274 research outputs found

    Location Choices of Multinational Firms in Europe: the Role of National Bourdaries and EU Policy

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    We examine the determinants of multinational firms’ location choices in Europe by estimating a nested logit model on a data-set of 5,761 foreign subsidiaries established in 55 regions in 8 EU countries over the period 1991-1999. We find that firms perceive regions across different countries as more similar than regions within national borders. This might be revealing that the process of European integration has reduced the national specificities perceived by multinationals and that regions within Europe attract FDIs more across than within countries. Controlling for regional market size and potential, agglomeration economies and labor markets conditions, we also find that EU regional policy, captured by Cohesion Funds and Objective 1 eligibility, played a significant role in attracting multinationals, thus mitigating the agglomeration forces at work. Differences emerge in determinants of EU and US multinationals location choices, with special reference to the role of labor markets.Europe, Foreign Direct Investments; Location; Nested Logit Models

    Specific Heat Anomaly and Adiabatic Hysteresis in Disordered Electron Systems in a Magnetic Field

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    We consider the thermodynamic behavior of a disordered interacting electron system in two dimensions. We show that the corrections to the thermodynamic potential in the weakly localized regime give rise to a non monotonic behavior of the specific heat both in temperature and magnetic field. From this effect we predict the appearance of adiabatic hysteresis in the magnetoconductance. Our results can be interpreted as precursor effect of formation of local moments in disordered electron systems. We also comment on the relevance of our analysis in three dimensional systems.Comment: 4 pages, RevTeX, 3 figures, accepted by EPJ

    Hodge Dualities on Supermanifolds

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    We discuss the cohomology of superforms and integral forms from a new perspective based on a recently proposed Hodge dual operator. We show how the superspace constraints (a.k.a. rheonomic parametrisation) are translated from the space of superforms Ω(p∣0)\Omega^{(p|0)} to the space of integral forms Ω(p∣m)\Omega^{(p|m)} where 0≀p≀n0 \leq p \leq n, nn is the bosonic dimension of the supermanifold and mm its fermionic dimension. We dwell on the relation between supermanifolds with non-trivial curvature and Ramond-Ramond fields, for which the Laplace-Beltrami differential, constructed with our Hodge dual, is an essential ingredient. We discuss the definition of Picture Lowering and Picture Raising Operators (acting on the space of superforms and on the space of integral forms) and their relation with the cohomology. We construct non-abelian curvatures for gauge connections in the space Ω(1∣m)\Omega^{(1|m)} and finally discuss Hodge dual fields within the present framework.Comment: 35 page

    Attracting Foreign Investments in Europe - are Italian Regions Doomed?

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    Foreign direct investments in Europe have grown substantially over the last decade, but Italian regions account for a very small portion of such increase. Why does Italian regions attract such a low number of foreign investors? Is it a regional or a country problem? One explanation for this pattern could be that the characteristics of Italian regions are not attractive to foreign multinationals. A different, although not alternative, explanation is that Italian regions may be ‘doomed’ by the fact that they all share common national policies and institutions (such as, tax regimes, efficiency of bureaucracy, degree of labour market regulation and effectiveness of the legal and property right protection system) which discourage foreign firms to locate their plants in Italy. This view follows a tradition of cross-country studies which have addressed the role of institutional and policy characteristics as determinants of inward FDIs. In this paper we will model the potential attractiveness of 52 NUTS1 regions in 5 EU countries in terms of their main observable characteristics and will investigate whether Italian regions attract more or less than their potential. In other words, we will ask whether a EU region with the same characteristics of an Italian region will attract a different amount of FDIs. Second, we will evaluate the impact of some national policy and institutional characteristics on the attractiveness of regions and we will assess the role of such factors in explaining the Italian specificity. Third, we will simulate the relative contribution to FDIs in Italian regions of regional and national variables. This exercise will help us assessing to what extent the low attractiveness of Italian regions is the result of specific regional characteristics or of countrywide factors.

    Abnormal Returns of Soccer Teams: Reassessing the Informational Value of Betting Odds

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    We analyse the links between soccer match results, bets and stock returns of all listed European soccer teams. Using an event study approach, we measure abnormal returns following wins, ties and losses. Wins are associated with positive abnormal returns, and ties and losses with negative abnormal returns. Additionally, we analyse the role of bets in shaping market reactions to unexpected results, which we find to be non-significant. We propose an alternative econometric approach, using seemingly unrelated regression models, to take into account the problem of overlapping events. While our results concerning match results are confirmed, abnormal returns following unexpected results are found to be statistically significant and to magnify the positive (negative) effects of wins (losses).Soccer and Bets; Information and Market Efficiency; Event Studies; Event Clustering; Seemingly Unrelated Regression Equation (SUR)

    Location choices of multinational firms in Europe: the role of national boundaries and EU policy

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    What determines multinational firms’ location choices in Europe? Do national boundaries matter in location decisions? To what extent are European regional policies (Structural and Cohesion Funds) able to mitigate the agglomeration forces at work? Do location determinants differ for EU and US MNEs? In this paper, we address these questions using data from 5,761 foreign subsidiaries established in 55 regions in 8 EU countries over the period 1991-1999 and estimating a nested logit model of location choices. Controlling for regional market size and potential, agglomeration economies and labor markets conditions, we find that EU policy, proxied by Cohesion Fund and Objective 1 eligibility, played a significant role in attracting multinationals. Differences emerge in determinants of EU and US multinationals location choices, with special reference to the role of labor markets. National boundaries do not seem to affect location decisions, with the relevant exception of Italy. Results suggest that multinational firms’ perceive European regions as geo-economic aggregates different from the actual political boundaries of countries.

    Location Determinants of Greenfield Foreign Investments in the Enlarged Europe: Evidence from a Spatial Autoregressive Negative Binomial Additive Model

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    This paper addresses two important methodological issues in the analysis of industrial location: spatial dependence and nonlinearities. To this end, we estimate a semi-parametric spatial autoregressive negative binomial model using data on the number of inward greenfield FDI occurred over the 2003-2007 period in 249 European regions. Results support the view that multinational firms’ location choices are very spatially dependent, even controlling for a large number of regional characteristics. A spatial lag model with a non-parametric spatial filter allows us to purge the residuals from spatial dependence and yields sensible changes in the magnitude of some estimated coefficients. We also provide robust evidence of nonlinearities. In particular, we find that the effect of agglomeration economies fades down as the density of economic activities reaches some limit value.Multinational firms, greenfield FDI, count data, spatial econometrics, semiparametric econometrics

    Location choices of multinational firms in Europe: the role of EU cohesion policy

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    In this paper we examine the determinants of location choices of multinational firms in Europe. In particular, we focus on the role of EU Cohesion Policy in attracting foreign investors from both within and outside Europe. Using data on 5,509 foreign subsidiaries established in 50 regions in 8 EU countries over the period 1991-1999, we estimate a mixed logit model of the determinants of MNFs’ location choices. We find that, after controlling for the role of agglomeration economies as well as a number of other regional and country characteristics and allowing for a very flexible correlation pattern among choices, Structural and Cohesion funds allocated by the EU to laggard regions have indeed contributed to attracting multinationals. These policies as well as other determinants play a different role in the case of European investors as opposed to non European ones.Europe; Foreign Direct Investments; Location Choice; Mixed Logit Models

    Spatial clustering and nonlinearities in the location of multinational firms

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    We propose a semiparametric geoadditive negative binomial model of industrial location which allows to simultaneously address some important methodological issues, such as spatial clustering and nonlinearities, which have been only partly addressed in previous studies. We apply this model to analyze location determinants of inward greenfield investments occurred over the 2003-2007 period in 249 European regions. The inclusion of a geoadditive component (a smooth spatial trend surface) allows to control for omitted variables which induce spatial clustering, and suggests that such unobserved factors may be related to regional policies towards foreign investors Allowing for nonlinearities reveals, in line with theoretical predictions, that the positive effect of agglomeration economies fades as the density of economic activities reaches some limit value.industrial location, negative binomial models, geoadditive models, european union.
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