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Experiencing malevolent acts is a common feature when conducting business in parts of the developing world, but the effects that these acts have on a firm’s stock price have not received sufficient attention by the literature. Filling the gap, this thesis looks at the oil industry in Nigeria and the effects of multiple malevolent acts over a five year period (ranging from 2006 to 2010) on the stock prices of the four major international oil firms operating therein: Shell, Chevron, Exxon, and Total. The stock price data was presented in the form of abnormal returns, the difference in stock price from the expected price. Ordinary least squares regression as well as Wilcoxian sign-rank techniques were used to test the abnormal returns data for our firms. This data was segregated by firm name as well as by event types to isolate the effects that each has on the returns of the firms under study. This thesis raises several hypotheses, such as that a negative event in general will lead to negative returns and that negative events affecting one firm will lead to positive returns for that firm’s competitors. We managed to determine that the only event types that had a significant impact on any firm’s returns were kidnappings and government policies (either political or economic) targeted to harm the firms. We discovered that kidnapping events affected Shell’s returns negatively, whereas they have positive impact on the returns of Chevron and Exxon. We postulate that the latter results are a reaction to the relatively strong negative effect on Shell’s returns. In response to negative government actions, Shell and Total experienced positive returns , we postulate that this is due to the market’s perception that these policies will lead to less supply and consequently to higher prices for Nigerian oil. Our results indicate that violent events have no impact, at least on the four major firms, whereas kidnappings and government policies do.

Univ., Diss.--Freiburg, 2003.

International emerging markets, being a matter of interest for Multinational Corporations (MNCs), is regularly researched by scholars for better future understanding. In this regard Resource Base View (RBV) and Resource Management theories are regularly matched and further developed. However, this research paper takes the boundaries from emerging markets to consolidating yet dynamic high-tech markets where research efforts could not be traced to adequate level. This paper has taken theories of RBV, RBV on International Business(IB) and Resource Management. It compared its validation with empirical evidences derived from case study of two mobile telecom MNCs cases which started operating in Pakistan when industry was emerging but soon entered in consolidation stage as high-tech industries are dynamic in nature. An extended evaluation was made by analyzing impact of environmental dynamic factors on these specific MNCs in light of 'Resource Management Process & Distinctions' which lead us to the following findings: Possessing good resource base is essential for MNCs during international ventures but the resource as core capabilities may not develop into competitive advantage if these resources are not structured, bundled and leveraged adequately as per industry dynamism, especially when industry is moving into consolidation phase. It is also learnt that MNCs may advantage from its head quarter's past set of experience. Yet at the same time subsidiary's locally controlled customization also benefits over all resource management process. Empirical findings of these cases gives us a good reason to consider 'shareholder's long-term vision/intensions' as well, being an important element in sustenance or success of such high tech MNCs. The research work opens further arenas for future studies such as comparison of conclusion and their generalization with other industries in same country or same industry in other countries with similar environmental dynamics.

Switzerland has, despite being a rather small country, a big start-up scene which develops rapidly and puts forth many entrepreneurs. Currently, it is certain that any opportunity for competitive advantage must be exploited and emerging markets like India prove to be full of them. This research aims to investigate the cultural and institutional problems Swiss start-ups faced and how they overcame them when internationalising to India, using a qualitative research approach. Relevant theories regarding the topic were gathered and collated in a deductive manner with the empirical findings of five interviews conducted with Swiss Born Global start-ups, which internationalised either down- or upstream activities of their value chain to India. The findings show that institutional problems are largely dependent on the industry a company is working in. Cultural problems on the other hand occur in a more general manner and entrepreneurs internationalising to this market should be aware of the cultural differences to facilitate their internationalisation process. Further findings display the importance of an own network in the country and the indispensability of partners that help the companies navigate the Indian space.

Magister Economicae - MEcon / A possible effect of quantitative easing (QE) undertaken by the United States of America (USA) Federal Reserve Bank (Fed) may have been an increase in capital flowing into emerging market economies (EMEs). The 2008 global financial crisis created an environment in which traditional monetary policies – cutting policy rates – became ineffective in stimulating growth. Faced with this policy environment, several high-income countries including the USA resorted to unconventional monetary policies notably QE, to grow their economies. While QE was effective in lowering interest rates in high-income countries, some argued that investors switched to higher yielding assets, mostly EME assets. Therefore, QE is perceived to have increased capital flows into EMEs. Using a dynamic panel data model with fixed effects this mini-thesis investigates empirically whether QE worked through unobservable channels to increase gross private capital inflows to Brazil, Russia, India, China and South Africa (BRICS) in the period 2000-2015. The study finds evidence in support of the view that QE increased capital inflows to EMEs. The results reveal that gross private capital inflows to the BRICS increased during the QE intervention period and that the increase was higher in the first period of QE than in subsequent QE periods. The empirical results also reveal differences in the way types of capital flows responded to QE; portfolio flows, and in particular equity flows were the most responsive to QE. / 2018-12-14

Submitted by Fabio Sobreira Campos da Costa (fabio.sobreira@ufpe.br) on 2017-05-05T12:45:19Z No. of bitstreams: 2 license_rdf: 1232 bytes, checksum: 66e71c371cc565284e70f40736c94386 (MD5) Dissertação_Gardiner_Gabriel.pdf: 3755831 bytes, checksum: 77fadca7de2cf1f6ed974df044baae45 (MD5) / Made available in DSpace on 2017-05-05T12:45:19Z (GMT). No. of bitstreams: 2 license_rdf: 1232 bytes, checksum: 66e71c371cc565284e70f40736c94386 (MD5) Dissertação_Gardiner_Gabriel.pdf: 3755831 bytes, checksum: 77fadca7de2cf1f6ed974df044baae45 (MD5) Previous issue date: 2016-08-22 / OEA- Organização dos Estados Americanos / This dissertation attempts to analyze the concept of political risk, its evolution and application both within the academic and market setting. An endeavor to contribute to the quantification of the political risk field is made via econometric modeling. Overall, 6 different indicators for political risk are employed in the empirical analysis. The results show that political risk is a highly significant determinant to foreign investment inflows on emerging market countries. Though political risk is a phenomenon that is present in all countries both highly industrialized and still developing, this study is focused on the emerging market economy. Due to the rise in importance of the emerging market within the global economy, special emphasis is dedicated towards the new capitalist tools developed by the administrators of the emerging market economy. / Esta dissertação tenta analisar o conceito de risco político, sua evolução e aplicação tanto acadêmica quanto mercadológica. Com um modelo econométrico, pretende-se contribuir para a quantificação no campo do risco político. O trabalho emprega seis indicadores diferentes de risco político. Os resultados mostram que o risco político é um determinante altamente significativo do fluxo de investimento estrangeiro direto nos países de mercado emergente. Embora o risco político seja um fenômeno presente em todos os países, altamente industrializados e também nos ainda em desenvolvimento, este estudo se foca nas economias de mercado emergentes. Devido à crescente importância dos mercados emergentes na economia global, ênfase especial é dedicada aos novos instrumentos capitalistas (fundo soberano, empresa estatal e campeão nacional) desenvolvidos por administradores de economias de mercado emergente.

Submitted by Roman Goossens (roman.goossens@gmail.com) on 2013-08-23T21:08:57Z No. of bitstreams: 1 Roman Goossens Do Capital Controls Boost Reslience to Crises 20130823.pdf: 704128 bytes, checksum: 6f940315e4f866fbc901872143770b70 (MD5) / Rejected by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br), reason: Prezado Roman, A ficha catalográfica na não tem o número e seu nome da segunda página subiu par a primeira página. Att. Suzi 3799-7876 on 2013-08-27T13:04:32Z (GMT) / Submitted by Roman Goossens (roman.goossens@gmail.com) on 2013-08-27T14:22:16Z No. of bitstreams: 1 Roman Goossens Do Capital Controls Boost Reslience to Crises 20130823.pdf: 731111 bytes, checksum: 751d28a481a97d4776e7d5bd503e9d88 (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2013-08-27T14:45:42Z (GMT) No. of bitstreams: 1 Roman Goossens Do Capital Controls Boost Reslience to Crises 20130823.pdf: 731111 bytes, checksum: 751d28a481a97d4776e7d5bd503e9d88 (MD5) / Made available in DSpace on 2013-08-27T15:00:38Z (GMT). No. of bitstreams: 1 Roman Goossens Do Capital Controls Boost Reslience to Crises 20130823.pdf: 731111 bytes, checksum: 751d28a481a97d4776e7d5bd503e9d88 (MD5) Previous issue date: 2013-07-26 / Capital controls are back in vogue and a number of emerging markets reintroduced these measures in recent years in the face of a 'flood' of international capital. Policymakers argue that these tools buttress their economies from the risk of a 'sudden stop' in capital flows. We show that capital controls seem to make emerging market economies (EMEs) more resistant to financial crises (i.e. that output loss following a crisis is lower when controls are higher). However that they also seem to make EMEs more crisis-prone, increasing the probability of crises. Policymakers should hence carefully evaluate whether the benefits of capital controls outweigh the costs before implementing them. / Os controles de capitais estão novamente em voga em razão dos países emergentes reintroduzirem essas medidas nos últimos anos face a abundante entrada de capital internacional. As autoridades argumentam que tais medidas protegem as economias no caso de uma 'parada abrupta' desses fluxos. Será demonstrado que os controles de capitais parecem fazer com que as economias emergentes (EMEs) fiquem mais resistentes diante de uma crise financeira (por exemplo, uma queda na atividade econômica seguida de uma crise é menor quando o controle é maior). No entanto, os controles de capitais parecem deixar as economias emergentes (EMEs) também mais propícias a uma crise. Deste modo, as autoridades devem ser cautelosas na avaliação quanto aos riscos e benefícios relativos a aplicação das medidas dos controles de capitais.

The previous research, in the internationalization area, indicates that there are both opportunities and challenges when companies operate abroad. By using a SLEPT analysis model, which studies the effect from the countries’ social/cultural, legal, economic, political and technological environments and their effects, it makes the opportunities and challenges more depletive. This makes it easier for companies, which are operating in a foreign country, to handle the situation and therefore, saves both time and money for the companies. The purpose of this study is to present a more conspicuous representation of the opportunities and challenges that companies in an industrial market have to face, during their operation in an emerging market. To gather the necessary information a multiple case study was implemented with three Swedish companies, who all are within the business to business (B2B) area. This study was conducted by interviewing the case companies, which are all established in India. These companies are Bufab AB and two from the Volvo Group (Volvo 3P and Volvo Powertrain). This study demonstrates that the main opportunities are the Indian population, highly educated people, the complaisant government and the fact that it is a low cost market. The challenges that these case companies had to deal with are lack of experience, the law and tariff system is difficult to understand, the laws change frequently, the economic development is rapid and the infrastructure is poor.

本研究在探討興櫃公司成功轉上市(櫃)的關鍵因素為何，分別由公司基本資料及財務報表中選取適當變數，並分別加入產業及登錄興櫃年份之虛擬變數，共計四個模型，分別探討於1年內、2年內、3年內、4年內及5年內有哪些成功上市(櫃)之關鍵因素，使用Logistic迴歸分析作為主要研究模型。 研究對象是以西元2002年興櫃市場開始運作後到2015年底登錄於興櫃市場的公司為樣本，共計1146家。 在財報及公司基本資料中，實證結果發現1年內成功轉上市(櫃)的關鍵因素有公司設立經歷時間及公司資產報酬率。公司設立經歷時間越短，或公司資產報酬率越高，較有利於成功轉上市(櫃)。而2年內、3年內、4年內及5年內成功轉上市(櫃)的關鍵因素除了前述兩者以外，負債比率及資產規模也被證實是重要指標；越小的負債比率或越大的資產規模較有利於成功轉上市(櫃)。 在產業虛擬變數方面，實證結果發現所屬產業對於是否成功上市(櫃)沒有顯著影響。而在登錄興櫃年份方面，實證結果發現對比於2002年，在1年內成功轉上市(櫃)部分，2003年-2015年皆有顯著負相關；而在更長的年限內成功轉上市(櫃)的部分2006、2008及2009年則顯示不顯著負相關。