The Value of Business Networks in Emerging Economies: An Analysis of Firms' External Financing Opportunities

The paper argues that networked firms are likely to have an advantage in securing external finance in countries with weak legal and judicial institutions since it helps financial institutions to minimize the underlying agency costs of lending. An analysis of recent BEEPS data from fifteen Central and Eastern European (CEE) countries lends some support to this hypothesis. Even after controlling for other factors, firms affiliated to business associations are more likely to secure bank finance. Importance of being associated with business networks is particularly evident among firms who borrow from private domestic and foreign banks, as these new banks attempt to minimize costs of adverse selection. Networking however discriminates against the small and medium sized firms' access to bank loans in the CEE regions. Results are robust in both single cross-section and panel data analyses.business networks, agency costs, external firm financing, bank loans, transition economies, endogeneity

The Value of Business Networks; an Analysis of Firm Financing in Transition Economies

The paper argues that the networked firms have an advantage in securing bank finance in countries with weak legal and judicial institutions. An analysis of recent BEEPS data from sixteen CEE transition countries lends some support to this hypothesis. Firms affiliated to business associations are more likely to have bank finance while small and medium firms are less likely to secure it. Importance of being associated with business networks is particularly evident among firms who borrow from foreign banks, as the latter attempt to hedge risk in an uncertain environment. Significance of business networking however vanishes if institutional quality improves.

Simultaneous and rapid asphaltene and TAN determination for heavy petroleum using an H-cell

Peer reviewedPostprin

Ir Laser‐induced Perturbations Of The Voltage‐dependent Solute Carrier Protein, Slc26a5

IR LASER-INDUCED PERTURBATIONS OF THE VOLTAGE-DEPENDENT SOLUTE CARRIER PROTEIN, SLC26A5. Oluwarotimi S. Nettey and Joseph Santos-Sacchi. Sections of Otolaryngology and Neurobiology, Department of Surgery, Yale University, School of Medicine, New Haven, CT. Alterations in membrane capacitance can arise from linear and nonlinear sources. For example, changes in membrane surface area or dielectric properties can modify capacitance linearly, whereas sensor residues of voltage-dependent proteins can modify capacitance nonlinearly. Here, we examined the effects of fast temperature jumps induced by an IR laser in control and prestin (SLC26a5)-transfected HEK cells under whole cell voltage clamp. Prestin\u27s voltage sensor imparts a characteristic bell- shaped, voltage-dependent nonlinear capacitance (NLC). Temperature jumps in control HEK cells cause a monophasic increase in membrane capacitance (Cm) regardless of holding voltage due to double layer effects. Prestin-transfected HEK cells, however, additionally show a biphasic increase/decrease in Cm with a reversal potential corresponding to the voltage at peak NLC of prestin (Vh), attributable to a rapid temperature-following shift in Vh, with shift rates up to 14 V/s over the course of a 5 ms IR pulse. Treatment with salicylate, a known inhibitor of NLC, re-establishes control cell behavior. A simple kinetic model recapitulates our biophysical observations. These results verify a voltage-dependent protein\u27s ability to respond to fast temperature perturbations on par with double layer susceptibility, likely arising from prestin\u27s unique ability to move sensor charge at kilohertz rates, a requirement for the OHC\u27s role as cochlear amplifier

RELIABILITY OF PROGRAMMING SOFTWARE: COMPARISON OF SHAZAM AND SAS

Research Methods/ Statistical Methods,

THE IMPACTS OF MARKET POWER AND EXCHANGE RATES ON PRICES OF EUROPEAN UNION SOYBEAN IMPORTS..

This study examines whether the EU, the world's largest importer, exercises market power over soybean imports. Results, based on 1975-2000 data, suggest that the EU has practiced price discrimination against imports from Argentina and Brazil. The evidence for the practice of pricing-to-market based on exchange rate changes is mixed.International Relations/Trade,

The Future of Prosecutions under the International Criminal Court

This thesis was submitted for the award of Doctor of Philosophy and was awarded by Brunel University LondonThis thesis examines prosecutorial challenges of the International Criminal Court (ICC/the court) in relation to the dwindling legitimacy prosecuting under Article 5 of the Rome Statute and other relevant international law principles. The study attempts a prognosis of the future shape of ICC prosecutions in light of the challenges and proposes reforms to the operations of the Court and its constitutive instrument to improve the dispensation of justice. The focus of the study is substantive international criminal law, developments in relevant case laws of international courts and tribunals, structure and procedures of the ICC and relevant principles within the context of elements of the Crime of genocide, crimes against humanity, war crimes and the Crime of aggression. The thesis further evaluates the role of the Court as it ensures international cooperation with domestic efforts to promote the ‘Rule of law’, uphold the principles of international humanitarian law, human rights law and combat impunity being the first permanent treaty-based international criminal court with the intent and purpose of ending impunity for perpetrators of the most serious crimes of concern to the international community and thus contributes to the prevention of such crimes. Additionally, the International Criminal Court advances international criminal justice, particularly with regard to victims by providing not only legal justice but also participation in the process and restorative justice to rebuild the society after mass violence. The thesis is an analysis of the prosecutorial challenges at the International Criminal Court, using its legal framework and jurisprudence to establish facts and reach new conclusions

Mechanistic Study of the Hydrothermal Reduction of Palladium on the Tobacco Mosaic Virus

Synthesis of nanorods and nanowires is becoming more and more important due to interest in them in a wide range of disciplines. The genetically engineered tobacco mosaic virus (TMV1Cys) provides a template for synthesis of uniform metal nanorods at mild operating conditions and without the use of any expensive technology compared to conventional synthetic methods. The discovery of the hydrothermal synthetic scheme has allowed the production of higher quality nanorods on the TMV template. However, the mechanism for reduction and growth in this process is still not understood. In this paper, the mechanism of synthesis for producing uniform, controllable palladium nanorods via the hydrothermal synthesis is studied using in situ X-ray Absorption Spectroscopy. Reduction and growth mechanisms are analyzed and valuable information about the nature of the process is acquired. Results in this paper serve as an entryway into fundamentally understanding the relationship between the underlying reduction and growth processes governing mineralization on biotemplates

Corporate financing in transition: Implications for institutions and ownership

This thesis was submitted for the degree of Doctor of Philosophy and awarded by Brunel University.The present thesis examines the implications of ownership and institutions for corporate financing in Central and Eastern Europe. There are three empirical chapters (chapters 2, 3 and 4). Chapter two examines the role of business networks for firm external financing. Our central hypothesis here is that firms’ affiliation to business association is likely to be beneficial in securing external finance (especially bank finance) in countries with weak legal and judicial institutions, as it helps banks and financial institutions to minimize the underlying agency costs of lending. Using recent EBRD-World Bank BEEPS data, we find some support to this central hypothesis in our sample. Importance of foreign banks for economic development of CEE countries has been emphasized in the literature though there is wide dispersion in foreign investment in the region. In this context, chapter three (i.e., the second empirical chapter) focuses on the implications of corruption for foreign bank entry and ownership structure in Central and Eastern European countries. The chapter argues that the presence and persistence of corruption (both absolute and relative) may adversely affect costs of setting up as well as running day-to-day operations of foreign banks in host emerging economies. Using primarily Bankscope bank-level data we find that greater absolute and relative corruption may lower foreign bank entry, greater relative corruption may encourage foreign greenfield entry in our sample; while relative corruption is not significant for foreign takeover. The latter highlights the importance of encouraging foreign investors from countries with similar institutions. Finally, considering the implications of ownership for bank capital and performance in chapter four (the final empirical chapter) in light of the focus on bank capital and capital regulation in discussions after the recent banking crisis, we argue that the relationship between bank capital and bank performance crucially depends on bank ownership structure. Using Osiris data we examine foreign greenfield and other joint venture (JV) differential effect of high bank capital on bank performance. A significant positive effect of foreign Greenfield (as opposed to JV) bank capital on bank performance, after controlling for all other factors is found. We attribute this to better governance compared to varied ownership arrangement in other joint venture banks. Thus wide dispersion in the quality of institutions and ownership explains a great deal of variation in the economic performance of countries in the region. We hope findings of this thesis would inform policies and will also influence future research