Multi-Product Firms and Exporting: A Developing Country Perspective

In this paper, we shed additional light on the complex relationship between multinational enterprises (MNEs), exporting and economic development by making a distinction between single and multi-product firms. As far as we are aware, the export behavior of foreign firms in a multi-product setting has not previously been considered for a developing country. Using firm-level data for Thailand we show that the number of goods produced causes a much larger variation in exports volumes than in total production. Whilst the number of products exported and the total volume exported is positively correlated we find, in contrast to US studies, a surprising negative correlation between the number of products produced and the volume of production. We then go on to investigate for the first time the characteristics of multi-product firms and the number of products they produce and find the distinction between foreign owned and domestic firms as well as between foreign exporters and foreign non-exporters is important. The presence of foreign firms producing single products solely for the domestic market as well as those producing many products for export demonstrates the diversity of behavior of foreign firms in developing countries and emphasises that a foreign presence may not be as beneficial as policy makers are led to believe.Multinationals, Firm characteristics, Multi-product, Exports

A Tale of Two Cycles: Co-Fluctuations Between UK Regions and the Euro Zone

We examine the patterns and determinants of business-cycle correlations among eleven UK regions and six euro-zone countries over the 1966-1997 period, using GMM to allow for sampling error in comparing estimated correlations. The British business cycle is found to be persistently out of phase with that of the main euro-zone economies, and the trend is towards lower correlations. We detect only minor cyclical heterogeneity among UK regions. Differences in sectoral specialisation drive some of the asymmetry in GDP fluctuations, but they do not appear significant in explaining the observed reduction in UK-EU business-cycle correlations over time.business cycles; co-fluctuations; UK regions; European monetary union; optimum currency areas

Firm Heterogeneity and Export Participation: A New Asian Tiger Perspective

This paper investigates the relationship between firm heterogeneity and a firm’s decision to export, using the annual survey of Thai manufacturing firms from 2001 to 2004. A significant contribution of this paper is that we are, for the first time, able to break down FDI by country of origin to observe whether the behavior of MNEs differs by region of origin. We find that entry sunk costs and firm characteristics are important factors in explaining a firm’s decision to export. Another important determinant is the ownership structure of the firm, with foreign owned firms having a higher probability of exporting than domestically owned firms although this differs across country of ownership with potentially important policy implications. Export platform FDI is used to explain the behavior of foreign firms that invest in Thailand. Using three measures of total factor productivity, we also find that highly productive firms self-select into the export market. The implication for governments of developing countries is the need to think carefully about how and to whom they target their inward FDI policies as a means of growth. The heterogeneous behavior of multinationals from different nations means that policies targeting specific regions or countries may be preferable to general tax concessions or the implementation of special economic zones that are open to all.FDI, exports, firm heterogeneity, development

Growth, Foreign Direct Investment and the Environment: Evidence from Chinese Cities

In this paper we investigate the relationship between economic growth and industrial pollution emissions in China using data for 112 major cities between 2001 and 2004. Using disaggregated data we separate FDI inflows from Hong Kong, Macao and Taiwan from those of other foreign economies. We examine four industrial water pollution indicators (wastewater, chemical oxygen demand, hexavalent chromium compounds, and petroleum-like matter) and four industrial air pollution indicators (waste gas, sulphur dioxide, soot and dust). Our results suggest that most air and water emissions rise with increases in economic growth at current income levels. The share of total output produced by firms from Hong Kong, Macao and Taiwan has a positive effect on emissions although this effect is only significant for three industrial water pollution emissions. The share of total output produced by firms from other foreign economies can be beneficial, detrimental or neutral, depending on the pollutants considered. --FDI,economic growth,pollution,cities

Slip in the 2010–2011 Canterbury earthquakes, New Zealand

The 3rd September 2010 Mw 7.1 Darfield and 21st February 2011 Mw 6.3 Christchurch (New Zealand) earthquakes occurred on previously unknown faults. We use InSAR ground displacements, SAR amplitude offsets, field mapping, aerial photographs, satellite optical imagery, a LiDAR DEM and teleseismic body-wave modeling to constrain the pattern of faulting in these earthquakes. The InSAR measurements reveal slip on multiple strike-slip segments and secondary reverse faults associated with the Darfield main shock. Fault orientations are consistent with those expected from the GPS-derived strain field. The InSAR line-of-sight displacement field indicates the main fault rupture is about 45 km long, and is confined largely to the upper 10 km of the crust. Slip on the individual fault segments of up to 8 m at 4 km depth indicate stress drops of 6–10 MPa. In each event, rupture initiated on a reverse fault segment, before continuing onto a strike-slip segment. The non-double couple seismological moment tensors for each event are matched well by the sum of double couple equivalent moment tensors for fault slip determined by InSAR. The slip distributions derived from InSAR observations of both the Darfield and Christchurch events show a 15-km-long gap in fault slip south-west of Christchurch, which may present a continuing seismic hazard if a further unknown fault structure of significant size should exist there

Growth, Foreign Direct Investment and the Environment: Evidence from Chinese Cities

In this paper we investigate the relationship between economic growth and industrial pollution emissions in China using data for 112 major cities between 2001 and 2004. Using disaggregated data we separate FDI inflows from Hong Kong, Macao and Taiwan from those of other foreign economies. We examine four industrial water pollution indicators (wastewater, chemical oxygen demand, hexavalent chromium compounds, and petroleum-like matter) and four industrial air pollution indicators (waste gas, sulphur dioxide, soot and dust). Our results suggest that most air and water emissions rise with increases in economic growth at current income levels. The share of total output produced by firms from Hong Kong, Macao and Taiwan has a positive effect on emissions although this effect is only significant for three industrial water pollution emissions. The share of total output produced by firms from other foreign economies can be beneficial, detrimental or neutral, depending on the pollutants considered

Unstable solitons on noncommutative tori and D-branes

We describe a class of exact solutions of super Yang-Mills theory on even-dimensional noncommutative tori. These solutions generalize the solitons on a noncommutative plane introduced in hep-th/0009142 that are conjectured to describe unstable D2p-D0 systems. We show that the spectrum of quadratic fluctuations around our solutions correctly reproduces the string spectrum of the D2p-D0 system in the Seiberg-Witten decoupling limit. In particular the fluctuations correctly reproduce the 0-0 string winding modes. For p=1 and p=2 we match the differences between the soliton energy and the energy of an appropriate SYM BPS state with the binding energies of D2-D0 and D4-D0 systems. We also give an example of a soliton that we conjecture describes branes of intermediate dimension on a torus such as a D2-D4 system on a four-torus.Comment: 22 pages, Latex; v.2: references adde

Higgs Scalars in the Minimal Non-minimal Supersymmetric Standard Model

We consider the simplest and most economic version among the proposed non-minimal supersymmetric models, in which the $\mu$-parameter is promoted to a singlet superfield, whose all self-couplings are absent from the renormalizable superpotential. Such a particularly simple form of the renormalizable superpotential may be enforced by discrete $R$-symmetries which are extended to the gravity-induced non-renormalizable operators as well. We show explicitly that within the supergravity-mediated supersymmetry-breaking scenario, the potentially dangerous divergent tadpoles associated with the presence of the gauge singlet first appear at loop levels higher than 5 and therefore do not destabilize the gauge hierarchy. The model provides a natural explanation for the origin of the $\mu$-term, without suffering from the visible axion or the cosmological domain-wall problem. Focusing on the Higgs sector of this minimal non-minimal supersymmetric standard model, we calculate its effective Higgs potential by integrating out the dominant quantum effects due to stop squarks. We then discuss the phenomenological implications of the Higgs scalars predicted by the theory for the present and future high-energy colliders. In particular, we find that our new minimal non-minimal supersymmetric model can naturally accommodate a relatively light charged Higgs boson, with a mass close to the present experimental lower bound.Comment: 63 pages (12 figures), extended versio

Orbital and spin contributions to the gg-tensors in metal nanoparticles

We present a theoretical study of the mesoscopic fluctuations of $g$-tensors in a metal nanoparticle. The calculations were performed using a semi-realistic tight-binding model, which contains both spin and orbital contributions to the $g$-tensors. The results depend on the product of the spin-orbit scattering time $\tau_{\textrm{\small so}}$ and the mean-level spacing $\delta$, but are otherwise weakly affected by the specific shape of a {\it generic} nanoparticle. We find that the spin contribution to the $g$-tensors agrees with Random Matrix Theory (RMT) predictions. On the other hand, in the strong spin-orbit coupling limit $\delta \tau_{\textrm{\small so}}/\hbar \to 0$, the orbital contribution depends crucially on the space character of the quasi-particle wavefunctions: it levels off at a small value for states of $d$ character but is strongly enhanced for states of $sp$ character. Our numerical results demonstrate that when orbital coupling to the field is included, RMT predictions overestimate the typical $g$-factor of orbitals that have dominant $d$-character. This finding points to a possible source of the puzzling discrepancy between theory and experiment.Comment: 21 pages, 6 figures; accepted for publication in Physical Review

Possibility of spontaneous CP violation in the nonminimal supersymmetric standard model with two neutral Higgs singlets

A supersymmetric standard model with two Higgs doublets and two Higgs singlets is investigated if it can accommodate the possibility of spontaneous CP violation. Assuming the degeneracy of the scalar quark masses of the third generation, we find that spontaneous CP violation in the Higgs sector is viable in our model. In the case of spontaneous CP violation, the masses of the lightest two neutral Higgs bosons are estimated to be 80 and 125 GeV for some parameter values in our model, which, are consistent with LEP2 data.Comment: 18 pages, 3figure