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The article is devoted to the study of the objective aspect of transferring or collecting data constituting proprietary information collected in the course of operational and investigative, counterintelligence activities in the field of defense of the country. It is established that the objective side of this criminal offense is expressed in two forms: 1) transfer of data constituting proprietary information collected in the course of operational and investigative, counterintelligence activities in the field of defense of the country to foreign enterprises, institutions, organizations or their representatives; 2) collection of such data for the purpose of transferring to foreign enterprises, institutions, organizations or their representatives. The transfer takes place when a person possesses them and communicates (transmits, delivers) them to foreign enterprises, institutions, organizations or their representatives. The methods of transmission may be different (oral, written, direct familiarization with any materials, transmission via the Internet, by telephone, using caches, couriers, etc.) It also does not matter whether the transferred sources are copies or only information about them. The collection of data constituting official information collected in the course of operational, investigative, counterintelligence activities in the field of national defense should be understood as active actions to search for, concentrate (summarize, generalize) and record (image, photograph, copy, memorize) information. The peculiarity of the transfer and collection of information constituting proprietary information collected in the course of operational and investigative, counterintelligence, and defense activities is that it becomes the property of only foreign enterprises, institutions, organizations, or their representatives, and not of any interested person. Part 1 of Art. 330 of the Criminal Code of Ukraine does not provide for the occurrence of socially dangerous consequences, and, therefore, is not a mandatory feature of the objective side of this criminal offense. The criminal offense under Article 330 of the CC of Ukraine is considered completed either from the moment of transmission or from the moment of collection of information for the purpose of its transmission. The content of the objective side of this criminal offense includes its optional features - method, means, place, time and setting of the commission. These features are a set of specific conditions under which a criminal offense is committed, the objective side develops and a criminal offense result occurs. [ABSTRACT FROM AUTHOR]

This study examines the intertemporal nature of countries' external adjustment by using two oil income shocks with different timings: giant oil discovery news shocks and contemporaneous oil revenue shocks from international oil price changes. Empirical estimates using a large panel of countries support the intertemporal theory. Net foreign assets hike immediately upon oil revenue shocks, but decline for the first 5 years after oil discoveries and rebound subsequently. These adjustments are largely through the current account but partially stabilized by valuation effects for oil revenue shocks. Oil discoveries attract FDI inflows, while oil revenue shocks increase foreign debt assets holdings. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to explore mechanisms of the overseas marketing assets needed for marketing dynamic capability in Chinese multinational enterprises (MNEs) settings. Marketing assets of foreign subsidiaries contribute to the dynamic capability of MNEs, which are crucial for their sustained competitiveness. This kind of mechanism attracts much attention in academia and industry. However, there are few studies on how dynamic capabilities are developed in MNEs considering the organizational structure of geographically dispersed assets in multiple locations. This paper aims to examine the effect of knowledge-based and relational-based marketing assets on dynamic marketing capabilities and the mediating effect of customer orientation on Chinese MNEs. Design/methodology/approach: Integrating the dynamic capability approach and the international marketing literature, this study examines the impact of two types of marketing assets of foreign subsidiaries, focusing on knowledge-based and relationship-based marketing assets, on the dynamic marketing capabilities of Chinese MNEs. A large-scale empirical study of Chinese MNEs operating in overseas markets was performed, and the questionnaires were distributed and collected. Findings: The results suggest a positive impact of knowledge-based and relationship-based marketing assets on marketing dynamic capability. We find that customer orientation has a positive mediating effect on the relationship between marketing assets and marketing dynamic capability. We also find that the competitive strength of the overseas market negatively moderates this relationship. Research limitations/implications: This study aims to contribute to the existing literature with a more fine-grained understanding of marketing assets and marketing dynamic capability, then provides theoretical guidance and management suggestions for the formulation and implementation of internationalization strategies of Chinese MNEs. Practical implications: The findings outline several important implications for MNEs seeking into expand to overseas markets. Originality/value: This paper contributes a novel, combined perspective on marketing assets and marketing dynamic capability. [ABSTRACT FROM AUTHOR]

We examined the mediating effect of self-efficacy on the relationship between personality traits and foreign language anxiety among university students of English as a foreign language. Using a cross-sectional study design, 524 Chinese undergraduate students completed the Foreign Language Classroom Anxiety Scale (FLCAS), the Big Five Inventory (BFI), and the General Self-Efficacy Scale (GSE). The PROCESS mediation analysis findings indicated that personality traits predicted foreign language learning anxiety. Self-efficacy significantly mediated the relationship between personality traits and foreign language anxiety, associated with lower foreign language anxiety. Openness and extroversion were associated with higher self-efficacy and lower foreign language anxiety. Neuroticism was associated with lower self-efficacy and higher foreign language anxiety. Educational programs, therapeutic interventions, and policy measures should be designed to enhance self-efficacy as an asset in foreign language learning experiences. [ABSTRACT FROM AUTHOR]

Copyright of Akademik Hassasiyetler is the property of Huzeyfe Suleyman Arslan and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This study aims to depict the dramatic exit of Western multinational corporations (MNCs) from Russia after the escalation of the Russia – Ukraine conflict and the beginning of military action between the two countries. The beginning of intensive military actions between Russia and Ukraine served as a pretext for strengthening Western sanctions that now not only include sanctions against Russian physical and legal persons but also the ban on trade with Russia, the ban on financial transactions, and strict control of value appropriation by foreign corporate centres of Western MNCs in Russia. We demonstrate how Western corporations selected candidates for divestment under pressure from their home countries and the strengthening demands of the Russian government towards both sides of the deal with foreign industrial assets. Moreover, the present study refutes several popular postulates on foreign divestment and indicates several promising directions for future studies. [ABSTRACT FROM AUTHOR]

This Comment examines the legal implications of the sanctions issued by the Department of the Treasury's Office of Foreign Asset Control against Tornado Cash, an application that enables user privacy protection in transactions on the Ethereum blockchain. With the rapid expansion of the digital asset revolution, policymakers remained puzzled as to how to best establish a regulatory scheme that protects consumers without chilling innovation and investment in the digital asset market. The Office of Foreign Assets Control's issuance of sanctions against Tornado Cash was an attempt to regulate an extremely volatile and unpredictable market. These sanctions prohibited all licit activity on the application, and as a result, developers and digital asset advocates filed suit against the Treasury Department. This Comment analyzes the claims raised in Van Loon v. Department of Treasury and Coin Center v. Department of Treasury, and it considers flaws in their respective district court decisions. [ABSTRACT FROM AUTHOR]

This study addresses the critical public concern of effectively mitigating solvency risks in insurance companies through supervisory intervention. Building upon existing research, we extend our analysis to incorporate the effects of foreign investment and examine the impact of varying degrees of risk aversion among insurers. Furthermore, we investigate the optimal expected terminal utility in relation to initial insurance company premiums, integrating interest and exchange rates into our analytical framework. Additionally, we evaluate the impact of regulatory interventions, specifically capital injection schemes and risk-constrained asset allocation, on insurers' default risk and certainty equivalent wealth using a utility-based approach. Our findings indicate that: (1) when policyholders exhibit higher degrees of risk aversion, a reduced propensity to allocate funds to riskier assets, such as stock index funds and foreign assets, is observed; (2) when exchange rates offer higher returns, an increased allocation to foreign assets is advisable; (3) conversely, when exchange rate returns exhibit greater uncertainty, a reduction in foreign asset allocation is recommended; (4) in scenarios where foreign risk-free rates yield higher returns, an increased allocation to foreign assets is suggested; and (5) under conditions of capital minimization, the influence of exchange rates and foreign interest rates on optimization becomes less discernible. [ABSTRACT FROM AUTHOR]

Copyright of Izmir Journal of Economics is the property of Dokuz Eylul University, Faculty of Economics & Administrative Sciences and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In 1952, the Anglo-Iranian Oil Company and Shell were clandestinely shipping Kuwaiti oil to the Haifa refinery (owned by the same companies) to meet Israel's growing energy needs. Later that year, aided by the advent of German reparations, the companies agreed to further supply Kuwaiti oil to the Israel Fuel Corporation for it to refine. By 1953, Kuwait became the leading source of crude oil to the Haifa refinery. That February, the Arab League publicly stated that it wanted the Gulf countries to join its economic boycott on Israel and, as a result, received a public assurance from the ruler of Kuwait that his country, still a British protectorate, would not be used as a 'bridge for trade with Israel'. From that moment onwards, and with the shipments under investigation by the Arab League, a monthslong debate emerged between the British government and the oil companies over whether to wait for an Arab League–inspired directive from the ruler forbidding these shipments, which would grant the organisation a moral victory at the expense of British interests, or to anticipate the event by ceasing of their own accord for maximum convenience at the expense of Israel. The Foreign Office, which forcefully pushed for cessation despite resistance from other government bodies and the oil companies, ultimately had its way and managed to pre-empt an Arab League hammer in the making that might have driven a wedge between the United Kingdom and what had become her most prized foreign asset, Kuwait. [ABSTRACT FROM AUTHOR]

We use a portfolio‐based framework to understand what drives the decline of the U.S. net foreign asset (NFA) position and the reversal in returns earned on the U.S. NFA (exorbitant privilege). We show that global savings gluts and monetary policies widened the U.S. NFA position, while investor demand shifts partially offset this widening. Moreover, U.S. privilege declined after 2010, in line with increasing foreign demand for U.S. equity. We also highlight a quantity dimension of the U.S. privilege: The U.S. can issue substantially more debt than other countries for a given yield increase. [ABSTRACT FROM AUTHOR]

This study examines the long memory properties in the volatility of the foreign exchange markets of Egypt, Ghana, Kenya, Nigeria and South Africa. Applying the FIEGARCH model to daily data from June 2, 1997, to December 31, 2021, we find long memory in the second moment of return innovations across all five countries' foreign exchange markets and significant first-order positive autocorrelation. To isolate spurious long memory, we perform a structural break test and find that structural breaks in all five foreign exchange markets do not affect long memory. The findings may have implications for risk management. Historical volatility-based investment methods can generate risk-adjusted returns innovations. Long memory may indicate unexploited profit for risk-seeking speculators and international investors in these countries' financial assets. Also, official intervention should be random and rule-changing to reduce currency market predictability. [ABSTRACT FROM AUTHOR]

The Tax Cuts and Jobs Act (TCJA) of 2017 marked a significant change in U.S. domestic and international tax policy, altering incentives for U.S. firms to own foreign assets. We examine the initial response of U.S. firms' foreign acquisition patterns to the TCJA's key reform provisions. We find a significant overall decrease in the probability that a foreign target is acquired by a U.S. firm after the reform, suggesting that the net effect of the TCJA was to reduce acquisitions abroad. Cross-sectional variation across target and acquirer characteristics points to the elimination of the repatriation tax and the TCJA's global intangible low-taxed income (GILTI) regime as critically influencing cross-border acquisitions by U.S. firms. Specifically, U.S. acquirers with little foreign presence prior to the TCJA are more likely to acquire a foreign target, while U.S. acquirers are less likely to acquire profitable targets in low-tax countries. Results from our empirical analyses are consistent with the TCJA prompting fewer but more value-enhancing, less tax-motivated foreign acquisitions by U.S. firms. [ABSTRACT FROM AUTHOR]

What strategies work best for enforcing sanctions? Sanctions enforcement agencies like the US Office of Foreign Assets Control (OFAC) face resource limitations and political constraints in punishing domestic firms for violating sanctions. Beyond monetary fines, sanctions enforcement actions also serve a "naming and shaming" function that tarnishes violators' reputations. Larger, higher-profile companies tend have much more at stake in terms of their reputations than smaller or less well-known firms. At the same time, punishing higher-profile companies for sanctions violations is likely to generate more publicity about the risks and potential consequences of not complying with sanctions. We theorize that OFAC should impose larger fines on high-profile companies to draw attention to those cases, make the enforcement actions more memorable, and enhance the reputational costs that they inflict. We conduct a statistical analysis of OFAC enforcement actions from 2010 to 2021 and find support for our theory. [ABSTRACT FROM AUTHOR]

Strategic asset seeking foreign direct investment has undergone tremendous growth over the past decade. This paper first attempts to evaluate the location choice of such investments in Europe. We find that Chinese companies target strategic assets in Europe. The paper then moves to understand the efficacy of these investments in terms of the creation of strategic assets in the Chinese parent company. Our results show the intangible assets of Chinese domestic parent firms significantly increase in the wake of their investments. For greenfield investments, there is a longer time-lag in creation of intangible strategic assets than for acquisitions. However, greenfield investments result in a larger increase in intangible asset creation than acquisition investments. [ABSTRACT FROM AUTHOR]

Multinational enterprises frequently divest their foreign assets in the current economic environment. Existing research, based on friction theory, has mainly focused on the impacts of political and economic disparities on foreign divestment while neglecting the nuanced influence of cultural factors. To address this gap, this paper draws on the cultural friction perspective to capture the diverse cultural resistance faced by each enterprise and explore the relationship between cultural friction and foreign divestment. Data from Chinese publicly listed enterprises engaged in foreign investment are leveraged, and a dual-level analysis is conducted using Logit panel regression and Cox survival analysis to examine the relationship between cultural friction and foreign divestment from both the viewpoints of the parent company and the overseas subsidiary. Additionally, the paper examines the marginal factors that affect the relationship between them from an institutional perspective. The findings reveal that cultural friction has a positive influence on the propensity of multinational enterprises to divest from foreign markets. Interestingly, a "formal institutional distance paradox" is demonstrated in our study, and politically connected enterprises are found to be more vulnerable to foreign divestment due to the "curse of political affiliations". [ABSTRACT FROM AUTHOR]

This paper theoretically examines the effect of an expansionary monetary policy on export quality and its ramifications on the aggregate employment of the unskilled workers in a competitive general equilibrium framework of a small open economy. Monetary policies are often pursued by the central bank of an economy to manage exchange rate fluctuations under a managed float regime, which may have adverse consequences for export-quality choices and thereby for export growth given the growing preference of buyers in richer nations for higher qualities of imports. Under optimal allocation of wealth over a portfolio of cash, domestic assets and foreign assets, we show that an increase in the domestic money supply affects the choice of export-quality through larger investment, capital formation and consequent endowment effect and through changes in the nominal exchange rate. Under less price-elastic demand for a non-traded good, export quality is upgraded when quality upgrading is relatively capital (than skill) intensive. The expansionary monetary policy may raise aggregate employment of unskilled workers due to larger investment and capital formation, but may lower it through changes in the quality of the export good. The overall effect is thus ambiguous. A larger initial size of bequests has a similar effect. [ABSTRACT FROM AUTHOR]

Wheat starch is the main business material in wheat. It has a variety of functional characteristics and broad development and utilization prospects. This article is based on a comprehensive and in-depth analysis of wheat starch patent literature. For global patent output, the current patent situation of wheat starch is clarified from many aspects such as distribution, time latitude, and patent applicants in the technical field. We focus on analyzing the public trend of patents in China, revealing the development trend of wheat starch industry in China. At present, the research on the impact of wheat starch has been slower than before, and the development trend is stable. The research institutions are mainly domestic; however, the industrialization of wheat starch is lacking in the industrialization of the application of the application of wheat starch. There is still a large room for the industrialization of wheat starch in many fields. In this paper, the functional properties of wheat starch, such as gelatinization, retrogradation, freeze-thaw stability and gel property were summarized. According to the functional characteristics of wheat starch, the quality of wheat starch-based food was improved to broaden the development channel of wheat starch. On this basis, this article proposes the potential direction and industrialization of wheat starch industrialization and industrialization, so as to provide scientific basis for discovering the value of wheat starch and the use of development of wheat starch in various aspects of my country's wheat starch [ABSTRACT FROM AUTHOR]

Copyright of Paradigma: Journal of Economics & Management Research / İktisadi ve İdari Araştırmalar Dergisi is the property of Gumushane University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This study tested the effects of hand-clapping to the rhythm of newly learned French words on the pronunciation of these words by 7- to 8-year-old Catalan children. In a short training experiment with a pre- and posttest design, 28 children either repeated cognate words in French (e.g. French aspirateur, Catalan aspirador 'vacuum cleaner') while clapping to the rhythmic structure of those words or only repeated the words. Participants' oral productions before and after training were rated for accentedness by three French native speakers. Results showed that in both groups, participants' pronunciation improved after training, and crucially, children in the clapping group improved significantly more than those in the non-clapping group. Additionally, an acoustic analysis of the duration of word-final vowels indicated that only children in the clapping group significantly lengthened the final vowel after training, thus producing more target-like durational patterns. Our results suggest that a brief embodied intervention based on highlighting the rhythmic structure of words through hand-clapping has the potential to enhance pronunciation in a foreign language. The implications for second language teaching of pronunciation are discussed. [ABSTRACT FROM AUTHOR]

Various explanations are given for the equity home bias phenomenon and information asymmetry is one of them. Coronavirus-19 (COVID-19) saw extensive use of digital communication technology which has significantly improved access to information and makes a curious case to study the equity home bias for select developed and emerging economies before and during COVID-19 (economic crisis). Using a well-established methodology to compute home bias through the relative share of domestic and foreign equities in world market capitalization, this study examines the equity home bias of 22 emerging and advanced economies before and during COVID-19. In 14 of the 22 countries studied, there was a larger reduction in equity home bias during COVID-19 compared to the pre-COVID period. Further, the reduction in home bias in 10 of these countries represents a structural shift from the earlier trend. This reduction in equity home bias during an economic crisis contradicts well-established studies that suggest economic shocks and crises compel investors to under-diversify and liquidate foreign investments which increases the equity home bias phenomenon. Further, the results of this study suggest distance as a proxy for information asymmetry has lower explanatory power in the current context. [ABSTRACT FROM AUTHOR]

A state is entitled to be bound by investment agreements, including expropriating alien property on its territory. In international law, both represent the state's sovereign principle within the boundaries of territorial integrity. Expropriation and the right to regulate are usually included in investment agreements as part of the substantive rules. This study uses a normative juridical approach. This approach is carried out by examining the library materials, which are secondary data; especially the principles and norms of law. While the aim of this research is to examine the legal aspects of several key concepts within the international investment law regime--the right to regulate and expropriation, both in terms of its regulation and implementation, in order to find best practices. Expropriation and the right to regulate are essentially like two sides of the same coin. This is because lawful expropriation implies state obligations (compensation), whereas unlawful expropriation implies state responsibilities (restitution or reparations). Meanwhile, the right to regulate (police powers), which is based on the concept of state sovereignty, does not. Lawful expropriation is defined as the state measures carried out with the due process of law, in a non-discriminatory manner, for the purpose of the public interest and is accompanied by the payment of compensation. In terms of expropriation, the right to regulate can be regarded as a form of lawful expropriation that does not necessitate compensation. [ABSTRACT FROM AUTHOR]

This study investigates the evolutionary impact of applying artificial intelligence (AI) technology to foreign language education. By employing complex systems thinking, the relationship between foreign language education and AI technology is explored, and dynamic models are employed to analyze the evolutionary patterns of AI technology in foreign language education. Through model analysis and numerical simulations, the interactive effects between foreign language education and AI technology in different modes are revealed. The findings demonstrate that, under different coupling modes, foreign language education and AI technology can achieve self-organizing evolution. When the interaction coefficient between foreign language education and AI technology is appropriately set, AI technology exhibits emergent properties for foreign language education. Lastly, suggestions are presented to promote the sound development of foreign language education and AI technology. [ABSTRACT FROM AUTHOR]

This article studies the empirical impact of Foreign Assets Management (FAM) on companies' capital expenditure in emerging market economies with International Financial Shocks (IFS). The empirical analysis uses annual data of 2931 publicly listed companies in 45 emerging market economies from 2000 to 2019. We analyzed a multiplicative regression of a canonical capital expenditure Q model. The findings show that FAM positively affects companies' capital expenditure. Moreover, financially restricted companies are more sensitive to the favourable impact of FAM compared to restricted companies. Our results highlight the relevance of considering companies' heterogeneity when examining the effect of macro‐management policies. In addition, FAM has a more favourable impact on companies' capital expenditure in economies that concurrently use capital controls and macroprudential policy. Finally, our findings suggest that successful macro‐management policies insulate capital expenditure from adverse IFS. This result highlights the role of more coordinated approaches to repel adverse international shocks. [ABSTRACT FROM AUTHOR]

Shifts between native and alien climatic niches pose a major challenge for predicting biological invasions. This is particularly true for insular species because geophysical barriers could constrain the realization of their fundamental niches, which may lead to underestimates of their invasion potential. To investigate this idea, we estimated the frequency of shifts between native and alien climatic niches and the magnitude of climatic mismatches using 80,148 alien occurrences of 46 endemic insular amphibian, reptile, and bird species. Then, we assessed the influence of nine potential predictors on climatic mismatches across taxa, based on species' characteristics, native range physical characteristics, and alien range properties. We found that climatic mismatch is common during invasions of endemic insular birds and reptiles: 78.3% and 55.1% of their respective alien records occurred outside of the environmental space of species' native climatic niche. In comparison, climatic mismatch was evident for only 16.2% of the amphibian invasions analyzed. Several predictors significantly explained climatic mismatch, and these varied among taxonomic groups. For amphibians, only native range size was associated with climatic mismatch. For reptiles, the magnitude of climatic mismatch was higher for species with narrow native altitudinal ranges, occurring in topographically complex or less remote islands, as well as for species with larger distances between their native and alien ranges. For birds, climatic mismatch was significantly larger for invasions on continents with higher phylogenetic diversity of the recipient community, and when the invader was more evolutionarily distinct. Our findings highlight that apparently common niche shifts of insular species may jeopardize our ability to forecast their potential invasions using correlative methods based on climatic variables. Also, we show which factors provide additional insights on the actual invasion potential of insular endemic amphibians, reptiles, and birds. [ABSTRACT FROM AUTHOR]

The article schematically traces the history of Russia/USSR participation in the cross-border movement of foreign direct investment (FDI) from the end of the 19th century to 2022. It is shown that FDI inflows abruptly ended during the period of nationalization after the October Revolution of 1917. Although during the NEP there was a slight revival in concessions, a real recovery in FDI inflows began in 1989. So far, Russia has attracted few FDI for its size, and the events of 2022 will set it back again, making it difficult to accelerate technological modernization. FDI outflows from the country almost never stopped, although they were ideologically limited during the Soviet period. Small losses of Russian FDI due to external shocks have occurred periodically since the Russo-Japanese War of 1904–1905, but the most serious reductions in outward FDI are due to political moves initiated by Russia itself: the October Revolution in 1917, the transfer of assets to friendly countries in the first half of the 1950s, the "squandering" of Soviet property in the early 1990s, and the consequences of the reunification of Crimea in 2014. [ABSTRACT FROM AUTHOR]

The progression of financial globalization increases the importance of valuation changes of foreign assets and liabilities, similar to that of current account in explaining the recent net foreign asset position of countries around the world. This study analyzes the long‐term determinants of valuation effects by using panel regression with 10‐year data span of 188 countries. The main findings are as follows. First, the size of foreign assets and relative portion of risky assets are positively associated with valuation effects, which suggests that general principles for long‐term individual investors also hold for an entire country. Second, current account is negatively associated with valuation effects, which suggests that these two mechanisms stabilize each other in overall international adjustment process. Third, exchange rate changes are often positively associated with valuation effects, which at times depend on foreign asset and liability positions. Fourth, per capita GDP are negatively associated with valuation effects. Fifth, current account is mainly associated with valuation effects due to asset price changes, but exchange rate changes and foreign asset and liability positions are mainly associated with valuation effects due to exchange rate changes. The relative proportion of risky assets is associated with both types of valuation effects. [ABSTRACT FROM AUTHOR]

This paper aims to examine the determinants of the exchange rate based on the portfolio balance model. Using the Autoregressive Distributed Lag Model (ARDL), we empirically evaluate the effect of private net foreign assets and the traditional factors affecting the exchange rate dynamics in Mexico from 1990-2019. The main results suggest that: i) the portfolio approach constitutes a consistent system to explain the behavior of the exchange rate; ii) an increase in economic activity and interest rate differentials triggers an appreciation of the exchange rate; iii) an increase in the inflation gap and private net foreign assets causes a depreciation. [ABSTRACT FROM AUTHOR]

We study whether pension fund board governance relates to asset allocation. Pension funds with well-governed boards have greater international diversification, lower cash holdings, and, when pension funds are small, invest more in risky assets. In particular, pension fund boards that establish comprehensive investment policies invest more in equities, in foreign assets, and hold less cash. We argue that a comprehensive investment policy is likely to serve as a proxy for the financial expertise available to the fund while it provides the set up to facilitate decision making. Finally, we further show that the presence of external financial experts is also associated with lower cash holdings. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Administration & Economics is the property of Republic of Iraq Ministry of Higher Education & Scientific Research (MOHESR) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The Financial Accounting Standards Board (FASB) enacted Statement of Financial Accounting Standards No. 131 (now Accounting Standards Codification 280) to improve the valuation of firms' future growth opportunities through changes to segment disclosures. Prior research on foreign investment relies primarily on levels analyses. Using both changes and levels analyses, we provide evidence that investments in foreign fixed assets by US firms is significantly and positively related to operating income and net cash flows from operations. Foreign fixed assets are also significantly and positively related to stock prices, returns, and stock liquidity. Generally, our results suggest that increases in international diversification are related to increased operating performance and liquidity, while our price and returns results suggest that investors incorporate geographic asset data in their valuation models. [ABSTRACT FROM AUTHOR]

Klebsiella pneumoniae is a common human commensal and opportunistic pathogen. In recent years, the clinical isolation and resistance rates of K. pneumoniae have shown a yearly increase, leading to a special interest in mobile genetic elements. Prophages are a representative class of mobile genetic elements that can carry host-friendly genes, transfer horizontally between strains, and coevolve with the host's genome. In this study, we identified 15,946 prophages from the genomes of 1437 fully assembled K. pneumoniae deposited in the NCBI database, with 9755 prophages on chromosomes and 6191 prophages on plasmids. We found prophages to be notably diverse and widely disseminated in the K. pneumoniae genomes. The K. pneumoniae prophages encoded multiple putative virulence factors and antibiotic resistance genes. The comparison of strain types with prophage types suggests that the two may be related. The differences in GC content between the same type of prophages and the genomic region in which they were located indicates the alien properties of the prophages. The overall distribution of GC content suggests that prophages integrated on chromosomes and plasmids may have different evolutionary characteristics. These results suggest a high prevalence of prophages in the K. pneumoniae genome and highlight the effect of prophages on strain characterization. [ABSTRACT FROM AUTHOR]

Purpose: The paper aims to present the role of net investment income in the current account in Poland’s balance of payments and to investigate the main factors driving net investment income. Design/methodology/approach: The study uses quarterly, secondary data spanning from 2004 to 2022. The data gathered in the research were analysed using the ordinary least squares (OLS) regression. Findings: The empirical results of research show that the balance of investment income in the analysed period was characterized by a persistent deficit. The scale of the net investment income’ impact on the current account balance has increased. The income balance was mostly determined by the net foreign assets position while exchange rate had no significant effect. Practical implications: Understanding variables that influence country's net investment income is essential for designing appropriate economic policies aimed at ensuring external balance. The research results can be used to formulate policy recommendations, which help to minimalize vulnerabilities of external position of Poland. A policy suggestion is that in order to reduce imbalance between payments and receipts in investment income flows, efforts should be made towards promoting domestic investments abroad. Poland should also decrease dependence on external financing and increase reliance on domestic savings. In addition, the results of study provide a reasonable basis for further research on the influence of the investment income composition on the balance of income account. Originality/value: Until now, little research has been done about determinants of investment income balance. The study contributes to better understanding of changes in net investment income and dynamics of external position of Poland. [ABSTRACT FROM AUTHOR]

Every country attempts to improve its balance of payments (BOP) position to enhance macroeconomic policy. Algeria, like many developing countries, is experiencing a BOP deficit. This raises concerns about the reasons for this deficit and prioritizes the quest for potential answers. In the context of the Monetary Approach to the balance of payments (MABP), this paper investigates the long-run relationship between domestic credit, inflation, interest rate, GDP, and net foreign assets to find whether BOP is a monetary phenomenon in Algeria from 1980 to 2019. The Autoregressive Distributed Lag (ARDL) bounds test, combined with the critical approximation p-values of Kripfganz and Schneider (2020), has been applied. The findings clearly showed a long-run relationship among the variables. The long-run estimates strongly supported MABP propositions, and domestic credit had a negative and statistically significant influence on net foreign assets. This suggests that Algeria's BOP is a monetary phenomenon, and excess money supply played a crucial role in Algeria's balance of payments disequilibrium. The contribution of this paper is the use of the ARDL bounds test in combination with the novel critical approximation p-values of Kripfganz and Schneider (2020), which provided more robust results. This study could help monetary authorities to elaborate the suitable policies in dealing with BOP problems in Algeria. [ABSTRACT FROM AUTHOR]

The article focuses on the expropriation of foreign investments by a host state and the importance of resolving such disputes swiftly and effectively.

This study considers the impact of the FATF's greylisting process from a market perspective. The results are intended to inform the development of public policy and improvement of market signalling. The study develops a theoretical market impact model and identifies the indicators which may impact banking operations and institutional decisions. It is explicitly market-oriented in that the model seeks to reflect how stakeholders in financial and non-financial markets typically respond to signals sent out by the FATF. The authors find that the FATF's greylisting signalling has changed over time and distinguish four broad periods reflecting different messaging. The study uses financial, trade, and other variables derived from the World Bank's 'World Development Indicators' databank to explore evidence of impact in each of the different phases of the FATF's approach to greylisting. The study uses a pooled cross-section and time series approach with fixed effects, based on a sample of 177 countries and 3540 country-years of data from 2000 to 2020. The study examines impacts on net official development assistance, the banking environment (non-performing loans, risk premiums), net foreign assets, indebtedness, and market capitalisation. It finds significant correlations between many financial variables and FATF listing events, including an apparent reduction in development assistance during greylisting periods which endured after the country was delisted. This is of significant concern, as such reductions may impact disproportionately on developing economies. [ABSTRACT FROM AUTHOR]

Background: The reserve of a country is a reflection of the strength of fulfilling its financial liabilities. However, during the past several years, a regular variation of the total reserve has been observed on a global scale. The reserve of Bangladesh is also influenced by several economic and financial indicators such as total debt, net foreign assets, net domestic credit, inflation GDP deflator, net exports (% of GDP), and imports of goods and services (% of GDP), as well as foreign direct investment, GNI growth, official exchange rate, personal remittances, and so on. Therefore, the authors aimed to identify the nature of the relationship and influence of economic indicators on the total reserve of Bangladesh using a suitable statistical model. Methods and materials: To meet the objective of this study, the secondary data set was extracted from the World Bank's website which is openly accessible over the period 1976 to 2020. Moreover, the model used the appropriate splines to describe the non-linearity. The performance of the model was evaluated by the Akaike information criterion (AIC), Bayesian information criterion (BIC), and adjusted R-square. Results: The total reserve of Bangladesh gradually increased since 2001, and it reached its peak in 2020 which was 43172 billion US dollars. The data were first utilized to build a multiple linear regression model as a base model, but it was later found that the model has severe multicollinearity problems, with a maximum value of VIF for GNI of 499.63. Findings revealed that total debt, inflation, import, and export are showing a non-linear relationship with the total reserve in Bangladesh. Therefore, the authors applied the Generalized Additive Model (GAM) model to take advantage of the nonlinear relationship between the reserve and the selected covariates. The overall response, which is linearly tied to the net foreign asset in the GAM model, will change by 14.43 USD for every unit change in the net foreign asset. It is observed that the GAM model performs better than the multiple linear regression. Conclusion: A non-linear relationship is observed between the total reserve and different economic indicators of Bangladesh. The authors believed that this study will be beneficial to the government, monetary authorities also to the people of the country to better understand the economy. [ABSTRACT FROM AUTHOR]

In an era of ascendant globalization, sovereign wealth funds were used by governments around the world--and, in particular, by governments with massive natural resource wealth or balance-of-trade surpluses--to invest widely in foreign markets. Sovereign wealth funds were products of the international economic order then in existence, adapted to a political and economic environment in which borders could be easily crossed and foreign assets seemed abundant and easily acquired. After the Financial Crisis, and with the increasing nationalization seen in the 2010s, this environment began to change. Both domestic and international forces spurred the development of new, "strategic" sovereign funds. No longer operating primarily in international markets, nor tightly linked to the international economic order, these sovereign funds are developments of a more desperate age. Rather than focusing on outward investment, these sovereign funds turn inward, focusing instead on domestic concerns and prioritizing domestic political legitimacy. While these strategic funds are designed to thrive in more nationalized economic and political environments, the legal regimes of the sovereign funds' home jurisdictions must also adapt to the domestic turn in sovereign funds. This Article analyzes recent legal adaptations that attempt to manage a more mercantilist and nationalistic orientation from sovereign funds, and it outlines a framework for the legal innovations necessary to regulate and govern the funds within their home jurisdictions and minimize the risk of negative spillovers in other jurisdictions. [ABSTRACT FROM AUTHOR]

Sanctions have become an increasingly used foreign policy tool for applying pressure short of the use of military force, particularly for middle-tier powers like Canada. In the Canadian case, however, the current sanctions regime under the Special Economic Measures Act suffers from a number of gaps which make assessing its effectiveness as a foreign policy tool extremely difficult if not impossible. This paper examines the Canadian sanctions regime in the broader context of required capabilities, comparing it with that of the US regime under the Office of Foreign Assets Control, in order to highlight these gaps and how they might be addressed to assess the regime's overall effectiveness. [ABSTRACT FROM AUTHOR]

In contrast to other economic calamities such as financial crises or war, the topic of nationalisation has received only little attention by economic and business historians. Drawing on Russian and Swedish archival sources, this paper takes stock of the economic losses incurred on foreign investors in the 1917 Russian revolution, with particular emphasis on the Swedish case. Constructing lower and upper bounds for the losses, the paper argues that depending on the chosen measure these were in the range from 380 to 1,140 million SEK in 1917. For a country that remained neutral throughout two world wars, the Russian revolution represents one of the largest (if not the largest) externally incurred losses on Swedish firms and households in modern history. These results suggest that the role of revolutions in international business history needs to be better understood. [ABSTRACT FROM AUTHOR]

Purpose. Development of a structural and systemic approach to determining the effectiveness of the functioning and internationalization of the country’s mining and metallurgical industrial groups and the formation of their possible development vectors. Methodology. The results of the presented scientific research were obtained using general and special methods of cognition: abstract-logical analysis, systematization and combination, method of theoretical generalization, method of dialectical cognition, deduction and induction, statistical analysis, econometric method of trend formation. Findings. Approaches to the determination of performance indicators and the level of internationalization of mining and metallurgical industrial groups, which were dynamically formed in the modern conditions of the functioning of multinational companies, were systematized. Principles of calculation, system of indicators of efficiency and level of internationalization, which were chosen to evaluate the leading mining and metallurgical industrial groups of Ukraine, and methodical approaches to the calculation of performance indicators and evaluation of the level of internationalization were substantiated, and analytical conclusions were formulated. The forecast was made and the development vectors of the country’s leading mining and metallurgical industrial groups were established based on the econometric calculations. Originality. Structural and systemic approach was justified to measuring the efficiency of operation and the level of internationalization of mining and metallurgical industrial groups of Ukraine, which is built on the principle of hierarchy, includes logically consecutive stages and provides an opportunity to determine the actual development vectors of mining and metallurgical industrial groups of Ukraine based on the econometric trend. A close relationship was established (on the basis of the calculation of the coefficient of determination) of performance indicators and the level of internationalization of mining and metallurgical industrial groups of Ukraine with the time factor. At the specification stage, trends (parabolic, logarithmic, hyperbolic, linear ones) were selected, their parameters were estimated by the method of least squares. The statistical significance of the equation was tested using the coefficient of determination and Fisher’s test. Practical value. It consists in the possibility of using the results of the conducted research for scientific developments and practical activities. The feasibility of systematic use of performance indicators and the level of internationalization in the practical activities of the leading mining and metallurgical industrial groups of Ukraine has been proven. The structural and systemic approach, which is built on the principle of hierarchy, provides an opportunity to determine the current development vectors of the leading mining and metallurgical industrial groups of Ukraine . [ABSTRACT FROM AUTHOR]

Studies suggest that home countries impose economic sanctions following host state expropriation of home firms. However, and not addressed in the empirical literature, is the possibility that sanctions lead targeted countries to nationalize firms from sender countries. Using bilateral expropriation data from 1985 to 2010, and controlling for endogeneity issues, we find that sanctions significantly increase expropriation risk, encouraging targeted states to inflict pain in a reciprocal manner on sender countries. Expropriations also enable targeted nations to acquire economic assets from foreign firms, undermining the restricting goals of sanctioning states, and provide opportunities for leaders to show political resolve at home by standing up to senders. Our results are robust using monadic or dyadic data and different statistical methods, indicating another sanction-busting strategy used by targeted countries. [ABSTRACT FROM AUTHOR]

This paper separates the exchange rate effect of monetary sterilization from the scale effect as a rationale for a modification of the measure of sterilization rate. The Chinese episode for 2002–2012 is characterized by a robust trend both for renminbi to appreciate vis-à-vis the dollar and for net official foreign assets to grow, which relates two of four scenarios that I generally identify for possible sterilization responses to changes in the exchange rate and official net foreign assets. I find that the modified sterilization rate in China exhibits a sort of strong "hawkish bias" in which sterilization is more sensitive to the exchange rate appreciation than to its depreciation, on one hand, and to the growth of net official foreign assets than to its decline, on the other. While there is no econometric evidence for the "hawkish bias" in the long run, the significant evidence exists for the short-run asymmetry of sterilization adjustment to be biased more toward the hawkish side than dovish side. [ABSTRACT FROM AUTHOR]

This article investigates the impact of European Central Bank policies on credits considering financial and banking fragmentation. Using European data from the past decade, we estimate SVAR models to analyze the regional impact of conventional and unconventional measures on price and volume indicators of fragmentation. The risk‐taking channel is studied using GVAR models to document the national consequences of this fragmentation. We find that unconventional measures increase credit in peripheral countries. Monetary policies alleviate fragmentation, but mostly in terms of price dispersion rather than credit volume. Finally, unconventional measures imply a rebalancing of European bank assets in favor of foreign currency denominated‐assets. [ABSTRACT FROM AUTHOR]