DSpace Collection: 2003-07
http://hdl.handle.net/2115/5304
2003-072024-03-19T03:13:13ZFDI Scenario in Uzbekistan-Glancing at the First Decade after Independence
http://hdl.handle.net/2115/5386
Title: FDI Scenario in Uzbekistan-Glancing at the First Decade after Independence
Authors: Abdurakhmonov, Mukhsinkhuja
Abstract: Uzbekistan-the most populated country in Central Asia-provides an interesting contrast in terms of the transition strategies and economic outcomes. Uzbekistan transitional policies have been much more conservative and in contrast with policies adopted by other transitional economies in its peer group; preferring to transform its economy using its own form of gradualism and slow sequencing of reforms. In recent years foreign direct investment has become an important feature of the development of the world economy, and Uzbekistan too is coming to terms with these global challenges. This study aims at analyzing the foreign direct investment inflow to Uzbekistan; the presence of incentives and obstacles for investors as well as government policy for investment attraction has been brought into focus. In the end some suggestions for the promotion of investment-friendly environment have been put forwards. (JEL F21, O53, P33)2003-06-30T15:00:00ZAbdurakhmonov, MukhsinkhujaUzbekistan-the most populated country in Central Asia-provides an interesting contrast in terms of the transition strategies and economic outcomes. Uzbekistan transitional policies have been much more conservative and in contrast with policies adopted by other transitional economies in its peer group; preferring to transform its economy using its own form of gradualism and slow sequencing of reforms. In recent years foreign direct investment has become an important feature of the development of the world economy, and Uzbekistan too is coming to terms with these global challenges. This study aims at analyzing the foreign direct investment inflow to Uzbekistan; the presence of incentives and obstacles for investors as well as government policy for investment attraction has been brought into focus. In the end some suggestions for the promotion of investment-friendly environment have been put forwards. (JEL F21, O53, P33)Analysis of Initial Returns Rate in the IPO Market among 21 Countries
http://hdl.handle.net/2115/5385
Title: Analysis of Initial Returns Rate in the IPO Market among 21 Countries
Authors: Nakamura, Hiromasa
Abstract: This thesis looks into the relationship between Initial Returns of the IPO Market and Macro-Economy in each of 21 countries, that is, Australia, Canada, China, France, Germany, Hong Kong, India, Indonesia, Italy, Japan, Mexico, New Zealand, Philippines, Poland, Singapore, South Korea, Spain, Taiwan, Thailand, U.K., and U.S. As the indexes, Macro-Economy, Nominal GDP, Real GDP, GDP per capita, Current Account, Money Supply, and CPI are selected. In addition, there are some dummy variables; for example, the cultural background of each country is considered. (JEL E44, G15, G24)2003-06-30T15:00:00ZNakamura, HiromasaThis thesis looks into the relationship between Initial Returns of the IPO Market and Macro-Economy in each of 21 countries, that is, Australia, Canada, China, France, Germany, Hong Kong, India, Indonesia, Italy, Japan, Mexico, New Zealand, Philippines, Poland, Singapore, South Korea, Spain, Taiwan, Thailand, U.K., and U.S. As the indexes, Macro-Economy, Nominal GDP, Real GDP, GDP per capita, Current Account, Money Supply, and CPI are selected. In addition, there are some dummy variables; for example, the cultural background of each country is considered. (JEL E44, G15, G24)Realities in Tokyo Stock Exchange
http://hdl.handle.net/2115/5384
Title: Realities in Tokyo Stock Exchange
Authors: Kirkulak, Berna
Abstract: This paper empirically examines the going public decision of 82 companies in Tokyo Stock Exchange (TSE) Market during 1997-2001 periods. In contrast to Jasdaq OTC market, most retail & wholesale and service companies, rather than IT companies prefer TSE. The empirical evidence of this paper shows that there is also bubble-underpricing phenomenon in TSE particularly in 1999. This study reports that IPO listed in TSE are generally old and high-sales firms. Moreover, it is remarkable to note that most of IPOs are managed with traditional style that major shareholder and CEO are same persons. (JEL G32, G24)2003-06-30T15:00:00ZKirkulak, BernaThis paper empirically examines the going public decision of 82 companies in Tokyo Stock Exchange (TSE) Market during 1997-2001 periods. In contrast to Jasdaq OTC market, most retail & wholesale and service companies, rather than IT companies prefer TSE. The empirical evidence of this paper shows that there is also bubble-underpricing phenomenon in TSE particularly in 1999. This study reports that IPO listed in TSE are generally old and high-sales firms. Moreover, it is remarkable to note that most of IPOs are managed with traditional style that major shareholder and CEO are same persons. (JEL G32, G24)Balanced Venture Cards : Integrating Information and Venture Nurturing Strategy to Prevent Shock & Awe
http://hdl.handle.net/2115/5383
Title: Balanced Venture Cards : Integrating Information and Venture Nurturing Strategy to Prevent Shock & Awe
Authors: Jehan, Shahzadah Nayyar
Abstract: Although the venture development and nurturing strategies are not new, but most of these strategies are prone to shock and awe of unexpected developments while a venture goes through different stages of its life. In most cases the shock and awe of the unexpected developments in the venture is fatal and many ventures go down the drain in early stages of their development leaving a very small percentage of ventures joining the pool of successful ventures. The idea behind the balanced venture cards presented in this paper calls for more accurate as well as multiple layers of nurturing strategy while making the integrated information and value portal as the venture linchpin instead of funds flow. The objective of the balanced venture cards approach is to ensure that maximum possible avenues are brought into consideration that can allow a venture to be nurtured to a stage where it can join the pool of successful ventures. (JEL M130)2003-06-30T15:00:00ZJehan, Shahzadah NayyarAlthough the venture development and nurturing strategies are not new, but most of these strategies are prone to shock and awe of unexpected developments while a venture goes through different stages of its life. In most cases the shock and awe of the unexpected developments in the venture is fatal and many ventures go down the drain in early stages of their development leaving a very small percentage of ventures joining the pool of successful ventures. The idea behind the balanced venture cards presented in this paper calls for more accurate as well as multiple layers of nurturing strategy while making the integrated information and value portal as the venture linchpin instead of funds flow. The objective of the balanced venture cards approach is to ensure that maximum possible avenues are brought into consideration that can allow a venture to be nurtured to a stage where it can join the pool of successful ventures. (JEL M130)The Reconsideration of "Valuation Ratio" from the Contemporary Perspective
http://hdl.handle.net/2115/5382
Title: The Reconsideration of "Valuation Ratio" from the Contemporary Perspective
Authors: Kurose, Kazuhiro
Abstract: The purpose of this paper is to reconsider the "valuation ratio," a close notion to the so-called "Q-ratio." It is always assumed to be a constant, even though it is not equal to unity. However, the assumption is inappropriate from the contemporary perspective. In fact, it has obscured the weakness of the post-Keynesian theory. Therefore, the assumption should be removed. We examine the result when its ratio is regarded as a variable. Finally, we conclude the need for the introduction of new parameter to denote a proportion of newly issued securities to the total purchased. (JEL E12, E44, F34, G1)2003-06-30T15:00:00ZKurose, KazuhiroThe purpose of this paper is to reconsider the "valuation ratio," a close notion to the so-called "Q-ratio." It is always assumed to be a constant, even though it is not equal to unity. However, the assumption is inappropriate from the contemporary perspective. In fact, it has obscured the weakness of the post-Keynesian theory. Therefore, the assumption should be removed. We examine the result when its ratio is regarded as a variable. Finally, we conclude the need for the introduction of new parameter to denote a proportion of newly issued securities to the total purchased. (JEL E12, E44, F34, G1)International Capital Movement, Economic Fundamentals and the Russian Financial Crisis : Three Years Later
http://hdl.handle.net/2115/5381
Title: International Capital Movement, Economic Fundamentals and the Russian Financial Crisis : Three Years Later
Authors: Ono, Shigeki
Abstract: In 1997, Russia's GDP recorded a positive growth rate for the first time since Russia's transition to a market economy. Hyperinflation was brought to an end, and the Russian economy seemed to fare well. However, Russia was struck by a financial crisis in 1998. In this article, we seek to review the reasons for the Russian financial crisis, and to analyze the situational change of its causes in the process of the economic recovery, from the viewpoints of international capital movement and economic fundamentals. (JEL E62, F32, F34, G18, H62, P30)2003-06-30T15:00:00ZOno, ShigekiIn 1997, Russia's GDP recorded a positive growth rate for the first time since Russia's transition to a market economy. Hyperinflation was brought to an end, and the Russian economy seemed to fare well. However, Russia was struck by a financial crisis in 1998. In this article, we seek to review the reasons for the Russian financial crisis, and to analyze the situational change of its causes in the process of the economic recovery, from the viewpoints of international capital movement and economic fundamentals. (JEL E62, F32, F34, G18, H62, P30)Liquidation Costs and Endogenous Growth
http://hdl.handle.net/2115/5380
Title: Liquidation Costs and Endogenous Growth
Authors: Takashima, Hiroaki
Abstract: In this paper, we examine the relation between the portfolio decisions that financial intermediaries make to avoid bank runs and the liquidation costs of capital investment. This relation also influences economic growth. This paper shows that if financial intermediaries avoid runs, there exist three regions of liquidation costs. Changes in liquidity costs in each region have different effects on economic growth in a simple endogenous growth model. We also examine portfolio decisions in an economy without financial intermediaries. This reveals the significance of financial sector for economic growth. (JEL G11, E13, D82, E44)2003-06-30T15:00:00ZTakashima, HiroakiIn this paper, we examine the relation between the portfolio decisions that financial intermediaries make to avoid bank runs and the liquidation costs of capital investment. This relation also influences economic growth. This paper shows that if financial intermediaries avoid runs, there exist three regions of liquidation costs. Changes in liquidity costs in each region have different effects on economic growth in a simple endogenous growth model. We also examine portfolio decisions in an economy without financial intermediaries. This reveals the significance of financial sector for economic growth. (JEL G11, E13, D82, E44)The Switch in Intra-ASEAN Economic Cooperation : 69 The "Manila Declaration" at the Third ASEAN Summit in 1987 and the "Strategy of Collective FDI-Dependent and Export-Oriented Industrialization"
http://hdl.handle.net/2115/5379
Title: The Switch in Intra-ASEAN Economic Cooperation : 69 The "Manila Declaration" at the Third ASEAN Summit in 1987 and the "Strategy of Collective FDI-Dependent and Export-Oriented Industrialization"
Authors: Shimizu, Kazushi
Abstract: A fundamental switch in intra-ASEAN economic cooperation was implemented in the"Manila Declaration" at the 3rd ASEAN Summit in 1987, based on the fundamental changes in ASEAN and the world economy. ASEAN's intra-economic cooperation strategy was switched to a new strategy "ASEAN's strategy for Collective FDI-dependent and Exported-oriented Industrialization (ASEAN's strategy for CFEI)." The "Manila Declaration" in 1987 was the foundation of current intra-ASEAN economic cooperation including the ASEAN Free Trade Area (AFTA). The current intra-ASEAN economic cooperation including AFTA has been an extension of ASEAN's strategy for CFEI. This paper will clarify the process of the switch and reorganization of the intra-ASEAN economic cooperation strategy in 1987 and the characterisitics of this new intra-ASEAN economic cooperation strategy exactly. (JEL F14, F15, O53)2003-06-30T15:00:00ZShimizu, KazushiA fundamental switch in intra-ASEAN economic cooperation was implemented in the"Manila Declaration" at the 3rd ASEAN Summit in 1987, based on the fundamental changes in ASEAN and the world economy. ASEAN's intra-economic cooperation strategy was switched to a new strategy "ASEAN's strategy for Collective FDI-dependent and Exported-oriented Industrialization (ASEAN's strategy for CFEI)." The "Manila Declaration" in 1987 was the foundation of current intra-ASEAN economic cooperation including the ASEAN Free Trade Area (AFTA). The current intra-ASEAN economic cooperation including AFTA has been an extension of ASEAN's strategy for CFEI. This paper will clarify the process of the switch and reorganization of the intra-ASEAN economic cooperation strategy in 1987 and the characterisitics of this new intra-ASEAN economic cooperation strategy exactly. (JEL F14, F15, O53)Cross-Cultural Management Research Issues
http://hdl.handle.net/2115/5378
Title: Cross-Cultural Management Research Issues
Authors: Firkola, Peter; Lim, Lrong
Abstract: The research field of cross-cultural management suffers from an absence of theory capable of explaining the role of culture in organizational behavior. Methodological issues that are at least partly responsible for the above shortcoming, are explored in this paper. The central argument is that, despite efforts by researchers to resolve these issues, many methodological problems continue to resist the remedies prescribed by researchers. This paper seeks to evaluate the reasons why, and based on these evaluations, some suggestions for future research are proposed. (JEL M12, M14)2003-06-30T15:00:00ZFirkola, PeterLim, LrongThe research field of cross-cultural management suffers from an absence of theory capable of explaining the role of culture in organizational behavior. Methodological issues that are at least partly responsible for the above shortcoming, are explored in this paper. The central argument is that, despite efforts by researchers to resolve these issues, many methodological problems continue to resist the remedies prescribed by researchers. This paper seeks to evaluate the reasons why, and based on these evaluations, some suggestions for future research are proposed. (JEL M12, M14)Exchange of Price Information and the Japanese Anti-Monopoly Law
http://hdl.handle.net/2115/5377
Title: Exchange of Price Information and the Japanese Anti-Monopoly Law
Authors: Masuda, Tatsuyoshi
Abstract: The Japanese Anti-monopoly Law [Article 18-2] includes a price increase reporting system to oversee conscious parallelism or price leadership in an oligopoly market. We examined the relationship between exchange of price increase information (announcement, practice dates, and increase ratio) and conscious parallelism in Japanese manufacturing industries. We have reached the following conclusions: The leading company took a leadership role in announcement and practice dates and then the subordinate company coordinated or followed soon after the leading one. Examining the difference between the announcement date and the practice date, the subordinate company's difference was smaller than the leading one's. Furthermore, when the subordinate company led an announcement date, it also led the practice date. In many cases the subordinate company's increase ratios were larger than the leading company's. That is to say, the leading company took a leadership role on the announcement date, but the companies that actually necessitated the price increase were the subordinate companies rather than the leading one. We suggest that the anti-trust authority collects the report of minimum profit rate as a reason for price increase in order to make the regulation effective. (JEL K21, L41, L52)2003-06-30T15:00:00ZMasuda, TatsuyoshiThe Japanese Anti-monopoly Law [Article 18-2] includes a price increase reporting system to oversee conscious parallelism or price leadership in an oligopoly market. We examined the relationship between exchange of price increase information (announcement, practice dates, and increase ratio) and conscious parallelism in Japanese manufacturing industries. We have reached the following conclusions: The leading company took a leadership role in announcement and practice dates and then the subordinate company coordinated or followed soon after the leading one. Examining the difference between the announcement date and the practice date, the subordinate company's difference was smaller than the leading one's. Furthermore, when the subordinate company led an announcement date, it also led the practice date. In many cases the subordinate company's increase ratios were larger than the leading company's. That is to say, the leading company took a leadership role on the announcement date, but the companies that actually necessitated the price increase were the subordinate companies rather than the leading one. We suggest that the anti-trust authority collects the report of minimum profit rate as a reason for price increase in order to make the regulation effective. (JEL K21, L41, L52)