, Federico (2016) 'Private International Law Rules in the Insolvency Regulation Recast: A Reform or a Restatement of the Status Quo?' European Company Financial Law Review, 13 (1). pp. 1-30.
10.1515/ecfr-2016-0001
oai:eprints.soas.ac.uk:22152
2018-06-22T16:11:42Z
oai:eprints.soas.ac.uk:22444
2018-06-22T16:12:06Z
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https://eprints.soas.ac.uk/22444/
Why East Germany Did Not Become a New Mezzogiorno
Boltho, Andrea
Carlin, Wendy
Scaramozzino, Pasquale
HA Statistics
HC Economic History and Conditions
HD Industries. Land use. Labor
HF Commerce
In an earlier paper (Journal of Comparative Economics, 1997) the authors argued, against the conventional wisdom of the time, that East Germany was unlikely to follow a development path similar to that of the Italian Mezzogiorno. This paper revisits the issue some 25 years after German reunification. Statistical tests show that the absence of income per capita convergence between South and North that has characterized Italy since the war, continued over the last two or more decades. Germany, on the other hand, has, over the same period, seen significant income convergence between East and West. The main explanations that are provided for such contrasting outcomes stress differences between the two countries (and within the two countries) in investment performance, in labour market flexibility, and, in particular, in developments in the tradeable sector whose performance in East Germany has been much superior to that of the Mezzogiorno. These differences, in turn, are linked to very different standards of institutional quality and governance which are almost certainly rooted in the two “poor” regions’ longer-run history.
Centre for Economic Policy Research
2016-05-10
Monographs and Working Papers
NonPeerReviewed
Boltho, Andrea, Carlin, Wendy and Scaramozzino, Pasquale (2016) Why East Germany Did Not Become a New Mezzogiorno. London: Centre for Economic Policy Research.
http://cepr.org/active/publications/discussion_papers/dp.php?dpno=11266
oai:eprints.soas.ac.uk:22706
2022-11-19T10:07:03Z
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https://eprints.soas.ac.uk/22706/
Review of 'Reforms in China’s Monetary Policy: A Frontbencher’s Perspective' by SUN GUOFENG
Tobin, Damian
Cambridge University Press
2016-03-07
Book Reviews
NonPeerReviewed
text
en
https://eprints.soas.ac.uk/22706/1/-CQY-CQY225-S0305741016000072a.pdf
Tobin, Damian (2016) 'Review of 'Reforms in China’s Monetary Policy: A Frontbencher’s Perspective' by SUN GUOFENG.' The China Quarterly, 225 (March). pp. 261-262.
10.1017/ S0305741016000072
oai:eprints.soas.ac.uk:23193
2024-02-09T14:50:43Z
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https://eprints.soas.ac.uk/23193/
Public Capital Expenditure and Debt Dynamics: Evidence from the EU
Bhatt Hakhu, Antra
Piergallini, Alessandro
Scaramozzino, Pasquale
HA Statistics
HG Finance
HJ Public Finance
This paper investigates the relationship between public capital expenditure and public debt in the European Union (EU) on a panel of fifteen countries in 1980-2013. We find robust evidence of a negative cointegrating relation, whereby increases in the capital expenditure-GDP ratio cause reductions in the long-run debt-GDP ratio. Our empirical results suggest that current EU fiscal austerity can trigger upward debt spirals if cuts in total expenditure disregard its composition. The findings appear to give support to the view, consistent with the “golden rule of public finance”, that EU fiscal rules should allow for higher levels of capital expenditure in order to foster debt consolidation through growth dividends.
il Mulino
2016-06-01
Journal Article
PeerReviewed
text
en
https://eprints.soas.ac.uk/23193/1/Scaramozzino_23193_1.pdf
Bhatt Hakhu, Antra, Piergallini, Alessandro and Scaramozzino, Pasquale (2016) 'Public Capital Expenditure and Debt Dynamics: Evidence from the EU.' Politica Economica. Journal of Economic Policy, XXXII (3). pp. 555-574.
10.1429/85011
oai:eprints.soas.ac.uk:23195
2024-03-29T02:39:33Z
7374617475733D707562
7375626A656374733D53:38353230
7375626A656374733D58:46:33393030
7375626A656374733D58:46:33393030:33393031
7375626A656374733D58:46
74797065733D6D6F6E6F6772617068
https://eprints.soas.ac.uk/23195/
Internal Migration and Vulnerability to Poverty in Tanzania
Pietrelli, Rebecca
Scaramozzino, Pasquale
HA Statistics
HQ The family. Marriage. Women
H Social Sciences
This paper investigates internal migration and vulnerability to poverty in Tanzania. It examines whether migration reduced household vulnerability to poverty for a panel of households from the Kagera region over the period 2004-2010. The dataset allows the analysis of two samples of households: those with the same head in the periods considered and an enlarged network of split-off households. The potential endogeneity of migration is controlled by both matching methods and an exogenous variation. A severe drought in 2008-09 affected the areas of the country with a bimodal rain season, but not those with a unimodal rain season. It is thus possible to study the heterogeneity of migrants with respect to an unanticipated shock in the region of destination. The evidence shows that migration reduced vulnerability to basic needs and to food consumption poverty for families which experienced migration to unimodal regions. The results are consistent with migration as a risk management strategy by households.
Centre for Financial and Management Studies Discussion Paper; 133
2016-09
Monographs and Working Papers
NonPeerReviewed
text
en
https://eprints.soas.ac.uk/23195/1/CeFiMS%20DP%20133.pdf
Pietrelli, Rebecca and Scaramozzino, Pasquale (2016) Internal Migration and Vulnerability to Poverty in Tanzania. London: Centre for Financial and Management Studies Discussion Paper; 133.
http://www.cefims.ac.uk/documents/research-136.pdf
oai:eprints.soas.ac.uk:23216
2024-02-09T14:50:50Z
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7375626A656374733D58:46:33393030
7375626A656374733D58:46:33393030:33393031
74797065733D61727469636C65
https://eprints.soas.ac.uk/23216/
The regional heterogeneity of wellbeing “expenditure” preferences: evidence from a simulated allocation choice on the BES indicators
Becchetti, Leonardo
Corrado, Luisa
Fiaschetti, Maurizio
HA Statistics
HJ Public Finance
With an online survey on major Italian newspapers we ask respondents to simulate the typical policymaker decision, that is, the dilemma of allocating scarce financial resources among alternative competing goals using the domains of the newly defined Italian BES (sustainable and equitable wellbeing) indicators. Our main finding is that homogeneity of choices is rejected since preferred allocations are strongly affected by socio-demographic factors and mainly by political orientation, age, education and gender. An important related result is that education and political orientation significantly affect preferences toward sustainable development. We as well find that respondents' expenditure preferences on a given BES domain are mainly affected by the relative scarcity/abundance of wellbeing on that given domain at the regional level.
Oxford University Press
2017-07-01
Journal Article
PeerReviewed
text
en
https://eprints.soas.ac.uk/23216/1/Fiaschetti_23216.pdf
Becchetti, Leonardo, Corrado, Luisa and Fiaschetti, Maurizio (2017) 'The regional heterogeneity of wellbeing “expenditure” preferences: evidence from a simulated allocation choice on the BES indicators.' Journal of Economic Geography, 17 (4). pp. 857-891.
10.1093/jeg/lbw042
oai:eprints.soas.ac.uk:23602
2024-02-09T14:52:06Z
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7375626A656374733D58:46:33393030
7375626A656374733D58:46:33393030:33393031
74797065733D61727469636C65
https://eprints.soas.ac.uk/23602/
Chinese Corporate Leverage Determinants
Ferrarini, Benno
Hinojales, Marthe
Scaramozzino, Pasquale
HA Statistics
HG Finance
Total debt in the People’s Republic of China surged to nearly 290% as a ratio to GDP by the second quarter of 2016, mostly on account of non-financial corporate debt. The outpouring of credit to stem the impact of the global financial crisis accentuated industrial overcapacity in traditional sectors, such as steel, cement, and energy, while feeding asset bubbles in the property, equity and bond markets. At the Chinese corporate level, this has translated into weakened fundamentals and a fall in industrial profits, particularly of SOEs. As debtors struggle to service interest payments, non-performing loans (NPLs) have been on the rise. This paper assesses the financial fragility of the Chinese economy by looking at risk factors in the non-financial sector. We apply quantile regressions to a dataset containing all Chinese listed companies in Standard & Poor’s IQ Capital database. We find higher sensitivity over time of corporate leverage to some of its key determinants, particularly for firms at the upper margin of the distribution. In particular, profitability increasingly acts as a curb on corporate leverage. At a time of falling profitability across the Chinese non-financial corporate sector, this eases the brake on leverage and may contribute to its continuing increase.
KODISA
2017-02-01
Journal Article
PeerReviewed
text
en
cc_by_nc_4
https://eprints.soas.ac.uk/23602/6/chinese-corporate-leverage-determinants-scaramozzino.pdf
Ferrarini, Benno, Hinojales, Marthe and Scaramozzino, Pasquale (2017) 'Chinese Corporate Leverage Determinants.' Journal of Asian Finance Economics and Business, 4 (1). pp. 5-18.
10.13106/jafeb.2017.vol4.no1.5
oai:eprints.soas.ac.uk:23621
2024-03-29T02:39:39Z
7374617475733D707562
7375626A656374733D58:46:33393030
7375626A656374733D58:46:33393030:33393031
74797065733D6D6F6E6F6772617068
https://eprints.soas.ac.uk/23621/
Making Information on CSR Scores Salient: A Randomized Field Experiment
Becchetti, Leonardo
Salustri, Francesco
Scaramozzino, Pasquale
HA Statistics
HG Finance
HV Social pathology. Social and public welfare
Centre for Financial and Management Studies
2017-02
Monographs and Working Papers
NonPeerReviewed
text
en
https://eprints.soas.ac.uk/23621/1/CeFiMS%20DP%20135.pdf
Becchetti, Leonardo, Salustri, Francesco and Scaramozzino, Pasquale (2017) Making Information on CSR Scores Salient: A Randomized Field Experiment. London: Centre for Financial and Management Studies.
http://www.cefims.ac.uk/cgi-bin/research.cgi?id=138
oai:eprints.soas.ac.uk:23622
2024-02-09T14:54:18Z
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7375626A656374733D58:46:33393030
7375626A656374733D58:46:33393030:33393031
74797065733D6D6F6E6F6772617068
https://eprints.soas.ac.uk/23622/
Leverage and Capital Structure Determinants of Chinese Listed Companies
Ferrarini, Benno
Hinojales, Marthe
Scaramozzino, Pasquale
HA Statistics
HG Finance
This paper assesses the financial fragility of the Chinese economy by looking at risk factors in the corporate nonfinancial sector. Total debt in the People’s Republic of China has increased significantly in recent years, mostly on account of nonfinancial corporate debt. Earning and the financial performance of corporate firms have weakened, and so has the asset quality of the financial sector. In this paper, quantile regressions are applied to a rich dataset of Chinese listed companies contained in Standard & Poor’s IQ Capital database. We find higher sensitivity over time of corporate leverage to some of its key determinants, particularly for firms at the upper margin of the distribution. In particular, profitability increasingly acts as a curb on corporate leverage. At a time of falling profitability across the Chinese nonfinancial corporate sector, this eases the brake on leverage and may contribute to its continuing increase.
Asian Development Bank
2017-02
Monographs and Working Papers
NonPeerReviewed
text
en
cc_by_4
https://eprints.soas.ac.uk/23622/1/ADB%20-%20EWP%20509.pdf
Ferrarini, Benno, Hinojales, Marthe and Scaramozzino, Pasquale (2017) Leverage and Capital Structure Determinants of Chinese Listed Companies. Manila: Asian Development Bank.
https://www.adb.org/publications/leverage-capital-structure-chinese-listed-companies
oai:eprints.soas.ac.uk:23623
2018-06-22T16:13:35Z
7374617475733D707562
7375626A656374733D58:46:33393030
7375626A656374733D58:46:33393030:33393031
74797065733D6F74686572
https://eprints.soas.ac.uk/23623/
Brexit: what future for trade with India?
Scaramozzino, Pasquale
HF Commerce
London Chamber of Commerce and Industry
2016-12
Other
NonPeerReviewed
Scaramozzino, Pasquale (2016) 'Brexit: what future for trade with India?' London Business Matters (131). London: London Chamber of Commerce and Industry. p. 15.
http://www.londonbusinessmatters.co.uk/archive/2017-01/#/1/
oai:eprints.soas.ac.uk:23624
2024-03-29T02:39:39Z
7374617475733D707562
7375626A656374733D58:46:33393030
7375626A656374733D58:46:33393030:33393031
74797065733D6D6F6E6F6772617068
https://eprints.soas.ac.uk/23624/
Internal migration and vulnerability to poverty in Tanzania
Pietrelli, Rebecca
Scaramozzino, Pasquale
HA Statistics
H Social Sciences
This paper investigates internal migration and vulnerability to poverty in Tanzania. It examines whether migration reduced household vulnerability to poverty for a panel of households from the Kagera region over the period 2004-2010. The dataset allows the analysis of two samples of households: those with the same head in the periods considered and an enlarged network of split-off households. The potential endogeneity of migration is controlled by both matching methods and an exogenous variation. A severe drought in 2008-09 affected the areas of the country with a bimodal rain season, but not those with a unimodal rain season. It is thus possible to study the heterogeneity of migrants with respect to an unanticipated shock in the region of destination. The evidence shows that migration reduced vulnerability to basic needs and to food consumption poverty for families which experienced migration to unimodal regions. The results are consistent with migration as a risk management strategy by households.
Centre for Financial and Management Studies
2016-09
Monographs and Working Papers
NonPeerReviewed
text
en
https://eprints.soas.ac.uk/23624/1/CeFiMS%20DP%20133.pdf
Pietrelli, Rebecca and Scaramozzino, Pasquale (2016) Internal migration and vulnerability to poverty in Tanzania. London: Centre for Financial and Management Studies.
oai:eprints.soas.ac.uk:23841
2023-03-06T19:40:59Z
7374617475733D707562
7375626A656374733D53:38353230
7375626A656374733D58:46:33393030
7375626A656374733D58:46:33393030:33393031
74797065733D6D6F6E6F6772617068
https://eprints.soas.ac.uk/23841/
Making Information on CSR Scores Salient: A Randomized Field Experiment
Becchetti, Leonardo
Salustri, Francesco
Scaramozzino, Pasquale
HA Statistics
HG Finance
We locate a giant scorecard poster with social and environmental responsibility scores of the ten leading world food companies, measured by the Oxfam “Behind the Brands” world campaign, at the entrance of selected supermarkets. We test the impact of such scores on consumers’ choices with a randomized field experiment. Our findings show that the Oxfam ranking matters since the treatment has a positive and significant effect on the market share of the companies with the highest scores and a negative and significant effect on the companies placed at the lowest ranks. Invisibility matters negatively since the largest non-ranked companies selling in the store experience a slight fall in their market shares. More in general, we find that an improvement in the total Oxfam scores has a positive and significant impact on market share of the company.
AICCON
2017-03
Monographs and Working Papers
NonPeerReviewed
Becchetti, Leonardo, Salustri, Francesco and Scaramozzino, Pasquale (2017) Making Information on CSR Scores Salient: A Randomized Field Experiment. Bologna, Italy: AICCON.
http://www.aiccon.it/wp-content/uploads/2017/03/wp-158.pdf
oai:eprints.soas.ac.uk:23978
2024-02-09T14:55:14Z
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74797065733D626F6F6B
https://eprints.soas.ac.uk/23978/
Study on the law applicable to companies
Mucciarelli, Federico
Gerner-Beuerle, Carsten
Mathias, Siems
Edmund-Philipp, Schuster
K Law (General)
KJ Europe
While the case law of the Court of Justice has been supportive of foreign incorporations and cross-border corporate mobility in Europe, many problems still persist in practice. This report analyses these practical problems and the relevant domestic rules, followed by normative recommendations. First, the statistical analysis revealed that corporate mobility is only a partial reality in the EU. Second, an empirical survey of lawyers from all Member States found, inter alia, that there is considerable legal uncertainty regarding the subject matter of this report in many of the Member States and that respondents support a possible harmonisation of conflict of laws rules. Third, the comparative part of the report provides a thorough analysis of the conflict of laws rules applicable to companies in all 28 Member States, based upon reports drafted by national correspondents from each Member State. Fourth, in the normative analysis, we recommend harmonisation of the relevant conflict of laws rules in a new ‘Rome V Regulation’. This should generally be based on the incorporation theory, but it should also provide tools to protect the public interests of host Member States. The study also provides suggestions for a possible directive on seat transfers.
European Commission
2016-11-01
Authored Books
PeerReviewed
text
en
https://eprints.soas.ac.uk/23978/1/mucciarelli-etal-study-on-the-law-applicable-to-companies-european-commission.pdf
Mucciarelli, Federico, Gerner-Beuerle, Carsten, Mathias, Siems and Edmund-Philipp, Schuster (2016) Study on the law applicable to companies. Brussels: European Commission.
https://bookshop.europa.eu/en/study-on-the-law-applicable-to-companies-pbDS0216330/
oai:eprints.soas.ac.uk:24137
2024-02-09T14:55:36Z
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7375626A656374733D58:46:33393030:33393031
74797065733D61727469636C65
https://eprints.soas.ac.uk/24137/
The Importance of Being Remembered: Prices for Cemetery Plots in the US
Canofari, Paolo
Marini, Giancarlo
Scaramozzino, Pasquale
HA Statistics
HD Industries. Land use. Labor
H Social Sciences
Elsevier
2017-05-15
Journal Article
PeerReviewed
text
en
https://eprints.soas.ac.uk/24137/1/Canofari-etal-the-importance-of-being-remembered-prices-for-cemetery-plots-in-the-US.pdf
Canofari, Paolo, Marini, Giancarlo and Scaramozzino, Pasquale (2017) 'The Importance of Being Remembered: Prices for Cemetery Plots in the US.' Economic Modelling, 64. pp. 638-645.
10.1016/j.econmod.2017.05.002
oai:eprints.soas.ac.uk:24362
2024-02-09T14:56:26Z
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7375626A656374733D58:46:33393030
7375626A656374733D58:46:33393030:33393031
74797065733D6D6F6E6F6772617068
https://eprints.soas.ac.uk/24362/
Nudging and Environmental Corporate Responsibility: A Natural Experiment
Becchetti, Leonardo
Salustri, Francesco
Scaramozzino, Pasquale
Centre for Financial and Management Studies
2017-05
Monographs and Working Papers
NonPeerReviewed
text
en
https://eprints.soas.ac.uk/24362/1/Becchetti%20Salustri%20Scaramozzino%20-%20Coop%20Experiment.pdf
Becchetti, Leonardo, Salustri, Francesco and Scaramozzino, Pasquale (2017) Nudging and Environmental Corporate Responsibility: A Natural Experiment. London: Centre for Financial and Management Studies.