This dissertation examines Fiat's foreign direct investment in the US automotive market through its partnership and acquisition of Chrysler during the global financial crisis. It aims to assess the rationale for Fiat's investment in the high-risk US market and determine if the investment created shareholder value. The study uses a qualitative document analysis and quantitative Economic Value Added analysis of Fiat-Chrysler's financial data. Preliminary findings suggest Fiat invested in the US to access a more attractive geographical and business market. Strict risk management and ethnocentric strategies were also essential. The EVA analysis provides quantitative evidence the investment was profitable and created shareholder value. The partnership also benefited other stakeholders like employees, communities, and the government.
This thesis examines the risks that firms face when expanding internationally. It identifies cross-cultural risk, commercial risk, and country risk as the three main risks based on a review of literature. Cross-cultural risk relates to differences in language, customs and values between countries. Commercial risk stems from poor strategic decisions about market entry. Country risk involves challenges from differences in political and legal systems across nations. The thesis will analyze each risk in depth and provide the example of Walmart's failure in Germany to illustrate how poorly managing these risks can lead to international business failures. The goal is to help companies learn from others' mistakes to successfully establish abroad.
BUS 325 Effective Communication/tutorialrank.comjonhson256
This document contains information about assignments and quizzes for the BUS 325 course, including summaries of chapters 1-10. It provides an overview of 2 papers for each of 5 assignments, as well as sample questions for quizzes on each chapter and a midterm. Key topics covered include international human resource management, cross-cultural management, international staffing, and global performance management.
For more course tutorials visit
www.newtonhelp.com
This Tutorial contains 2 Papers for each Assignment
BUS 325 Week 2 Assignment 1 Culture (2 Papers)
BUS 325 Week 4 Assignment 2 Expatriates (2 Papers)
BUS 325 Education Specialist / snaptutorial.comstevesonz119
For more classes visit
www.snaptutorial.com
This Tutorial contains 2 Papers for each Assignment
BUS 325 Week 2 Assignment 1 Culture (2 Papers)
BUS 325 Week 4 Assignment 2 Expatriates (2 Papers)
BUS 325 Week 5 Assignment 3 Recruiting (2 PPT)
BUS 325 Exceptional Education - snaptutorial.com donaldzs141
For more classes visit
www.snaptutorial.com
This Tutorial contains 2 Papers for each Assignment
BUS 325 Week 2 Assignment 1 Culture (2 Papers)
BUS 325 Week 4 Assignment 2 Expatriates (2 Papers)
BUS 325 Week 5 Assignment 3 Recruiting (2 PPT)
MN6001 Business Without Borders, Assignment 3 (i)James Doherty
This document reflects on the author's university experience and international business management theories. It discusses several key points:
1. The importance of reflection in international business to learn from past experiences and mistakes. Managers should critically analyze projects to develop knowledge databases.
2. Globalization has reshaped business and theories through blurred boundaries and increased interconnections. Firms like P&G have adapted well through geocentric practices, while others like American Airlines struggled without change.
3. In group work, strong communication is vital for success, and language/cultural barriers can cause issues in multicultural groups if not addressed. Effective collaboration across differences is an important skill.
This document discusses the international expansion of higher education providers from emerging markets. Specifically, it explores the transnational education activities of Tecnológico de Monterrey university from Mexico and Limkokwing University of Creative Technology from Malaysia. It finds that both universities have established numerous offshore campuses, partnerships, and online programs in recent decades. The internationalization patterns of these emerging market universities are analyzed through the lens of traditional firm internationalization theories. While some aspects align, the unique nature of higher education and non-business motivations also influence their transnational activities.
This thesis examines the risks that firms face when expanding internationally. It identifies cross-cultural risk, commercial risk, and country risk as the three main risks based on a review of literature. Cross-cultural risk relates to differences in language, customs and values between countries. Commercial risk stems from poor strategic decisions about market entry. Country risk involves challenges from differences in political and legal systems across nations. The thesis will analyze each risk in depth and provide the example of Walmart's failure in Germany to illustrate how poorly managing these risks can lead to international business failures. The goal is to help companies learn from others' mistakes to successfully establish abroad.
BUS 325 Effective Communication/tutorialrank.comjonhson256
This document contains information about assignments and quizzes for the BUS 325 course, including summaries of chapters 1-10. It provides an overview of 2 papers for each of 5 assignments, as well as sample questions for quizzes on each chapter and a midterm. Key topics covered include international human resource management, cross-cultural management, international staffing, and global performance management.
For more course tutorials visit
www.newtonhelp.com
This Tutorial contains 2 Papers for each Assignment
BUS 325 Week 2 Assignment 1 Culture (2 Papers)
BUS 325 Week 4 Assignment 2 Expatriates (2 Papers)
BUS 325 Education Specialist / snaptutorial.comstevesonz119
For more classes visit
www.snaptutorial.com
This Tutorial contains 2 Papers for each Assignment
BUS 325 Week 2 Assignment 1 Culture (2 Papers)
BUS 325 Week 4 Assignment 2 Expatriates (2 Papers)
BUS 325 Week 5 Assignment 3 Recruiting (2 PPT)
BUS 325 Exceptional Education - snaptutorial.com donaldzs141
For more classes visit
www.snaptutorial.com
This Tutorial contains 2 Papers for each Assignment
BUS 325 Week 2 Assignment 1 Culture (2 Papers)
BUS 325 Week 4 Assignment 2 Expatriates (2 Papers)
BUS 325 Week 5 Assignment 3 Recruiting (2 PPT)
MN6001 Business Without Borders, Assignment 3 (i)James Doherty
This document reflects on the author's university experience and international business management theories. It discusses several key points:
1. The importance of reflection in international business to learn from past experiences and mistakes. Managers should critically analyze projects to develop knowledge databases.
2. Globalization has reshaped business and theories through blurred boundaries and increased interconnections. Firms like P&G have adapted well through geocentric practices, while others like American Airlines struggled without change.
3. In group work, strong communication is vital for success, and language/cultural barriers can cause issues in multicultural groups if not addressed. Effective collaboration across differences is an important skill.
This document discusses the international expansion of higher education providers from emerging markets. Specifically, it explores the transnational education activities of Tecnológico de Monterrey university from Mexico and Limkokwing University of Creative Technology from Malaysia. It finds that both universities have established numerous offshore campuses, partnerships, and online programs in recent decades. The internationalization patterns of these emerging market universities are analyzed through the lens of traditional firm internationalization theories. While some aspects align, the unique nature of higher education and non-business motivations also influence their transnational activities.
This document is the 2018 report by IMD World Competitiveness Center on the IMD World Talent Ranking. It assesses how 63 economies develop, attract, and retain highly skilled professionals. The ranking evaluates countries based on three factors: investment and development in education, appeal in attracting local and foreign talent, and skills readiness of the available workforce. European mid-sized economies tend to rank highly due to high education investment and quality of life. The report also provides country profiles for each of the 63 economies assessed.
BUS 325 Education Organization -- snaptutorial.comDavisMurphyB63
For more classes visit
www.snaptutorial.com
This Tutorial contains 2 Papers for each Assignment
BUS 325 Week 2 Assignment 1 Culture (2 Papers)
BUS 325 Week 4 Assignment 2 Expatriates (2 Papers)
BUS 325 Week 5 Assignment 3 Recruiting (2 PPT)
Bus 325 Enhance teaching / snaptutorial.comStokesCope161
For more classes visit
www.snaptutorial.com
This Tutorial contains 2 Papers for each Assignment
BUS 325 Week 2 Assignment 1 Culture (2 Papers)
BUS 325 Week 4 Assignment 2 Expatriates (2 Papers)
BUS 325 Week 5 Assignment 3 Recruiting (2 PPT)
BUS 325 Week 7 Assignment 4 On Boarding (2 Papers)
This document discusses the strategic value of AACSB International accreditation for startup overseas American business schools. It provides background on the increasing internationalization of business education and the proliferation of American universities opening offshore campuses. The document then presents two case studies of startup business schools that chose to undergo the lengthy AACSB accreditation process to gain competitive advantages over other local academic institutions and demonstrate their commitment to quality.
This document discusses the importance of developing cross-cultural soft skills for global engineers. It notes that many engineering programs focus only on hard technical skills, but corporate recruiters increasingly demand foreign language skills and cultural knowledge. Examining corporate best practices and cross-cultural training methods can help universities better prepare global engineers. Developing soft skills can reduce expatriate assignment failure rates from 40-60% to 5% or less, saving corporations huge costs from failed assignments. Universities need to take developing these skills seriously to benefit students and align with employer needs.
For more course tutorials visit
www.newtonhelp.com
This Tutorial contains 2 Papers for each Assignment
BUS 325 Week 2 Assignment 1 Culture (2 Papers)
BUS 325 Week 4 Assignment 2 Expatriates (2 Papers)
Gaining an understanding of the basics of international economics plays an important part in developing an effective strategy for successfully penetrating the international or globalized market. In deciding upon an effective strategy for market penetration, a company may be constrained by the policies, laws, or other administrative or regulatory procedures which are in force in the host country. Economic considerations related to income, strategies for market penetration, development indicators, and debt will determine the readiness of countries to accept foreign investment and are critical pieces of the analysis that must be undertaken. In addition, in order to successfully compete in a globalized world, a company must navigate these delicate issues relating to sovereignty that will impact on the decision-making process.In reaching the decision to move outside national borders, a company must exercise sound judgment regarding opportunities and risks associated with the economy of the host nation in order to guaranty the success of a proposed international operation.These measurements, classifications, strategies, and development criteria important in the context of international business are often looked upon as secondary to judging financial or accounting realities. Yet, by taking into account these core definitional concepts in developing an investment strategy, businesses will assure success on a wide variety of fronts.
This document provides an introduction to mergers and acquisitions (M&A). It defines a merger as the combining of two separate entities into a single company to increase financial and operational strengths. An acquisition is defined as the purchase of another company's majority asset shares. Some key reasons for mergers and acquisitions discussed include achieving synergies, increased market share, accessing new technologies, and controlling underutilized assets. M&A transactions are heavily regulated to prevent illegal deals and protect consumers. Motives for M&A include pursuing higher growth and synergies by enabling faster revenue and income growth than possible individually.
The annual report summarizes the activities of the SMIF (Student Managed Investment Fund) program at CSULB for 2015-2016. It provides an overview of the SMIF program philosophy and approach, recaps the research challenge competition, a student conference attended, and guest speaker presentations. It also summarizes several research papers presented in class on topics like low volatility investing and momentum factors. The report concludes with an overview of the quantitative signal and guidelines used to manage fund holdings between equities and fixed income.
This document analyzes the performance of Type A and Type B mutual funds in Turkey from 2009-2014 using risk-adjusted measures. It evaluates 10 Type A and 10 Type B funds, applying the Sharpe Ratio, Treynor Ratio, Jensen's Alpha and Sortino Ratio. The results show that Type A funds generally outperformed Type B funds over this period, though performance was mixed. Neither fund type consistently generated high risk-adjusted returns. Overall, the study aims to provide guidance to investors on evaluating mutual fund performance.
Mridul arora final paper deloitte banking and financeMridul Arora
The document discusses various factors involved in pricing private equity transactions, including understanding the industry, valuation parameters, and estimating variables like EBITDA, enterprise value, and equity value. It also examines macro trends in private equity markets like growth in emerging markets and participation of investment banks and hedge funds. Pricing models focus on valuation metrics like EBITDA multiples, present value of future cash flows, and market ratios for listed companies.
This document is a dissertation submitted by Atiatur Wahid in partial fulfillment of the requirements for a Master's degree in Financial Forecasting and Investment from the University of Glasgow. The dissertation investigates the time-varying correlation between hedge fund and traditional stock market returns in different geographic regions from 2005 to 2015 using a multivariate GARCH model. It includes an abstract, introduction discussing the importance of studying correlations, a literature review on prior research, a description of the dataset and methodology, empirical results and analysis of correlation patterns in different regions, and a conclusion.
This document discusses evaluating a firm's readiness for internationalization. It proposes a new framework for assessing small and medium-sized enterprises (SMEs) that want to increase their chances of success in internationalization. The framework goes beyond traditional "go or no go" export diagnostic models, which are outdated given changes in international business. It considers a broader range of international operations for SMEs beyond just exporting. The proposed framework specifies an SME's preparedness and defines preliminary axes in terms of product-market combinations and internationalization modalities. The framework was developed through a literature review, expert panel, and validating its practical application with 54 Canadian SMEs entering international markets over 4 years.
Analysing private equity and venture capital funds through the lens of risk m...Izam Ryan
Can we interpret the role of PE/VC investments as a form of risk management?
Investments in PE/VC are usually thought of as being high risk / high return, But, studies also show that PE investments can reduce risk in certain situations.
The academic version of this paper was submitted in partial fulfilment of the requirements of the Imperial MBA degree and the Diploma of Imperial College London. The academic version of this paper was awarded a Distinction.
This document is a dissertation submitted as a partial requirement for an MSc degree in Financial Forecasting and Investment. It examines cointegration between stock markets in the presence of the 2008 financial crisis. Specifically, it analyzes the linkages between the US S&P 500 stock index and indices in the UK, Germany, France, Switzerland, and Japan from 2002 to 2014. The dissertation will apply techniques such as cointegration testing, vector error correction modeling, and GARCH modeling to analyze volatility spillovers between the index pairs and determine if the US stock market transmits information to other markets. The results will provide insights into international diversification opportunities and how interconnected global stock markets are.
Sourcing talent is an important part of the recruitment process and involves finding the right candidate through evaluations, references, and work history analysis. During the sourcing process, human resource agents identify and locate potential internal or external recruits by analyzing sourcing tools to find those best able to meet the company's needs. Perhaps the most important part of sourcing talent is creating a source plan to identify desirable employees and devise a strategy to reach them.
Peer-to-peer lending and equity crowdfunding have grown rapidly since the crisis and have attracted the attention of governments who wish to facilitate alternative forms of capital allocation. This report investigates the nature of Financial Return crowdfunding, including outlining the main benefits and risks of the industry and the global regulatory environment the industry currently operates in.
Исследование Insurance Banana Skins 2015PwC Russia
В исследовании Insurance Banana Skins 2015, направленном на изучение рисков в сфере страхования в 2015 году и проведенном Центром по изучению финансовых инноваций (ЦИФИ) совместно с фирмой PwC, участвовало более 800 респондентов из числа страховщиков и сторонних наблюдателей из 54 стран мира. Цель исследования заключалась в том, чтобы выяснить, какие риски, по их мнению, представляют наибольшую опасность для страхового сектора в ближайшие 2‒3 года.
Новое исследование основных рисков в сфере страхования показало, что в число самых серьезных рисков для страховщиков теперь входят киберриски и процентные ставки. Эти риски появились в рейтинге пятого обзора впервые за все время проведения исследований. Таким образом, становится очевидно, насколько большую озабоченность они вызывают в отрасли, если они рассматриваются в одном ряду с изменениями в нормативно-правовом регулировании и макроэкономикой в более широком контексте.
Example Of Expository Essays. What Is an Expository Essay? Examples and Guide...Carolyn Wagner
Expository Essay: Examples and Tips of a Proper Writing That Will Be ....
How To Write An Expository Essay in 6 Steps | CustomEssayMeister.com.
Expository Essay Examples+Great Topic Ideas | Pro Essay Help.
Expository Essay: Definition, Outline, Topics & Examples of Expository ....
Example Expository Essays.
Expository Essay Examples High School - Samples of expository essays.
Sample Expository Essays by Students from the University of ....
How To Write An Expository Essay (7 Best Tips).
Expository Essays: A Complete Writing Guide for Beginners.
The Expository Essay | Essays | Argument.
🎉 Example of expository paragraph. Expository Essays: Types ....
Incredible Expository Essay Thesis Statement ~ Thatsnotus.
How To Write Expository Essay – Sketsa.
How to Write an Expository Essay: Examples and 25 Topic Ideas - How to ....
🎉 Expository essay samples. Expository Essay: Quick Guide. 2019-01-10.
🌷 Expository paper example. Expository Essay. 2022-10-15.
Example Of Expository Essay Expository Writing.
005 Essay Example Expository Sample 2 Examples For ~ Thatsnotus.
What Is an Expository Essay? Examples and Guide | YourDictionary.
Expository Essay - 6+ Examples, Format, Pdf | Examples.
Expository essay examples Gratis.
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This document provides a summary of a project report on international capital movements. It begins with an introduction and acknowledgements. It then discusses different types of international capital movements including foreign direct investment, portfolio investment, official flows, and external commercial borrowing. It analyzes determinants and role of foreign capital as well as its impacts and drawbacks. It also examines foreign capital flows to developing economies and India specifically. The report provides an overview of international capital movements and their significance for economic development.
Five Challenges Faced by Company While Launching their Product in Another Country.
Ten Foreign Investors in Pakistan.
How can Pakistan Attract FDI?
Factors Affecting FDI in any Country.
Exchange Rate and Financial Crisis.
Summary Nike Pestle Analysis.
This document is the 2018 report by IMD World Competitiveness Center on the IMD World Talent Ranking. It assesses how 63 economies develop, attract, and retain highly skilled professionals. The ranking evaluates countries based on three factors: investment and development in education, appeal in attracting local and foreign talent, and skills readiness of the available workforce. European mid-sized economies tend to rank highly due to high education investment and quality of life. The report also provides country profiles for each of the 63 economies assessed.
BUS 325 Education Organization -- snaptutorial.comDavisMurphyB63
For more classes visit
www.snaptutorial.com
This Tutorial contains 2 Papers for each Assignment
BUS 325 Week 2 Assignment 1 Culture (2 Papers)
BUS 325 Week 4 Assignment 2 Expatriates (2 Papers)
BUS 325 Week 5 Assignment 3 Recruiting (2 PPT)
Bus 325 Enhance teaching / snaptutorial.comStokesCope161
For more classes visit
www.snaptutorial.com
This Tutorial contains 2 Papers for each Assignment
BUS 325 Week 2 Assignment 1 Culture (2 Papers)
BUS 325 Week 4 Assignment 2 Expatriates (2 Papers)
BUS 325 Week 5 Assignment 3 Recruiting (2 PPT)
BUS 325 Week 7 Assignment 4 On Boarding (2 Papers)
This document discusses the strategic value of AACSB International accreditation for startup overseas American business schools. It provides background on the increasing internationalization of business education and the proliferation of American universities opening offshore campuses. The document then presents two case studies of startup business schools that chose to undergo the lengthy AACSB accreditation process to gain competitive advantages over other local academic institutions and demonstrate their commitment to quality.
This document discusses the importance of developing cross-cultural soft skills for global engineers. It notes that many engineering programs focus only on hard technical skills, but corporate recruiters increasingly demand foreign language skills and cultural knowledge. Examining corporate best practices and cross-cultural training methods can help universities better prepare global engineers. Developing soft skills can reduce expatriate assignment failure rates from 40-60% to 5% or less, saving corporations huge costs from failed assignments. Universities need to take developing these skills seriously to benefit students and align with employer needs.
For more course tutorials visit
www.newtonhelp.com
This Tutorial contains 2 Papers for each Assignment
BUS 325 Week 2 Assignment 1 Culture (2 Papers)
BUS 325 Week 4 Assignment 2 Expatriates (2 Papers)
Gaining an understanding of the basics of international economics plays an important part in developing an effective strategy for successfully penetrating the international or globalized market. In deciding upon an effective strategy for market penetration, a company may be constrained by the policies, laws, or other administrative or regulatory procedures which are in force in the host country. Economic considerations related to income, strategies for market penetration, development indicators, and debt will determine the readiness of countries to accept foreign investment and are critical pieces of the analysis that must be undertaken. In addition, in order to successfully compete in a globalized world, a company must navigate these delicate issues relating to sovereignty that will impact on the decision-making process.In reaching the decision to move outside national borders, a company must exercise sound judgment regarding opportunities and risks associated with the economy of the host nation in order to guaranty the success of a proposed international operation.These measurements, classifications, strategies, and development criteria important in the context of international business are often looked upon as secondary to judging financial or accounting realities. Yet, by taking into account these core definitional concepts in developing an investment strategy, businesses will assure success on a wide variety of fronts.
This document provides an introduction to mergers and acquisitions (M&A). It defines a merger as the combining of two separate entities into a single company to increase financial and operational strengths. An acquisition is defined as the purchase of another company's majority asset shares. Some key reasons for mergers and acquisitions discussed include achieving synergies, increased market share, accessing new technologies, and controlling underutilized assets. M&A transactions are heavily regulated to prevent illegal deals and protect consumers. Motives for M&A include pursuing higher growth and synergies by enabling faster revenue and income growth than possible individually.
The annual report summarizes the activities of the SMIF (Student Managed Investment Fund) program at CSULB for 2015-2016. It provides an overview of the SMIF program philosophy and approach, recaps the research challenge competition, a student conference attended, and guest speaker presentations. It also summarizes several research papers presented in class on topics like low volatility investing and momentum factors. The report concludes with an overview of the quantitative signal and guidelines used to manage fund holdings between equities and fixed income.
This document analyzes the performance of Type A and Type B mutual funds in Turkey from 2009-2014 using risk-adjusted measures. It evaluates 10 Type A and 10 Type B funds, applying the Sharpe Ratio, Treynor Ratio, Jensen's Alpha and Sortino Ratio. The results show that Type A funds generally outperformed Type B funds over this period, though performance was mixed. Neither fund type consistently generated high risk-adjusted returns. Overall, the study aims to provide guidance to investors on evaluating mutual fund performance.
Mridul arora final paper deloitte banking and financeMridul Arora
The document discusses various factors involved in pricing private equity transactions, including understanding the industry, valuation parameters, and estimating variables like EBITDA, enterprise value, and equity value. It also examines macro trends in private equity markets like growth in emerging markets and participation of investment banks and hedge funds. Pricing models focus on valuation metrics like EBITDA multiples, present value of future cash flows, and market ratios for listed companies.
This document is a dissertation submitted by Atiatur Wahid in partial fulfillment of the requirements for a Master's degree in Financial Forecasting and Investment from the University of Glasgow. The dissertation investigates the time-varying correlation between hedge fund and traditional stock market returns in different geographic regions from 2005 to 2015 using a multivariate GARCH model. It includes an abstract, introduction discussing the importance of studying correlations, a literature review on prior research, a description of the dataset and methodology, empirical results and analysis of correlation patterns in different regions, and a conclusion.
This document discusses evaluating a firm's readiness for internationalization. It proposes a new framework for assessing small and medium-sized enterprises (SMEs) that want to increase their chances of success in internationalization. The framework goes beyond traditional "go or no go" export diagnostic models, which are outdated given changes in international business. It considers a broader range of international operations for SMEs beyond just exporting. The proposed framework specifies an SME's preparedness and defines preliminary axes in terms of product-market combinations and internationalization modalities. The framework was developed through a literature review, expert panel, and validating its practical application with 54 Canadian SMEs entering international markets over 4 years.
Analysing private equity and venture capital funds through the lens of risk m...Izam Ryan
Can we interpret the role of PE/VC investments as a form of risk management?
Investments in PE/VC are usually thought of as being high risk / high return, But, studies also show that PE investments can reduce risk in certain situations.
The academic version of this paper was submitted in partial fulfilment of the requirements of the Imperial MBA degree and the Diploma of Imperial College London. The academic version of this paper was awarded a Distinction.
This document is a dissertation submitted as a partial requirement for an MSc degree in Financial Forecasting and Investment. It examines cointegration between stock markets in the presence of the 2008 financial crisis. Specifically, it analyzes the linkages between the US S&P 500 stock index and indices in the UK, Germany, France, Switzerland, and Japan from 2002 to 2014. The dissertation will apply techniques such as cointegration testing, vector error correction modeling, and GARCH modeling to analyze volatility spillovers between the index pairs and determine if the US stock market transmits information to other markets. The results will provide insights into international diversification opportunities and how interconnected global stock markets are.
Sourcing talent is an important part of the recruitment process and involves finding the right candidate through evaluations, references, and work history analysis. During the sourcing process, human resource agents identify and locate potential internal or external recruits by analyzing sourcing tools to find those best able to meet the company's needs. Perhaps the most important part of sourcing talent is creating a source plan to identify desirable employees and devise a strategy to reach them.
Peer-to-peer lending and equity crowdfunding have grown rapidly since the crisis and have attracted the attention of governments who wish to facilitate alternative forms of capital allocation. This report investigates the nature of Financial Return crowdfunding, including outlining the main benefits and risks of the industry and the global regulatory environment the industry currently operates in.
Исследование Insurance Banana Skins 2015PwC Russia
В исследовании Insurance Banana Skins 2015, направленном на изучение рисков в сфере страхования в 2015 году и проведенном Центром по изучению финансовых инноваций (ЦИФИ) совместно с фирмой PwC, участвовало более 800 респондентов из числа страховщиков и сторонних наблюдателей из 54 стран мира. Цель исследования заключалась в том, чтобы выяснить, какие риски, по их мнению, представляют наибольшую опасность для страхового сектора в ближайшие 2‒3 года.
Новое исследование основных рисков в сфере страхования показало, что в число самых серьезных рисков для страховщиков теперь входят киберриски и процентные ставки. Эти риски появились в рейтинге пятого обзора впервые за все время проведения исследований. Таким образом, становится очевидно, насколько большую озабоченность они вызывают в отрасли, если они рассматриваются в одном ряду с изменениями в нормативно-правовом регулировании и макроэкономикой в более широком контексте.
Example Of Expository Essays. What Is an Expository Essay? Examples and Guide...Carolyn Wagner
Expository Essay: Examples and Tips of a Proper Writing That Will Be ....
How To Write An Expository Essay in 6 Steps | CustomEssayMeister.com.
Expository Essay Examples+Great Topic Ideas | Pro Essay Help.
Expository Essay: Definition, Outline, Topics & Examples of Expository ....
Example Expository Essays.
Expository Essay Examples High School - Samples of expository essays.
Sample Expository Essays by Students from the University of ....
How To Write An Expository Essay (7 Best Tips).
Expository Essays: A Complete Writing Guide for Beginners.
The Expository Essay | Essays | Argument.
🎉 Example of expository paragraph. Expository Essays: Types ....
Incredible Expository Essay Thesis Statement ~ Thatsnotus.
How To Write Expository Essay – Sketsa.
How to Write an Expository Essay: Examples and 25 Topic Ideas - How to ....
🎉 Expository essay samples. Expository Essay: Quick Guide. 2019-01-10.
🌷 Expository paper example. Expository Essay. 2022-10-15.
Example Of Expository Essay Expository Writing.
005 Essay Example Expository Sample 2 Examples For ~ Thatsnotus.
What Is an Expository Essay? Examples and Guide | YourDictionary.
Expository Essay - 6+ Examples, Format, Pdf | Examples.
Expository essay examples Gratis.
😊 Expository report examples. 30 Expository Essay Topics for an ....
How to write Excellent Expository Essays.
Expository Essay Examples sample, Bookwormlab.
Example Of A Good Expository Essay - Effective Tips on How to Write a ....
How to Write an Expository Essay Step by Step.
Expository Essay Example | Media Industry | Publishing.
Sample Of An Expository Essay.
Expository essay.
Sample Of Expository Essay For Students Example Of Expository Essays
This document provides a summary of a project report on international capital movements. It begins with an introduction and acknowledgements. It then discusses different types of international capital movements including foreign direct investment, portfolio investment, official flows, and external commercial borrowing. It analyzes determinants and role of foreign capital as well as its impacts and drawbacks. It also examines foreign capital flows to developing economies and India specifically. The report provides an overview of international capital movements and their significance for economic development.
Five Challenges Faced by Company While Launching their Product in Another Country.
Ten Foreign Investors in Pakistan.
How can Pakistan Attract FDI?
Factors Affecting FDI in any Country.
Exchange Rate and Financial Crisis.
Summary Nike Pestle Analysis.
This document provides an outlook on the mutual fund industry for 2015 from Deloitte. It begins with a foreword and then sections on looking back at 2014 predictions and what was accurate, looking forward to key focus areas in 2015. The key focus areas for 2015 according to the report are leveraging technology to drive distribution, unlocking revenue opportunities through new products, managing reputation risk through governance, and targeting growth through operational innovation. The report provides analysis and predictions for each of these focus areas to help industry leaders strategize for the coming year.
This document summarizes an article from Performance magazine issue 21 on sustainable investment. It discusses how sustainable investment is growing significantly due to factors like regulatory pressures, risk management, and alignment with investor values. It profiles State Street Global Advisors and FusionATCM, which offer sustainable portfolio management solutions. The document also reviews research finding most studies link sustainability and financial performance, but measurement challenges remain.
1. 10/09/2015
Foreign Direct Investment (FDI) in a high risk environment: creation or reduction in
shareholder value? A case study of Fiat in the US market.
Y3810331
Supervisor: Professor Simon Sweeney
September 2015
Dissertation submitted in part fulfilment of the degree of MSc in Global Marketing
The York Management School
University of York
Word count: 12,101
3. i
ABSTRACT
With the 2007 global crisis, a large proportion of foreign direct investments (FDIs) have been
directed to markets with several risks, from financial to cultural. This phenomenon has attracted
the attention of a number of authors (e.g. Casson and da Silva, 2013; Jones and Lubiniski, 2012).
However, the literature of FDIs in high risk environments is lacking in studies that quantitatively
evaluate the creation of value. The present dissertation combines qualitative and quantitative
methods to assess the rationale and the profitability of the FDI in a high risk environment. The
employed case study is the investment of the Italian automotive company Fiat in the USA during
the financial crisis. Fiat started a partnership with the automotive company Chrysler in 2009 that
ended with an acquisition in 2014. The findings of this analysis suggest that the rationale of
Fiat’s investment is based on the convenience to move towards a more attractive market from a
geographical and business point of view. The stringent management of the risk and the
implementation of ethnocentric strategies are shown to be essential for Fiat’s FDI in the US
high-risk market. Moreover, Fiat’s investment is quantitatively proven to be profitable from the
shareholders’ value creation perspective. The value creation for the shareholders during the
partnership between Fiat and Chrysler also led to mutual benefits among other stakeholders such
as the community, employees, and government.
4. ii
Acknowledgment
I thank my supervisor for the generous and genuine supervision and for the opportunity that he
gave me at the beginning of the academic year. I will always be grateful. I would also like to
thank all the professors from the Global Marketing course. More particularly, I would like to
thank Professor Teresa da Silva who inspired me in undertaking this particular type of research
during the first term. Furthermore, I thank my friends Andrea, Abhi, Morgan, Roberta and Ian
for the moral support and for their life teachings. Finally, I want to thank my parents and
brothers who have always been my continuous inspiration.
5. iii
Contents
1. Section: Introduction of the study ..............................................................................................................1
2. Section: Theoretical foundation of the study............................................Error! Bookmark not defined.
2.1 Significance and importance of Foreign direct investment (FDI)........Error! Bookmark not defined.
2.2 Rationale behind FDI according to theoretical frameworks.................Error! Bookmark not defined.
2.2.1 OLI Paradigm..............................................................................Error! Bookmark not defined.
2.2.2Vernon’s international product life cycle (IPLC) theory..............Error! Bookmark not defined.
2.3 High risk environment in a business perspective. ................................Error! Bookmark not defined.
2.4 The importance of shareholders’ value creation ..................................Error! Bookmark not defined.
3. Section: Methodology section..................................................................Error! Bookmark not defined.
3.1 Case study research design...................................................................Error! Bookmark not defined.
3.2 Qualitative document analysis..............................................................Error! Bookmark not defined.
3.3 Economic Value Added (EVA)............................................................Error! Bookmark not defined.
4. Section: Data collection for the case study...............................................Error! Bookmark not defined.
5. Section: Analysis and Findings ....................................................................Error! Bookmark not defined.
5.1 The case study: Fiat background...........................................................Error! Bookmark not defined.
5.2 The joint venture between Chrysler and Fiat ........................................Error! Bookmark not defined.
5.3 Application of theoretical frameworks..................................................Error! Bookmark not defined.
5.3.1 The OLI paradigm.......................................................................Error! Bookmark not defined.
5.3.2 Vernon’s international product life cycle theory.........................Error! Bookmark not defined.
5.4 The high risk of the US market and Fiat’s strategies ............................Error! Bookmark not defined.
5.5 Application of the EVA.........................................................................Error! Bookmark not defined.
6. Section: Conclusion......................................................................................Error! Bookmark not defined.
7. Limitations and Further studies....................................................................Error! Bookmark not defined.
Bibliography.....................................................................................................Error! Bookmark not defined.
Appendix 1- Table for identifying Default Spread from rating index..........Error! Bookmark not defined.
Appendix 2- Italian Key Interest Rates 2013-2012-2011-2010-2009..........Error! Bookmark not defined.
Appendix 3- Inflation rate calculated by ISTAT..........................................Error! Bookmark not defined.
Appendix 4- Mediobanca research to identify the expected return of marketError! Bookmark not defined.
Appendix 5- Calculation process of the WACC ..........................................Error! Bookmark not defined.
Appendix 6- Sources for the application of document analysis...................Error! Bookmark not defined.
Appendix 7- Sources for the application of EVA approach.........................Error! Bookmark not defined.
Appendix 8- Application of EVA (in thousands of euros)...........................Error! Bookmark not defined.
6. FDIs in high risk environment, creation or destruction of shareholders value? The case study of Fiat in the US market
1
1. Introduction of the study
Foreign direct investment (FDI) have assumed a central role in the last decades. Between
1980 and 2007, FDIs have spread out especially across the triad nations (EU, North America and
Japan). The great majority of these investments (around 80 per cent) were made by the first 500
largest multinational enterprises (MNEs) (da Silva Lopes, 2014). However, from 2007, the
global FDI flow has slightly decreased due to the strong financial crisis (UNCTAD 2009;
Sauvant, et al. 2009). The increasing financial pressure transformed the European and US
markets into high risk environments. In combination with the growing competition from
emerging market players, the 2007 global crisis fostered a migration of FDIs towards emerging
countries such as China and Brazil (Al-sadiq, 2013; Wernick, et al 2014). For instance, several
US companies (e.g. Apple, Ford Motor, Nike, H.J. Heinz and Gap) have expanded their business
in China during that period (Forbes, 2010; Leahy, 2009). Although still at high risk, the markets
in emerging countries’ offered better conditions, such as cheap labour, market development
potential, easier access to resources. This represented a strong incentive for MNEs, which
became more willing to internationalise (Rugman et al., 2006). The last ten years are therefore
characterised by a relevant proportion of FDIs in high risk environments.
Despite the concept of risk in international business environments has well-established
roots in the business management literature (e.g. Clark and Marois, 1996; Howell, 1998;
Robock, 1971), the literature on FDIs in high risk environments is recent. For example, Jones
and Lubinski, (2012) investigated the FDI strategies to manage the political risk in specific
country scenarios. Casson and da Silva (2013) combine the topic of the foreign direct investment
with the concept of high risk environment. It explores how a potential country-threat can be
converted into an opportunity, taking into account the historical perspectives of different
companies’ experiences. However, the literature of FDIs in high risk environments is lacking in
studies that measure the creation of value through quantitative tools.
7. FDIs in high risk environment, creation or destruction of shareholders value? The case study of Fiat in the US market
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The present dissertation bridges that gap by investigating the rationale and the profitability
of the FDI in a high-risk environment. It combines qualitative and quantitative methods to assess
the rationale and the profitability of the FDI in a high risk environment. The aim is to assess
whether FDIs in high risk environments can be explained through well-established theoretical
frameworks, and whether the resulting interpretations are coherent with quantitative evaluations.
The acquisition of the US automotive company Chrysler by the Italian manufacturer Fiat is
an interesting case study. Despite a number of American companies were moving towards
emerging countries because of the high risk in the US market, the Fiat group undertook a
maverick strategic investment in 2009 that ended with the acquisition of Chrysler in 2014
(Maclntosh and Simon, 2009; Caputo, 2012; Wright and Foy, 2014). The findings of this work
may provide a useful term of comparison with respect to other FDIs such as, for example, the
merger & acquisition operation involving Daimler and Chrysler in 1998.
More precisely, the following two questions are fundamental to pursue the goal of the
analysis:
why did Fiat invest in the USA through an initial strategic partnership with Chrysler
concluding with the acquisition of the latter?
what is the impact of Fiat’s FDI in a high risk environment on the business value?
Fiat’s FDI in the USA is widely analysed by a qualitative document analysis. A
comprehensive literature review is provided to understand the rationale of Fiat’s investment, the
implemented strategies, and the high risk features of the US market. Moreover, a management
tool called EVA (Economic Value Added) is employed to assess the shareholders’ value created
by Fiat’s FDI. The quantitative evaluation supplies a fundamental control for the qualitative
findings. The data used in the computation was collected from the annual report of Fiat-Chrysler
Automobiles (FCA) group and other sources, as explained in the methodology section.
8. FDIs in high risk environment, creation or destruction of shareholders value? The case study of Fiat in the US market
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The thesis is structured as follows. Section 2 provides the literature review. Section 3
describes the research methodology and the research strategy. Section 4 illustrates the data
collection process. Section 5 presents the findings related to the case study. Conclusions are
drawn in section 6. Finally, section 7 discusses potential further studies.
9. FDIs in high risk environment, creation or destruction of shareholders value? The case study of Fiat in the US market
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For further information regarding the study ask directly the author