Capital Transfers Research Articles

Ruin Problems of Multidimensional Risk Models under Constant Interest Rates and Dependent Risks with Heavy Tails

Consider a discrete-time multidimensional risk model with constant interest rates where capital transfers between lines are partially allowed over each period. By assuming a large initial capital and regularly varying distributions for the losses, we derive asymptotic estimates for the ruin probability under some dependence structure and study the optimal allocation of the initial reserve. Some numerical simulations are provided to illuminate our main results.

Inheritance of a Share in a Limited Liability Company under Ukrainian Law

The research focuses on one of the consequences of the death of the participant of a limited liability company under Ukrainian law: the emergence of a right to inherit his or her assets in the company. It analyses one of the most controversial issues of Ukrainian succession law: what types of assets the heirs inherit: the share in the authorized capital of the company or also the right to participate in it. As long as, on June 17, 2018, the Law of Ukraine ‘On Limited Liability and Additional Liability Companies’ has come into force, the research compares the approaches of previous legislation and the new Law. It has been concluded that the new Law makes the rule, under which the share in the authorized capital transfers to the heirs of the deceased participant, mandatory. It provides the automatic transfer of the right to participate in the company to the heirs. The new Law protects the interests of the heirs and does not take into account the interests of the other participants.

PRIORITIES FOR THE DISTRIBUTION OF INTERBUDGETARY TRANSFERS UNDER THE CONDITIONS OF FISCAL DECENTRALIZATION IN UKRAINE

The article is devoted to the problem of the distribution of intergovernmental transfers in Ukraine, taking into account fiscal decentralization trends. To perform the delegated functions, local governments need to have sufficient funding. However, the revenues of local budgets are insufficient to cover all necessary expenses. Therefore, inter-budget transfers, which in Ukraine are the main instrument of financial equalization, play an important role in ensuring the implementation of delegated powers by local governments. The aim of the article is determination of the priorities for the distribution of intergovernmental transfers in Ukraine in the context of fiscal decentralization. The research methodology combines quantitative and qualitative methods. Using quantitative methods, the principles of fiscal decentralization in Ukraine are observed through the mechanism of distribution of intergovernmental transfers. Using high-quality methods and based on the analysis, the priorities of the distribution of inter-budget transfers in the context of fiscal decentralization are formulated. An analysis of foreign publications on fiscal decentralization has shown that the uncertainty of priorities in this area reduces the effectiveness of fiscal decentralization and inhibits the economic development of regions. Prioritization of the distribution of intergovernmental transfers is preceded by the definition of principles for the distribution of intergovernmental transfers. Based on the results of a quantitative analysis, namely, the identified dynamics of fiscal decentralization indicators and the impact of the distribution of intergovernmental transfers on economic development, the following priorities for the distribution of intergovernmental transfers in fiscal decentralization are identified: supporting the prevalence of targeted transfers over non-targeted transfers, increasing the share of capital transfers, increasing the accountability of local authorities self-government regarding the use of funds received in the form of intergovernmental budget transfers.

Immigrants’ educational credentials leading to employment outcomes: The role played by language skills

Transferability of human capital is a key issue in the analysis of immigrants’ integration in the destination country, according to both empirical and theoretical literature. In addition to the problem of recognition of immigrants’ educational credentials and their lack of social networks, language is highlighted in the literature as a crucial factor regarding human capital transfer. This paper considers the role played by Spanish language skills in the integration of migrants into the labour market in Spain. It takes advantage of the fact that about half of the immigrant population have Spanish as their native language, and of the diversity levels of fluency in Spanish among the remaining immigrants. Using the Labour Force Survey special module on the labour market situation of immigrants (INE 2015), the research has two purposes: first, to measure the direct effect of language skills on employment outcomes; and second, to analyze the complementary vs. substitution hypotheses regarding the interaction between Spanish language skills and educational credentials as determining factors for employment. The results confirm that skill levels in Spanish have a significant role regarding access to employment. Regarding the complementary vs. substitution hypotheses, interesting gender differences appear that confirm the striking contrasts in the Spanish labour market for female and male immigrants. For men, their level of Spanish acts as a complement to their educational qualifications in helping them to obtain employment, but this is not the case for women. However, female immigrant workers seem to obtain higher employment returns on their educational qualifications than men when it comes to avoiding very low-skilled jobs.

Research on Investment Structure of Voltage Level Supporting High Quality Development

In order to deal with the severe external supervision and challenges, and improve the scientific rationality of internal investment structure decision-making, this study explored the idea of voltage level investment structure decision-making considering the power grid development and operation benefits. Firstly, based on the study of the relationship between historical investment scale and power grid indicators, the investment demand of power grid is determined; secondly, the influence path of investment on business efficiency is sorted out, and the differences of investment, capital transfer and depreciation of different voltage levels are studied and determined, and the operation benefit level of the company under different investment schemes is calculated. Finally, the index system of investment structure optimization is constructed to quantify the power grid and benefit status of the company under different investment structures, so as to optimize the company’s investment scheme and promote the high-quality development of the company and power grid.

Social Preconditions of Educational Communities Failure

To overcome the educational failure of students, it is necessary to identify the social preconditions of this phenomenon. The purpose of the paper is to classify and analyse various social causes of educational failure of Russian schoolchildren and students. The article is based on the materials of the interdisciplinary research «Transfer of human capital of educational communities: from failure to success», carried out in 2019–2020. In the empirical research, the following methods were used: expert interviews with representatives of educational organizations in the Sverdlovsk region, focus groups with schoolchildren and students of colleges and universities, secondary analysis of data from pedagogical, socio-psychological, and sociological studies of educational failure.

Research on detection method of abnormal capital transfer in electronic commerce based on machine learning

In order to overcome the problems of long detection time, low detection efficiency and high false alarm rate, a new method based on machine learning is proposed. Data mining in e-commerce platform. The improved k-means algorithm was used to cluster the data, and the five steps of preparation, detection, location acquisition, modification and verification were used to clean up the clustering results and remove redundant data. The machine learning method is used to determine whether there are suspicious transaction fragments in the database through four steps: data pre-processing, generating reference sequence and query sequence, calculating similarity and sequence classification, and to complete abnormal fund transfer detection in e-commerce. Experimental results show that the detection time of this method is kept below 3 s, the highest false detection rate is only 11%, and the detection rate is always higher than 90%, with high detection efficiency, low false alarm rate, high detection rate.

Research on detection method of abnormal capital transfer in electronic commerce based on machine learning

Research on detection method of abnormal capital transfer in electronic commerce based on machine learning

Межбюджетные инструменты стимулирования регионального экономического роста в России

The article examines the instruments used in intergovernmental fiscal relations in order to promote economic growth of the regions of the Russian Federation. The task of stimulating regional economic growth is relevant in the need for the Strategy of Spatial Development of the Russian Federation until 2025 to be implemented. The article deals with various instruments of tax decentralization as well as three main types of fiscal transfers: “grants” (primarily equalization or balancing transfers), “subsidies” (earmarked co-funding transfers), and “other intergovernmental transfers” (other earmarked transfers). All these instruments are assessed from the standpoint of stimulating economic growth with special attention being paid to the tools used by regional governments to promote local economic growth. The article summarizes the results of the main econometric studies on the topic. As a result of the present study, it is shown that the main instruments for stimulating regional economic growth are earmarked transfers (primarily capital transfers) and decentralization of taxes on income (primarily corporate income tax). At the same time, since 2015 “other intergovernmental transfers” have been playing a more significant role in stimulating economic growth than “subsidies”, which is associated with an increase in the equalizing effect of the latter. Decentralization of property taxes has most likely not had a significant impact on regional economic growth, and the negative effect of equalizing transfers (“grants”) is smoothed out by special clauses built into the methodology for their distribution.

475년 백제 웅진천도와 서천 봉선리 재지세력의 변화

475년 백제 웅진천도와 서천 봉선리 재지세력의 변화

CAN FOREIGN DIRECT INVESTMENT REDUCE UNEMPLOYMENT IN HOME COUNTRIES? ANALYSIS FOR ASEAN COUNTRY

Direct Foreign Investment (FDI) has been considered as one of the important strategies in long-term economic development. FDI is seen not only as a capital transfer but also has an important effect on increasing the host economy. FDI then became popular in many countries, so it was interesting to analyze the effects produced, both positive and negative. This research focuses on countries in the Association of Southeast Asian Nations (ASEAN) with the aim of conducting empirical studies on opportunities for employment creation by FDI. However, due to limited data in several countries, this study only involved Indonesia, Singapore, Malaysia and Thailand. The type of data used in this study is annual data covering from 1980-2017. Using estimation Vector Error Correction Model (VECM) allows to see short-term and long-term effects. The test results prove that the influence between variables is more visible in the long run

Influence of Venture Capital and Knowledge Transfer on Innovation Performance in the Big Data Environment

Technological innovation requires large investments. Venture capital (VC) is a prominent financial source for innovative start-ups. A venture capitalist will inevitably transfer knowledge to facilitate the innovation of a firm while monitoring and advising its portfolio companies. Only when a firm has its own valuable new knowledge and high growth potential would venture capitalists select it. At the same time, big data knowledge, such as customer demands and user preferences, is also important for the new product development of a firm in the big data environment. Therefore, private knowledge transferred from venture capitalists, new knowledge developed independently by a firm itself, and big data knowledge are the three main types of knowledge for venture-backed firms in the big data environment. To find the influences of VC and knowledge transfer on the innovative performance of venture-backed firms, a model of maximizing the present value of the expected profit of new product innovation performance of a venture-backed firm in the big data environment is presented. The model can help venture capitalists to determine the scale of investment and the optimal exit time and predict the internal rate of return (IRR). This model can also help innovative start-ups to illustrate the value and prospects of a project to attract investment in their business prospectus.

Controlling CO2 emissions for each area in a region: the case of Japan

BackgroundGlobal warming is the most serious problem we face today. Each country is expected to ensure international cooperation toward minimizing risk. To evaluate the countermeasures, many researchers have developed integrated assessment models (IAMs). Then, how can each country achieve its emission quota? This study proposes models that analyze the economic impact of global warming in a region based on the results obtained by the global model. By using these suggested models, we perform a comparative analysis on three policy cases: a different regulations case, a unified regulation case, and an output redistribution case.ResultsWe analyzed Japan as one of the case studies and found that more developed areas should implement stricter regulations in all scenarios. In addition, the case of applying different regulations by area (in a region) is not always preferable to using unified regulations in the region. Alternatively, the output gap between the output redistribution case and the different regulations case is much higher than the gap between the unified regulation case and the different regulations case. In all scenarios, the present values of the output of the output redistribution case are also higher than the other cases.ConclusionsThe different regulations case and the unified regulation case are based on the model without capital transfer between areas, whereas the output redistribution case is based on the model with free capital transfer between areas. Although both models are extreme situations, the regions close to the without capital transfer situation possibly have an incentive to use the different regulations policy, depending on the emission target. The regions close to the situation with free capital transfer would probably prefer unified regulation.

Introduction to the Special Issue: European youth migration: human capital outcomes, skills and competences

Human capital has been long an exceedingly important concept in migration research. Over time there have been attempts to provide more nuanced, and less economistic interpretations of human capital. Based on outputs from the EU Horizon 2020 project YMOBILITY (2015–2018) and two additional papers, this Special Issue seeks to advance this agenda further by addressing the complexities of the mobility of human capital. Migration problematises human capital assumptions due to challenges in transferring human capital across national borders. In this introductory paper we propose rethinking the human capital of migrants in a three-fold way. Firstly, we question the interpretation of skills and competences beyond the conventional divide of ‘higher-skilled’ and ‘lower-skilled’ through the concept of a ‘knowledgeable migrant’. Secondly, we probe deeper into an understanding of the transferability of skills in relation to ‘location’, exploring the possibilities and constraints to the transfer of human capital in different spatial contexts. Thirdly, we theorise human capital in terms of new temporalities of migration and the role these play in skill acquisition. We illustrate our novel theoretical thinking with selected empirical data, both quantitative and qualitative, on youth mobility in Europe.

An Investment in the Future: Institutional Aspects of Credential Recognition of Refugees in Germany

Abstract Adding to the rich literature on the economic integration of refugees, this article extends the scope towards the role of institutions by focusing on the transfer of human capital by means of credential recognition. The 2012 Federal Act of Recognition in Germany is a new institution that provides the possibility to study the transfer of human capital in depth. I argue that analysing the decision for recognition of credentials is an important aspect of economic integration because it mirrors an investment in future labour-market access. I hypothesize that institutions, such as integration and language classes and the refugee status by admission, are key for explaining who tries to obtain official recognition for their credentials. In order to test my hypothesis, I employ panel data from the IAB-BAMF-SOEP Survey of Refugees in Germany. Results show that both a secure residence title and participation in language/integration classes lead to a higher likelihood of applying for the recognition of degrees.

Bankruptcy procedures in the post-transition economies

In the absence of well-developed financial markets, bankruptcy procedures provide useful mechanisms to ease and organize the capital transfers of distressed businesses. From an investor’s perspective, such court-supervised ways of solving financial distress are part of the attractiveness of the post-transition economies that eventually integrated the European Union. This article originally analyzes the content of bankruptcy files handled by the courts operating in three Eastern European countries: Hungary, Poland, and Romania. Our approach mostly focuses on the two fundamental issues that bankruptcy courts must solve when the question of repayments arises: (1) maximizing and (2) sharing the debtor’s value. We first find that the investors’ recovery power strongly depends on the local rules prevailing after bankruptcy filing (legal indexes) and on the type of procedure engaged (reorganization vs. liquidation). Second, total recoveries do not benefit from the presence of public claims suggesting some passivity from the state, in the context of post-transition. Conversely, junior creditors exert a positive influence on total recoveries despite their poor legal protection, which contrasts with secured creditors (confirming the bad incentives that collaterals may generate). In addition, as in Western Europe, the Eastern European bankruptcy systems provide stronger protection for private secured claims than for public claims.

Transfer kapitału ludzkiego z międzynarodowych centrów usług jako czynnik kształtowania konkurencyjności MMŚP w regionie zachodniopomorskim

Polska znajduje się obecnie w czołówce miejsc w Europie Środkowo-Wschodniej, w których lokalizują się międzynarodowe centra usług. Wynika z tego istotne znaczenie analizowania wpływu, jaki mają one na rozwój polskiej gospodarki. Jednym z istotnych efektów wynikających z obecności centrów usług jest przepływ wiedzy, w tym jej transfer do sektora mikro-, małych i średnich przedsiębiorstw (MMŚP) – wiedzy, która odgrywa coraz ważniejszą rolę w procesie kształtowania konkurencyjności, tak w ujęciu mikro-, jak i makroekonomicznym. Celem artykułu jest zatem analiza interakcji zachodzących pomiędzy centrami usług o międzynarodowym zasięgu a mniejszymi podmiotami funkcjonującymi w gospodarkach lokalnych. Szczególny nacisk położony został na przepływ wiedzy ukrytej wynikający z transferu kapitału ludzkiego pomiędzy centrami usług a mikro-, małymi i średnimi przedsiębiorstwami zlokalizowanymi w regionie zachodniopomorskim. W opracowaniu wykorzystano badania ilościowe zrealizowane w latach 2013–2016 na próbie reprezentatywnej regionu. Wyniki badań wskazują, że występuje istotny statystycznie związek pomiędzy badanymi zmiennymi. Ukazują one, iż firmy, których właściciele lub pracownicy mają doświadczenia związane z pracą w międzynarodowych centrach usług, doświadczają bardziej dynamicznego wzrostu obrotów oraz wprowadzają na rynek więcej nowych produktów. Ma to wpływ na konkurencyjność tychże podmiotów, również w ujęciu międzynarodowym.

TRIBUTACION DE LA VIVIENDAS DE USO TURISTICO EN ESPAÑA: UNA SÍNTESIS

El tratamiento fscal aplicable a las viviendas de uso turístico es un factor relevante en los problemas que estas están generando en las grandes ciudades. Lo que en un principio surge como un mero intercambio de viviendas sin onerosidad ha derivado hacia una actividad económica muy lucrativa. La tributación que afecta a esta modalidad de arrendamiento ha estado, hasta ahora, poco acorde a la realidad. Es por ello, por lo que hemos pretendido analizar el régimen tributario existente en relación con los rendimientos obtenidos por particular persona física. También se hará hincapié en la fscalidad indirecta que afecta a esta casuística, es decir, el Impuesto sobre el Valor Añadido (IVA) y el Impuesto sobre Transmisiones Patrimoniales (ITP), y tangencialmente al Impuesto General Indirecto Canario (IGIC) y al Impuesto sobre la Producción, los Servicios y la Importación (IPSI) vigente en Ceuta y Melilla.

Partnering with Base-of-the-Pyramid Entrepreneurs: The Dual Role of Managerial Capital Transfer

Partnering with Base-of-the-Pyramid Entrepreneurs: The Dual Role of Managerial Capital Transfer

The Spawning of Ecosystems: How Cohort Effects Benefit New Ventures

Research has examined the process of “entrepreneurial migration,” whereby employees from successful industry incumbents move to new ventures. This phenomenon has been linked to direct benefits to entrepreneurial firms, offering valuable knowledge and routines obtained by employees during their tenure at incumbent firms. We propose a theoretical framework in which shared experience—a common background in beneficial knowledge management practices—creates a “cohort effect,” facilitating direct ties and innovation benefits to new ventures receiving inventors from the same incumbent firms. Analyzing longitudinal data on inventor migration to 658 new biotech ventures tracked from 1990 to 2013, we find shared migration ties increase knowledge and market overlap between firms, enhancing their likelihood of direct engagement through alliances and employee hiring as well as the quality of knowledge they develop. Our core theoretical contribution is the identification of a migration cohort effect, in which inventors who share contemporaneous experiences at incumbent firms and migrate to new ventures create unique relationships between those ventures. Where prior research on spawning and migration has focused primarily on the direct benefit of human capital transfer from incumbents to new ventures, we explore the broader network implications of similarities and interactions between firms receiving this human capital.