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The aim of this thesis is to analyse the impact of state ownership on stock return on a sample of European listed firms from 2002 to 2020. In general, two views are opposed regarding the influence of the state as a shareholder. On the one hand, the literature provides large evidence that, in general, state ownership is detrimental to firm performance and governance, with some nuances depending on states objectives and the types of investors. On the other hand, state as an owner can provide preferential access to resources and rescue firms, especially during economic downturn.
The empirical study uses a difference-in-differences model to estimate the impact of state ownership on stock return and cross-sectional regressions to estimate the drivers of stock return. The results suggest that the investors do not value state ownership, even in time of distress. Indeed, the markets do not view positively governments involved in the acquisition of a company’s equity stakes and it translates into negative stock return. Moreover, acquisitions made during crises do not add any value. Finally, in the short term, the acquisition of the majority of shares by governments conveys a reliable signal to the investors, which translates into a positive correlation with stock return.

state ownership --- state capitalism --- state-owned enterprise --- stock return --- difference-in-differences --- Europe --- Sciences économiques & de gestion > Finance

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This paper proposes methods to incorporate firm heterogeneity in the standard input-output table-based approach to portray the domestic segment of global value chains in a country. The analysis uses Chinese firm census data for the manufacturing and service sectors, along with constrained optimization techniques. The conventional input-output table is split into sub-accounts, which are used to estimate direct and indirect domestic value added in exports of different types of firms. The analysis finds that in China, state-owned enterprises and small and medium domestic private enterprises have much higher shares of indirect exports and ratios of value-added exports to gross exports compared with foreign-invested and large domestic private firms. Based on input-output tables for 2007 and 2010, the paper finds increasing value-added export ratios for all firm types, particularly for state-owned enterprises. It also finds that state-owned enterprises are consistently more upstream while small and medium domestic private enterprises are consistently more downstream within industries. These findings suggest that state-owned enterprises still play an important role in shaping China's exports.

Economic Theory & Research --- Finance and Financial Sector Development --- Free Trade --- International Economics & Trade --- Intra-National Trade --- Investment & Investment Climate --- Macroeconomics and Economic Growth --- State Capitalism --- Supply Chain --- Trade Policy --- Value-Added Trade

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Marching to the beat of punk rock and reggae, Rock Against Racism was a mass movement built in opposition to racism and fascism in 1970's Britain. At a time of severe economic and social crises, RAR, alongside the Anti-Nazi League, organised one of the biggest and most effective political and cultural mobilisations of the post-war period.Expressing itself through spectacular carnivals, concerts, marches and innovative forms of design and communication, RAR combined hard-headed political organisation with the optimism and energy of radical youth culture.Drawing on interviews with activists, supp

Protest songs --- Rock music --- Anti-racism --- Protest movements --- Rock musicians --- Political ballads and songs --- Songs --- Topical songs --- Radicalism --- Rock and roll music --- Rock-n-roll music --- Popular music --- Antiracism --- Social justice --- Multiculturalism --- Racism --- Social movements --- Musicians --- Rock groups --- History and criticism. --- History --- Political activity --- Political aspects --- British state. --- Communist Party. --- International Socialists. --- Socialist Workers Party. --- anti-racist politics. --- black people. --- multiculturalism. --- music industry. --- politico-cultural struggles. --- popular culture. --- rock against racism. --- state capitalism. --- united front. --- working class. --- youth cultures.

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Conventional wisdom holds that the rising middle-classes are a force for democracy. Yet in post-Soviet countries like Russia, where the middle-class has grown rapidly, authoritarianism is deepening. Challenging a basic tenet of democratization theory, this book shows how the middle-classes can actually be a source of support for autocracy and authoritarian resilience, and reveals why development and economic growth do not necessarily lead to greater democracy.

Civil service --- Middle class --- Authoritarianism --- Democracy --- Democratization --- Political activity --- Political activity --- Former communist countries --- Former communist countries --- Economic conditions. --- Politics and government. --- A Middle Class without Democracy. --- Eastern Europe. --- Economic Autonomy and Democracy. --- Eva Bellin. --- Hybrid Regimes in Russia and Kyrgyzstan. --- Jie Chen. --- Kazakhstan. --- Kelly M. McMann. --- Orange Revolution. --- Stalled Democracy. --- Ukraine. --- bureaucrats. --- civic revolutions. --- civil servants. --- clientelism. --- democracy support. --- democratic attitudes. --- economic concentration. --- former Soviet Union. --- patronage. --- post-communist region. --- public sector. --- regime preferences. --- state capitalism. --- state-led development. --- statist economy. --- white-collar professionals.

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The first decades of the twentieth century witnessed an explosion of nationalist sentiment in East Asia, as in Europe. This comprehensive work explores how radical Chinese and Japanese thinkers committed to social change in this turbulent era addressed issues concerning national identity, social revolution, and the role of the national state in achieving socio-economic development. Focusing on the adaptation of anarchism and then Marxism-Leninism to non-European contexts, Germaine Hoston shows how Chinese and Japanese theorists attempted to reconcile a relatively new appreciation for the nation-state with their allegiance to a vision of internationalist socialist revolution culminating in stateless socialism. Given the influence of Western experience on Marxism, Chinese and Japanese theorists found the Marxian national question to be not merely one of whether the "working man has no country," but rather the much more fundamental issue of the relative value of Eastern and Western cultures. Marxism, argues Hoston, thus placed native Marxists in tension with their own heritage and national identity. The author traces efforts to resolve this tension throughout the first half of the twentieth century, and concludes by examining how the tension persists, as Chinese and Japanese dissidents seek identity-affirming modernity in accordance with the Western democratic model.

Communism --- Communisme --- China --- Japan --- Chine --- Japon --- Politics and government --- Politique et gouvernement --- S02/0100 --- -Communism --- -Bolshevism --- Communist movements --- Leninism --- Maoism --- Marxism --- Trotskyism --- Collectivism --- Totalitarianism --- Post-communism --- Socialism --- Village communities --- China: General works--China (and Asia) general surveys: before 1949 --- -Politics and government --- -China: General works--China (and Asia) general surveys: before 1949 --- -S02/0100 --- Nihon --- Nippon --- Iapōnia --- Zhāpān --- I︠A︡ponii︠a︡ --- Yapan --- Japão --- Japam --- Mư̄ang Yīpun --- Prathēt Yīpun --- Yīpun --- Jih-pen --- Riben --- Government of Japan --- Cina --- Kinë --- Cathay --- Chinese National Government --- Chung-kuo kuo min cheng fu --- Republic of China (1912-1949) --- Kuo min cheng fu (China : 1912-1949) --- Chung-hua min kuo (1912-1949) --- Kina (China) --- National Government (1912-1949) --- China (Republic : 1912-1949) --- People's Republic of China --- Chinese People's Republic --- Chung-hua jen min kung ho kuo --- Central People's Government of Communist China --- Chung yang jen min cheng fu --- Chung-hua chung yang jen min kung ho kuo --- Central Government of the People's Republic of China --- Zhonghua Renmin Gongheguo --- Zhong hua ren min gong he guo --- Kitaĭskai︠a︡ Narodnai︠a︡ Respublika --- Činská lidová republika --- RRT --- Republik Rakjat Tiongkok --- KNR --- Kytaĭsʹka Narodna Respublika --- Jumhūriyat al-Ṣīn al-Shaʻbīyah --- RRC --- Kitaĭ --- Kínai Népköztársaság --- Chūka Jinmin Kyōwakoku --- Erets Sin --- Sin --- Sāthāranarat Prachāchon Čhīn --- P.R. China --- PR China --- Chung-kuo --- Zhongguo --- Zhonghuaminguo (1912-1949) --- Zhong guo --- République Populaire de Chine --- República Popular China --- Catay --- VR China --- VRChina --- 中國 --- 中国 --- 中华人民共和国 --- Jhongguó --- Bu̇gu̇de Nayiramdaxu Dundadu Arad Ulus --- Bu̇gu̇de Nayiramdaqu Dumdadu Arad Ulus --- Bu̇gd Naĭramdakh Dundad Ard Uls --- Khi︠a︡tad --- Kitad --- Dumdadu Ulus --- Dumdad Uls --- Думдад Улс --- Kitajska --- Politische Identität --- Kommunismus --- Nationalismus --- Nationalbewusstsein. --- Marxismus. --- Japan. --- China. --- al-Yābān --- Giappone --- Japani --- Japonia --- Japonsko --- Japonya --- Nihon-koku --- Nihonkoku --- Nippon-koku --- Nipponkoku --- State of Japan --- Yābān --- Япония --- اليابان --- يابان --- 日本 --- 日本国 --- PRC --- P.R.C. --- BNKhAU --- БНХАУ --- China (Republic : 1949- ) --- Activism. --- Agriculture (Chinese mythology). --- Anarchism. --- Anti-imperialism. --- Antonio Gramsci. --- Asiatic mode of production. --- Backwardness. --- Base and superstructure. --- Bolsheviks. --- Bourgeoisie. --- Buddhism. --- Capitalism. --- Capitalist state. --- Chinese nationalism. --- Class conflict. --- Communism. --- Communist International. --- Communist Party of China. --- Communist revolution. --- Communist society. --- Confucianism. --- Counter-revolutionary. --- Criticism. --- Despotism. --- Dictatorship. --- Feudalism. --- For Marx. --- Hegemony. --- Historical materialism. --- Ideology. --- Imperialism. --- Industrialisation. --- Intellectual. --- Japanese Communist Party. --- Japanese nationalism. --- Karl Kautsky. --- Kokutai. --- Kuomintang. --- Labour movement. --- Left-wing politics. --- Legitimacy (political). --- Leninism. --- Leon Trotsky. --- Li Dazhao. --- Mao Zedong. --- Maoism. --- Marx's theory of the state. --- Marxian economics. --- Marxism. --- Marxism–Leninism. --- Marxist philosophy. --- May Fourth Movement. --- Meiji Restoration. --- Meiji period. --- Mode of production. --- Modernity. --- Narodniks. --- Nation state. --- Nationalism. --- Nationality. --- Nikolai Bukharin. --- Orthodox Marxism. --- Political party. --- Political philosophy. --- Political science. --- Politics. --- Populism. --- Proletarian revolution. --- Radicalism (historical). --- Regime. --- Revolutionary movement. --- Revolutionary socialism. --- Russian Revolution. --- Second International. --- Slavery. --- Social class. --- Social democracy. --- Social revolution. --- Socialism with Chinese characteristics. --- Socialist state. --- Sovereignty. --- Soviet Union. --- Stalinism. --- State (polity). --- State capitalism. --- State socialism. --- Statism. --- Sun Yat-sen. --- The Communist Manifesto. --- Trade union. --- Trotskyism. --- Vanguardism. --- Wars of national liberation. --- Western Europe. --- Western world. --- Withering away of the state. --- World War II. --- World revolution. --- Writing. --- Communism - Asia --- Communism - China --- Communism - Japan --- Japan - Politics and government - 1926-1945 --- China - Politics and government - 1912-1949 --- Jepun --- Yapon --- Yapon Ulus --- I︠A︡pon --- Япон --- I︠A︡pon Uls --- Япон Улс --- Nationalbewegung --- Nationalbewusstsein --- Patriotismus --- Marxismus --- Marxismus-Leninismus --- Sozialismus --- Antikommunismus --- Kommunist --- Anarchokommunismus --- Nationale Identität --- Historische Identität --- Identität --- Rotchina --- Zhongguo-Diguo --- Kaiserreich Zhongguo --- Zhonghua-minguo --- Chung-hua-min-kuo --- Zhonghua-Renmin-Gongheguo --- Kaiserreich China --- Shinkoku --- Chung-hua-jen-min-kung-ho-kuo --- Zhonghua --- Volksrepublik China --- Zhonghua renmin gongheguo --- République populaire de Chine --- Kytajsʹkaja Narodnaja Respublika --- Chinese People’s Republic --- Republic of China --- Chung-hua min kuo --- Chinesen --- Taiwan --- Empire du Japon --- Zen-Nihon --- Zenkoku --- Dainihon --- Dainippon --- Japão --- Japaner