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This thesis examines the international growth and diversification of real estate advisory services in the United States, the United Kingdom, Germany, and Japan from over a 30-year period, 1960-1990. These four countries were selected because they were the most active in cross-border direct investment during this period, and intricate economic interdependencies among them prompted the greatest advancements in innovative real estate advisory services. Economic and cultural differences and similarities among the four focal countries and their respective service professions provide the bases for evaluating the primary hypothesis: the internationalization of real estate advisory services were most efficiently and effectively achieved by firms that first built solid reputations in their home nations, and subsequently expanded into multiregional organizations by responding to the cross-border investment activities of existing and prospective multinational clients. If leading firms in the focal countries expanded in domestic markets to capitalize on the national economy's maturing real estate markets, then moved into foreign markets to capitalize on rising cross-border investment flows over the 1960-1990 period, the primary thesis raises a question about the relative significance of cross-border real estate investment to national economic conditions, generally, and to the growth of commercial real estate markets and sectoral employment in the focal countries, specifically. A secondary hypothesis, therefore, is tested to identify the relative impact of total cross-border real estate investment flows on employment levels in the commercial real estate sector in the U.S., U.K., Germany, and Japan. This thesis also examines the several dimensions of the economy and financial system affected by domestic and foreign investment in commercial real estate assets after 1960. For example, rising worldwide commercial property investment appeared to be an important factor in the escalation of corporate real estate values, in the growth of construction industries and related services sectors, in the changes in the net worth of major financial institutions, and in the asset diversification of insurance and pension fund portfolios. As part of this trend, the growth of international business and the rise in mergers and acquisitions also elevated cross-border direct investment activity in real estate as companies expanded into foreign markets. This thesis explores the process by which property advisory services internationalized and gained an important role in the global service economy by counseling investors on the location and volume of investment activities, and thereby influencing the international flow of real estate investment funds. It also examines whether real estate advisory firms in the focal countries gained competitive advantage over the 30-year period due to the presence of two basic conditions: an international network of property professionals; and a diversified services practice--brokerage, property management, finance, facilities planning and development, and real estate sales and purchases. By reviewing national fluctuations in cross-border direct investment in real estate, and periodic changes and major episodes in the foreign expansion of real estate advisory services in the focal countries, this thesis seeks to examine specific national factors that influenced effective internationalization in domestic property services. Basic principles in economic history provide the theoretical framework concerning competitive and comparative advantages among nations and particular organizations.

Pirmojoje darbo dalyje suformuota TUI svarba ir vieta tarptautinėje prekyboje.Antroje dalyje analizuojama tiesioginių užsienio investicijų situacija bei vystymas Lietuvoje. Atskleidžiama tiesioginių užsienio investicijų (TUI) daroma įtaka ekonominiam augimui Lietuvoje bei nustatomos tendencijos ateityje. Atliekama tiesioginių užsienio investicijų statistinė analizė, aptariama tyrimo, atliekamo trečiojoje dalyje, metodologija. Trečioje dalyje sudaromi regresiniai modeliai, analizuojama tiesioginių užsienio investicijų (TUI) struktūros ir bendro vidaus produkto (BVP) augimo koreliacija. Remiantis slenkančio vidurkio, eksponentinio išlyginimo bei tiesinio trendo metodais, prognozuojamas tiesioginių užsienio investicijų (TUI) bei bendro vidaus produkto (BVP) dydis 2009 metams bei nustatomos pagrindinės didėjimo/mažėjimo tendencijos. Pateikiami atlikto tyrimo rezultatai, tikrinant tyrimo hipotezę, išvados bei pasiūlymai. / The object of the paper is foreign direct investment. The main purpose of the work: to find the best method for estimation of relationship between foreign direct investment and economic growth. The paper consists of three parts. In the first part main terms and attitudes of foreign direct investment are given. The basic principles of their structure, features are analysed. In the second part the relationship between foreign direct investment and economic growth is analyzed. The basic methodology of the analysis is given. In the third part, correlation regression models of foreign direct investment‘s structure by economic sectors and gross domestic product have been calculated. It can be maintained that foreign direct investment have a big impact on economic growth in Lithuania.

In the course of the 1980s, Turkey came to recognize the need to change its attitude towards foreign investment, assigning a significant role to direct foreign investment. Hence, after the 1980s, there was a significant increase in the number of foreign firms operating in Turkey and the inf low of foreign capital to Turkey. Although the importance of foreign direct investment in the Turkish economy has been increasing, a variety of questions are far from being resolved. The important obstacle is that the available data do not let us analyze the extent and performance of foreign firms. In this study a considerable effort was made in collecting new data from foreign firms operating in the Turkish manufacturing industry. The main purpose of this study is to analyze and evaluate the economic effects of direct foreign investment on Turkish manufacturing. At the centre of our analysis has been the role of foreign firms in industrial concentration, technological choice and trade behaviour. In the first chapter we outline the main issues to be analyzed in this study and explain the method of collecting and processing data from foreign firms operating in the Turkish manufacturing industry. The second chapter discusses the theories and empirical evidence concerning the determinants of foreign direct investment. We also analyse the industrial distribution of direct foreign investment in Turkish manufacturing. In the third chapter we undertake an overview to the historical background of foreign firms and the legislation covering foreign investment in Turkey. At the beginning of the following three main chapters we analyze the performance of foreign firms in terms of those basic issues in the literature, according to the market imperfection approach, and later on we investigate the performance of foreign firms in Turkish manufacturing using our own data, supplemented by public sources of information.

Orientador: Mariano Francisco Laplane / Tese (doutorado) - Universidade Estadual de Campinas, Instituto de Economia / Made available in DSpace on 2018-08-11T09:05:27Z (GMT). No. of bitstreams: 1 Sabbatini_RodrigoCoelho_D.pdf: 1297401 bytes, checksum: c6123e18a07875459f8422ad66bbe795 (MD5) Previous issue date: 2008 / Resumo: Esta tese investiga o movimento mundial de investimento direto estrangeiro (IDE) que viveu nova onda de expansão na última década do século XX. São analisadas inicialmente as políticas de apoio para a atração destes investimentos, procurando avaliar até que ponto as modificações nestas políticas contribuíram para o movimento de expansão do IDE neste período. Modificações que pretendiam, a um só tempo, liberalizar os fluxos de capital e proteger juridicamente os ativos das empresas transnacionais que se engajavam nestes investimentos. Em seguida, são analisados os fluxos de IDE desde os anos 70, mas com ênfase na década de 90, através de estatísticas descritivas e testes econométricos que procuram identificar a importância de alguns dos determinantes destes fluxos. Os testes foram realizados para um conjunto agregado de países e para frações desagregadas, de países e setores. Os resultados obtidos reafirmam a grande importância de fatores estruturais e geográficos, tais como tamanho do mercado e distância entre os países emissores e receptores, para a atração de IDE. A importância dos determinantes também se altera conforme se desagrega a análise, revelando caráter específico da capacidade estrutural de atração de IDE. Desta forma, investigou-se a tese de que políticas generalizadas de atração de IDE têm uma importância marginal na real capacidade de atrair investimentos para países receptores. O tamanho e o dinamismo do mercado receptor cumprem um papel que não pode ser alterado por nenhuma política isolada de atração, em especial aquelas associada a concessões em acordos de integração econômica. Já políticas seletivas, escalonadas caso a caso, desenhadas para atrair capital para um país ou um setor específico podem ser mais eficazes, sobretudo se fizeram parte de um amplo conjunto de ações integradas para estimular a competitividade nos países receptores. Políticas liberalizantes para atrair IDE seriam menos eficientes do que políticas integradas de promoção de crescimento e de desenvolvimento competitivo dos países receptores que, assim, poderiam, estruturalmente, ampliar sua atratividade para os investimentos diretos estrangeiros / Abstract: This thesis analyzes the flow of foreign direct investments (FDI), which reached its peak in the last decade of the 20th Century. First to be analyzed are the policies to attract such investments, looking to evaluate to which degree the recent revision of these policies contributed to the expansion of the FDI during this period. Revision that intends to decrease barriers to capital flows and to legally protect the actives of the transnational companies that engaged in these investments. Secondly, were analyzed the FDI flows since the 70¿s, emphasizing in the 1990 decade, through descriptive statistics and econometric tests, that aim to identify the determinants of the FDI flows. The tests were made for a group of countries and for both countries and sectors in separated equations. The results obtained re-stated the massive importance of structural and geographical factors, such as market size and distance between export and host countries, to attract the FDI. The magnitude of the determinants also changes as the analysis is applied to individual countries and sectors. As a result, it was possible to investigate the thesis that FDI¿s general attraction policies have marginal importance in the real capacity to attract investments to host countries. The size and dynamics of the host market have a role that cannot be enhanced by any isolated attraction policy, mainly those associated to concessions in international investment agreements. Yet, selective policies, chosen case by case and drawn to attract capital to a country or a specific sector can be more effective, especially if they were part of a wider group of integrated actions to stimulate the competitiveness among host countries. Even more liberal policies to attract FDI would be less efficient than pursue integrated growth and industrial development policies, which, therefore, could structurally enhance their attractiveness to foreign direct investments / Doutorado / Politica Economica / Doutor em Ciências Econômicas

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In most African states, arable land and other natural resources play a pivotal role for economic growth and development. Ethiopia is one of those countries where agriculture is the backbone of the economy. Since the time of Emperor Haile Selassie I, Ethiopia has been attempting to advance the transformation of its agricultural sector by moving away from small-scale subsistence farming to large-scale commercial farming. It thus encouraged Foreign Direct Investment (FDI) in largescale agriculture. However, the military government that took power in 1974 reversed this. The current government of Ethiopia seized power from the military regime in 1991. Today the government once again advocates FDI in large-scale agriculture. This has led to an influx of foreign investors, especially in Gambella and Benshanguel-Gumuz Regional States. Various scholars, however, criticize the manner in which these investments have been taking place, arguing that the investments are neither pro-poor nor sustainable. Against this backdrop this research seeks to examine current policies, the patterns of investment they promote, and how these affect land-based resources and the wellbeing of communities. The study intends to provide information that may help improve the performance of FDI in terms of their sensitivity to poverty alleviation and sustainability. It also aims to boost current knowledge on FDI in agriculture in Ethiopia. The study was conducted using multiple data collection methods, including documentation, interviews, focus group discussions with the affected communities and direct observations in the case study areas. The results are analysed using pro-poor and sustainability frameworks for FDI in large-scale agriculture, along with findings of empirical studies on national FDI policies and practices in various parts of the globe. The analyses reveal that the Ethiopian investment policy's support to FDI in large-scale agriculture is inadequate. It focuses on giving incentives to attract FDI rather than ensuring the availability of quality institutions and sufficient infrastructure, which are vital for facilitating the operation and productivity of FDIs. Furthermore, the absence of community participation in the decision-making process for the agricultural investment projects in the case study areas portends significant negative implications for the wellbeing of local communities and the sustainability of the natural environment. The study recommends further research to investigate the economic viability of alternative land-based investments, such as eco-tourism, which is shown to be environmentally sustainable and can be shaped to be pro-poor. Also recommended is additional research into good practices for large-scale agricultural investments, that can be adapted to Ethiopian conditions, should the government opt to continue promoting FDI.

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This study analyses the announcements of European mergers and joint ventures as forms of intra-European direct investment that affect the share prices of U.K. plcs. From a review of the theories of multinational enterprise and foreign direct investment in the context of European economic integration, the study emphasized the importance of the single market and its implications on foreign direct investment. A comparison is made between mergers and joint ventures as forms of foreign direct investment based on their theories and empirical evidences. The effects of the integration on European mergers and joint ventures are then examined by analysing the announcement effects. Using event study methodology, the study investigates the effects of announcements of UK plc acquisitions of European firms and their involvement in European joint ventures on the share prices of UK plcs. Both parametric and non-parametric techniques are used to measure the impact of these announcements in terms of abnormal returns and volatility of returns. The results show positive significant market reaction to the merger announcements on the announcement day for the abnormal return and on the day before the announcement for the volatility. However a significantly negative post announcement cumulative abnormal return is found. A shift of the market reaction after U. K. Is entry into the Exchange Rate Mechanism (ERM) is also found. The market reaction to the joint venture announcements is not significant on the day of announcement. However a significant positive cumulative abnormal return is found a few days prior to the announcement of the joint venture. A positive significant relationship between cumulative market reaction and U.K. Is entry into ERM is also established. Profile analysis of the significant announcements also shows the relevance of certain factors that could explain the market impact of joint ventures.