Thèses sur le sujet « Investments, Japanese – Great Britain »

The aim of this thesis is to undertake an empirical investigation into the assertion that UK investors display short-term behaviour. The thesis starts by reviewing the existing literature which comprises a diverse set of explanations of the concept of short-termism. This survey results in, firstly, a more concise definition of short-termism and, secondly, a framework into which the various theories may be placed. The various approaches to short-termism are categorised into two effects: the numerator effect and the denominator effect. The former refers to the underestimation of future cash flows while the latter refers to those cases in which an excessively high discount rate is used. Both these effects result in the present value of a proposed project being reduced. therefore causing the project to be rejected when it might otherwise have been accepted. Although the literature covers many different approaches to short-termism this thesis concentrates only on one aspect of short-termism. namely the denominator effect. Such an approach is advantageous in that it allows the consideration, and possible elimination, of a particular type of short-termism. thus giving direction to future research. By decomposing the discount rate into the following components: a time value of money, a liquidity premium, an equity risk premium and an exchange rate risk premium it becomes possible to distinguish between "true" short-term ism and "general" short-termism. "True" short-termism refers to the existence ofa high time value of money whilst "general" short-termism refers to the use of a high discount rate for whatever reason. whether it be a high time value of money, liquidity premium or equity risk premium. A preliminary investigation into the existence of both types of short-termism is carried out by the comparison of international real rates of return and risk premia as a means of testing for differences in the behaviour of investors across countries. The results of this investigation lend little support to the assertion that UK investors are short-termist, but suggest that if short-termism is present it is in the form of "true" short-termism. Following these results, further empirical analysis is carried out into the issue of "true" short-termism. A key feature of this analysis is the relaxation of the assumption of the rational expectations in both the interest rate and foreign exchange market. The effect of this is two-fold: firstly, ex post and ex ante rates need no longer only differ by a random error, and secondly, a non-zero exchange rate risk premium may exist. Therefore the thesis also derives an ex ante interest rate series and an exchange rate volatility series using the methodology of Mishkin(1984a,b) and a Generalised Autoregressive Conditional Heteroscedasticity framework respectively. Throughout the thesis a parallel hypothesis is considered of whether a distinction could be drawn between investor behaviour in countries with capital market-based financial systems and those with bank-based financial systems. The thesis finds little support, given the assumptions made and dataset used, for the assertion that UK investors are more short-termist than elsewhere and no evidence to support a distinction between investor behaviour across countries.

An extensive literature review was undertaken that brought out the salient points relating to strategic marketing; marketing strategy; customer service; relationship marketing; retailing strategy; the link between organizational culture and national culture; leadership; long-term partnership arrangements;and the similarities and differences between Japanese and Korean culture. The research strategy incorporated exploratory research and in particular the in-depth personal interview method; the small group interview method; the critical friendship group method; and the postal survey method. This allowed the researcher to understand the mindset of Japanese and Korean people; provided a basis for the researcher to better understand and address culturally sensitive issues that would arise during the main data collection process; make a link between national cultural values and organizational values. The grounded theory approach was used to analyse and interpret the data collected from the in-depth personal interview method involving five staff in two companies: a Japanese electronics company based on the UK and a Korean electronics company based on the UK. The research established that national cultural value systems do have an influence on management style and organizational behaviour. Both Japan and Korea embraced Buddhism and Confucianism in a different way (emphasis, purpose and sequence). This is why the national cultural characteristics and values of the people from these two cultures are different. The strategic marketing approach is valid and is deployed by both Japanese and Korean electronics companies based in the UK, however, the approach of the Japanese managers to strategic marketing is more advanced than the strategic marketing approach deployed by Korean managers. Both Japanese and Korean electronics companies based in the UK have a clearly defined marketing strategy that is focused on customer service that is underpinned by a clear commitment to partnership arrangements. Partnership arrangements are based on trust and are considered to be long-term in orientation. Although Japanese and Korean electronics companies based in the UK have a customer service policy that is incorporated within a strategic marketing framework, customer service policy is deployed differently. In order for Japanese and Korean electronics companies based in the UK to achieve financial success (defined as financial gain in the long-term), marketing is perceived as an integrated process that is strategic in nature. Japanese and Korean managers feel comfortable working in terms of a strategic marketing framework and are sensitive to the feelings of local people. Hence a hybrid organizational culture exists. However, the organizational culture that exists in Japanese electronics companies based in the UK is different from that that exists in Korean electronics companies based in the UK. This is due to a distinct organizational learning policy. Although organizational learning is viewed as important with respect to improving an organization's performance, how it is practised in Japanese electronics companies based in the UK is different from that adopted and deployed by Korean electronics companies based in the UK. This can be attributed to such factors as the style of management; the degree of management control; and the way in which relationships are built and managed. As regards the development of partnership arrangements, although managers in Japanese and Korean electronics companies based in the UK consider that business relationships are to have a long-term orientation, it should be noted that in the case of Japanese electronics companies based in the UK, there are clear power based relationships in being that influence how individuals interact and make and implement decisions. In the case of Korean electronics companies based in the UK, the concept of mutuality is dominant and this influences how individuals interact, make and implement decisions.

After her victory in the Russo—Japanese War in 1905, Japan began a commercial drive into China challenging British supremacy in the region. Britain, however, tolerated it, preserving the Anglo-Japanese Alliance because of the possibly impending hostilities with Germany.

This research comprises a comparative study of Japanese and UK Intellectual Property (IP) management and an extension, informed by the study, of existing IP strategy frameworks. The research was prompted by observing that little has been written about IP management and that Japanese IP management might differ from that in the West due to differing economic, legal and technological circumstances. A literature review found IP related economics literature but little in English regarding IP management. The most relevant work was that by Teece concerning the combined role of complementary assets and intellectual property rights (IPRs). The present research's contribution is thus threefold. A detailed description of the development and nature of Japanese IP management. A comparison with UK IP management, putting Japanese IP management into an international context. Finally, a development of existing general IP Strategy frameworks informed by the results of the international comparison. In studying IP management in Japan a wide range of specialist literature in Japanese was studied. Interviews were held, those with Japanese IP managers, lawyers, government and NGO officials being in Japanese. The first comparative survey of UK and Japanese IP management formed a key source of the data collected. A response rate of 44% in Japan (211 replies) and 33% in the UK (259 replies) enabled comparisons by both size and sector. Many similarities were found between Japanese and UK attitudes to and practice of IP management, reflecting the similarity of the underlying issues in both countries. There were also significant differences between Japanese and UK companies especially in the extent and organisation of resources devoted to IP management, in attitudes to IP strategy, licensing, litigation, the filing of patent applications and in the use and management of patent information. The study provided the basis for developing a view of IP strategy as a dynamic management strategy process. This process occurs in a framework involving time and the control of technological scope and progress using IPRs and complementary assets. Other considerations involved comprise the ability to use resources to exploit markets fully and learning opportunities. The study of Japan's IP management and its development from a position of technological followership to that of still learning leadership thus provides a basis for a view of IP strategy as taking place in an integrated dynamic management framework.

The purpose of this dissertation is to develop a theory that helps explain the conditions under which firms select certain project evaluation techniques. This study uses contingency theory to analyze the impact of environmental uncertainty on the choice of project evaluation techniques. In addition to a direct measure of uncertainty, several dimensions of uncertainty are included in this study. These dimensions of uncertainty include control structure, method of financing, foreign assets, method of growth, and product domination. This study also analyzes the use of project evaluation, management science and risk management techniques in US firms over time and in UK firms over time in order to compare to prior research. A comparison of firms in the two countries are also provided. The primary method of data collection was a survey instrument. Data were also collected from annual reports and various other public sources. The variables that appear significant in the choice of project evaluation technique in US firms are environmental uncertainty, control structure, method of financing, foreign assets, and product domination. The variable that appear significant in the choice of project evaluation technique in UK firms is method of financing. US firms favor discounted cash flow techniques although this study detected a slight decrease over time. UK firms continue to use non-discounted cash flow techniques, although the use of discounted cash flow techniques is widespread. There are significant differences between US and UK firms. US firms tend to use discounted cash flow techniques to a greater extent than UK firms. This research makes a significant contribution in attempting to develop a theory explaining the use of project evaluation techniques in firms in the US and UK. In addition, several other developments relating to project evaluation, management science and risk management are discussed. The results of this study can be used by managers in refining and improving their existing project evaluation processes.

Submitted in fulfilment of the requirements for the degree of Master of Arts (Honours) at Macquarie University.
Thesis (MA (Hons))--Macquarie University (Division of Humanities, Dept. of Asian Languages), 2006.
Bibliography: leaves 137-160.
Introduction -- Anglo-Japanese relations and World War One -- Fear of Japan in Australia -- William Morris Hughes -- Japan's proposal and diplomacy at Paris -- Reasons for rejection : a discussion -- Conclusion.
Japan as an ally of Britain, since the signing of Anglo-Japanese Alliance in 1902, entered World War One at British request. During the Great War Japan fought Germany in Asia and afforded protection to Australia. After the conclusion of the War, a peace conference was held at Paris in 1919. As a victorious ally and as one of the Five Great Powers of the day, Japan participated at the Paris Peace Conference, and proposed racial equality to be enshrined in the Covenant of the League of Nations. This Racial Equality Bill, despite the tireless efforts of the Japanese delegates who engaged the representatives of other countries in intense diplomatic negotiations, was rejected. The rejection, a debatable issue ever since, has inspired many explanations including the theory that it was a deliberate Japanese ploy to achieve other goals in the agenda. This thesis has researched the reasons for rejection and contends that the rejection was not due to any one particular reason. Four key factors: a) resolute opposition from Australian Prime Minister Hughes determined to protect White Australia Policy, b) lack of British support, c) lack of US support, and d) lack of support from the British dominions of New Zealand, Canada and South Africa; converged to defeat the Japanese proposal. Japanese inexperience in international diplomacy evident from strategic and tactical mistakes, their weak presentations and communications, and enormous delays in negotiations, at Paris, undermined Japan's position at the conference, but the reasons for rejection of the racial equality proposal were extrinsic.
Mode of access: World Wide Web.
xii, 188 leaves

This thesis is a study of the racial equality proposal at the Paris Peace Conference. It explores Japanese motivations for submitting the proposal, and the responses of the British and American governments which eventually defeated it. The thesis uses an analytical framework based on five categories of possible explanations for the proposal: immigration, universal principle, great power status, peace conference politics and bargaining, and domestic politics. The thrust of the analysis contained in the thesis is as follows. For Japan, the proposal meant three things: a means of reaffirming its great power status by securing racial equality with the western great powers in the League of Nations; a justification for Prime Minister Hara whose pro- League position was maintained by a fragile domestic consensus against sceptics in the government and the wider public; and a means of resolving Japanese immigration problems in the United States and British Dominions. But for Japan the proposal was not originally intended as a demand for universal racial equality. For Britain, the proposal was unacceptable because it meant "free immigration" of non-white immigrants into the Dominions. In particular, Australia adamantly opposed it also because of its political significance for Australian public opinion. For the United States, Wilson's determination to create the League of Nations at almost any cost led him to impose a unanimity ruling at the crucial vote on llth April 1919. Other explanations worked in the background. The proposal highlighted the importance of the link between race and great power status for Japan, Japan's insecurity concerning the League of Nations and the West, and Japan's different approach to international relations. Moreover, the failure of the proposal revealed the limits of Wilsonian idealism in that neither Britain nor the United States at that time seriously considered the possibility of universal racial equality.

This study investigates the causes and consequences of acquisitions primarily foreign acquisitions undertaken by UK publicly listed firms. Firm- and country-specific factors are found to influence the propensity to acquire and the location of the acquired subsidiary. Indicators of a firm's organisational experience, such as firm size, profitability, and its investment history, increase the probability that an acquisition (relative to no acquisition) is undertaken. Larger and more profitable firms are also more inclined to invest abroad (rather than at home), as are firms engaged in RandD activities. In choosing among foreign locations, an increase in country-specific uncertainty (proxied by exchange rate and stock market volatility) deters a firm from investing in that location. Likewise, at the firm level, uncertainty is found to discourage a firm from acquiring (relative to not acquiring), and to deter an acquirer from undertaking a foreign (relative to a domestic) acquisition. Based on changes in industry-adjusted profit levels, acquiring firms in general perform poorly after making large foreign acquisitions. However, examining profit variability reveals interestingly that firms more likely to experience a decline in profit levels are also more likely to enjoy a reduction in profit variability, and vice versa, which suggests that a risk-return tradeoff could be a consideration when acquisitions are undertaken. When acquisition performance is evaluated on the basis of a firm's share price response to its acquisition announcement, the event study shows no evidence of negative performance. Resolving this discrepancy between the two performance measures leads us to examine the reliability of the stock market as an indicator of acquisition outcomes. On the one hand the immediate stock market reaction has some ability to predict a firm's postacquisition performance, while on the other post-acquisition stock returns are shown to be not completely consistent with market efficiency.

Historically, the Consumption Capital Asset Pricing Method (C-CAPM) has performed poorly in that estimated parameters are implausible, model restrictions are often rejected and inferences appear to be very sensitive to the choice of economic agents' preferences. In this study, we estimate and test the C-CAPM with Constant Relative Risk Aversion (CRRA) using time series data from Germany, South Africa, Britain and America during relatively short time periods with the latest available data sets. Hansen's GMM approach is applied to estimate the parameters arising from this model. In general, estimated parameters fall outside the bounds specified by Lund & Engsted (1996) and Cuthbertson & Nitzsche (2004), even though the models are not rejected by the J-test and are associated with relatively small minimum distances.

Defence date: 8 October 1987
Examining board: Prof. Vincent Wright, Nuffield College ; Prof. Yves Morvan, University of Rennes ; Prof. Julien Savary, University of Toulouse ; Prof. Stephen Young, Strathclyde University
PDF of thesis uploaded from the Library digitised archive of EUI PhD theses completed between 2013 and 2017