JAPANESE REAL ESTATE INVESTMENT IN CANADIAN CITIES and REGIONS, 1985–1993

The location and type of Japanese property investments in Canada are examined as a case study of the increasing globalization of property markets and the remarkable rise of Japanese international investors in the late 1980s. Unpublished official statistics and company interviews indicate investment patterns had uneven implications for Canada's cities and regions. Even though Toronto is often seen as Canada's world city, Japanese investors as a whole overlooked the commercial potential of its property markets. The majority of their real estate investments took advantage of Japanese tourism growth in Pacific Canada and were associated with hotels and golf courses in Vancouver and its surrounding region. The author stresses the importance of Japanese perceptions, as well as local opportunities and constraints, in shaping the geography of Japanese real estate investment in Canada. L'emplacement et le type des investissements japonais au Canada sont examinés comme étude de cas sur la globalisation croissante des marchés de biens et la mon-tée remarquable des actionnaires internationaux japonais à la fin des années 80. Les statistiques officielles non-publiées montrent des implications inégales dans les villes et les régions du Canada. Bien que Toronto soit considéré souvent comme la ville mondiale du Canada, les actionnaires japonais dans ?ensemble ont négligé son potentiel commercial. La majorité des investissements sur les biens immobiliers ont pris avantage de la croissance du tourisme japonais au Canada Pacifique, et fut liee aux hotels et terrains de golf à Vancouver et dans les environs de la ville. ?auteur souligne ?importance des perceptions japonaises, aussi bien que les occasions et contraintes locales, en façonnant la géographie de leur investissement de biens au Canada. Mots-clés: investissement de biens au Canada; actionnaires japonais; investissements immobiliers     

Migration and the location of MNE activities: Evidence from Italian provinces

We investigate the migration-inward foreign direct investment (FDI) nexus in narrow geographies. A novel two-stage empirical strategy allows us to investigate the role of migration as a determinant of multinational enterprises (MNEs) location choices and unpick heterogeneity in foreign investors' preferences towards the presence of migrants in the host location. This allows us to shed light on the relative importance of the underlying mechanisms linking migration and inward FDI. Relying on 1113 greenfield investments by 895 MNEs in Italian NUTS3 regions over 2003–2015, we find that immigrants from the country of origin of the investor exert a positive but highly heterogeneous effect on MNE location choices. Investors are more sensitive to the presence of migrants from their country of origin when they lack experience in the destination country (first-time investors) and when their investments concern market-access or business-services (downstream) activities. This is consistent with the view that migrants act as information brokers that bridge the fixed costs of international business activities.     

How real estate became ‘just another asset class’: the financialization of the investment strategies of Dutch institutional investors

The managers of a growing wall of money are continuously searching for investment opportunities. The financialization literature describes how this mobile capital puts pressure on commodities, debt, public services and economic activities to transform into investable, tradable, financial products. Regarding real estate, these investigations show how opaque, local, non-standardized goods, highly depending on both local legislation and developments, have been transformed into liquid, globally traded financial assets. By analysing the real estate investment strategies of Dutch institutional investors since the 1980s, this paper shows how a quantitative framework increasingly provides the basis for institutional investors’ real estate investment strategies. Direct ownership of properties has been exchanged into shares of properties, that is, fictitious capital, creating an impetus for ‘objectified numbers’ to measure the performance of these indirect investments. As knowledge about real estate has been outsourced, Dutch institutional investors now perceive real estate increasingly as ‘just another asset class’, thereby increasing leverage and volatility. This paper not only shows how finance ‘financialized’ itself by adopting a quantitative investment perspective, but it also offers an empirical account on how investment properties are transformed into financial assets that put pressure on state agencies to mobilize urban planning to deliver more of such assets.     

FOREIGN DIRECT INVESTMENT FROM CANADA: AN OVERVIEW

Foreign direct investment (fdi) research on Canada has historically been centred on incoming rather than outgoing controlling capital. Yet the activities of Canada-based multinational enterprises (mne) have fostered an impressive outflow of direct investment abroad. To appreciate the importance of Canada's mne, one must understand the spatial and functional characteristics of Canadian parent companies and their foreign direct investments. To realize this goal, a sample of more than 17 000 examples of Canadian fdi (at various points in time) has been retrieved and analyzed. Spatially, the favourite target of Canadian outward fdi has been the United States and then the United Kingdom, but significant agglomerations of Canadian controlling capital can be found in many parts of the world (particularly in Western Europe, the Caribbean region, Australia, and Brazil, and in various Asian destinations). The locations of Canadian parent companies have been heavily biased toward the largest metropolitan cities. Additionally, multinational enterprises headquartered in Toronto and Montreal control (by far) the most foreign subsidiaries. In general, manufacturing, financial, and mining activities have constituted the most important endeavours of Canadian multinationals abroad. This pattern of functional emphasis, however, does vary with each specific location. Through a stepwise regression procedure, it was determined that market, trade (with Canada), labour, and crime conditions were critical place-specific criteria that affected the spatial decisions of Canadian direct investors. Par le passé, la recherche sur les investissements directs à I‘étranger (ide) du Canada a été axée sur les entrées de capital de contrôle plutôt que sur les sorties. Pourtant, les activés d'entreprises multinationales basées au Canada ont engendré“un flot impressionnant d'investissements directs à l’étranger. Pour appécier l'importance des entreprises multinationales du Canada, on doit comprendre les caractéristiques géographiques et fonctionnelles des compagnies mères canadiennes, et leurs investissements directs à l'étranger. Pour atteindre cet objectif, un échantillon de plus de 17 000 exemples de ide canadiens (à différents moments) a été choisi et analysé. Géographiquement, la cible favorite des ide canadiens vers l'extérieur a été les États-Unis, puis le Royaume-Uni, mais on retrouve d'importantes concentrations de capital de contrôle canadien en plusieurs autres parties du monde (surtout en Europe occidentale, dans la région des Caraïbes, en Australie, au Brésil etdans diverses destinations asiatiques). Pour le choix de la localisation de leurs sièges sociaux, les compagnies mères canadiennes ont nettement favorisé les plus grandes métropoles. De plus, ce sont les entreprises multinationales dont les sièges sociaux sont à Toronto et à Montréal qui gèrent la plupart (et de loin) des filiates étrangères. En général, les activités manufacturieres, financieres et minieres ont const'itue“la plus importante part des projets des multinationales canadiennes à l‘étranger. Cette tendance varie cependant selon les endroits. Par un modèle de régression, il a étéétabli que les conditions de marché, de commerce (avec le Canada), de travail et de criminalitéétaient des critères décisifs qui affectaient les choix géographiques des investisseurs canadiens. Mots-clés: investissements directs à I'étranger, entreprises multinationales du Canada     

Foreign direct investment: facts and perceptions about Canada

Recently improved data on foreign direct economic control and foreign direct investment (FDI) are used to evaluate common perceptions of the degree of Canadian dependency. Including financial corporations in measures of foreign control yields rates of foreign control that are lower than those traditionally cited. Foreign and U.S. control in Canada declined in recent decades and only minor changes are evident since ‘free’ trade went into effect. Contrary to what is often assumed, Canada's rate of inward FDI is lower than in some advanced capitalist countries and its outward rate of FDI is higher than most G7 countries. The concentration of Canadian direct investment in the U.S. is similar to that many West European countries in the rest of Western Europe. The findings indicate that Canada is a ‘core’, not ‘dependent’ capitalist country. De récemment données améliorées sur le contrôle direct des avoirs économiques et sur les investissements directs étrangers sont utilisées pour évaluer les perceptions du contrôle économique et le degré de la dépendance économique canadienne. Sont aussi analysées, les institutions financières en termes de leur contrôle domestique et étranger. II appert que le contrôle étranger est moins important que l'on croit. Les contrôles étrangers et états‐unien de l'économie canadienne sont en déclin aux cours des dernières années. L'influence du libre échange ne semble pas être significatif. Certes, le taux interne d'investissements directs étrangers est moindre que pour d'autres économies capitalistes avancées, mais le taux externe d'investissements directs étrangers est plus important que pour la plupart des économies du Groupe des Sept. La concentration des investissements directs canadiens aux États‐Unis est similaire aux concentrations de plusieurs économies de l'Europe de l'ouest au sein de l'Europe. Les analyses tendent à indiquer que le Canada est une économic capitaliste ‘centrale’ et non ‘périphérique’.     

Serious chemistry on set: the molecular structure of film investment in China

ABSTRACT

Using the case of the Mainland Chinese film industry, this paper argues that the competing features that attract commercial capital investment and drive state centralization create a molecular structure of national film investment, or the division of investment in the film industry into several interdependent centers. A combination of regulations, institutions, the built environment and access to capital leads to a distributed investment of strategic assets linked by bonds of complementarity. Beijing dominates in the area of state-supported production. Shanghai outperforms other cities in terms of foreign direct investment. Qingdao has attracted domestic Chinese private investment and entrepreneurship. Unlike the capital agglomeration seen in countries like the United States where film investment is driven centrally by financial considerations, the Chinese national film industry is strategically divided into several centers that rely more dominantly on political or financial resources. While this paper focuses on China, understanding the molecular structure of the Chinese film industry helps us understand both developed and developing countries that are characterized by robust state oversight and strong commercial media sectors.     

Resource nationalism or resource liberalism? Explaining Australia's approach to Chinese investment in its minerals sector

Since 2005, a burgeoning wave of Chinese investments has set off a new ‘minerals boom’ in the Australian iron ore and coal mining sectors. While normally a welcome development, the state-owned and strategic nature of the investors has raised concerns in Australia about how these should be regulated. As a result, in February 2008 the Australian government declared an intention to more closely screen foreign direct investment (FDI) from state-owned sources, which both supporters and detractors alike have claimed is evidence of ‘resource nationalism’ in Australia's approach towards its trade and investment relationships with China. This article challenges this understanding through an examination of the characteristics of Chinese mining FDI, the dilemmas these present to the Australian government, and the relatively restrained nature of its response. Through this, Australia's FDI policy is explained as a defensive move against the potential for strategic behaviour by Chinese investors resulting from their state ownership, rather than any national program to subject minerals trade and investment to political control. On this basis, the article argues that Australian government policy instead evidences a ‘resource liberalism’ approach, which intends to ensure that the governance of Australia's minerals trade and investment with China remain market-based processes.     

The changing role of the FIRB and the politics of foreign investment in Australia

ABSTRACT

Australia’s policy on foreign investment aims to achieve both the liberal goal of maximising capital inflows and the statist one of ensuring that those inflows are in ‘the national interest’. This article analyses the tensions between these goals through interviews with policymakers who have direct knowledge of the Foreign Investment Review Board (FIRB), which has functioned as an ‘offstage’, pre-market regulator for capital inflows to Australia. The tensions between these policy goals were manageable because the FIRB exercised its powers rarely, decisively and quietly, and the government believed that foreign investment did not threaten the national interest. The emergence of state-owned enterprises as foreign investors, however, significantly altered this calculus, and the FIRB has been tasked with assessing the national security implications of proposed investments. Instead of working offstage, as in earlier decades, the FIRB has become central to debates about how Australia should respond to the rise of China.     

A Hostile Takeover of Nature? Placing Value in Conservation Finance

Conservation finance is a nascent field that claims to “deliver maximum conservation impacts, while, at the same time, generating returns for investors” (Credit Suisse/WWF). While geographers have questioned the ability of conservation finance to play a significant role in international biodiversity conservation, an emerging cohort of boutique private equity firms are actively generating returns on North American conservation projects. This raises the question: how are these firms generating profits, and in turn, returns for their shareholders? Drawing from a Marxian understanding of finance as redistributive, I argue that these firms are generating profits through a process similar to a corporate hostile takeover. Using the examples of ranchland and timberland investment in the United States, I show that (1) the materialities and historical geographies of these landscapes play a crucial role their monetization, and (2) shareholder returns are generated through a combination of traditional real estate sales and revaluations, public monies, and commodity production.     

Trumping foreign policy: public diplomacy,framing, and public opinion among middle power publics

Even as the world’s sole superpower, the United States requires the cooperation of other states to achieve many of its foreign policy objectives. The President of the United States thus often serves as ‘Diplomat in Chief’ in public diplomacy efforts to appeal directly to publics abroad. Given Donald Trump’s antagonistic approach to foreign relations and widespread lack of popularity, what are the implications for support for US policy among publics abroad – particularly among middle power states allied to the US? While previous research on public opinion relying on observational data has found that confidence in the US President is linked to support for American foreign policy goals, the mechanisms at work remain unclear. Using original data from survey-based experiments conducted in Canada and Australia, this article seeks to clarify the effect of ‘presidential framing’ (presenting a policy goal as endorsed or not endorsed by Trump) on attitudes toward key policy issues in the Canada–US and Australia–US relationships. Results point to a negative ‘Trump framing’ effect in Canadians’ and Australians’ trade policy attitudes, but such an effect is not observed in other policy domains (energy policy in Canada, and refugee policy in Australia).     

基于时变参数模型的中国房地产投资研究

房地产投资能够直接带动国民经济增长,但发展过快也会给经济带来负效应,协调好房地产投资与国民经济发展的关系尤为重要。本文首先综述国内外相关研究成果,发现现有定量研究无法真实反映房地产业本身结构的变化;其次,建立时变参数模型,对房地产投资与国民经济发展之间的关系进行了实证研究;最后得出研究结论和政策建议。本文的研究结论:一是房地产投资对GDP拉动作用显著;二是房地产投资受GDP、国内银行贷款以及利率的影响各不相同。与现有研究文献相比较,本文在研究视角和方法上均有-定的突破。     

Russia's Inward and Outward Foreign Direct Investment: Insights into the Economy

A prominent British economist reviews the recent growth, partner-country composition, and sector composition of foreign direct investment in and out of Russia from a comparative international perspective, based on UNCTAD and Central Bank of Russia data as well as selected case studies. Two hypotheses are tested: that foreign policy significantly affects the host-country pattern of Russia's outward foreign direct investment (OFDI) and that domestic institutions significantly impact the host-country pattern of Russia's OFDI and the sectoral pattern of its inward foreign direct investment (IFDI). Quantitative evidence of foreign-policy influence could not be found, while domestic institutional influences do appear to be present, most notably in the form of system-escaping OFDI.     

Private rental investment and socio-spatial disadvantage in Sydney,Australia

This article unpacks the connection between a growing cohort of small-scale but purposive property investors and urban socio-spatial restructuring. We analyse private rental housing as a tenure share to demonstrate its spatial correlation with the suburbanisation of socio-economic disadvantage in Sydney, Australia, between 1991 and 2016. Then, we show how investors drive this emerging pattern by reference to the geography of property owners’ stated investment objectives—low capital outlay, rental yields, and capital growth prospects. We contend that the link between their small-scale activities and the city’s changing socio-spatial structure is an overlooked consequence of private rental sector (PRS) housing financialisation. Importantly, our focus on behaviours exhibited by small-scale rental property owners in PRS financialisation transcends existing analyses that have concentrated on corporate entity activity in this space. That focus also contrasts with framings of private rental growth as a residual outcome of developments elsewhere in the housing market. Such work is significant because it demonstrates the impacts of real estate investment on urban form.     

Russian Investment in the Commonwealth of Independent States

The paper by three RAND Corporation specialists analyzes the extent, rationale, and role of Russian investment in other member states of the Commonwealth of Independent States (CIS). Based on a unique, comprehensive survey, it evaluates differences between Russian and Western investors—in particular, the effects of Russian business practices in promoting or retarding reforms directed at expanding market activities, improving governance, and reducing corruption. The authors also assess the extent of Russian government involvement in investment decisions and explore whether that government has an operational agenda for encouraging investment in other countries of the CIS. Journal of Economic Literature, Classification Numbers: F21, F23, O18. 4 figures, 4 tables, 37 references, 2 appendices.     

Vulnerabilities of Highly Skilled Immigrants in Canada and the United States

Despite similar permanent status immigration categories (Economic, Family, and Refugee), the experiences of skilled immigrants in Canada and the United States are quite different. The point system used to select applicants for the Economic Class in Canada makes skilled immigrants vulnerable to a number of perils after the migrant lands. Foreign credentials and work experience are discounted by Canadian employers, who also impose a discriminatory income penalty on minorities. While previous cohorts of Economic Class migrants may have been warned of these perils via reliable migrant networks, new Canadian research suggests that recent cohorts have no such safety net. This article examines the economic integration experiences of Economic Class migrants in the United States in light of the Canadian experiences. The vulnerabilities reported in Canada do not appear to be transferable to the United States, because immigration policy in the US stresses pre-landing employment commitments via employer sponsorship. Accordingly, prospective Economic Class migrants to the United States do not migrate without first knowing how their credentials and “minority status” will affect employment opportunities. However, for the 85,000 skilled workers admitted to the United States on H-1B temporary visas each year, the perils noted in the Canadian experience are relevant, as are a number of additional concerns.     

FOREIGN DIRECT INVESTMENT,INSTITUTIONAL CONTEXT AND THE CHANGING POLISH PIG INDUSTRY

The world's meat market has had tremendous growth in the past decades. Global meat producers, particularly in developed economies, have grown bigger through expansion, mergers and acquisitions. The livestock markets in less developed countries are particularly the prime targets for investments by these producers. This article looks at foreign direct investment in a transitional economy, using Poland's pig industry as the empirical case study. It argues that such investments not only bring significant changes in the method of producing meat in the host country; they also have particular socio‐political impacts and have thus been met with some level of resistance by local communities. Our study suggests that the relations of foreign firms to the local community are crucial for their long term presence; and these relations are in turn dependent on a gamut of place specific features and the firms' broader corporate philosophy and strategy. In general, foreign firms need to find ways to replicate the kinds of deep social‐economic links between the livestock industry and places that existed in the socialist era. The case studies of American‐owned Agri Plus and Danish‐owned Poldanor illustrate some of the difficulties involved in the foreign investment in the meat industries while demonstrating the viability and possibility of such companies becoming more accepted and welcomed in the local communities.     

Popular consent and foreign policy choices: war against the Philippines and covert action in Chile

It is usually assumed that US policy makers need to generate popular consent in order to undertake regime change against another state. This article explores the ways in which contextual factors such as the joint democracy effect, popular values and public moods influenced efforts by elites in the United States to generate popular consent for regime change in the Philippines and Chile. Against the backdrop of the Vietnam War, the United States undertook covert action in Chile due to public recognition of the target state's democratic credentials and a public mood opposed to further military ventures. In contrast, the absence of a strong joint democracy effect, a national mood infused with romantic nationalism qua militarism and social Darwinism facilitated efforts by US elites to generate consent for the invasion and occupation of the Philippines. Subsequently, this article contributes to understandings of the domestic-level factors that influence foreign policy decisions.     

房地产投资决策支持系统开发设计研究

投资决策是房地产开发的必要前提,但决策分析是一个相当复杂的过程,需对开发项目及其所处市场环境所包含的大量资料数据运用科学方法进行分析、运算和决策。而这些过程的实现必须借助于计算机信息管理和决策支持系统技术。本文在房地产投资决策支持系统实例设计开发的基础上,介绍了该决策支持系统的系统开发目标、系统功能结构和模块划分、系统数据的特点、系统运用的特点,以及系统数据管理设计、系统模型设计和系统输入输出设计等。最后根据房地产投资决策实务及相关计算机软件的发展,提出了该系统未来功能完善和版本升级的方向。     

GROWTH AND TRENDS IN GÉOGRAPHY IN CANADIAN UNIVERSITIES

Summary. The development of academic géography in Canada was somewhat similar to that in the United States. At the turn of the century géography was probably stronger in the schools in most provinces than it was in most states, but in both countries it seemed to be mainly an uninspired collection of facts about particular places in the world. There was no leadership from Canadian universities to improve the quality of géography nor to change its content or philosophy. As in the United States, but on a smaller scale, géography was known in a few Canadian universities prior to World War I. Its real beginnings, however, were in the latter part of the 1930s.     

我国地理学关于跨国投资的研究进展

本文运用科学计量法与文献研究法,对我国地理学界关于跨国投资的研究进行了综述,发现我国学界在投资时空演变格局、区位选择、驱动因素与效应等方向取得了较为显著的进展,近年来研究的国际化趋势明显。目前中国已经从单纯的外资输入发展为引进与输出结合的双向投资结构,中国的对外投资是近 10年近年的热门话题。 总体而言,相关研究以实证分析为主,经历了从单一理论的借鉴到多理论的整合,视角更多元、内容更多样、方法更综合。空间视角下的计量分析方法和可视化表达是当前跨国投资研究较为热门的方法。未来的研究仍需理论创新,对西方主导的研究视角进行批判性思考,突出地理学科特色。