<p>Emerging country markets are becoming increasingly important in the operations of multinational corporations. On May 1, 2004, the EU welcomed 10 new member states, including the three Baltic States: Estonia, Latvia and Lithuania. As a result, many western multinational corporations have entered these new emerging markets. These countries have witnessed very fast growth and were lucrative to enter. The term “Baltic Tiger” is used to describe the economic boom of the Baltic States from 2000 to 2007. This term is adequate because during this time period the Baltic States had the highest growth rates in Europe. Swedish companies in particular started coming into the Baltic States in 1989 approximately. These companies were looking for and found low cost production. However, today with rising wages, low cost production is more difficult to find.</p><p>The purpose of our research is to investigate the current conditions and future predictions related to the external environment and high technology industries in the Baltic States. The investigation of the current state and future potential of the markets were analyzed from an institutional standpoint. We compared this to the institutional environment in Sweden and made predictions on the potential changes in these institutions. Given our analysis and evaluation of the most attractive market, we have devised an establishment and matching strategy for the case company. The case analysis is set against the background of a theoretical framework covering current literature over societal and organizational fields in Latvia, Lithuania and Estonia. Our primary and secondary research was examined in the context of well known theoretical models and our own models and upon analysis; we come to a conclusion and make recommendations for companies interested in doing business in the Baltic States. Our research will be useful for companies curious about the potential and necessary considerations they must take in the Baltic markets in general and within the high technology sector specifically.</p>

O presente trabalho trata do sistema internacional de proteção ao investimento estrangeiro direto e do atual papel desempenhado pelos países emergentes em sua sistematização. Para tanto, faz uma abordagem histórica do tema da proteção ao investimento estrangeiro desde a década de quarenta até os dias atuais. Ressaltam-se as divergências históricas de entendimento mantidas entre países desenvolvidos (usualmente exportadores de capital) e países em desenvolvimento (historicamente importadores de capital) no que pertine ao nível de proteção que deve ser garantido ao investidor estrangeiro. Após, faz uma análise dos instrumentos internacionais de proteção ao investimento estrangeiro construídos especialmente durante as décadas de setenta e noventa e demonstra que o conteúdo desses instrumentos baseou-se na supremacia do entendimento dos países desenvolvidos. Em momento posterior, analisa o surgimento dos países emergentes como nações exportadoras de capital a partir da década de noventa e como esses países estão conciliando, por meio da assinatura de tratados bilaterais de investimento, a intenção de manter a soberania sobre seus assuntos internos e o interesse de proteger seus investidores no exterior. Por fim, retrata a tradicional posição brasileira com relação ao investimento estrangeiro direto e apresenta alguns contributos para futuras reflexões, baseados especialmente na atual postura adotada por outros países emergentes no que diz respeito à assinatura de tratados bilaterais de investimento. / This paper deals with the international law on foreign direct investment and the current role played by emerging market countries on this matter. In this sense, it presents a historical approach on the protection of foreign investment from the 1940’s onwards. It focuses on the historical disagreements between developed countries (usually capital-exporting countries) and developing countries (historically capitalimporting countries) in what regards the level of protection that must be accorded to a foreign investor. Moreover, it discusses the international instruments for the protection of foreign investment designed between the 1970s and the 1990s and demonstrates that the content of such instruments is based primarily on the developed countries’ understanding of the issue. Furthermore, it analyses the rise of emerging market countries as capital exporting countries since the 1990s and how they are reconciling the will to keep their sovereignty over internal affairs and the willingness to protect their investors abroad through bilateral investment treaties. Finally, it discusses the traditional view held by Brazil on the protection of foreign direct investment and presents some contributions for further research on this issue, with an emphasis on other emerging market countries current attitude towards the signing of bilateral investment treaties.

Submitted by Pedro Guimarães (pedroengel@hotmail.com) on 2017-12-28T19:42:52Z No. of bitstreams: 1 Tese.pdf: 917520 bytes, checksum: cfa05ebb1d37a4a617f387942ee05a15 (MD5) / Approved for entry into archive by GILSON ROCHA MIRANDA (gilson.miranda@fgv.br) on 2018-01-15T18:46:52Z (GMT) No. of bitstreams: 1 Tese.pdf: 917520 bytes, checksum: cfa05ebb1d37a4a617f387942ee05a15 (MD5) / Made available in DSpace on 2018-01-16T19:08:33Z (GMT). No. of bitstreams: 1 Tese.pdf: 917520 bytes, checksum: cfa05ebb1d37a4a617f387942ee05a15 (MD5) Previous issue date: 2017-07-28 / This doctoral thesis is composed of three chapters related to portfolio theory and model uncertainty. The first paper investigates how ambiguity averse agents explain the equity premium puzzle for a large group of countries including both Advanced Economies (AE) and Emerging Markets (EM). In the second article, we develop a general robust allocation framework that is capable of dealing with parametric and non parametric asset allocation models. In the final paper, I investigate portfolio selection criteria and analyze a set of portfolios out of sample performance in terms of Sharpe ratio (SR) and Certainty Equivalent (CEQ)

Is inflation targeting an appropriate framework for monetary policy? Experience from the inflation-targeting countries countries are optimistic about inflation targeting as a monetary-policy framework. South Africa is also following this trend. The international literature review of the topic offers lessons to be learnt from the common experience of the countries considered. It shows that inflation targeting is not a universal remedy to modern economic ills -- there is an emerging danger of assigning monetary policy a larger role than that which it can perform; a danger of expecting monetary policy to accomplish tasks that it cannot achieve; and a danger of preventing monetary policy from making the contribution that it is capable of doing. Therefore, inflation targeting cannot address all the macroeconomic problems that face many countries, except for inflation. Nonetheless, it plays a crucial role in improving macroeconomic performance. / Economics / M.A. (Economics)

O presente trabalho trata do sistema internacional de proteção ao investimento estrangeiro direto e do atual papel desempenhado pelos países emergentes em sua sistematização. Para tanto, faz uma abordagem histórica do tema da proteção ao investimento estrangeiro desde a década de quarenta até os dias atuais. Ressaltam-se as divergências históricas de entendimento mantidas entre países desenvolvidos (usualmente exportadores de capital) e países em desenvolvimento (historicamente importadores de capital) no que pertine ao nível de proteção que deve ser garantido ao investidor estrangeiro. Após, faz uma análise dos instrumentos internacionais de proteção ao investimento estrangeiro construídos especialmente durante as décadas de setenta e noventa e demonstra que o conteúdo desses instrumentos baseou-se na supremacia do entendimento dos países desenvolvidos. Em momento posterior, analisa o surgimento dos países emergentes como nações exportadoras de capital a partir da década de noventa e como esses países estão conciliando, por meio da assinatura de tratados bilaterais de investimento, a intenção de manter a soberania sobre seus assuntos internos e o interesse de proteger seus investidores no exterior. Por fim, retrata a tradicional posição brasileira com relação ao investimento estrangeiro direto e apresenta alguns contributos para futuras reflexões, baseados especialmente na atual postura adotada por outros países emergentes no que diz respeito à assinatura de tratados bilaterais de investimento. / This paper deals with the international law on foreign direct investment and the current role played by emerging market countries on this matter. In this sense, it presents a historical approach on the protection of foreign investment from the 1940’s onwards. It focuses on the historical disagreements between developed countries (usually capital-exporting countries) and developing countries (historically capitalimporting countries) in what regards the level of protection that must be accorded to a foreign investor. Moreover, it discusses the international instruments for the protection of foreign investment designed between the 1970s and the 1990s and demonstrates that the content of such instruments is based primarily on the developed countries’ understanding of the issue. Furthermore, it analyses the rise of emerging market countries as capital exporting countries since the 1990s and how they are reconciling the will to keep their sovereignty over internal affairs and the willingness to protect their investors abroad through bilateral investment treaties. Finally, it discusses the traditional view held by Brazil on the protection of foreign direct investment and presents some contributions for further research on this issue, with an emphasis on other emerging market countries current attitude towards the signing of bilateral investment treaties.

A Teoria de Negócios Internacionais sugere que ao aumentar o seu grau de internacionalização, as Empresas Multinacionais dos Países Emergentes dependerão cada vez menos dos efeitos dos seus países de origem, escapando assim das mazelas e deficiências desses países e igualando-se às Empresas Multinacionais dos Países Desenvolvidos. Essa argumentação de escape do país de origem, ou argumentação de escape, enfrenta, no entanto, dois desafios. O primeiro refere-se à geração das vantagens competitivas das multinacionais. As firmas originárias dos países desenvolvidos utilizam-se principalmente de capacidades tecnológicas e marketing para construir suas vantagens com base em seus produtos e marcas diferenciados, enquanto as multinacionais dos países emergentes o fazem a partir do aproveitamento de condições específicas do seu país de origem, utilizando-se de capacidades de inovação em processos e operações e em funções administrativas. O segundo desafio refere-se a evidências empíricas de que efeitos de país de origem se fazem sentir mesmo nas empresas multinacionais maduras de países desenvolvidos. A presente pesquisa busca ampliar o conhecimento sobre as capacidades de inovação das empresas multinacionais de países emergentes através do estudo dos limites do argumento do escape. Uma análise longitudinal das capacidades de inovação das empresas multinacionais brasileiras é utilizada para este fim. Estuda-se um período de cinco anos em que o ambiente de negócios do Brasil mudou de estável e favorável a turbulento e desafiador. A análise utiliza dois \"surveys\" aplicados em 2010 e 2015, além de informação complementar de fontes primárias e secundárias. Os resultados sugerem que as capacidades de inovação dessas empresas multinacionais ainda podem sofrer influência do ambiente institucional político e econômico do seu país de origem, mesmo com incremento do seu grau de internacionalização. Observam-se ainda diferentes consequências conforme a estratégia de internacionalização utilizada pelas firmas. As implicações dos achados são discutidas. / The international Business theory suggests that as they increase their degree of internationalization, Multinationals from Emerging Markets reduce their dependency on their Country of Origin Effects, escaping from these countries\' instabilities and deficiencies, therefore leveling with Multinationals from developed countries. The escape from the country of origin, or escape argument, faces two challenges. The first is that firms from developed countries base their advantages on technology and marketing capabilities to build strong products and brands, whereas firms from emerging countries do so mainly by exploiting their country of origin effects using innovative capabilities related to process and operations and to administrative functions. The second challenge relates to empirical evidence of the persistence of country of origin effects on mature multinational firms from developed countries. This research attempts to improve the knowledge on the innovation capability of Emerging Markets Multinational Enterprises through studying the limits of the escape argument. A longitudinal analysis of the innovative capabilities of Brazilian Multinational firms is used for that purpose. The five-year period studied involves a shift in Brazil\'s conditions from a stable and positive institutional environment to one of turbulence and instability. The research uses data from two surveys executed in 2010 and 2015, as well as other primary and secondary sources. The results suggest that the innovative capabilities from Emerging Market Multinationals can still suffer influences from changes in their home country political and economic institutional environment, even with an increase in their degree of internationalization. The outcomes vary according to the internationalization strategy used by the firms. Implications of these findings are discussed.

O presente trabalho trata do sistema internacional de proteção ao investimento estrangeiro direto e do atual papel desempenhado pelos países emergentes em sua sistematização. Para tanto, faz uma abordagem histórica do tema da proteção ao investimento estrangeiro desde a década de quarenta até os dias atuais. Ressaltam-se as divergências históricas de entendimento mantidas entre países desenvolvidos (usualmente exportadores de capital) e países em desenvolvimento (historicamente importadores de capital) no que pertine ao nível de proteção que deve ser garantido ao investidor estrangeiro. Após, faz uma análise dos instrumentos internacionais de proteção ao investimento estrangeiro construídos especialmente durante as décadas de setenta e noventa e demonstra que o conteúdo desses instrumentos baseou-se na supremacia do entendimento dos países desenvolvidos. Em momento posterior, analisa o surgimento dos países emergentes como nações exportadoras de capital a partir da década de noventa e como esses países estão conciliando, por meio da assinatura de tratados bilaterais de investimento, a intenção de manter a soberania sobre seus assuntos internos e o interesse de proteger seus investidores no exterior. Por fim, retrata a tradicional posição brasileira com relação ao investimento estrangeiro direto e apresenta alguns contributos para futuras reflexões, baseados especialmente na atual postura adotada por outros países emergentes no que diz respeito à assinatura de tratados bilaterais de investimento. / This paper deals with the international law on foreign direct investment and the current role played by emerging market countries on this matter. In this sense, it presents a historical approach on the protection of foreign investment from the 1940’s onwards. It focuses on the historical disagreements between developed countries (usually capital-exporting countries) and developing countries (historically capitalimporting countries) in what regards the level of protection that must be accorded to a foreign investor. Moreover, it discusses the international instruments for the protection of foreign investment designed between the 1970s and the 1990s and demonstrates that the content of such instruments is based primarily on the developed countries’ understanding of the issue. Furthermore, it analyses the rise of emerging market countries as capital exporting countries since the 1990s and how they are reconciling the will to keep their sovereignty over internal affairs and the willingness to protect their investors abroad through bilateral investment treaties. Finally, it discusses the traditional view held by Brazil on the protection of foreign direct investment and presents some contributions for further research on this issue, with an emphasis on other emerging market countries current attitude towards the signing of bilateral investment treaties.

Abstract This study examines emerging service markets1 and creates a model to capture both the service provider’s activities within market development and the interplay between different market actors. This work aims to identify the key elements behind sustainable market development, specifically examining 1) market activities, 2) the role of innovation and 3) the necessary evolutionary factors, where a market consists of multiple buyers and sellers and comparable market offerings. The empirical part of the study is conducted in the form of a qualitative case study, which is used to analyse the dynamic nature of emerging market development. The study uses a multi-method approach to data collection to capture the market’s evolution and relationships between market actors. The study follows emerging energy saving market development taking the perspective of an Energy Service Company in Dubai. As the main outcome of the study, it is argued that the service provider needs to direct its activities to build those relationships necessary to gain market acceptance and a coherent market offering before it can truly exploit market opportunities. As a characteristic of an emerging market, different interpretations of an innovation increase market dynamics, which slows market acceptance. Therefore, the service provider’s innovation process needs to serve market needs first; later, when the market has evolved, the innovation process is divided into co-innovation and structured innovation. From the evolutionary point of view, many service markets need to be fostered by market actors, as well as needing government-built regulatory and market support mechanisms. This need is especially valid for services that have other societal goals beyond pure financial interests. For a new service provider, an understanding of emerging markets is essential to appropriately set expectations and to accurately plan for the timing and effort needed for market entry. 1 An emerging market in this study represents the market development phase that occurs when a market has been created. Markets are emerging everywhere regardless of country or other geographical area and should not be confused with developing country-related emerging markets. / Tiivistelmä Tämä väitöskirja tutkii uusien markkinoiden kehittymistä erityisesti palveluliiketoiminnan ympärille, ja luo mallin, jolla voidaan tarkastella tällaisia markkinoita ja niiden kehittymistä. Mallissa huomioidaan palvelun tarjoajan aktiviteetit markkinoilla sekä vuorovaikutus muiden toimijoiden kanssa. Tutkimuksessa tunnistetaan keskeiset kehitysvaiheessa olevien markkinoiden elementit: 1) markkina-aktiviteetit, 2) innovaatio ja 3) kehittymisen edistämiseen liittyvät tekijät. Mallin mukaan nämä ovat edellytyksenä sille, että markkinoille muodostuu riittävä määrä sekä myyjiä että ostajia, jotta palvelutarjonnasta muodostuisi vertailukelpoista. Tämän tutkimuksen empiirinen osa on suoritettu laadullisena tapaustutkimuksena, jossa analysoidaan markkinoiden kehittymisen dynamiikkaa. Jotta markkinan kehittymistä ja markkinatoimijoiden välistä vuorovaikutusta voidaan tarkastella samanaikaisesti, on tutkimuksessa kerätty sekä haastattelu- että havainnointiaineistoa. Tutkimuksessa on seurattu kehityksen alkuvaiheessa olevan energiansäästömarkkinan kehittymistä ns. ESCO-palvelun tarjoajan näkökulmasta Dubaissa. Tutkimus osoittaa, että markkinoiden kehittymiseksi palvelun tarjoajan täytyy ensin keskittyä luomaan suhteet muihin markkinatoimijoihin, jotta yhdessä voidaan saavuttaa markkinoiden luottamus ja luoda yhteneväinen tarjonta, ennen kuin kilpaillaan markkinaosuuksista. Eri toimijoiden erilaiset tulkinnat markkinainnovaatiosta lisäävät dynamiikkaa ja vaikeuttaa markkinan yleistä hyväksymistä, jotka yhdessä siten hidastuttavat markkinan kehittymistä. Näistä syistä palveluntarjoajan tulisi kohdistaa innovaatioprosessinsa palvelemaan markkinan kehitystarpeita ensin ja vasta myöhemmin se voi keskittyä hyödyntämään mahdollisuuksia yhteiseen ja sisäiseen innovaatioon. Monet palvelumarkkinat vaativat kehittyäkseen toimijoita joiden tehtävä on pelkästään keskittyä edistämään markkinan kehitystä luomalla yhteisiä sääntely- ja tukimekanismeja. Nämä toimija ovat usein valtiollisia, erityisesti silloin kun markkinalla on myös yhteiskunnallisia tavoitteita, taloudellisten tavoitteiden rinnalla. Kehittyvät markkinat ja niiden mahdollisuuksien hyödyntäminen uudelle palveluntarjoajalle on haasteellinen konteksti ja menestyminen edellyttää sekä odotusten että panostusten asettamista realistisesti, jotta kehittyvillä markkinoilla voidaan ylipäätään toimia.

This dissertation argues that financial cycles are different for advanced economies and emerging countries. The main underlying reason is the different financial development that makes for instability in emeging markets which is pronounced by more intensive and amplified financial cycle. As such, even the policy implications are different.

The purpose of this thesis is to gain a deeper understanding of the term impact investing and examine how Nordic impact investors manage risk, return, and social and/or environmental in emerging markets. Relevant aspects to impact investing have been identified to enable this thesis to be conducted. The thesis derives from a qualitative research method, this to gain a deeper understanding of the term and how Nordic impact investors conduct their business in emerging markets. The thesis is based on a deductive research approach due to that the term impact investing has a limited amount of previous research.   The literature review highlights relevant theories related to the research questions. The concepts presented are impact investing, emerging markets, dual interest, and risk management. These theories have later been put into a conceptual framework to showcase the interconnections. From the conceptual framework, three main concepts (impact investing, dual interest, and risk management in emerging markets) have been established and then later analysed based on the empirical data gathered from a multi-case study.   The analysis chapter includes a comparison and discussion between the empirical findings and the literature review in order to answer the thesis research questions. Furthermore, the analysis follows the same concepts presented in the operationalization. The final chapter reveals the conclusions drawn based on the analysis conducted. The final chapter further highlight implications both theoretical and practical, followed by suggestions for future research. The theoretical implications of the thesis pinpoint that impact investing require conceptual clarity to raise more awareness and gain recognition. Furthermore, risk management is an essential part of conducting investments in emerging markets. The practical implications showcase that impact investing can be conducted in several different ways and that there are no distinct patterns on how to manage impact investments best. Furthermore, the thesis stresses the importance of impact investing in emerging markets.