1,586 research outputs found
Cross-Border Acquisition or Greenfield Entry: Does it Matter for Affiliate R&D?
No full textThis paper investigates how the entry mode of foreign direct investment (FDI) affects the affiliate R&D activities using unique data on Swedish multinational firms over a long period of time (1970 to 1998). On average, acquired affiliates are more likely to do R&D and have a higher level of R&D intensity than affiliates created by greenfield entry. This difference in observed R&D is explained by differences in parent, affiliate, industry and country characteristics as well as by different reactions to these characteristics, as predicted by the recent theoretical literature on international mergers and acquisitions (M&As). The results also suggest that M&As are, to a larger extent, motivated by asset-seeking motives than greenfield entry, especially in the 1990s.FDI; M&A; Greenfield Investment; R&D; Multinational Firm
Inflationary expectations, money growth, and the vanishing liquidity effect of money on interest : a further investigation
No full textMarket participants recognize two opposing effects of money supply growth on interest rates: a temporary liquidity effect and a permanent expectations effect. That the latter dominates in the long run is clear—a sustained increase in money growth causes proportionally higher interest rates due to a rise in inflationary expectations. In the short run, however, this interest-raising expectations effect is to some degree offset by the interest-lowering liquidity effect as monetary acceleration initially gluts the market for money balances. Depending on the relative strengths of these two opposing forces, increased money growth may lower interest rates for a while. In the second article in this Review, “Inflationary Expectations, Money Growth, and the Vanishing Liquidity Effect of Money on Interest: A Further Investigation,” Yash Mehra examines the historical response of interest rates to changes in money growth and finds that the pattern of response has changed substantially over time. During the ‘50s and ‘60s, accelerations in money growth significantly lowered interest rates in the short run through the liquidity effect. In the ‘70s, however, the liquidity effect was no longer significant. Triggered by high and variable rates of inflation, inflationary expectations became more responsive to changes in money growth and the expectations effect began to dominate the liquidity effect even in the short run. As a result, the temporary lowering of interest rates following an acceleration of money growth is now shorter lived and less pronounced than it was during the ‘50s and ‘60s.Money
Accurate Mediterranean overflow water (MOW) simulation using a coupled multiple-grid Mediterranean Sea/North Atlantic Ocean model on a PC
No full text
International Schumpeterian Competition and Optimal R&D subsidies
No full textThis paper studies the welfare effects of international competition in the market for innovations, and analyzes how competition affects the costs and the benefits of cooperative and non-cooperative R&D subsidies. I set up a two-country quality-ladder growth model where the leader, the home country, has R&D firms innovating in all sectors of the economy, and the follower, the foreign country, shows innovating firms only in a subset of industries. The measure of the set of sectors where R&D workers from both countries compete for innovation determines the scale of international Schumpeterian competition. Both governments engage in a strategic R&D subsidy game and respond optimally to changes in competition. For a given level of subsidies, increases in foreign competition raise the quality of goods available (growth effect) and lowers domestic profits (business-stealing effect); the overall effect of competition on domestic welfare depends on the relative strength of these two counteracting forces. When governments play a strategic subsidy game, increases in foreign competition trigger a defensive innovation policy mechanism that raises the optimal domestic R&D subsidy. Cooperation in subsidies leads both countries to set higher subsidies. Finally, while cooperation is beneficial for the global economy, there exists a threshold level of competition below which the home country experiences welfare losses under cooperation.international competition, endogenous technical change, growth theory, strategic R&D subsidies, international policy cooperation
Loggerhead turtle, Caretta caretta (Linnaeus, 1758) (Testudines, Cheloniidae), as a new host of Monticellius indicum Mehra, 1939 (Digenea: Spirorchiidae) and associated lesiond to spirorchiid eggs
No full textThe present note describes the occurrence of Monticellius indicum Mehra, 1939 (Digenea: Spirorchiidae) in an adult loggerhead turtle, Caretta caretta (Linnaeus, 1758), found on the coast of the state of Rio de Janeiro, Brazil. Pathological changes due to spirorchiid eggs (type 1 and 3) were found in gastrointestinal system, endocrine system, and heart. This parasite has previously been described in the green turtle, Chelonia mydas (Linnaeus, 1758), from Pakistan, Brazil and Costa Rica as well as in the hawksbill sea turtle, Eretmochelys imbricata (Linnaeus, 1766), in Brazil. This note reports the loggerhead turtle as a new host for M. indicum
Cyclosporine-induced hypertension: Evidence for maintained baroreflex circulatory control
No full textBackground: The clinical use of cyclosporine as an immunosuppressive agent enhanced long-term survival in transplant recipients at the expense of a high incidence of induced hypertension. Altered neurovegetative (autonomic) cardiovascular control is suspected as a mechanism of this form of hypertension. Methods: Spectral analysis of systolic arterial pressure and R- R interval variability (electrocardiographic recordings) were performed, and the index α of baroreflex gain was computed in four groups of subjects matched for age: 13 orthotopic heart transplant recipients; 13 solid organ transplant recipients; 13 patients with essential hypertension; and 18 control subjects with normal blood pressure. All but the control subjects were treated with similar dihydropyridine calcium entry blockers. Heart and solid organ transplant recipients also received cyclosporine. Results: R-R variance was lowest in the heart transplant recipients. The spectral profile of R-R interval was suggestive of sympathetic predominance in the patients withhypertension, but not in the solid organ transplant recipients or the control subjects. Systolic blood pressure variability and low frequency component (a marker of sympathetic vasomotor modulation) were similar in the four groups. The index α was 1.8 ± 2.2 in heart transplant recipients, 11.7 ± 6.6 in solid organ transplant recipients, 7.3 ± 3.6 in patients with hypertension, and 13.5 ± 6.4 msec/mm Hg in control subjects (p = 0.0001). Conclusions: These data indicate that (1) cyclosporine-induced hypertension in heart transplant recipients is associated with a loss of baroreflex function as a result of cardiac denervation-related uncoupling; (2) compared with patients with hypertension, organ transplant recipients with hypertension demonstrated a maintained baroreflex function as indicated by a lack of reduction of the index α; (3) baroreflex heart rate control in dihydropyridine-treated cyclosporine-induced hypertension is well maintained
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