How are emerging markets doing in terms of attracting Foreign Direct Investment FDI, something all of them need, and are seeking, to further their economic development? What should they do to attract more, and especially investment that is particularly important for their development? This paper explains all the above questions.
Economists view Intellectual Property Rights IPRs as policy tools for encouraging innovation. There are many types of IPRs and of institutions concerned with their administration. This paper begins by outlining how these complex and varied rights are supposed to work and how they interact with other characteristics of firms and...
This paper discusses issues arising in the measurement of productivity in public services. Compared to measuring productivity in the private sector difficulties arise because the output of public services is often un-priced and because some public services are consumed collectively. A key problem is measuring the full range of outputs...
This paper builds a framework for the analysis of macroeconomic fluctuations that incorporates the endogenous determination of the number of producers over the business cycle. Economic expansions induce higher entry rates by prospective entrants subject to irreversible investment costs. The sluggish response of the number of producers (due to the...
How should macroeconomic policy in India respond to the dramatic strengthening of the balance of payments in the current decade? This controversial subject of contemporary Indian debate is addressed below. The paper begins with an assessment of the external aspects of India's macroeconomic management in the 1990s. It proceeds to...
The evidence cited below is not a response for a single firm. It reflects academic studies made using significant databases of large firms in the UK in both the manufacturing and service sectors. Very little was known about the role of intangible business assets in service sectors producing intangible products,...
Numerous organisations have engaged in a process of empowerment of their workers, allowing them to take decisions without interference from upper management. As interests become more aligned, delegation of decision-making rights motivates employees without causing severe disruption to the decision-making process. The author explains delegating decision rights to subordinates increases...
This paper provides an explanation for the widespread use of senior convertible preferred stock in venture capital financing. One develops a model of cash constrained entrepreneurs who need an investor to finance their project. Investors can either be uninformed, such as small individual bondholders, or informed, such as venture capitalists...
The changing extent of adoption and the modes of utilising networked informational technologies within the public sectors of modern economies, and the ways in which these developments affect the performance of public organisations are matters of obvious importance from the economic standpoint, as well as for the political and social...
This paper provides evidence from a newly constructed database of UK firms about the extent of their Intellectual Property IP acquisition activities over last few years. Paper focuses on service sector firms, which have not previously been studied, with comparisons for firms in manufacturing and other sectors, such as agriculture....
The basic question regarding sovereign debt is why sovereign borrowers ever repay, provided that creditors have no power to foreclose on any of their assets. In this paper an answer is suggested: sovereign debt will be served as long as the median voter is a net loser from default. Default...
Should decision-making in organisations be internally transparent? The author investigates this question in a model of teamwork in which the leader's information consists of two components; verifiable "Hard" evidence and unverifiable "Soft" information. The disclosure of verifiable evidence permits subordinates to adjust their effort to the team's prospects. On the...
The software industry has invested heavily in the past ten years on developing Internet based software to support commodity procurement. Despite its critical impact on business performance there has been a much smaller emphasis on new tools and processes to support high value, high risk procurement transactions, although the area...
Schumpeter's canonical depiction of the entrepreneur as an agent of social and economic change implies that entrepreneurs are especially sensitive to the social environment. We use an organizing framework based on institutional economics, in combination with lessons from cross-cultural psychology, to consider the social dimensions of entrepreneurship. The level and...
This paper investigates the optimal regulation of financial conglomerates which combine a bank and a non-bank financial institution. The conglomerate's risk-taking incentives depend upon the level of market discipline it faces, which in turn is determined by the conglomerate's liability structure. It further examines optimal capital requirements for standalone institutions,...
This paper incorporates limited asset markets participation in dynamic general equilibrium and develops a simple framework for monetary policy analysis. It is shown that aggregate dynamics and stability properties of an otherwise standard business cycle model depend nonlinearly on the degree of asset market participation: low enough participation causes an...
This paper argues that limited asset market participation before 1980 in the US and the change thereof is crucial in explaining macroeconomic performance and monetary policy conduct. Our model predicts that when participation rates change from low to high the slope of the IS curve changes from positive ('non-Keynesian') to...
In this paper, the authors provides a broad introductory look at just what they mean by traditional advertising and promotion, and how they are seen in today's world. This will provide a foundation and perspective for the subject in general before the authors begin to look specifically at the role...
This paper provides a model to explain a puzzle connected with IPOs Initial Public Offering: why underwriters often create naked short positions - not covered by an over-allotment option - when share prices usually increase in the aftermarket, exposing them to loss. The economics of stabilization and naked short positions...
Convertible bonds CBs hereafter have been around for more than 400 years and were first issued in the US more than 100 years ago. Valuation has been more of an art than science in the old days and have picked up in rigor only in the last 40 years. This...
