A compreensão da dinâmica de persistência e evasão da atividade exportadora é fundamental para o desenho de incentivos adequados às firmas estreantes no mercado internacional e encontra respaldo nos modelos da nova teoria do comércio internacional. O propósito deste trabalho é investigar os determinantes do desempenho de firmas industriais brasileiras estreantes no mercado internacional, em termos de probabilidade de sobrevivência e evolução do valor exportado, com especial atenção aos impactos dos instrumentos de apoio Drawback, BNDES Exim e Proex. Para tanto, serão analisadas empresas estreantes no comércio exterior entre os anos de 1998 e 2003, configurando um painel desbalanceado com 8,5 mil firmas. Por meio de análise econométrica para dados em painel e estimação de modelos de duração, verificou-se que a função de sobrevivência e crescimento do valor médio exportado no tempo difere claramente entre firmas que utilizam um dos benefícios e aquelas que não o fazem. Também se pode afirmar que custos irreversíveis de entrada no comércio internacional não sejam desprezíveis entre as firmas industriais analisadas, o que indica que os programas públicos de promoção de exportações devam se concentrar na (i) redução da taxa de abandono das recém-exportadoras e (ii) na minimização dos custos fixos associados aos investimentos para entrada no mercado exportador. / Understanding the dynamics of persistence and evasion of export activity is essential for the design of export promotion for new exporters and international trade policies. Several results point to the importance of taking into account the specific sector of the industry in the implementation of public policies, which is supported by the new models of international trade theory. The purpose of this work is to investigate the determinants of the performance of Brazilian industrial new exporters, with particular attention to the impacts of Drawback, BNDES Exim and Proex. For this, we analyzed firms between the 1998 and 2003, constituting an unbalanced panel with 8500 firms. By panel data analysis and estimation of duration models, we found that the survival function and the growth of exports clearly differs among companies that use one of the programs and those that do not. One can also say that sunk costs are not negligible among the industrial firms analyzed, which indicates that public export promotion should focus on (i) reducing the dropout rate of new exporters and (ii) minimize the fixed sunk costs related with initial investments to begin the export activty.

Diese Dissertation umfasst drei empirische Analysen regionaler Arbeitsmärkte in Deutschland. Wir wenden dabei Methoden der räumlichen Ökonometrie auf regionale Arbeitsmarktdaten an, um der räumlichen Struktur von Arbeitsmarktaktivitäten Rechnung zu tragen. In der ersten Analyse schlagen wir ein räumliches Paneldatenmodell zur Untersuchung deutscher Matchingfunktionen vor. Mit Hilfe dieses Modells sollen verzerrte und ineffiziente Koeffizientenschätzungen aufgrund räumlicher Abhängigkeiten vermieden werden. Wir zeigen, dass das Vernachlässigen der räumlichen Struktur zu nach oben verzerrten Matchingkoeffizienten führt. Das Ziel der zweiten Untersuchung ist es, Bestimmungsfaktoren für regionale Unterschiede in Arbeitslosigkeit zu identifizieren. Unsere Ergebnisse zeigen, dass ein räumlich und zeitlich dynamisches Paneldatenmodell am besten für diese Fragestellung geeignet ist. Zudem zeigen unsere Ergebnisse, dass die regionalen Unterschiede in der deutschen Arbeitslosigkeit einen Ungleichgewichtszustand darstellen. Diese Erkenntnis kann als Argument für politische Interventionen dienen. In der letzten Analyse wenden wir uns der räumlichen Gewichtungsmatrix zu, der eine zentrale Bedeutung in räumlichen Modellen zukommt. Auf Basis einer empirischen Analyse wollen wir die Definition von räumlichen Gewichten untersuchen und ermitteln Faktoren, die die räumlichen Abhängigkeiten auf Arbeitsmärkten bestimmen. Dabei untersuchen wir sowohl unterschiedliche Dimensionen ökonomischer als auch geographische Distanzen als Wirkungskanal räumlicher Abhängigkeit. Für die Entscheidung, welche dieser Distanzdimensionen einen Einfluss auf die räumlichen Relationen hat, verwenden wir ein räumlich-autoregressives Modell höherer Ordnung. Unsere Ergebnisse zeigen, dass geographische Distanz alleine nicht ausreicht, um die räumlichen Interdependenzen zwischen regionalen Arbeitsmärkten zu erklären, sondern auch Dimensionen ökonomischer Distanz einen signifikanten Erklärgehalt haben. / In this dissertation, we present different empirical analyses of regional labor markets in Germany. To account for the spatial structure of labor market activities, we apply spatial econometric methods to regional labor market data. In the first analysis, we propose a spatial panel model for German matching functions to avoid possibly biased and inefficient estimates due to spatial dependence. Based on an official data set, we show that neglecting spatial dependencies in the data results in upward-biased coefficients. Furthermore, our results suggest that a dynamic modeling is more appropriate for matching functions than a static approach. In the second analysis, we study determinants for regional differences in unemployment rates. We specify a spatial panel model to avoid biased and inefficient estimates due to spatial dependence. The study covers the whole of Germany as well as East and West Germany separately. Our results suggest that a spatial dynamic panel model is the best model for this analysis. Moreover, we find that German regional unemployment is of disequilibrium nature, which justifies political interventions. Finally, we study the spatial weights matrix which is the key component in spatial econometric models. We investigate empirically the issue of defining spatial weights in labor market applications and propose factors driving spatial dependence in regional labor markets. In addition to geographic distance, we consider different dimensions of economic distance as transmission channel of spatial dependence. To decide which factors influence spatial dependence in labor markets, we apply a higher-order spatial autoregressive model to data on regional labor markets in Germany. Our results suggest that geographic distance does not capture the spatial dependence between regional labor markets sufficiently but economic distance needs to be considered as well.

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Many theorists have linked dividends with the ability to carry signals regarding a firm’s expected financial performance. Despite being grounded on a sound theoretical framework, empirical evidence has failed to unanimously corroborate the dividend signalling hypothesis, with some authors resignedly concluding that dividends are the puzzle of finance literature. Recent empirical evidence has shown that limiting the dividend signalling hypothesis to earnings has contributed to that puzzle. To try and decipher the puzzle, this study extends the dividend signalling hypothesis to measures of financial performance seldom linked with dividend signalling such as liquidity and gearing. Using panel data regression models and data for 39 firms listed on the JSE from 1995 to 2016, the study reveal that when one controls for the mean reversion and autocorrelation of profitability, dividends lose the power to signal earnings. The results further show that managers in South Africa use dividends to signal expected changes in liquidity and gearing. / Business Management / M. Phil. (Accounting Sciences)

Die Nachfrage nach Agrarprodukten hat rapide zugenommen, besonders in schnell wachsenden Volkswirtschaften. Agrarimporte nach China gestiegen, trotz der vielfach gestiegenen Inlandsproduktion seit der Reform und Öffnung 1978. Jedoch ging die Steigerung der Agrarproduktion einher mit hohen Umweltkosten, zum einen durch eine massive Erhöhung der Inputintensität und zum anderen durch die Veränderung der Anbaumuster. In dieser Arbeit habe ich umwelt- und sozioökonomische Daten auf Kreis-Ebene analysiert, um ein grundliegendes quantitatives Verständnis der Muster, Determinanten und Ursachen der landwirtschaftlichen Landnutzungsveränderung in China von 1980 bis 2011 zu entwickeln. In Kapitel II und III habe ich die Veränderung der Anbaumuster der Hauptkultur auf Kreisebene zusammengefasst. Ich habe diese Daten mittels explorativer Geodatenanalyse und räumlich expliziter Panel-Regression untersucht, um raum-zeitliche Determinanten der Änderung in Anbaufläche und Ertrag der Hauptkultur zu identifizieren. In Kapitel IV nutzte ich diese Daten, um die Veränderung der Technischen Effizienz in der Pflanzenproduktion mit Hilfe eines stochastischen Grenzansatzes zu ermitteln, wiederum durch den Einsatz einer räumlich-ökonometrischen Panel-Analyse. Insgesamt hat sich die räumliche Konzentration von Hauptkulturen erhöht. Haupteinflussfaktor für diese Entwicklung war die Bevölkerung. Diese Analyse beleuchtet die Muster und Treiber des agrarwirtschaftlichen Landnutzungswandel für gesamt China und gibt Einblicke in die Brennpunkte des Wandels in Landnutzungsumfang und –intensität. Außerdem zeigten die Elastizitäten der Input-Veränderungen einen Trend in der Pflanzenproduktionsintensität von traditionell zu wissenschaftlich-technologischen Eingriffen. Die Ergebnisse können zur Einwicklung räumlich ausgerichteter Landnutzungspolitiken in China beitragen. Sie stellen außerdem wichtige Fallbeweise für den globalen Landnutzungswandel zur Verfügung. / Abstract Demand for agricultural products has been increasing at an unprecedented pace, particularly in rapidly growing economies such as China. Agricultural imports to China have soared despite domestic production increasing manifold since reforming and opening in 1978. However, the increase in agricultural production in China involved high environmental costs, brought about by massively increasing input intensity and by the transition in cropping patterns. In this thesis, I analysed environmental and socioeconomic data at county level to develop a solid quantitative understanding of patterns, determinants, and causes of agricultural land-use changes across all of China from 1980 to 2011. In Chapter II and Chapter III, I summarized the changes in patterns of the main crops at county level. I then examined these data with exploratory spatial data analysis and spatially explicit panel regressions in order to identify the spatial and temporal determinants of changes in area and yield of major crops. In chapter IV, I used the same dataset, but focussed on changes in technical efficiency in crop production using a stochastic frontier approach, again by employing spatial econometric panel analysis. Overall, the spatial concentration of the major crops increased, with population the main determinant for this trend. Furthermore, modern inputs, including machinery and fertilizer, were increasingly important in crop production, and land use efficiency increased slightly and varied temporally and spatially. This analysis shed light on the patterns and drivers of agricultural land-system change for all of China, including insights on hotspots of changes in land use extent and intensity. Besides, the elasticity of input changes showed the growth of crop production was shift from traditional farming practices to modern. This study is valuable to inform and spatially target land-use policies in China and provide important case evidence for global land-use change.

The general goal of the three essays is to analyze on theoretical and empirical grounds the international financial crises for advanced, emerging and developing countries. One can say that each Essay has its own specificities. The First Essay develops an analysis of the impacts of the 2008 financial crisis on economic growth for a number of advanced, emerging and developing countries using OLS cross-section models. The second Essay concerns in estimating the probability of occurrence of different types of international financial crises in the period 1970-2009 for selected Latin America (Argentina, Brazil and Mexico) and Asia emerging countries (Philippines, Indonesia, Malaysia and Thailand). The empirical investigation is based on probabilistic models (MPL, PROBIT and LOGIT) where the dependent variable is associated with a different concept of financial crises (external and internal default, banking crises, inflation and currency crises and general international financial crises). Finally, the last essay develops an empirical investigation using panel data from 1970 to 2009 and analyzes the main determinants of the different types of international financial crises for a sample of 118 advanced, emerging and developing countries using six concepts of international financial crises. / Os três ensaios que compõem esse trabalho têm como objetivo geral analisar teórica e empiricamente as crises financeiras internacionais para economias avançadas, emergentes e em desenvolvimento. Fundamentalmente, cada ensaio tem a sua particularidade. Nestes termos, o Ensaio 1 realiza uma análise dos impactos da crise financeira de 2008 sobre o crescimento econômico para um conjunto de países avançados, economias emergentes e em desenvolvimento a partir da estimação de modelos do tipo cross section com o Método dos Mínimos Quadrados Ordinários (MQO). No segundo ensaio, a preocupação está nos determinantes da probabilidade de ocorrência dos tipos de crises financeiras internacionais no período 1970-2009 para países emergentes selecionados da América Latina (Argentina, Brasil e México) e da região asiática (Filipinas, Indonésia, Malásia e Tailândia) a partir da abordagem metodológica dos modelos com variáveis dependentes binárias do tipo MPL, PROBIT e LOGIT, onde a variável dependente está associada aos tipos de crises financeiras (default externo, endividamento interno, crises bancárias, crises inflacionárias, crises cambiais e crises financeiras internacionais gerais). Por fim, o último ensaio apresenta uma investigação empírica com dados em painel de 1970 a 2009 com modelos do tipo PROBIT e LOGIT no intuito de analisar os principais determinantes da probabilidade de ocorrência das crises financeiras para uma amostra de 118 países avançados, emergentes e em desenvolvimento, a partir das seis definições quanto aos tipos de crises financeiras internacionais. / Doutor em Economia