This thesis examines the impact of foreign direct investment (FDI) on Vietnamese economy based on Partial Adjustment Model and time series data from 1976 to 2004. FDI is shown to have not only short run but also long run effect on gross domestic product (GDP) of Vietnam. However, elasticity of GDP with respect to FDI is small and it will take many years to fully manifest itself. The impact of trade openness on GDP has also been examined and it is shown to be stronger than that of FDI. The paper offers a number of explanations and discusses briefly suggestions in order to increase the contribution of FDI to Vietnam’s economic development.

During the year of 2007, the world has experienced historically high oil prices both in nominal and in real terms, which has reopened discussions about energy sustainability. We therefore found it interesting to research oil dependencies and elasticities for Brazil, China, Norway, South Korea, Sweden and USA; and their possible oil consumption response to a Peak Oil phenomenon. Peak Oil in this thesis, implies that oil production will reach its climax and decline thereafter. To help draw conclusions, appropriate statistical analysis on macroeconomic variables was used as well as the modified Nerlove’s partial adjustment equation to calculate price and income elasticities both in the short and long-run. Regression results have shown that short-run price elasticities were low in all countries; in addition income elasticities were also inelastic but more elastic in relation to oil price elasticities. This indicates that oil consumption is more sensitive to changes in income than to changes in oil price. It was concluded that oil dependencies among nations differ and the trend is that developing countries are increasing their oil dependency while developed countries tend to decrease their oil dependency over time. Peak Oil will lead to higher oil prices, which in the short-run will change developing countries oil consumption to a greater extent than developed countries, but in the long-run their response are more similar. It was also noticed, that when GDP decreases in net-oil-importing countries, oil consumption will decrease even further. The opposite could be true for net-oil-exporting countries like Norway and Brazil. / Under år 2007 har världen upplevt historiskt höga oljepriser, både i nominella och reala termer, vilket återigen har lyft upp energiförsörjningen på agendan. Vi fann det därför intressant att undersöka oljeberoenden i Brasilien, Kina, Norge, Sydkorea, Sverige, USA och se hur dessa länders oljekonsumption kan påverkas av Peak Oil. Peak oil betyder att oljeproduktionen når sitt maximum och minskar därefter. För att kunna dra slutsatser har lämpliga statistiska verktyg använts på olika makroekonomiska variabler och applicerat ”Nerlove’s partial adjustment model” på data har pris-och inkomstelasticiteten av olja i varje land både på kort och lång sikt kunnat utvinnas. Från regressionen har framträtt; priselasticiteten var låg på kort sikt i alla länder och detta gäller även för inkomstelasticiteten, dock var inkomstelasticiteten relativt mer elastisk i alla länder. Detta indikerar att oljekonsumtionen är mer känslig för förändringar i inkomst än för förändringar i pris. Slutsatsen från studien är att olika länder har olika nivåer av oljeberoende och att utvecklingsländer tenderar att öka sitt relativa oljeberoende över tid medan de industrialiserade länderna tenderar att minska sitt relativa oljeberoende över tid. Peak Oil leder till högre oljepriser vilket på kort sikt kommer att påverka utvecklingsländernas oljekonsumtion mer än de industrialiserade ländernas, dock minskar skillnaden på lång sikt. En observering från denna forskning är att när BNP minskar hos olje-importörerna kommer även oljekonsumtionen att minska. För oljeexportörer som Brasilien och Norge kan oljekonsumptionen öka när BNP inkomsterna ökar från Peak Oil.

<p>During the year of 2007, the world has experienced historically high oil prices both in nominal and in real terms, which has reopened discussions about energy sustainability. We therefore found it interesting to research oil dependencies and elasticities for Brazil, China, Norway, South Korea, Sweden and USA; and their possible oil consumption response to a Peak Oil phenomenon. Peak Oil in this thesis, implies that oil production will reach its climax and decline thereafter. To help draw conclusions, appropriate statistical analysis on macroeconomic variables was used as well as the modified Nerlove’s partial adjustment equation to calculate price and income elasticities both in the short and long-run. Regression results have shown that short-run price elasticities were low in all countries; in addition income elasticities were also inelastic but more elastic in relation to oil price elasticities. This indicates that oil consumption is more sensitive to changes in income than to changes in oil price. It was concluded that oil dependencies among nations differ and the trend is that developing countries are increasing their oil dependency while developed countries tend to decrease their oil dependency over time. Peak Oil will lead to higher oil prices, which in the short-run will change developing countries oil consumption to a greater extent than developed countries, but in the long-run their response are more similar. It was also noticed, that when GDP decreases in net-oil-importing countries, oil consumption will decrease even further. The opposite could be true for net-oil-exporting countries like Norway and Brazil.</p> / <p>Under år 2007 har världen upplevt historiskt höga oljepriser, både i nominella och reala termer, vilket återigen har lyft upp energiförsörjningen på agendan. Vi fann det därför intressant att undersöka oljeberoenden i Brasilien, Kina, Norge, Sydkorea, Sverige, USA och se hur dessa länders oljekonsumption kan påverkas av Peak Oil. Peak oil betyder att oljeproduktionen når sitt maximum och minskar därefter. För att kunna dra slutsatser har lämpliga statistiska verktyg använts på olika makroekonomiska variabler och applicerat ”Nerlove’s partial adjustment model” på data har pris-och inkomstelasticiteten av olja i varje land både på kort och lång sikt kunnat utvinnas. Från regressionen har framträtt; priselasticiteten var låg på kort sikt i alla länder och detta gäller även för inkomstelasticiteten, dock var inkomstelasticiteten relativt mer elastisk i alla länder. Detta indikerar att oljekonsumtionen är mer känslig för förändringar i inkomst än för förändringar i pris. Slutsatsen från studien är att olika länder har olika nivåer av oljeberoende och att utvecklingsländer tenderar att öka sitt relativa oljeberoende över tid medan de industrialiserade länderna tenderar att minska sitt relativa oljeberoende över tid. Peak Oil leder till högre oljepriser vilket på kort sikt kommer att påverka utvecklingsländernas oljekonsumtion mer än de industrialiserade ländernas, dock minskar skillnaden på lång sikt. En observering från denna forskning är att när BNP minskar hos olje-importörerna kommer även oljekonsumtionen att minska. För oljeexportörer som Brasilien och Norge kan oljekonsumptionen öka när BNP inkomsterna ökar från Peak Oil.</p>

This study examines whether different corporate real estate (CRE) strategies affect the stock outperformance and systemic risk of various companies. The sample of 443 listed companies of 17 industries in Taiwan during 2000 to 2010 was divided into four groups for the different corporate real estate strategies. The pairwise abnormal return and systemic risk of composite and business (without the affect from real estate market) series were empirically examined and compared using a partial adjustment model. This study also conducts the two-stage least squares procedure to determine whether four CRE strategies were considered diversifiable factors when evaluating the firm¡¦s value The results do not indicate an increasingly abnormal return performance associated with the company implementing a certain CRE strategy, but companies with a stable profession and consistent adjustment strategies are considered a good diversifier by stock investors. Aggressive adjustment strategies do not diversify the systematic risk to overall industry, otherwise the scale of total assets would be considered a diversification in companies with aggressive strategies. The companies using an aggressive profession strategy to increase leverage are regarded as risky phenomen for stock investors, and companies with stable profession strategies face higher systemic risk if their book value is greater than their market value. Therefore, this study determines that CRE strategies affect companies¡¦ systematical risk.

No description available.

O presente estudo tem como propósito fazer uma análise empírica da estrutura dos custos de ajustamento do emprego em indústrias no Brasil, a partir de dados microeconômicos de empresas industriais do Rio Grande do Sul. O estudo é motivado pelas grandes mudanças no emprego industrial nos anos 90 e 2000 e o fato estilizado de grande heterogeneidade na flutuação do emprego revelado na literatura de fluxos de emprego. Inicialmente, identifica-se a existência de diferentes estruturas teóricas para custos de ajustamento do emprego, que podem ser agrupadas em custos convexos e nãoconvexos e funções quadráticas (simétricas) e não lineares. Uma revisão da literatura empírica revela que poucos estudos no mundo e nenhum usando dados brasileiros consideram a possibilidade de custos não quadráticos e/ou convexos. A identificação da estrutura de custos de ajustamento divide-se em metodologias empíricas complementares. Primeiro, uma metodologia semi-paramétrica de flutuação do emprego industrial empregando modelos de sobrevivência e matrizes de transição, de modo inovador no Brasil, para diferenciar se os custos são convexos ou não. Segundo, dentro de um modelo paramétrico de demanda por emprego usual, permitindo comparações com a literatura, a estimação de forma funcional da função de demanda com custos de ajustamento quadrático e linear. Os resultados mostram que o modelo dinâmico com custos de ajustamento quadrático pode se útil para dar uma idéia da dinâmica do ajuste do emprego, porém não é o modelo mais adequado. Isso fica evidente a partir do momento em que os resultados do modelo geral, o qual contempla os custos de ajustamento quadrático e fixo, demonstram a necessidade de incorporar ambos os custos. Ao mesmo tempo, os modelos semi-paramétrico sugerem que os custos de ajustamento não-convexos têm mais apoio nos dados. / The aim of this study is, from microeconomic data from industrial companies of Rio Grande do Sul, to perform an empirical analysis of the employment adjustment costs in industries in Brazil. This study is motivated by the changes in industrial employment in the last and present decades and by the stylized fact of heterogeneity in job flows revealed in jog flow literature. Initially, is showed the existence of different theoretical structures to explain employment adjustment costs, which can be classified as convex and non-convex costs and quadratic (symmetrical) and non-linear functions. An empirical literature review reveals that few studies in the world, none of them using brazilian data, consider the possibility of non-quadratic and/or non-convex costs. The identification of the structure of adjustment costs is split in complementary empirical methodologies. First, an industrial job flow semi-parametrical methodology that uses survival models and transition matrixes, innovative in Brazil, to state if the costs are convex or not. Second, in the context of a usual employment demand parametric model, allowing comparisons with the literature, the estimation of the quadratic and linear adjustment costs’ demand function’s functional form. Results show that the dynamic model with quadratic adjustment can be useful to give a clue about the job adjustment dynamic, but that it’s not the most adequate one. This stays clear from the moment in which the results of the general model, which considers the lumpy and quadratic adjustment costs, show the need of incorporating both of these costs. At the same time, the semi-parametric models suggest that the non-convex adjustment costs have more data appeal.

O presente estudo tem como propósito fazer uma análise empírica da estrutura dos custos de ajustamento do emprego em indústrias no Brasil, a partir de dados microeconômicos de empresas industriais do Rio Grande do Sul. O estudo é motivado pelas grandes mudanças no emprego industrial nos anos 90 e 2000 e o fato estilizado de grande heterogeneidade na flutuação do emprego revelado na literatura de fluxos de emprego. Inicialmente, identifica-se a existência de diferentes estruturas teóricas para custos de ajustamento do emprego, que podem ser agrupadas em custos convexos e nãoconvexos e funções quadráticas (simétricas) e não lineares. Uma revisão da literatura empírica revela que poucos estudos no mundo e nenhum usando dados brasileiros consideram a possibilidade de custos não quadráticos e/ou convexos. A identificação da estrutura de custos de ajustamento divide-se em metodologias empíricas complementares. Primeiro, uma metodologia semi-paramétrica de flutuação do emprego industrial empregando modelos de sobrevivência e matrizes de transição, de modo inovador no Brasil, para diferenciar se os custos são convexos ou não. Segundo, dentro de um modelo paramétrico de demanda por emprego usual, permitindo comparações com a literatura, a estimação de forma funcional da função de demanda com custos de ajustamento quadrático e linear. Os resultados mostram que o modelo dinâmico com custos de ajustamento quadrático pode se útil para dar uma idéia da dinâmica do ajuste do emprego, porém não é o modelo mais adequado. Isso fica evidente a partir do momento em que os resultados do modelo geral, o qual contempla os custos de ajustamento quadrático e fixo, demonstram a necessidade de incorporar ambos os custos. Ao mesmo tempo, os modelos semi-paramétrico sugerem que os custos de ajustamento não-convexos têm mais apoio nos dados. / The aim of this study is, from microeconomic data from industrial companies of Rio Grande do Sul, to perform an empirical analysis of the employment adjustment costs in industries in Brazil. This study is motivated by the changes in industrial employment in the last and present decades and by the stylized fact of heterogeneity in job flows revealed in jog flow literature. Initially, is showed the existence of different theoretical structures to explain employment adjustment costs, which can be classified as convex and non-convex costs and quadratic (symmetrical) and non-linear functions. An empirical literature review reveals that few studies in the world, none of them using brazilian data, consider the possibility of non-quadratic and/or non-convex costs. The identification of the structure of adjustment costs is split in complementary empirical methodologies. First, an industrial job flow semi-parametrical methodology that uses survival models and transition matrixes, innovative in Brazil, to state if the costs are convex or not. Second, in the context of a usual employment demand parametric model, allowing comparisons with the literature, the estimation of the quadratic and linear adjustment costs’ demand function’s functional form. Results show that the dynamic model with quadratic adjustment can be useful to give a clue about the job adjustment dynamic, but that it’s not the most adequate one. This stays clear from the moment in which the results of the general model, which considers the lumpy and quadratic adjustment costs, show the need of incorporating both of these costs. At the same time, the semi-parametric models suggest that the non-convex adjustment costs have more data appeal.

O presente estudo tem como propósito fazer uma análise empírica da estrutura dos custos de ajustamento do emprego em indústrias no Brasil, a partir de dados microeconômicos de empresas industriais do Rio Grande do Sul. O estudo é motivado pelas grandes mudanças no emprego industrial nos anos 90 e 2000 e o fato estilizado de grande heterogeneidade na flutuação do emprego revelado na literatura de fluxos de emprego. Inicialmente, identifica-se a existência de diferentes estruturas teóricas para custos de ajustamento do emprego, que podem ser agrupadas em custos convexos e nãoconvexos e funções quadráticas (simétricas) e não lineares. Uma revisão da literatura empírica revela que poucos estudos no mundo e nenhum usando dados brasileiros consideram a possibilidade de custos não quadráticos e/ou convexos. A identificação da estrutura de custos de ajustamento divide-se em metodologias empíricas complementares. Primeiro, uma metodologia semi-paramétrica de flutuação do emprego industrial empregando modelos de sobrevivência e matrizes de transição, de modo inovador no Brasil, para diferenciar se os custos são convexos ou não. Segundo, dentro de um modelo paramétrico de demanda por emprego usual, permitindo comparações com a literatura, a estimação de forma funcional da função de demanda com custos de ajustamento quadrático e linear. Os resultados mostram que o modelo dinâmico com custos de ajustamento quadrático pode se útil para dar uma idéia da dinâmica do ajuste do emprego, porém não é o modelo mais adequado. Isso fica evidente a partir do momento em que os resultados do modelo geral, o qual contempla os custos de ajustamento quadrático e fixo, demonstram a necessidade de incorporar ambos os custos. Ao mesmo tempo, os modelos semi-paramétrico sugerem que os custos de ajustamento não-convexos têm mais apoio nos dados. / The aim of this study is, from microeconomic data from industrial companies of Rio Grande do Sul, to perform an empirical analysis of the employment adjustment costs in industries in Brazil. This study is motivated by the changes in industrial employment in the last and present decades and by the stylized fact of heterogeneity in job flows revealed in jog flow literature. Initially, is showed the existence of different theoretical structures to explain employment adjustment costs, which can be classified as convex and non-convex costs and quadratic (symmetrical) and non-linear functions. An empirical literature review reveals that few studies in the world, none of them using brazilian data, consider the possibility of non-quadratic and/or non-convex costs. The identification of the structure of adjustment costs is split in complementary empirical methodologies. First, an industrial job flow semi-parametrical methodology that uses survival models and transition matrixes, innovative in Brazil, to state if the costs are convex or not. Second, in the context of a usual employment demand parametric model, allowing comparisons with the literature, the estimation of the quadratic and linear adjustment costs’ demand function’s functional form. Results show that the dynamic model with quadratic adjustment can be useful to give a clue about the job adjustment dynamic, but that it’s not the most adequate one. This stays clear from the moment in which the results of the general model, which considers the lumpy and quadratic adjustment costs, show the need of incorporating both of these costs. At the same time, the semi-parametric models suggest that the non-convex adjustment costs have more data appeal.

近幾年針對資本結構的研究發現,在比較先進國家的企業確實有逐步調整回自己的最適資本結構的動作。本論文進一步將研究擴大到開發中國家，發現研究中的32個國家，不論是已開發或是發開中國家的企業，確實都有維持最適資本結構的動作。當資本結構偏離時，企業會逐步地調整回其最適值，然而每個國家調整回最適資本結構的調整速度則存在著差異性。本論文進一步利用國家間法律、會計、制度以及規範面的差異下去分析，發現國家發展程度以及會計制度是影響調整回最適資本結構的速度快慢的重要因子。此外，本論文亦探討融資順位理論及擇時理論的影響，發現加入融資順位理論因子後，調整速度會有相當程度的減緩，而減緩的幅度，則與國家發展程度、法律保護、公司稅率以及會計制度有顯著的關連性。 / Recent empirical literature provides evidences that firms in most developed countries do partially adjust toward their target capital structure. In this paper, we show that no only firms in developed countries, but also those in emerging countries gradually move back to their long-run equilibrium when they are away from it. But the adjustment speeds vary from country to country. We study the determinants of adjustment speeds around the world by focusing on differences in laws and regulations across countries. Our evidences show that firms in countries with common-law tradition, stronger shareholder right, or more completed accounting standards tend to move back to their optimal leverage quicker. Furthermore, we add two variables related to other two main capital structures (pecking order and market timing) in our analysis to capture their effects. Both theories add some information in explaining capital structure, but the impacts differ when applying different leverage measures. When we define leverage ratio as long-term debts dividend by net assets, we observe that pecking order factor lowers the adjustment speed a lot. And the magnitude of decrease on adjustment speed is significantly correlated with market condition, law enforcement, corporate tax rate and accounting standard. More developed countries and countries with stronger law enforcement, higher corporate tax rate, or more completed accounting standards tend to have less reduction on adjustment speed when including pecking order factor, because they have less information asymmetries.