Tax-Treaty Effects on Foreign Investment: Evidence from European Multinationals Marques, Mário and Pinho, Carlos, (2014), Tax-Treaty Effects on Foreign Investment: Evidence from European Multinationals, FinanzArchiv: Public Finance Analysis, 70, issue 4, p. 527-555. Abstract: This paper reexamines the effects of bilateral tax treaties on investment location decisions, using a large panel of European countries. It provides evidence that tax treaties induced a positive and significant impact on the number of foreign subsidiaries incorporated in the last decade. Findings also suggest positive effects of treaty features other than withholding tax rates and double-taxation relief methods. When they are analyzed separately, we also find evidence confirming that the host country´s corporate tax rate is a determining factor in the location of foreign subsidiaries.   Effects of Corporate Taxation and Bilateral Tax Treaties on European Multinationals' Investment: 2005-2009. A Multi-Country Analysis Marques, Mário and Pinho, Carlos, (2014), Effects of Corporate Taxation and Bilateral Tax Treaties on European Multinationals' Investment: 2005-2009. A Multi-Country Analysis, Applied Econometrics and International Development, 14(1), pp. 33-44. Abstract: This paper analyzes the effects of corporate tax rates and tax treaties on multinationals foreign activity. First, it examines whether host country corporate tax rate and tax treaties influence the probability of a multinational to choose a particular country to locate a new foreign subsidiary. Second, it evaluates to what extent the investment level is determined by taxation. We use data of new foreign subsidiaries located in Europe and take a two-step estimation. The estimated semi-elasticity of effective tax rate is of -1.516. At the intensive margin of investment findings indicate significant effects of both tax treaties and corporate tax rates on the number of employees.   Risk premia in CO2 allowances: spot and futures prices in the EEX market Mara Madaleno, Carlos Pinho (2011), Risk premia in CO2 allowances: spot and futures prices in the EEX market, Management of Environmental Quality: An International Journal 2011 22:5 , 550-565 Abstract: This paper seeks to analyze stylized statistical properties of the recent traded asset CO2 emission allowances, for spot and futures returns, examining also the relation linking convenience yield and risk premium, for the German European Energy Exchange (EEX) between October 2005 and October 2009. The study was conducted through empirical estimations of CO2 allowances risk premium, convenience yield, and their relationships. Future prices from an ex‐post perspective are examined to show evidence for significant negative risk premium, or a positive forward premium. A positive relationship between risk premium and time‐to‐maturity is found. Both financial concepts are found to be negatively affected by spot price volatility. Convenience yield is positively influenced by CO2 price, while influencing the risk premium positively. From a financial perspective, allowances seem to be producing the desired effects in terms of environmental policies, although a lot more remains to be done. The presence of risk premium and convenience yield makes it clear that agents act in this commodity market according to risk consideration. Results change depending on phase and futures contracts used for the determination of both financial terms, indicating that uncertainties over the future of EU‐ETS seem to be decreasing. Previous research has mainly focused on the first phase of the EU‐ETS (2005‐2007), whereas this paper extends the analysis period here. The paper finds some opposite results compared with previous commodities theories and designs some policy implications, given the results attained.   Wavelet dynamics for Oil-Stock World Interactions Mara Madaleno, Carlos Pinho (2014), Wavelet dynamics for oil-stock world interactions, Energy Economics, Volume 45, September 2014, Pages 120-133, ISSN 0140-9883, http://dx.doi.org/10.1016/j.eneco.2014.06.024. (http://www.sciencedirect.com/science/article/pii/S0140988314001571) Abstract: A previous research ignores the distinction between short term and long term, and by decomposing financial variables (world general and stock market indexes) and the macroeconomic variable (oil prices) at various time scales, we study the relationship among series on a daily scale by scale basis. Continuous time wavelets help to circumvent the problems associated to basic linear regressions and given that stock-oil relationships are usually described as complicated we extend previous findings by providing more generalized and convincing results, in analyzing contagion and interdependence issues as well as lead and lag effects for both world general and sector stock levels between December 1992 and October 2012. The relationship between oil prices and sector stock returns is ambiguous, because results seem to show that there are both phase and anti-phase relationships, where mostly it is oil that is the lagging variable, independently of the sector under analysis. There is higher coherence among series for higher scales thus supporting the interdependence hypothesis, showing that long run market dynamics are more uncertain. Empirical results indicate a bidirectional relationship between both series for large time horizons, which can be associated to fundamentalist traders, especially fund managers and institutional investors, and which depend on the historical period under analysis.   Integrated inventory valuation in multi-echelon production/distribution systems Rui Fernandes, Borges Gouveia and Carlos Pinho (2013), Integrated inventory valuation in multi-echelon production/distribution systems, International Journal of Production Research, Volume 51, Issue 9, 2013 . Abstract: The pressure to reduce inventory has increased as competition expands, product variety grows, and capital costs increase. This investigation addresses the problem of inventory quantification and distribution within multi-echelon supply chains under market uncertainty and management flexibility. This approach is based on an optimisation model emphasising demand uncertainty and the relevant dimensions of network design as number of echelons, lead time, service level, and cost of processing activities. Overstock quantification enables the understanding of inventory level sensitivity to market uncertainty. A comparison among production sites and storage facilities revealed that higher downstream overstock levels decrease upstream echelons of uncertainty exposition. The contribution of this study relies on management's ability to establish inventory targets for each stocking point according to risk exposure and to promote the optimisation of working capital. Overall, this investigation increases knowledge related to the treatment of demand uncertainty in flexible and integrated supply chains .   Vertical Integration Moment in Dynamic Markets Rui Fernandes, Borges Gouveia, Carlos Pinho, (2012) "Vertical integration moment in dynamic markets", Strategic Outsourcing: An International Journal, Vol. 5 Iss: 2, pp.121 - 144 Abstract: This paper intends to quantify the impact of anticipating a capacity expansion, treated as a risky investment in a strategic vertical integration. This paper adapts the real option methodology to a time frame model. It uses a case study to investigate the vertical integration approach. The integration value depends on the demand critical level under market volatility. The existence of demand positive jumps affects the demand critical value and the integration decision moment. The numerical example is limited to a single organization, but the findings allow a generalization of the proposed framework. The model helps managers to more accurately decide to change from outsourcing to an integration strategy and defer commitment until future uncertainties, related with market and lack of information, can be partially solved. Finally, the paper provides a time framework for a strategic decision support system. The research in this paper differs from previous literature mainly in four aspects: it quantifies the integration decision under demand uncertainty; its model determines critical demand quantities as the trigger moment for a capacity investment; it examines the impact, on the trigger moment, of the uncertainties in demand for products; and its model incorporates positive shocks impacts in products' demand, making a closer approach to the reality   Product Mix Strategy and Manufacturing Flexibility Rui Fernandes, B. Gouveia and Carlos Pinho (2012), Product mix strategy and manufacturing flexibility, Journal of Manufacturing Systems, Volume 31, Issue 3, July 2012, Pages 301–311 Abstract: The manufacturing industry is facing a turbulent and constantly changing environment, with growing complexity and high levels of customisation. Any investment solution should address these problems for a dynamic market and within limited budget boundaries, so that companies try to remain competitive. The authors propose a real options model to support firms making important investment decisions, specifically decisions associated with the acquisition of new equipment aimed at allowing firms to increase their manufacturing flexibility for the production of both standard and customized products. This paper is partially based on a real operating experience related to visual finishing technology features in an industrial company that conforms to the definitions of the product mix. The authors’ motivation for this work is driven by firms’ desire to satisfy specific customer needs, and to respond to them quickly under uncertain demand. Our goal, using theories from finance, production management, and product offering management, is to conclude that there is a relevant difference between the evaluation of the technology that is to be chosen, and the potential value due to product mix adaptations that are able to provide the maximum return from investment. We address problems related to standard and customized production systems, and the decision to invest in a set of resources that will enable this choice..   . . .   . . .   . . .   . . .   | página principal |