Revisiting the OLI Paradigm: The Institutions, the State, and China's OFDI

We propose a modified theoretical framework based on John Dunning’s classical OLI paradigm in the international business literature to analyze Chinese firms’ fast-growing and aggressive outward foreign direct investment (OFDI). In particular, from an institutional perspective, we suggest a “state-stewardship” view to incorporate state institutions into the OLI paradigm. This paper supplements our earlier work (Ren, Liang, and Zheng, 2011) on identifying the formal institutional determinants of Chinese firms’ OFDI motivations and strategies, by further looking at the impact of direct and indirect policies, and the OFDI state-controlled financial intermediaries. Under our modified OLI framework we also examine the potential concerns on China’s state-backed OFDI and its implication on long-term sustainability.outward foreign direct investment, institutions, state-stewardship view, OLI paradigm

Slopes for higher rank Artin-Schreier-Witt Towers

We fix a monic polynomial $\bar f(x) \in \mathbb{F}_q[x]$ over a finite field of characteristic $p$, and consider the $\mathbb{Z}_{p^{\ell}}$-Artin-Schreier-Witt tower defined by $\bar f(x)$; this is a tower of curves $\cdots \to C_m \to C_{m-1} \to \cdots \to C_0 =\mathbb{A}^1$, whose Galois group is canonically isomorphic to $\mathbb{Z}_{p^\ell}$, the degree $\ell$ unramified extension of $\mathbb{Z}_p$, which is abstractly isomorphic to $(\mathbb{Z}_p)^\ell$ as a topological group. We study the Newton slopes of zeta functions of this tower of curves. This reduces to the study of the Newton slopes of L-functions associated to characters of the Galois group of this tower. We prove that, when the conductor of the character is large enough, the Newton slopes of the L-function asymptotically form a finite union of arithmetic progressions. As a corollary, we prove the spectral halo property of the spectral variety associated to the $\mathbb{Z}_{p^{\ell}}$-Artin-Schreier-Witt tower. This extends the main result in [DWX] from rank one case $\ell=1$ to the higher rank case $\ell\geq 1$.Comment: 20 page