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ID:
113328
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2012.
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| Summary/Abstract |
BAE Systems is the UK's largest defence and security firm and one of the world's major arms companies. It has changed from a state-owned aerospace firm to a privatised specialist defence company involved in a range of air, land, sea and cyber systems with a major presence in the US defence market. This article describes and assesses the history of the company, its organization, conduct and performance.
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| 2 |
ID:
103951
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| 3 |
ID:
092785
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| Publication |
2009.
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| Summary/Abstract |
During the 1990s, limited investment opportunities in Western Europe, the opening of the energy markets in Eastern Europe, and the future expansion of the European Union (EU) prompted an expansionist strategy by energy companies from the original EU member states. In this paper, the acquisition and divestiture activities and strategies of utilities from France and Germany are analyzed in the context of the 2004 and 2007 EU enlargements. Through quantitative and qualitative data analysis, including the development of two case studies, the strategy for expansion and evolution in new member states is examined. The results demonstrate a concerted effort to establish economies of scale through ownership of distribution companies. A change in strategy occurs as these privatization opportunities disappear. Generation and trading activity become the growth area for these companies as electricity supply becomes another factor that can contribute to the economies of scale. Recent EU-supported efforts towards regionalization of electricity markets, positions these companies well due to their strong regional presence. This paper will explore these issues in the context of ownership and geographic distribution.
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| 4 |
ID:
171385
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| Summary/Abstract |
Frontier-based yardsticks, as applied in European energy network regulation, are not immune to strategic behavior. Under yardstick regulation, the regulator gauges the operator against a cost target set by the other firms in the sector. Many regulators have implemented frontier-based yardsticks where the cost function is defined by the most efficient firms (peers). This paper demonstrates that when it is possible to predict peers in advance, firms can manipulate the frontier to their advantage. We single out horizontal mergers as a plausible means to achieve such strategic objectives and develop a measure to identify strategic mergers ex ante. Using data from the electricity distribution sector in Norway that is subject to stable frontier-based regulation allows us to identify firm behavior that is consistent with our predictions. The paper contributes to the modern yardstick literature as existing evidence of strategic behavior in related regulatory settings is either based on anonymized questionnaire responses from regulatory authorities or relies on simulations using unidentified firms that are not actually exposed to such benchmarking in practice. The paper concludes by discussing policy implications.
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| 5 |
ID:
101690
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2010.
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| Summary/Abstract |
While globalization advocates have argued that market liberalization and economic integration will strengthen human rights by promoting economic development and facilitating the diffusion of rights-supportive norms and values, critics contend that the same processes threaten to undermine human rights through economic exploitation and the repressive actions of pro-growth governments. To contribute to this debate, the authors examine the relationship between one aspect of economic globalization, foreign direct investment, and human rights performance. But the authors go beyond existing studies of the human rights impact of foreign direct investment, which generally lump all forms of FDI into a single aggregate indicator, by focusing on one specific form of FDI, transnational mergers and acquisitions (M&As). This is a particularly important area to explore given the human rights literature's emphasis on multinational corporations as both potential violators of human rights and catalysts for improvements in human rights performance. This study examines the impact of cross-border M&As, which have become an increasingly prominent form of foreign direct investment over the last 25 years, on human rights performance globally from 1981 through 2006. The results of the statistical analysis show that transnational mergers and acquisitions have a positive impact on human rights conditions across several indicators, including physical integrity rights, empowerment rights, workers' rights, and women's economic rights. This positive impact of cross-border M&As is particularly pronounced in developing countries.
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