Strategic decisions of multinational enterprises: foreign direct investment and technology

This thesis consists of three self-contained chapters concerning the determination of 'equilibrium industrial structures' in 'international oligopolies'. In each model presented in the thesis rival oligopolists in the industry concerned choose their 'corporate structures' and then compete to serve the national product markets (either via local production following foreign direct investment (FDI) or via imports). Our analyses are united by the general types of 'corporate structure' choices considered and by the broad features of 'industrial structure' that are endogenously determined in equilibrium. We emphasise, the roles played by the following three phenomena in shaping 'equilibrium industrial structures': the distinction between greenfield-FDI ('greenfield investment') and acquisition-FDI (cross-border mergers and acquisitions); R&D investments and technology flows ('technology transfer') both within and between firms; and the potential entry into the industry of "outside' firms, and incumbent firms' strategic reactions to the entry threat. The distinction between greenfield-FDI and acquisition-FDI is both empirically and theoretically important: whereas greenfield-FDI adds an extra plant to the host country, acquisition-FDI changes only the ownership pattern of existing plants. Despite this, previous game-theoretic models of equilibrium FDI flows have concentrated exclusively on one type of FDL Therefore, allowing theform of FDI to be endogenously selected as part of the 'equilibrium industrial structure' is both a novel and an interesting feature of our analysis. It also allows us to investigate the differential relationships between the two types of FDI and industry R&D spending (and therefore to test a popular 'failing firm' defence of inward acquisition-FDI: that it fosters 'technological development', the benefits of which outweigh the welfare costs of increased 'concentration'). A further novel feature of our analysis is the potential for (de novo) entry into the industry (at a global level): previous work assumed blockaded entry. We show that a credible entry threat by 'outside' firms has significant consequences for 'equilibrium industrial structure'. At a general level, the results derived in this thesis provide a perspective on the relationship between MNEs' behaviour and industrial structure in 'globalized' industries that contrasts with that offered by Dunning's 'OLI paradigm'.I t is also hoped that this thesis will be viewed as having made a useful contribution to unpicking the aggregation, which frequently occurs in public debate, of greenfield-FDI and acquisition-FDI into a (supposedly homogeneous) flow of 'inward investment'

Sheila, Take a Bow

Professor Sheila Whiteley passed away on 6th of June, 2015. Sheila’s ground-breaking achievements in popular culture and gender studies, alongside her bright personal triumphs are celebrated by numerous obituaries from national and international media. Here, we present the tributes of Sheila’s students, colleagues and friends.Sheila Whiteley nous a quittés le 6 juin 2015. Ses recherches pionnières sur la culture populaire et le genre, en plus de ses grands succès personnels, furent célébrés dans de nombreux médias internationaux. Nous vous présentons ici une série d’hommages de ses étudiants, collègues et amis

Challenges and opportunities for improved understanding of regional climate dynamics

Dynamical processes in the atmosphere and ocean are central to determining the large-scale drivers of regional climate change, yet their predictive understanding is poor. Here, we identify three frontline challenges in climate dynamics where significant progress can be made to inform adaptation: response of storms, blocks and jet streams to external forcing; basin-to-basin and tropical–extratropical teleconnections; and the development of non-linear predictive theory. We highlight opportunities and techniques for making immediate progress in these areas, which critically involve the development of high-resolution coupled model simulations, partial coupling or pacemaker experiments, as well as the development and use of dynamical metrics and exploitation of hierarchies of models

Observation of many new argon valence satellites near threshold

Photoelectron spectra and zero-volt electron scans were measured following synchrotron-radiation excitation of argon, to elucidate the photon energy range between threshold and the Cooper-minimum region of the Ar 3s photoline. A number of the ‘‘correlation satellite’’ lines show a dramatic increase of fractional intensity, yielding a total of about forty observed photolines at threshold. This effect is interpreted as arising from strong interchannel coupling near threshold, yielding high–angular-momentum ionic states otherwise inaccessible. The distinction between ‘‘intrinsic’’ correlation effects due to discrete states and ‘‘dynamic’’ correlations arising through the photoemission process is emphasized

Greenfield investment versus acquisition Positive analysis

Includes bibliographical referencesAvailable from British Library Document Supply Centre- DSC:7755. 04292(2003/02) / BLDSC - British Library Document Supply CentreSIGLEGBUnited Kingdo