Foreign direct investment, tax competition and social expenditure
In: Research paper 2007,03 : Globalisation, productivity and technology
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In: Research paper 2007,03 : Globalisation, productivity and technology
In: Research paper 2007,02 : Theory and methods
In: Theoretical economics publications 514
In: Discussion paper 07-003
We present evidence on venture capitalists' (VCs) impact on turnover of executives for a sample of nearly 47,000 German high-tech start-ups between 1995 and 2004. We confirm that the presence of VCs increases the probability of a change in the initial executive team. Additionally, we take a closer look on the subsample of venturebacked firms. We find that a small distance between the VCs and the companies they finance and a larger total stake in the company owned by VCs increase the probability of changes in the initial executive teams.
In: Discussion paper 07-005
Following the well-known approach by Adler and Dumas (1984) we evaluate the foreign exchange rate exposure of nations. Results based on data from 27 countries show that national foreign exchange rate exposures are significantly related to the current trade balance variables of corresponding economies.
In: Research paper 2007,10 : Globalisation, productivity and technology
In: Research paper 2007,07 : Globalisation, productivity and technology
In: CEP discussion paper 777
In: Ruhr economic papers 33
In: Ruhr economic papers 36
In: Discussion paper series 2851
Our paper deals with econometric developments for the estimation of the gravity model which lead to convergent parameter estimates even when a correlation exists between the explanatory variables and the specific unobservable characteristics of each unit. We implement panel data econometric techniques to characterize bilateral trade flows between heterogeneous economies. Our econometric results based on a sample of Eastern European countries (EEC) and OECD countries over a 18 year period highlight the importance of the taking into account of unobservable heterogeneity to obtain a specification in accordance with data properties and unbiased coefficients. The fixed effect factor decomposition (FEVD) technique appears the more suitable for this purpose. We focus more specifically on EEC countries belonging to the last wave of adhesion (Bulgaria and Romania). Since 1990, these countries have moved towards a market economy and more democracy. Our econometric results provide clear evidence in favor of the traditional trade theory based on comparative advantage which suggests a reallocation of labor intensive industry towards EEC generating a complementary specialization.
In: Berichte zur Polar- und Meeresforschung 566
In: Wadden sea ecosystem 23