O aumento da internacionalização das economias emergentes e a tendência de financeirização da economia mundial motivaram este estudo que tem como principal objetivo analisar estatisticamente o impacto das variações cambiais no retorno das ações das principais empresas brasileiras internacionalizadas, segundo o ranking realizado pela Fundação Dom Cabral, no período entre 2000 e 2012. Além disso, buscou-se, também, descrever o processo inicial de internacionalização dessas mesmas companhias. Para isso, foi realizada uma pesquisa descritiva e quantitativa, por meio da utilização do método estatístico de regressão linear múltipla. Constatou-se que nas 28 empresas analisadas não há correlação entre variações nas taxas de câmbio e variações no retorno das ações das empresas brasileiras internacionalizadas, evidenciando assim, que outras variáveis são as responsáveis por impactarem o retorno dessas ações. Verificou-se, ainda, que a maior parte das empresas brasileiras iniciam seu processo de internacionalização por meio da instalação de linhas de produção no exterior, seguida de exportação e fusões e aquisições com outras companhias. / The increasing internationalization of companies from emerging economies, in a context of financial globalization of the World economy, has motivated this research, which has as its main goal to analyze the impact of the exchange rate fluctuations on stock returns of main Brazilian international corporations (classified according to the Dom Cabral Foundation annual ranking), covering the period between 2000 and 2012. In addition, this work intended to describe the internationalization process itself of those companies. For this, it was structured a descriptive and quantitative research, using the statistical method of linear regression. Among the main research findings it can be mentioned the non-existent correlation between the fluctuations in exchange rates and the variation in the shares returns of the 28 most internationalized Brazilian companies analyzed. This situation suggests that other variables are more impacting on the shares return. It was also verified that most of the Brazilian companies has begun their internationalization process by investing on production chains abroad, what it is not usual, rather than exporting, merging or acquiring with local companies abroad.

Made available in DSpace on 2014-06-11T19:29:50Z (GMT). No. of bitstreams: 0 Previous issue date: 2008-05-28Bitstream added on 2014-06-13T18:59:42Z : No. of bitstreams: 1 souza_rf_me_arafcl.pdf: 1300455 bytes, checksum: ea912a62b971afe10460e571350fe3f6 (MD5) / Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq) / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES) / Ao longo das últimas duas décadas ocorreram várias transformações na economia brasileira, dentre elas o aumento considerável da entrada de IDE. Existem vários fatores que contribuíram para explicar esse fenômeno. Porém, o trabalho utilizou algumas variáveis macroeconômicas que explicam o comportamento do IDE na economia brasileira entre janeiro de 1999 e dezembro de 2007. As variáveis utilizadas foram as transações correntes, taxa de câmbio, PIB a preços correntes, deflacionados pelo IGP-DI e taxa de juros Selic. A ferramenta utilizada para explicar a relação do IDE com os restantes das variáveis foi a co-inegração. Os resultados obtidos mostraram que somente a taxa de juros Selic não tem relação de longo prazo com o IDE, porém as variáveis que conseguem corrigir os desequílibrios do IDE no curto prazo foram as transações correntes e a taxa de câmbio. / In the last two decades, many changes had occurred in Brazilian economy, including the considerable increasing of Foreing Direct Investiment (FDI). There are many factors that can contribute to explain this phenomenon. This paper used some macroeconomic variables that explain the FDI’s hehavior in the Brazilian economy in the period of January 1999 until December, 2007. The variables used were: interest rate, GDP deflated by IGP, exchange rate and balance of current account. The method used to explain the relation FDI and variables mentionated above was the cointegration. The results showed that only interest rate does not have long period of time relation with the FDI, but the variables that are able to correct the FDI unstability in the short period of time, were the currency transactions and the exchange rate.

The goal of this diploma work is to analyze the situation with direct foreign investment in South Bohemia.Than to analyze possibilities of investment condition and make some suggestions to improve the condition for its inflow.

No abstract available. / Dissertation (M Com (Economics))--University of Pretoria, 2007. / Economics / Unrestricted

The purpose of my thesis is to analyse the arbitration as a means of settlement of international investment disputes. The reason for my research is the dynamic growth in number of international investment disputes which appears to examine the adaptability and viability of international law. The thesis is composed of four chapters, each of them dealing with different aspects of the problems. Chapter One is introductory, it defines basic terminology used in the thesis and deals with the means of investment protection. The chapter is subdivided into four parts. Parts One to Three describe the fundamental terms such as international investment law, international investment and investor from economic and legal points of view. Part Four describes the historical background and the current state of foreign investment protection. Chapter Two focuses on international arbitration as a means of investment disputes settlement. It mentions several possibilities and analyses the two predominant ones - the arbitration mechanisms of the International Center for the Settlement of Investment Disputes (ICSID) and the ad hoc arbitration using the UNCITRAL rules. Chapter Three investigates the position of States in these disputes. It is subdivided into three parts. Part One compares the sovereignty of States with the substantive rights of the investors. Part Two examines the relation of this system to public law and Part Three questions the interests of private arbitrators. Chapter Four provides an outline of relevant Czech case law. Although it has not been very abundant up to the present day, it illustrates well the approach to decision-making by some arbitration courts and common faults of State agencies when addressing foreign investors. Conclusions are drawn in the final part of the thesis. The main aim of the thesis is to expand my initial hypothesis that international investment arbitration forms an unprecedential system, which addresses the balance between the interests of private investors and sovereign States. The standards of investment protection as described thereinbefore appear to be a powerful instrument to strengthen the position of foreign investors. Finally, several changes in the legislation and international treaties, which would equilibrate the balance back, are suggested in the Conclusion.

The thesis deals with the issue of the increasing public debt of the United States. The aim of the thesis is to analyze the structure and hitory of US national debt and its impact on the selected investment instruments development. Theoretical introduction is followed by analysis of the causes of the so high public debt of the United States. The analysis is based on the structure and public debt history. The final part of the thesis deals with the question how the high national US public debt affects the behaviour of the foreign investors.

Jugé excessivement protecteur à l’égard des investisseurs étrangers au cours des deux dernières décennies, le droit international des investissements fait face aujourd’hui à une crise de légitimité́. L’industrie extractive est particulièrement touchée par ces critiques par les différentes allégations d’atteintes aux droits de l’homme et droit de l’environnement, et dont le traitement par les tribunaux d’investissement reste limité. En outre, le système juridique des pays en développement étant d’une part, fragmenté par l’articulation entre un droit local, national et international, voire transnationale par les nouveaux modes de régulation transnationale privée, et d’autre part, gangrené́ par des dérives corruptives, les populations locales ont un accès limité à la justice en cas de litiges avec les multinationales. En effet, la pratique consiste à̀ délocaliser le droit applicable au contrat d’investissement par les différentes techniques développées par le droit international, et singulièrement par les clauses contractuelles et l’arbitrage transnational. Cette étude propose donc de développer la notion « d’enclavement juridique» pour décrire ce phénomène auquel font face les pays en développement, et comprendre les raisons pour lesquelles l’investissement étranger, pourtant au centre de la concurrence des systèmes juridiques, a des impacts limités et localisés sur le développement de l’État hôte. / Considered as offering overprotection, international investment law faced a crisis of legitimacy. The extractive industry is particularly affected by criticisms of various allegations of human rights violations and environmental law, and their treatment by investment courts remains limited. Furthermore, the legal system of developing countries are fragmented by the articulation among local, national and international law, even transnational law with private regulations, and affected by corruptive drifts, the local populations have limited access to justice when disputes with multinationals occur. As a matter of fact, the practice consists of relocating the law applicable to the investment contract by the various techniques developed by international law, and particularly contractual clauses and transnational arbitration. This thesis develops the concept of "legal enclosure" to describe this phenomenon, and to explain the limited and localized impacts of foreign investments on the development of the host State.

This study aims to bring clarity to a discussion of whether the Chinese relationship with Africa can be regarded as an act of Neo-colonialism or if it contains Neo-colonial elements. As China has increasingly engaged with the continent giving extensive amounts of foreign aid and loans as well as intensifying their trade relations, the question arises whether or not this can be connected to Neo-colonial dynamics. This study will use a newly constructed framework with the help of the Neo-colonial theory, different definitions by scholars will be used to create the framework, and the basis for this analysis. The research approach is a qualitative design and the research design is a case study with a focus on China's engagement in Africa. This study finds that there are Neo-colonial elements in the processes of engagement exercised by China on the African continent in some of the variables used in the constructed theoretical framework. Lastly, this study argues that African states must be increasingly cautious when exporting raw materials and in letting private Chinese companies invest and buy shares in important African domestic sectors.

La presente investigación tiene como objetivo determinar los factores comerciales que influyeron en las exportaciones peruana de oro en bruto al mercado suizo, con la finalidad de presentar a las empresas e investigadores del sector las fortalezas y debilidades identificadas respecto a las ventajas concedidas por la aplicación del TLC con los países del EFTA, los cuales se rigen bajo estrictos estándares de ingreso al mercado. La literatura de la investigación brindará un amplio panorama respecto a la inclusión de tecnologías, nuevas técnicas de producción, y otros factores de procesos técnicos para el incentivo a la inversión extranjera directa, y la presunción de su capacidad para influir en el crecimiento de los flujos de intercambio comercial entre los países estudiados. Asimismo, el estudio pretende responder si las normas de origen de los tratados benefician o son obstáculos técnicos al comercio en los productos de extracción, y si su respectiva desgravación arancelaria permite la creación de comercio y crecimiento económico del país exportador. / The purpose of this research is to determine the commercial factors that influence Peruvian exports of raw gold to the Swiss market, in order to present to the companies and researchers in the sector the strengths and weaknesses identified with respect to the advantages granted by the application of the FTA with the EFTA countries, which are governed by strict market entry requirements. The research literature will provide a broad overview regarding the inclusion of technologies, new production techniques, and other technical process factors for the incentive to direct foreign investment, and the presumption of its ability to influence the growth of commercial exchange between the countries studied. Likewise, the study intends to answer whether the rules of origin are beneficient or are technical obstacles to trade in the products of extraction, and if their respective tariff reduction allows the creation of trade and economic growth of the exporting country. / Tesis

With the development of multinational corporations, the United Kingdom has experienced increasing penetration of its economy by foreign affiliates. This is particularly noticeable in high technology industries such as Electrical and Instrument Engineering. The thesis identifies the mechanism by which direct foreign investment can influence industrial structure in such an industry; charts the effects within the UK Electrical and Instrument Engineering Industry; and identifies the extent to which this impact varies with the nationality of the investor. The study begins with a synthesis of the comprehensive and complex material available upon industrial/market structure and direct foreign investment. Chapters 2 and 3 demonstrate that the structure of Electrical and Instrument Engineering has changed significantly since the inter-war years. Productive capacity has expanded faster than that of any other UK industry. Throughout the minimum-list-headings of the industry market power has become more concentrated in the hands of the largest companies. Individual affiliates now display greater product specialisation and vertical integration, whilst the level of entry barriers has risen steadily. The model presented in chapter-3 hypothesises that direct foreign investment can be related to industrial structure in three distinct ways. Firstly, that a relationship exists between the distribution of foreign affiliates 11 25 I and the structural characteristics of the industries in which they operate. Secondly, that a similar relationship exists across the minimum-list-headings of each individual industry. Thirdly, that the operating characteristics of foreign affiliates in any individual minimum-list-heading differ from those of domestic companies. The first two of these are termed the Destination impact, and the third the Behavioural impact of direct foreign investment. The results of a survey of over 500 British and foreign owned companies, sub-divided by origin and size, suggest that foreign affiliates have contributed significantly to the changing structure of Electrical and Instrument Engineering both in their destination and behaviour. The destination of foreign investors was significantly related to areas displaying the fastest growth of productive capacity; imperfection of competition; technologically specialised and vertically integrated operations; and high barriers to entry. The behaviour of individual foreign affiliates was found to differ significantly from that of their UK counterparts (including affiliates of UK multinationals). Foreign owned companies exhibited high levels of sales. growth and efficiency; a disproportionate impact upon the distribution of market power; greater product specialisation and levels of vertical integration; and a significant contribution to the level of entry barriers. This influence was compounded by a greater productivity and profitability in the foreign affiliate; a differing pattern of geographical location to that of UK owned establishments; and a domestic reaction by UK companies and the government to foreign penetration. Variations within the foreign group were related to geographical origin. The total operations of US affiliates were most significant, but investors from EEC countries displayed characteristics which varied most from those of UK companies. The study concludes by relating changes in industrial structure to the presence of foreign affiliates, and outlining the implications of further foreign involvement