222 research outputs found
Power in the Multinational Corporation in Industry Equilibrium
Recent theories of the multinational corporation introduce the property rights model of the firm and examine whether to integrate our outsource firm activities locally or to a foreign country. This paper focus instead on the internal organization of the multinational corporation by examining the power allocation between headquarters and subsidiaries. We provide a framework to analyse the interaction between the decision to serve the local market by exporting or FDI, market acces and the optimal mode of organization of the multinational corporation. We find that subsidiary managers are given most autonomy in their decision how to run the firm at intermediate levels of local competition. We then provide comparative statics for changes in fixed FDI entry costs and trade costs, information technology, the number of local competitors, and in the size of the local market
Expression of the phosphoenolpyruvate carboxykinase gene in 3T3-F442A adipose cells: opposite effects of dexamethasone and isoprenaline on transcription
Renal toxicity in patients with multiple myeloma receiving zoledronic acid vs. ibandronate: A retrospective medical records review
Aims : This retrospective study investigated the rates of renal
impairment in patients with multiple myeloma treated with zoledronic
acid and ibandronate. Materials and Methods : We retrospectively
reviewed medical records in a German oncology clinic, from May 2001 to
December 2005. Creatinine measurements were analyzed from baseline
(before zoledronic acid or ibandronate treatment) to last evaluation
for each patient. A total of 84 patients were included. Results :
Zoledronic acid increased the risk of renal impairment by approximately
3-fold compared with ibandronate (renal impairment rates: zoledronic
acid 37.7% vs. ibandronate 10.5%, relative risk [RR]=3.6, P=0.0029
serum creatinine [SCr]; 62.3% vs. 23.7%, RR=2.6, P=0.0001 glomerular
filtration rate [GFR]). Ibandronate-treated patients switched from
zoledronic acid had a significantly higher risk of renal impairment
than patients receiving ibandronate monotherapy (zoledronic acid over
ibandronate 39.1% vs. ibandronate monotherapy 6.7%, RR= 5.9, P=0.028
[SCr]; 65.2% vs 26.7%, RR=2.4, P=0.022 [GFR]). Multivariate analysis
found significantly higher hazard ratios for zoledronic acid over
ibandronate (SCr: Cox = 4.38, P=0.01; Andersen-Gill=8.22, P < 0.01;
GFR: Cox = 4.31, P < 0.01; Andersen-Gill = 3.71, P < 0.01).
Conclusions : Overall, this retrospective study suggests that multiple
myeloma patients are more likely to experience renal impairment with
zoledronic acid than with ibandronate. The risk of renal impairment
increased if patients had received prior therapy with zoledronic acid
Temporary Shocks and Offshoring: The Role of External Economies and Firm Heterogeneity
We construct a model of offshoring with externalities and firm heterogeneity. Due to the presence of externalities, temporary shocks like the Y2K problem can have permanent effects, i.e., they can permanently raise the extent of offshoring in an industry. Also, the initial advantage of a country as a potential host for outsourcing activities can create a lock in effect, whereby late movers have a comparative disadvantage. Furthermore, the existence of firm heterogeneity along with externalities can help explain the dynamic process of offshoring, where the most productive firms offshore first and the others follow later. Finally, we work out some unexpected welfare implications which show that net industry profits can be lower in an outsourcing equilibrium than in a regime of no outsourcing. Consumer welfare rises, and under fairly plausible conditions this effect can offset the negative impact on profits
Outsourcing with debt financing
This paper investigates the effect of capital structure on a firm’s choice between vertical integration and outsourcing. We model the production decision in a Principal-Agent framework and show that suppliers use debt as a strategic instrument to collect the surplus from outsourcing as their wealth constraint or limited liability ensures them more attractive compensation schemes. Investigating the buyer’s capital structure, we find that outsourcing with risky debt is more likely to occur for high values of the outsourcing surplus.info:eu-repo/semantics/publishedVersio
Why Firms Relocate Their Production Overseas? The Answer Lies Inside: Corporate, Logistic and Technological Determinants
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