Abstract EN: The mission and mandate of economic governance and its accompanying institutional architecture requires realignment in order to conform to the realities of the new global economy of the 21st century. Two recent economic events, the emergence of the new economy and the aftermath of the financial crisis of 2008, have become the defining milestones which precipitated the need for a new vision and a new direction for the financial governance. The new global economy of the 21st century is composed of a trilogy of interactive forces that include globalization, trade liberalization and the information technology and communications revolution. The aftermath of the financial crisis has precipitated a more interventionist role for government and has laid the foundations for new institutional and regulatory structures that will impact on the financial landscape of the 21st century. This paper explores the future architectural governance landscape for the financial industry and the scope and substance of regulatory initiatives and mechanisms that should be designed in order to avert a future financial crisis.
Abstract EN: This study attempts to explore, understand, and classify the external barriers to the export of agricultural products as perceived by the small businesses operating in Iran. The data are collected from twenty external export barriers, including the Trade Embargo/Political Friction, Inflation, Slow Collection of Payments from Abroad, and Currency Exchange Rate for evaluation. These areas are considered highly important for the purpose of this analysis. Our analysis recognized seven thematically classified export barriers. Those barriers were further analyzed and the following categories are found significant: Unfavorable Domestic Conditions, Governmental Barriers, and Procedural Barriers. In view of the Iranian socio-economic environment, the underlying factors are discussed and implications are pointed out.
Abstract EN: This study examines the relationship between the investment bank market share and
the performance of the companies in Canada that sought their advice as an acquirer
in a merger transaction. We investigate the validity of two alternative hypotheses
proposed by Rau (2000): Superior deal hypothesis and Deal completion hypothesis.
The former posits that managers seek top investment advisors because of their ability
to recognise the added value in their investments where as the latter have their ability
to complete the deal quicker. Tobin’s Q is used as a performance measure to find out
if the top quality investment banks delivered greater value to their clients compared
to low quality banks. We examine the effects of time on deal performance by
measuring change in Q at two different points in time – one and two years after the
merger respectively. Then we investigate the effect of past performance and past
market share on the current market share of a particular investment bank.
Abstract EN: The Micro and Small Enterprises (MSEs) contribute a great deal in income and employment generation in India. The MSEs competitiveness is often marred by the level of technology they adopt. Realizing the vital role played by these units in the economy, previous Government of India provided tacit support to encourage them in adopting new technology. This shifted away from the hitherto approach of viewing the technology as the mere generators of employment. While state intervention could harness their growth, the forms of intervention require a careful examination of technology culture amongst MSEs. To explore firms’ tendencies in this regard, a field level investigation was conducted covering a few auto component manufacturing firms based in Bangalore. Availability of skilled labor and ease of finance were found to be the major constraints to technology acquisition and upgradation. While there are a plethora of government sponsored schemes implemented through other formal credit market channels, there are obstacles faced by the units in accessing those credit facilities. Based on the findings, the paper outlines some state interventions that may enhance technology acquisition and upgradation processes amongst the MSEs