101 research outputs found

    The impact of banking concentration on firm leverage in emerging markets

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    Purpose The purpose of this paper is to explore the impact of banking concentration on firm leverage in 21 major emerging countries from different geographical regions, controlling for firm determinant and macroeconomic determinant of firm leverage. Design/methodology/approach This study is based on a relatively large sample of 5,779 enterprises with total 48,280 numbers of observations over the period from 2006 to 2013 and the regression model is performed by applying two-step system general method of moment estimator methodology. Findings This study finds a positive and significant relationship between banking concentration and firm leverage. Therefore, the overall results follow the information-based theory which indicates lower firms financing obstacles as banks are more concentrated. Research limitations/implications Bank-level data of all the countries to measure banking concentration is until 2013, which restrict the empirical analysis until 2013. Also, the study conducts the analysis. Practical implications The study enables policymakers, society, and academics to have better understanding on the beneficial effects of alternative banking market structure on firms’access to credit and therefore, in determining the level of firm leverage in emerging countries. Originality/value The study represents one of the limited available empirical researches to examine the beneficial effect of alternative banking market structures of firm leverage in emerging countries

    Outward FDI and institutional factors: Malaysian experience / Jen-Eem Chen ... [et al.]

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    This paper aims to investigate the role of home country institution in affecting outward FDI from Malaysia using data spans from 1980 to 2012. The model specification is examined in autoregressive distributed lag (ARDL) bounds testing framework. The empirical evidence reveals that GDP, exchange rate, openness to trade, and corporate tax rate are the key drivers of outward FDI from Malaysia. This portrays that internationalization strategy of firms is not only relied on home macroeconomic environment, but also home institution. More importantly, corporate tax rate, as one of the institution factors, is positively related to outward FDI which signifies that high tax rate would prompt local firms to engage in investment abroad as a sign of escape response. This reflects that international expansion appears to be exit strategy from home country instead of entry strategy into foreign markets. The findings have some important implications on internationalization strategy of firms

    Impact of foreign aid and foreign direct investment on economic growth: evidence from Sub-Saharan African countries

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    The purpose of this study is to examine the impact of foreign aid and FDI on economic growth of Sub-Saharan African countries. The generalized method of moments is applied on 41 countries covering the period of 1998 to 2010. The results suggest that while foreign aid has negative effect on growth, the impact of FDI is positive but statistically insignificant. Furthermore, we found evidence that foreign aid from different bilateral donors may have different effects on economic growth

    Spillover effects of FDI and trade on demand for skilled labour in Malaysian manufacturing industries

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    Malaysia has been among the top recipients of foreign direct investment (FDI) in the world. However, the benefit of FDI spillovers on skill upgrading in Malaysia remains ambiguous. This is particularly important to countries such as Malaysia, as the volume of FDI inflows has continued to increase over time. The present study adds to the literature investigating the effects of FDI as a spillover channel through which foreign trade enhances the relative demand for skilled labour in 50 Malaysian manufacturing industries during the 2000–2008 period. Our empirical results based on the generalised method-of-moments system estimator reveal that the spillover effects of FDI are significant for skill upgrading and, in turn, lead to increased demand for skilled labour. Although the coefficient for FDI indicates a negative relationship between FDI and skilled labour demand, the effect of FDI is positive and statistically significant. This result gives an indication that the spillover effects of FDI appear to be quickly assimilated by workers in the Malaysian manufacturing industries through the "learning effect" and that the fast pace is biased towards skilled workers. Nevertheless, this study finds no evidence of spillover effects from trade on the demand for skilled labour. The findings from this study potentially contribute to long-run FDI policy, especially to encourage FDI inflows into low receiving industries

    Spillover Effects Of Fdi And Trade On Demand For Skilled Labour In Malaysian Manufacturing Industries

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    Malaysia has been among the top recipients of foreign direct investment (FDI) in the world. However, the benefit of FDI spillovers on skill upgrading in Malaysia remains ambiguous. This is particularly important to countries such as Malaysia, as the volume of FDI inflows has continued to increase over time. The present study adds to the literature investigating the effects of FDI as a spillover channel through which foreign trade enhances the relative demand for skilled labour in 50 Malaysian manufacturing industries during the 2000–2008 period. Our empirical results based on the generalised method-of-moments system estimator reveal that the spillover effects of FDI are significant for skill upgrading and, in turn, lead to increased demand for skilled labour. Although the coefficient for FDI indicates a negative relationship between FDI and skilled labour demand, the effect of FDI is positive and statistically significant. This result gives an indication that the spillover effects of FDI appear to be quickly assimilated by workers in the Malaysian manufacturing industries through the "learning effect" and that the fast pace is biased towards skilled workers. Nevertheless, this study finds no evidence of spillover effects from trade on the demand for skilled labour. The findings from this study potentially contribute to long-run FDI policy, especially to encourage FDI inflows into low receiving industries

    Performance and Operation of the CMS Electromagnetic Calorimeter

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    The operation and general performance of the CMS electromagnetic calorimeter using cosmic-ray muons are described. These muons were recorded after the closure of the CMS detector in late 2008. The calorimeter is made of lead tungstate crystals and the overall status of the 75848 channels corresponding to the barrel and endcap detectors is reported. The stability of crucial operational parameters, such as high voltage, temperature and electronic noise, is summarised and the performance of the light monitoring system is presented

    Calibration of the CMS Drift Tube Chambers and Measurement of the Drift Velocity with Cosmic Rays

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    Commissioning and performance of the CMS silicon strip tracker with cosmic ray muons

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    This is the Pre-print version of the Article. The official published version of the Paper can be accessed from the link below - Copyright @ 2010 IOPDuring autumn 2008, the Silicon Strip Tracker was operated with the full CMS experiment in a comprehensive test, in the presence of the 3.8 T magnetic field produced by the CMS superconducting solenoid. Cosmic ray muons were detected in the muon chambers and used to trigger the readout of all CMS sub-detectors. About 15 million events with a muon in the tracker were collected. The efficiency of hit and track reconstruction were measured to be higher than 99% and consistent with expectations from Monte Carlo simulation. This article details the commissioning and performance of the Silicon Strip Tracker with cosmic ray muons.This work is supported by FMSR (Austria); FNRS and FWO (Belgium); CNPq, CAPES, FAPERJ, and FAPESP (Brazil); MES (Bulgaria); CERN; CAS, MoST, and NSFC (China); COLCIENCIAS (Colombia); MSES (Croatia); RPF (Cyprus); Academy of Sciences and NICPB (Estonia); Academy of Finland, ME, and HIP (Finland); CEA and CNRS/IN2P3 (France); BMBF, DFG, and HGF (Germany); GSRT (Greece); OTKA and NKTH (Hungary); DAE and DST (India); IPM (Iran); SFI (Ireland); INFN (Italy); NRF (Korea); LAS (Lithuania); CINVESTAV, CONACYT, SEP, and UASLP-FAI (Mexico); PAEC (Pakistan); SCSR (Poland); FCT (Portugal); JINR (Armenia, Belarus, Georgia, Ukraine, Uzbekistan); MST and MAE (Russia); MSTDS (Serbia); MICINN and CPAN (Spain); Swiss Funding Agencies (Switzerland); NSC (Taipei); TUBITAK and TAEK (Turkey); STFC (United Kingdom); DOE and NSF (USA)

    Alignment of the CMS muon system with cosmic-ray and beam-halo muons

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    This is the Pre-print version of the Article. The official published version of the Paper can be accessed from the link below - Copyright @ 2010 IOPThe CMS muon system has been aligned using cosmic-ray muons collected in 2008 and beam-halo muons from the 2008 LHC circulating beam tests. After alignment, the resolution of the most sensitive coordinate is 80 microns for the relative positions of superlayers in the same barrel chamber and 270 microns for the relative positions of endcap chambers in the same ring structure. The resolution on the position of the central barrel chambers relative to the tracker is comprised between two extreme estimates, 200 and 700 microns, provided by two complementary studies. With minor modifications, the alignment procedures can be applied using muons from LHC collisions, leading to additional significant improvements.This work is supported by FMSR (Austria); FNRS and FWO (Belgium); CNPq, CAPES, FAPERJ, and FAPESP (Brazil); MES (Bulgaria); CERN; CAS, MoST, and NSFC (China); COLCIENCIAS (Colombia); MSES (Croatia); RPF (Cyprus); Academy of Sciences and NICPB (Estonia); Academy of Finland, ME, and HIP (Finland); CEA and CNRS/IN2P3 (France); BMBF, DFG, and HGF (Germany); GSRT (Greece); OTKA and NKTH (Hungary); DAE and DST (India); IPM (Iran); SFI (Ireland); INFN (Italy); NRF (Korea); LAS (Lithuania); CINVESTAV, CONACYT, SEP, and UASLP-FAI (Mexico); PAEC (Pakistan); SCSR (Poland); FCT (Portugal); JINR(Armenia, Belarus, Georgia, Ukraine, Uzbekistan); MST and MAE (Russia); MSTDS (Serbia); MICINN and CPAN (Spain); Swiss Funding Agencies (Switzerland); NSC (Taipei); TUBITAK and TAEK (Turkey); STFC (United Kingdom); DOE and NSF (USA)

    Alignment of the CMS muon system with cosmic-ray and beam-halo muons

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    This is the Pre-print version of the Article. The official published version of the Paper can be accessed from the link below - Copyright @ 2010 IOPThe CMS muon system has been aligned using cosmic-ray muons collected in 2008 and beam-halo muons from the 2008 LHC circulating beam tests. After alignment, the resolution of the most sensitive coordinate is 80 microns for the relative positions of superlayers in the same barrel chamber and 270 microns for the relative positions of endcap chambers in the same ring structure. The resolution on the position of the central barrel chambers relative to the tracker is comprised between two extreme estimates, 200 and 700 microns, provided by two complementary studies. With minor modifications, the alignment procedures can be applied using muons from LHC collisions, leading to additional significant improvements.This work is supported by FMSR (Austria); FNRS and FWO (Belgium); CNPq, CAPES, FAPERJ, and FAPESP (Brazil); MES (Bulgaria); CERN; CAS, MoST, and NSFC (China); COLCIENCIAS (Colombia); MSES (Croatia); RPF (Cyprus); Academy of Sciences and NICPB (Estonia); Academy of Finland, ME, and HIP (Finland); CEA and CNRS/IN2P3 (France); BMBF, DFG, and HGF (Germany); GSRT (Greece); OTKA and NKTH (Hungary); DAE and DST (India); IPM (Iran); SFI (Ireland); INFN (Italy); NRF (Korea); LAS (Lithuania); CINVESTAV, CONACYT, SEP, and UASLP-FAI (Mexico); PAEC (Pakistan); SCSR (Poland); FCT (Portugal); JINR(Armenia, Belarus, Georgia, Ukraine, Uzbekistan); MST and MAE (Russia); MSTDS (Serbia); MICINN and CPAN (Spain); Swiss Funding Agencies (Switzerland); NSC (Taipei); TUBITAK and TAEK (Turkey); STFC (United Kingdom); DOE and NSF (USA)
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