BAKGRUND: År 2007 infördes MiFID-direktivet bland EU:s medlemsländer vars främsta mål var att öka konkurrensen på den europeiska aktiemarknaden. I samma veva avskaffandes börsmonopolet vilket lett till att det idag finns fler handelsplatser som erbjuder aktiehandel, så kallade multilateral trading facilities (MTF). Genom denna etablering har aktiemarknaderna genomgått en marknadsstrukturförändring, vilket kan ha lett till förändring av transaktionskostnader och möjliggjort uppkomst av eventuella oväntade effekter. Det här är något som idag fem år efter implementeringen av MiFID-direktivet diskuteras frekvent. SYFTE: Huvudsyftet med uppsatsen är att kartlägga och utifrån institutionell teori analysera hur införandet av multilateral trading facilities förändrat och påverkat transaktionskostnader på svenska marknadsplatser som bedriver handel med aktier. Ett delsyfte är också att beskriva institutionen multilateral trading facility och dess framväxt. GENOMFÖRANDE: Studien har genomförts med ett kvalitativt tillvägagångssätt genom intervjuer med berörda parter på aktiemarknaden i Sverige. Intervjuerna har bidragit till en utförlig empirisk beskrivning om hur MTF:erna mottagits på, samt påverkat aktiemarknaden. Vidare har intervjuerna tillsammans med granskning av direktiv och andra lagar, utformat studiens dokumentationsdel kring begreppet MTF. För att fastställa transaktionskostnadernas påverkan analyserades insamlad empiri tillsammans med institutionell ekonomisk teori. SLUTSATS: Studien visar att transaktionskostnaderna har förändrats efter MTF:ernas etablering. Minskade handelskostnader har lett till lägre transaktionskostnader, samtidigt har de totala transaktionskostnaderna för marknadsdata ökat. Oväntade effekter utgörs främst av ökade investeringar i form av marknadsuppkopplingsavgifter och teknikrelaterade kostnader, något som resulterat i stora transaktionskostnader. Även handeln utanför den öppna marknaden har ökat. Alla intressenter har på något sätt påverkats av MiFID-direktivet och MTF:erna. Ingen specifik vinnare har kunnat utses, däremot konstaterar författarna att institutionella investerare har förlorat mer än vad de har vunnit. / BACKGROUND: The MiFID-directive was implemented in 2007, with the main purpose to increase competition in the European stock markets. At the same time, the abolishment of the exchange monopoly made it possible for several new market venues to emerge on the stock market, such as multilateral trading facilities (MTF). With this establishment the stock markets have gone through a structural change, which may have led to changes in transaction costs and given occurrence of unexpected effects. This is something that today, five years after the implementation of MiFID, is discussed frequently. AIM: The main purpose of this study is to map, and from institutional theory analyse how the introduction of multilateral trading facilities have changed and influenced transaction costs in Swedish market venues that realize stock trading. A sub-purpose is to describe the institution multilateral trading facility and its emergence. COMPLETION: The study uses a qualitative method where interviews have been made with suitable parties at the stock market in Sweden. The qualitative interviews have contributed to a detailed empirical description of the establishment of MTF and how they have affected the stock market. Further, the interviews along with a review of directives and laws, has created a documentation of MTF. To assess the impact on transaction costs an analysis with gathered empirical data and institutional economic theory has been made. CONCLUTION: The study shows that transaction costs have changed since the establishment of MTF. Reduced trade costs have led to lower transaction costs, at the same time the total transaction costs of market data has increased. Unexpected effects are mainly due to increased investments in terms of market access fees and technology-related costs, which have resulted in high transaction costs. Even trade outside the open market has increased. MiFID and MTF have in some way affected all parties. No specific winners have been selected, however, the authors state that institutional investors have lost more than they have won.

The premise of this dissertation is straight-forward – the U.S., as hegemon, acts unilaterally given the power disparity between it and the rest of the world. In solving the puzzle of why presidents make the “wrong” decision to act alone, I organize international conflict literature along traditional lines – international and domestic explanations – and use Gilpin’s (1981) hegemonic stability theory to test a theory of unilateral use of force decision making. In order to overcome a lack of scientific study on unilateralism, I devise a definition and coding rules for unilateral use of force, develop a sequential model of presidential use of force decision making, and construct a new, alternative measure of military power, a Composite Indicator of Military Revolutions (CIMR). I then use three methods – a statistical test with a heckman probit model, an experiment, and case studies – to test U.S. crisis behavior since 1937. I find that presidents are realists and make an expected utility calculation to act unilaterally or multilaterally after their decision to use force. The unilateral decision, in particular, positively correlates with a wide military gap vis-à-vis an opponent, an opponent located in the Western hemisphere, and a national security threat.

One of the issues with multilateral wells is determining the contribution of each lateral to the total production that is measured at the surface. Also, if water is detected at the surface or if the multilateral well performance declines, then it is difficult to identify which lateral or laterals are causing the production decline. One way to estimate the contribution from each lateral is to run production Logging Tools (PLT). Unfortunately, PLT jobs are expensive, time-consuming, labor-intensive and involve operational risks. An alternative way to measure the production from each lateral is to use Distributed Temperature Sensing (DTS) technology. Recent advances in DTS technology enable measuring the temperature profile in horizontal wells with high precision and resolution. The changes in the temperature profile are successfully used to calculate the production profile in horizontal wells. In this research, we develop a computer program that uses a multilateral well model to calculate the pressure and temperature profile in the motherbore. The results help understand the temperature and pressure behaviors in multilateral wells that are crucial in designing and optimizing DTS installations. Also, this model can be coupled with an inversion model that can use the measured temperature and pressure profile to calculate the production from each lateral. Our model shows that changing the permeability or the water cut produced from one lateral results in a clear signature in the motherbore temperature profile that can be measured with DTS technology. However, varying the length of one of the lateral did not seem to impact the temperature profile in the motherbore. For future work, this research recommends developing a numerical reservoir model that would enable studying the effect of lateral inference and reservoir heterogeneity. Also recommended is developing an inversion model that can be used to validate our model using field data.

This dissertation investigates three sets of research questions. First, how can partner selection be used as a mechanism to minimize R&D alliance participants’ concerns about knowledge leakage? And what is the nature of the relationship among partner selection and two previously-studied protection mechanisms – governance structure and alliance scope? Extending this research question to the international context, the second set of research questions asks how international R&D alliances differ from their domestic counterparts in partner selection to protect their participants’ valuable knowledge, and how different types of international R&D alliances vary in this regard. Distinguishing bilateral from multilateral R&D alliances, this dissertation examines a third set of questions about how multilateral R&D alliances differ from bilateral ones in partner selection for the purpose of protecting participants’ technological assets. Hypotheses are proposed and tested with a sample of 2,185 R&D alliances involving companies in high technology industries. Results indicate that the more radical the innovation an R&D alliance intends to develop, the more likely the alliance will be formed between Friends than Strangers. However, under the same situation, firms are less likely to select Acquaintances than Strangers. A substitution effect was detected among partner selection, governance structure, and alliance scope used by firms to protect their valuable technological assets from being appropriated in R&D alliances. In addition, no empirical support was found for different partner selection preferences for firms forming domestic R&D alliances versus international R&D alliances. However, results show that firms, when forming trinational R&D alliances and/or traditional international R&D alliances, are more likely to select their prior partners than when forming cross-nation domestic R&D alliances. Moreover, this study shows that when an R&D alliance is formed by multiple companies, partner firms are more likely to be prior partners. I argue that concerns about knowledge leakage explain this result.

The thesis provides an analysis, from the institutional perspective, of the factors that are contributing towards mutually beneficial participation in European University Networks. Previous research about institutional networks has concentrated on the networks' perspective on beneficial operational factors. Joining institutional university networks has been stated to be a recent strategic trend in Europe. Therefore it is important to provide detailed data from the institutional point of view to enable other institutions to make informed decisions about joining such networks. The University of Tartu provides an interesting case study on its experience of participation in the Coimbra Group and the Utrecht Network. Strategic management theory was used as a theoretical framework for this analysis. Relevant documents were reviewed. Twenty three e-mail interviews were conducted among the University of Tartu administrators, faculty members and representatives of both networks. Ten cross-cutting themes were identified as having impact on network participation.

The thesis provides an analysis, from the institutional perspective, of the factors that are contributing towards mutually beneficial participation in European University Networks. Previous research about institutional networks has concentrated on the networks' perspective on beneficial operational factors. Joining institutional university networks has been stated to be a recent strategic trend in Europe. Therefore it is important to provide detailed data from the institutional point of view to enable other institutions to make informed decisions about joining such networks. The University of Tartu provides an interesting case study on its experience of participation in the Coimbra Group and the Utrecht Network. Strategic management theory was used as a theoretical framework for this analysis. Relevant documents were reviewed. Twenty three e-mail interviews were conducted among the University of Tartu administrators, faculty members and representatives of both networks. Ten cross-cutting themes were identified as having impact on network participation.

South Africa is a developing country. It has been an active participant in the multilateral trading system since the creation of the new democratic government in May 1994. However, the country's role in the history of the multilateral trading system before this was very different. South Africa was a founding member of the GATT in 1947. The apartheid regime positioned itself within the organisation as a developed country and behaved as such. This study examines over 800 GATT documents on the country's participation in the GATT from 1947 to 1994. These documents have not been examined or studied before in any comprehensive manner. Although there is a vast literature on the history of the GATT, much of this is written from an orthodox standpoint, especially on the role of developing countries (Bhagwati, 2002; Srinivasan, 1998; Hoekman and Kostecki, 1995; Martin and Messerlin, 2007). More recently, there has been some revisionist academic literature on the GATT (Wilkinson, 2006, 2014; Wilkinson and Scott, 2008). This empirical study contributes to the work of the revisionists. An examination of the GATT documentation raises three main questions that this study sets out to examine. First, why did Apartheid South Africa project itself as a developed country in the GATT from its formation in 1947? Second, how was South Africa able to implement its domestic protectionist and discriminatory policies and still adhere to the ideas and principles of the GATT? And third, why did the major players in the GATT reflect a tendency to deviate from the main ideas and principles of the GATT in their trade practices vis-a-vis South Africa?John Ruggie's work on ideas and multilateralism and his concept of 'embedded liberalism' to describe the post-war multilateral economic institutions, including the GATT, is utilised to analyse the above questions. This study argues that while Ruggie's work is helpful in setting out the main ideas that drove the creation of the GATT and that became the core principles of the organisation, this analytical work on the multilateral trading system is incomplete and will need to be extended by other theoretical work. The GATT documentation reveals that there was a gap between the ideals of the multilateral trading system and the practice of both South Africa and the developed countries within the organisation. While they both professed their commitment to the GATT ideas of liberalisation, non-discrimination and reciprocity, their practices often tended towards protectionism, discrimination and the exclusion of developing countries. To explain this contradictory behaviour this study has drawn on the revisionist history of the GATT. This extended analytical framework is utilised to analyse the GATT documentation on South Africa.

The purpose of this study is to ascertain what role multilateral diplomacy has played in building and operationalising the AU, and whether it is likely to continue to consolidate the Union and, as a corollary, Africa’s socio-economic and political renewal. In this way the dissertation analyses both the role of multilateral diplomacy already utilised and the future prospects for diplomacy to entrench the Union’s organs and programmes. As most of the primary organs of the AU were established during the period 2000-2004, the diplomatic substance and process, which was predominantly multilateral in form during that period, is examined. The study attempts to provide explanations and offer recommendations for diplomatic behaviour by African states within the continental organisation, and the AU within the international context. Rationalist as well as constructivist international relations theory is used as a conceptual framework in order to examine diplomatic relations aimed at promoting issues of security, power and survival of the state, as well as ideas related to political economy, international cooperation and the environment, and international institution building. The diplomacy already utilised in the creation of the AU’s primary organs was predominantly focused on procedural issues, conducted by means of African multilateralism such as regional bloc diplomacy and personal diplomacy by African Heads of State and Government. The necessity to include other, non-state actors in the AU consolidation process is also evident. Prioritising the Union’s policy objectives under economic development and integration; continental good governance; and the popularisation of the AU, the study postulates that future African diplomacy will probably continue to be regionally driven, economic and public in nature and focused on making tangible progress. With the institutional infrastructure in place, the need for multilateral diplomacy to be geared towards implementation of AU commitments is emphasised. Multilateral diplomacy is likely to prevail in AU diplomatic practice both in terms of substance and procedure and will need to focus on addressing the enormous challenges faced by the continent including eradicating poverty and underdevelopment, ensuring peace, security and stability and combating HIV and AIDS, amongst others. The AU needs to use multilateral diplomacy, not exclusively but in conjunction with other forms of diplomacy, to effectively and efficiently implement its commitments and programmes for the tangible benefit of the ordinary African citizen. Only then will the AU be deemed credible in the eyes of its people and the rest of the world. Copyright / Dissertation (MDIPS)--University of Pretoria, 2009. / Political Sciences / unrestricted

The World Trade Organization’s agreements contain a national security exception, that allows WTO members to circumvent their international trade obligations under the organization if they find it necessary to protect their essential security interests. The exception embodies the complex and difficultly navigated line between national security and free trade. National sovereignty is a matter that is widely considered to go beyond the interests of trade, a notion from which the need of a security exception spawns, while circumvention of the WTO obligations for any other reason than honest and real intent to uphold security clearly undermines the system.  To date, two WTO panels have interpreted a subparagraph of the national security exception, namely the case where a member may adopt measures they find necessary for the protection of their essential security interests in times of war or other emergency in international relations. To satisfy the requirements under this provision, a member must adhere to the principle of good faith by articulating its essential security interest, and elucidate the link between these interests and the trade restrictive measures adopted. However, the panels failed to properly scrutinize the existence of good faith. Instead, fulfillment of these requirements was determined by how close the emergency in international relation lied to the hard core of armed conflict. In this essay, it is argued that the failure to properly review good faith leaves a legal loophole that enables abuse of the exception for purely economic reasons. Previously, the atmosphere of the trading system allowed security and economic matters to more easily be kept apart. However, recent developments of national trade policies and the rise of new economic powers have changed the balance of the geoeconomic order.  Because uncodified powers no longer efficiently suppress security disputes from entering the WTO, this essay concludes that the security exception might have to be clarified to prevent abuse. Considering the changes to the trading regime’s state of play, the main discussion held is on whether an evolutionary interpretation of the term “emergency in international relations” could help remedy the loophole in the national security exception. As the multilateral trading system is facing challenges much different from the post-war environment in which the exception was drafted, the security exception must be interpreted in a dynamic manner to ensure compliance with the intention of its drafting parties.

Yes