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Ownership, Capital or Outsourcing: What Drives German Investment to Eastern Europe?

Lorentowicz, Andzelika; Marin, Dalia; Raubold, Alexander - C.E.P.R. Discussion Papers - 2002

The Paper takes a first look at the host and home country effects of German foreign direct investment (FDI) in Eastern Europe based on new survey data of 1050 investment projects in Eastern Europe by 420 German multinationals during the 1990s. We find that German investors transfer a substantial...

Persistent link: https://www.econbiz.de/10005666929

Does Globalization Create Superstars?

Gersbach, Hans; Schmutzler, Armin - C.E.P.R. Discussion Papers - 2007

To examine the impact of globalization on managerial compensation, we consider a matching model where a number of firms … compete both in the product market and in the managerial market. We show that globalization, that is, the simultaneous …

Persistent link: https://www.econbiz.de/10005666641

A New Look at Offshoring and Inequality: Specialization Versus Competition

Ekholm, Karolina; Ulltveit-Moe, Karen-Helene - C.E.P.R. Discussion Papers - 2007

fact been bell-shaped. We argue that this bell-shaped evolution of wage inequality can be linked to globalization and a … rise in offshoring. To analyze the relationship between globalization, offshoring and relative wages, we develop a general … equilibrium model of trade and offshoring. This reveals that globalization and offshoring have two opposing effects on relative …

Persistent link: https://www.econbiz.de/10005123637

What Determines the Economic Geography of Europe?

Haaland, Jan I.; Kind, Hans Jarle; Ulltveit-Moe, … - C.E.P.R. Discussion Papers - 1999

This paper focuses on what the driving forces behind industry localisation in Europe are. Based on traditional as well as new trade theory and new economic geography our cross-sectoral empirical analysis seeks to explain the pattern of relative and absolute concentration of manufacturing...

Persistent link: https://www.econbiz.de/10005504618

The Log of Gravity

Santos Silva, J.M.C; Tenreyro, Silvana - C.E.P.R. Discussion Papers - 2005

Although economists have long been aware of Jensen's inequality, many econometric applications have neglected an important implication of it: the standard practice of interpreting the parameters of log-linearized models estimated by ordinary least squares as elasticities can be highly misleading...

Persistent link: https://www.econbiz.de/10005136746

Cross-Border Mergers & Acquisitions and the Role of Trade Costs

Görg, Holger; Hijzen, Alexander; Manchin, Miriam - C.E.P.R. Discussion Papers - 2007

Cross-border mergers and acquisitions (M&As) have increased dramatically over the last two decades. This paper analyses the role of trade costs in explaining the increase in the number of cross-border mergers and acquisitions. In particular, we distinguish horizontal and non-horizontal M&As and...

Persistent link: https://www.econbiz.de/10005067607

Victims of Progress: Economic Integration, Specialization and Wages for Unskilled Labour

Francois, Joseph; Nelson, Doug R - C.E.P.R. Discussion Papers - 2000

In this paper we demonstrate that intra-industry trade (or FDI) between identical countries could produce the observed deterioration in the relative wages of unskilled workers. This involves a model of North-North integration through either increased trade flows or increased MNE-based...

Persistent link: https://www.econbiz.de/10005791284

Distribution & Growth in an Economy with Limited Needs

Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 2001

This Paper studies a model of the distribution of income under bounded needs. Utility derived from any given good reaches a bliss point at a finite consumption level of that good. On the other hand, introducing new varieties always increases utility. It is assumed that each variety is owned by a...

Persistent link: https://www.econbiz.de/10005124380

M&As Performance in the European Financial Industry

Campa, José Manuel; Hernando, Ignacio - C.E.P.R. Discussion Papers - 2005

This paper looks at the performance record of M&As that took place in the European Union financial industry in the period 1998-2002. First, the paper reports evidence on shareholder returns from the merger. Merger announcements implied positive excess returns to the shareholders of the target...

Persistent link: https://www.econbiz.de/10005504600

Cross-Border Acquisitions and Greenfield Entry: Profitability and Stock Market Value

Norbäck, Pehr-Johan; Persson, Lars - C.E.P.R. Discussion Papers - 2003

This Paper studies cross-border acquisitions and greenfield entry in a multi-firm setting. Acquisition entry is more likely when the acquirer gains a strong position in the product market, relative to greenfield entrants. We also show that such acquisitions might have a low profitability,...

Persistent link: https://www.econbiz.de/10005504733