Antecedentes, consecuencias y paradojas del Brexit

En el referéndum celebrado en junio del 2016, los votantes británicos optaron por abandonar la Unión Europea. Este artículo revisa las consecuencias económicas y los antecedentes del Brexit. La evidencia que arrojan los estudios realizados hasta la fecha sugiere unos efectos negativos del Brexit. El diseño de la votación, el descontento con la crisis y los efectos de la globalización ayudan a explicar la paradoja según la cual los votantes optaron por una opción en contra de sus propios intereses económicos. La modulación de estos efectos dependerá del acuerdo final que se negocie entre la UE y el Reino Unido. Sin embargo, existen dos cuestiones abiertas en relación con el Brexit. En primer lugar, los efectos sobre la economía española, que tiene unos estrechos vínculos con la británica. En segundo lugar, las consecuencias sobre la ética empresarial

Antecedentes, consecuencias y paradojas del Brexit

En el referéndum celebrado en junio del 2016, los votantes británicos optaron por abandonar la Unión Europea. Este artículo revisa las consecuencias económicas y los antecedentes del Brexit. La evidencia que arrojan los estudios realizados hasta la fecha sugiere unos efectos negativos del Brexit. El diseño de la votación, el descontento con la crisis y los efectos de la globalización ayudan a explicar la paradoja según la cual los votantes optaron por una opción en contra de sus propios intereses económicos. La modulación de estos efectos dependerá del acuerdo final que se negocie entre la UE y el Reino Unido. Sin embargo, existen dos cuestiones abiertas en relación con el Brexit. En primer lugar, los efectos sobre la economía española, que tiene unos estrechos vínculos con la británica. En segundo lugar, las consecuencias sobre la ética empresarial

Cross-Border Higher Education : The Expansion of International Branch Campuses

The international expansion of higher education has intensified in recent decades with a rapidly growing number of international branch campuses appearing on the scene. This study investigates the economic, cultural and institutional, and educational determinants of transnational higher education on both the extensive margin (number of international branch campuses), and the intensive margin (the total number of educational programmes offered). Using the gravity equation, we applied fixed-effect empirical methods to a panel dataset that combined and extended the raw data from campuses and master's programmes in 33 source countries and 76 host countries in the period from 1948 to 2016. Estimates reveal that although cultural, economic and institutional ties foster cross-border educational relationships, their effect differs significantly from one margin to another. The study highlights the relevance of globalisation, research activities, and aggregate demand in international higher education

Crisis financieras e inversión extranjera. Un análisis de fusiones y adquisiciones

El presente artículo presenta un análisis comparado del impacto de las crisis financieras sobre la inversión extranjera directa (IED) en fusiones y adquisiciones en España. En concreto, se analizan las consecuencias de las crisis financieras pasadas sobre la IED en España y en el mundo, y se comparan sus efectos con la reciente crisis finan ciera conocida como la Gran Recesión. La técnica econométrica utilizada, la ecuación de gravedad, muestra como la Gran Recesión ha tenido un impacto mayor que crisis precedentes. Las estimaciones sugieren que las crisis bancarias en los países inversores limitan las fusiones y adquisiciones tanto en el margen extensivo (número de fusiones) como en el intensivo (volumen). En cambio, en España su efecto se conce ntra marcadamente en el margen intensivo.This article presents a comparative analysis of the impact of financial crises on foreign direct investment (FDI) in mergers and acquisitions in Spain. Specifically, the consequences of past financial crises on FDI in Spain and the world are analyzed, and their ef fects are compared with the recent financial crisis known as the Great Recession. The econometric technique used, the gravity equation, shows how the Great Recession has had a greater impact than previous crises. Estimates suggest that banking crises in inves tor countries limit mergers and acquisitions both in the extensive margin (number of mergers) and in the intensive (volume). On the other hand, in Spain its effect is sharply concentrated in the intens ive margin.Economí

La inversión extranjera greenfield en España

Este artículo presenta un análisis de la inversión extranjera directa (IED) greenfield en España. La inversión greenfield se define como la inversión de nueva planta y supone además de la entrada de capital extranjero la creación de nuevos proyectos empresariales y puestos de trabajo. La inversión greenfield constituye un 35% del total de IED registrada en España y su evolución temporal, los principales sectores y regiones receptores muestran rasgos similares. Un análisis econométrico, utilizando la ecuación de gravedad, muestra que los determinantes de la IED greenfield en España son similares tanto a los determinantes globales como los de la IED total registrada en España.Economí

Social determinants of success: social media, corporate governance and revenue

This study examined how social media (Twitter and LinkedIn) relates to the operating revenue by investigating the effect of the use of social media by the board of directors. To tackle this question, we analyzed the mediating and moderating relationship of social media on the effect of board size in operating revenue (turnover). We studied the implications of the use of social media by the board members by using structural equation modeling (SEM). The data consisted of a random sample of 100 companies listed on the NASDAQ. The study makes two main contributions. First, it shows interesting differences in the use of social media for the operating revenue. Our results suggest that while Twitter mediated and inhibited the negative effect of board size on revenue, LinkedIn moderated and re-enforced this effect. Second, it offers marketers and managers some useful hints about the relationship between social media and financial performance

Regional headquarters and foreign direct investment

Headquarters (HQs) provide a wide range of services, playing a fundamental role in Foreign Direct Investment (FDI). We use the structural gravity equation to investigate the effect of regional HQs on three dimensions of FDI (number of foreign projects, capital investment, and jobs) at the country-pair-sector level. Furthermore, we explore two underlying mechanisms that help explain this relationship: financial constraints and informational costs and uncertainty. We find a positive effect of regional HQs on FDI, as well as intercountry and intersector spillovers. Our results are robust, accounting for HQ intensity, domestic investment, and endogeneity tests

Does happiness drive tourism decisions?

This research examines the role that happiness plays in affecting tourism flows. While most previous studies are country-specific, our analysis is performed with panel data on 142 countries from 2005 to 2019. This allows us to implement a structural gravity model that includes both domestic and international tourism flows, which is a novel approach in this branch of the literature. Our empirical strategy enables us to correctly identify happiness when multilateral resistance terms are included. The results show that happiness at a destination is a significant tourist attractor, although the link follows an inverted U-shaped pattern. This suggests that tourists associate happiness with the quality of life at a destination but after a threshold, it becomes less important. Moreover, when cultural distance is greater, the effect of happiness on tourism arrivals is smaller. Therefore, tourists can better interpret happiness when origin and destination cultures are similar

Corruption and International Trade: A Re-assessment with Intra-National Flows

This study re-examines the impact of corruption on international trade accounting for both inter- and intra-national flows in line with the latest advances in the gravity equation literature. Using a wide sample of countries for the period 1995–2017, our results show that the non-inclusion of internal trade flows drastically biases the estimations. Additionally, we find that the negative impact of corruption on trade is reduced, ceteris paribus, in poorer countries. We also find non-linearities, more corrupt countries present a more harmful impact of corruption on trade. Moreover, we perform a general equilibrium analysis to investigate the impact of a given reduction in perceived corruption on a selected group of countries’ economic growth and prices. We find that these effects are far from being negligible, especially when there is a “synchronized” reduction in corruption in most corrupt countries

Risk factors for infections caused by carbapenem-resistant Enterobacterales: an international matched case-control-control study (EURECA)

Cases were patients with complicated urinary tract infection (cUTI), complicated intraabdominal (cIAI), pneumonia or bacteraemia from other sources (BSI-OS) due to CRE; control groups were patients with infection caused by carbapenem-susceptible Enterobacterales (CSE), and by non-infected patients, respectively. Matching criteria included type of infection for CSE group, ward and duration of hospital admission. Conditional logistic regression was used to identify risk factors. Findings Overall, 235 CRE case patients, 235 CSE controls and 705 non-infected controls were included. The CRE infections were cUTI (133, 56.7%), pneumonia (44, 18.7%), cIAI and BSI-OS (29, 12.3% each). Carbapenemase genes were found in 228 isolates: OXA-48/like, 112 (47.6%), KPC, 84 (35.7%), and metallo-beta-lactamases, 44 (18.7%); 13 produced two. The risk factors for CRE infection in both type of controls were (adjusted OR for CSE controls; 95% CI; p value) previous colonisation/infection by CRE (6.94; 2.74-15.53; <0.001), urinary catheter (1.78; 1.03-3.07; 0.038) and exposure to broad spectrum antibiotics, as categorical (2.20; 1.25-3.88; 0.006) and time-dependent (1.04 per day; 1.00-1.07; 0.014); chronic renal failure (2.81; 1.40-5.64; 0.004) and admission from home (0.44; 0.23-0.85; 0.014) were significant only for CSE controls. Subgroup analyses provided similar results. Interpretation The main risk factors for CRE infections in hospitals with high incidence included previous coloni-zation, urinary catheter and exposure to broad spectrum antibiotics