Privatization and Globalization: an Empirical Analysis

This paper examines the link between globalization measured by foreign direct investment (FDI) and foreign portfolio investment (FPI) and privatization of state-owned enterprises in a multi-country sample that focuses on developing countries. We hypothesize that privatization has an effect on FDI/FPI as the process of fostering private sector participation was often accompanied by liberalization reforms, and by allocations of substantial shares in newly privatized firms to foreign investors. Similarly, we expect FDI/FPI to foster privatization efforts as new capital inflows, technology and managerial skills that accompany FDI/FPI make the environment more prone to competition, providing governments with incentives to privatize inefficient firms that need to be turned around. This relation is assessed in two ways, first in a dynamic panel using a generalized method of moments approach, and second through panel causality tests.Privatization, foreign direct investment, foreign portfolio investment, dynamic panel GMM, panel causality tests

Privatization and Globalization: an Empirical Analysis

This paper examines the link between globalization measured by foreign direct investment (FDI) and foreign portfolio investment (FPI) and privatization of state-owned enterprises in a multi-country sample that focuses on developing countries. We hypothesize that privatization has an effect on FDI/FPI as the process of fostering private sector participation was often accompanied by liberalization reforms, and by allocations of substantial shares in newly privatized firms to foreign investors. Similarly, we expect FDI/FPI to foster privatization efforts as new capital inflows, technology and managerial skills that accompany FDI/FPI make the environment more prone to competition, providing governments with incentives to privatize inefficient firms that need to be turned around. This relation is assessed in two ways, first in a dynamic panel using a generalized method of moments approach, and second through panel causality tests

The Dynamics of Foreign Direct Investment and Privatization: An Empirical Analysis

This article examines the link between foreign direct investment (FDI) and privatization of state-owned enterprises. We hypothesize that privatization has an effect on FDI as the process of fostering private sector participation is often accompanied by liberalization measures, and by allocating the shares of newly privatized firms to foreign investors. Similarly, we expect FDI to foster privatization efforts as capital inflows, technology and managerial skills that accompany FDI make the environment more prone to competition, and provide governments with a good environment to privatize inefficient firms. Our results provide support for our conjectures.Cet article examine le lien entre l’investissement direct à l’étranger (IDÉ) et la privatisation des entreprises étatiques. Nous faisons l’hypothèse que la privatisation affecte l’IDÉ dans la mesure où la participation du secteur privé s’accompagne souvent de mesures de libéralisation et de l’allocation d’actions des entreprises nouvellement privatisées à des investisseurs étrangers. De même, nous prévoyons que l’IDÉ favorise la privatisation dans la mesure où les entrées de capitaux, la technologique, et les habiletés de gestion qui accompagnent l’IDÉ créent un environnement plus compétitif et plus propice à la privatisation d’entreprises inefficaces. Nos résultats tendent à confirmer nos hypothèses.Este artículo examina la relación entre la inversión directa en el extranjero (IDE) y la privatización de empresas estatales. Nuestra hipótesis es que la privatización afecta la IDE en la medida en que la participación del sector privado con frecuencia va acompañada por medidas de liberalización y de adjudiación de acciones de empresas recientemente privatizadas a inversores extranjeros. De la misma manera, suponemos que la IDE favorece la privatización en la medida en que la afluencia de capitales, la tecnología y las habilidades de gestión asociadas a la IDE crean un entorno más competitivo y propicio a la privatización de empresas ineficaces. Los resultados obtenidos tienen a confirmar nuestras hipótesis

Does the invasive plant Elymus athericus modify fish diet in tidal salt marshes?

The invasion of Mont-Saint-Michel Bay salt marshes (France) by a grass species (Elymus athericus) has led to important changes in vegetation cover, which is likely to modify the habitat for many invertebrates. Some of them constitute the main food items for several fish species, such as young sea bass (Dicentrarchus labrax) and sand goby (Pomatoschistus minutus), that feed in salt marsh creeks during high tides. As a result, fish nursery functions of salt marshes could be modified by the E. athericus invasion. In order to test this hypothesis, gut contents of the two most abundant fish species (sea bass and sand goby) were compared before and after E. athericus invasion in the same salt marsh creek and using the same methodology. The accessibility and availability of the main food item, the semi-terrestrial amphipod Orchestia gammarella, were estimated and compared between invaded (dominated by E. athericus) and original areas (dominated by Atriplex portulacoides). Gut content analysis showed a significantly greater percentage of fish leaving with empty guts from E. athericus areas than from A. portulacoides areas. The sea bass diet composition study showed a major shift in the relative importance of the main food items: before E. athericus invasion, diets were dominated by the semi-terrestrial species O. gammarella, whereas after the E. athericus invasion they were dominated by a marine mysid Neomysis integer. The same trend was found for sand gobies, with a shift of the main food item from O. gammarella before invasion to the polychaete Hediste diversicolor after invasion. These trophic changes may be explained by the lower accessibility and availability of O. gammarella in invaded communities than in natural ones. The E. athericus invasion, observed throughout northern Europe, is thus likely to disturb trophic function of natural salt marshes for fish. This preliminary study of the E. athericus invasion is also an illustration that invasive species are an urgent problem in conservation biology

Hypoxia-inducible factor (HIF1α) gene expression in human shock states.

International audienceABSTRACT: INTRODUCTION: Hypoxia-inducible factor-1 (HIF1) controls the expression of genes involved in the cellular response to hypoxia. No information is available on its expression in critically ill patients. Thus, we designed the first clinical study in order to evaluate the role of HIF1α as a prognosis marker in patients suffering from shock. METHODS: Fifty consecutive adult patients with shock and 11 healthy volunteers were prospectively enrolled in the study. RNA was extracted from whole blood samples and expression of HIF1α was assessed over the first four hours of shock. The primary objective was to assess HIF1α as a prognostic marker in shock. Secondary objectives were to evaluate the role of HIF1α as a diagnostic and follow-up marker. Patient survival was evaluated at day 28. RESULTS: The causes of shock were sepsis (78%), hemorrhage (18%), and cardiac dysfunction (4%). HIF1α expression was significantly higher in the shock patients than in the healthy volunteers (121 (range: 72-168) versus 48 (range: 38-54) normalized copies, P <0.01), whatever the measured isoforms. It was similar in non-survivors and survivors (108 (range 84-183) versus 121(range 72-185) normalized copies, P = 0.92), and did not significantly change within the study period. CONCLUSIONS: The present study is the first to demonstrate an increased expression of HIF1α in patients with shock. Further studies are needed to clarify the potential association with outcome. Our findings reinforce the value of monitoring plasma lactate levels to guide the treatment of shock

The Global Forest Transition as a Human Affair

Peer reviewe

Search for dark matter produced in association with bottom or top quarks in √s = 13 TeV pp collisions with the ATLAS detector

A search for weakly interacting massive particle dark matter produced in association with bottom or top quarks is presented. Final states containing third-generation quarks and miss- ing transverse momentum are considered. The analysis uses 36.1 fb−1 of proton–proton collision data recorded by the ATLAS experiment at √s = 13 TeV in 2015 and 2016. No significant excess of events above the estimated backgrounds is observed. The results are in- terpreted in the framework of simplified models of spin-0 dark-matter mediators. For colour- neutral spin-0 mediators produced in association with top quarks and decaying into a pair of dark-matter particles, mediator masses below 50 GeV are excluded assuming a dark-matter candidate mass of 1 GeV and unitary couplings. For scalar and pseudoscalar mediators produced in association with bottom quarks, the search sets limits on the production cross- section of 300 times the predicted rate for mediators with masses between 10 and 50 GeV and assuming a dark-matter mass of 1 GeV and unitary coupling. Constraints on colour- charged scalar simplified models are also presented. Assuming a dark-matter particle mass of 35 GeV, mediator particles with mass below 1.1 TeV are excluded for couplings yielding a dark-matter relic density consistent with measurements